Who creates money ? demise of democratic control ? Who owns our debt ? Financial Supervision & Central Banking: Improvements backfired. Bank Charter Act 1844. The Bank Charter Act 1844 (7 & 8 Vict. c. 32) was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England.[1] It is one of the Bank of England Acts 1694 to 1892.[2] Purpose[edit] Until the mid-nineteenth century, commercial banks in Britain and Ireland were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation.[3] Under the Act, no bank other than the Bank of England could issue new banknotes, and issuing banks would have to withdraw their existing notes in the event of their being the subject of a takeover.
At the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt. As a result of the Act, as provincial banking companies merged to form larger banks, they lost their right to issue notes. Conflict of interest. The presence of a conflict of interest is independent of the occurrence of impropriety. Therefore, a conflict of interest can be discovered and voluntarily defused before any corruption occurs. A widely used definition is: "A conflict of interest is a set of circumstances that creates a risk that professional judgement or actions regarding a primary interest will be unduly influenced by a secondary interest.
"[1] Primary interest refers to the principal goals of the profession or activity, such as the protection of clients, the health of patients, the integrity of research, and the duties of public office. Secondary interest includes not only financial gain but also such motives as the desire for professional advancement and the wish to do favours for family and friends, but conflict of interest rules usually focus on financial relationships because they are relatively more objective, fungible, and quantifiable.
Related to the practice of law[edit] Organizational[edit] Types[edit] Insider trading = inside info wikipedia. The authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth.[1] However, some economists have argued that insider trading should be allowed and could, in fact, benefit markets.[2] Noted economist Milton Friedman has been quoted as saying "You want more insider trading, not less".[3] Trading by specific insiders, such as employees, is commonly permitted as long as it does not rely on material information not in the public domain. However most jurisdictions require such trading be reported so that these can be monitored.
In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. The rules around insider trading are complex and vary significantly from country to country and enforcement is mixed.
In SEC v. Handel met voorkennis - informatie asymmetrieën uitbaten. Als klokkenluider Edward Snowden gelijk heeft, zijn er bij Amerikaanse geheime diensten tienduizenden functionarissen die wanneer ze maar willen door de e-mails gaan van wie ze maar willen. „Zelfs van de president van Amerika, als je zijn privémailadres zou hebben”, aldus Snowden. Zien we het misbruik dat mogelijk is niet, of speelt er iets anders? Misschien loop ik te lang rond in de Londense City, maar ik dacht meteen: handel met voorkennis. Als functionaris met top clearance zoek je via LinkedIn de namen op van de zakenbankiers bij Goldman Sachs, JP Morgan en Deutsche Bank die werken als fusies- & overnameadviseurs. Je zoekt hun e-mails door, sector voor sector en regio voor regio, tot je ontdekt dat T-Mobile over twintig dagen een enorme deal gaat aankondigen. Dan laat je iemand T-Mobile aandelen kopen of een positie innemen op de obligatie markt.
Nu is dit voorbeeld natuurlijk niet realistisch, want namen opzoeken via LinkedIn is omslachtig. Is dit cynisch? The Untouchables | FRONTLINE. January 22, 2013 FRONTLINE investigates why Wall Street’s leaders have escaped prosecution for any fraud related to the sale of bad mortgages. Is SEC “Fearful” of Wall Street? Agency Insider Says Yes April 8, 2014, 3:15 pm ET · by Jason M. Breslow An SEC trial attorney used a recent retirement speech to criticize the agency for being too “tentative and fearful” in confronting Wall Street following the 2008 financial crisis.
Watchdog Calls Out DOJ For Mortgage Fraud Response March 13, 2014, 6:33 pm ET · by Jason M. An inspector general’s report has called into question the Justice Department’s stated commitment to holding people accountable for misconduct that precipitated the financial crisis. How JPMorgan’s $13 Billion Settlement Stacks Up November 19, 2013, 8:57 pm ET · by Jason M.
Its the largest fine against an American company ever — and here’s how it compares to other recent bank settlements. Bank of America Liable for Mortgage “Hustle” Program October 24, 2013, 3:17 pm ET · by Jason M. The Untouchables: How the Obama administration protected Wall Street from prosecutions | Harry J Enten. (updated below - Update II) PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.
What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. "In 2009, Wall Street bankers were on the defensive, worried they could be held criminally liable for fraud. Cameron family fortune made in tax havens | Politics. David Cameron's father ran a network of offshore investment funds to help build the family fortune that paid for the prime minister's inheritance, the Guardian can reveal.
Though entirely legal, the funds were set up in tax havens such as Panama City and Geneva, and explicitly boasted of their ability to remain outside UK tax jurisdiction. At the time of his death in late 2010, Ian Cameron left a fortune of £2.74m in his will, from which David Cameron received the sum of £300,000. Cameron and other cabinet members have recently suggested that they would be willing to disclose their personal tax filings amid growing scrutiny following the budget, but this would only shed light on annual sources of income rather than accumulated wealth or inheritance. The structure employed by Cameron senior is now commonplace among modern hedge funds, which argue that offshore status can help attract international investors.
Nixon-Schock. Richard Nixon (1971) Zwei politische Entscheidungen der amerikanischen Regierung des Jahres 1971 über Veränderungen der amerikanischen Außenpolitik und der Wirtschafts- und Finanzpolitik[1] während der Regierungszeit von Präsident Richard Nixon wurden als Nixon-Schock bekannt. Beide verkündete Nixon völlig überraschend. Die außenpolische Entscheidung führte zu weitreichenden Veränderungen im Verhältnis der Vereinigten Staaten zur Volksrepublik China sowie zur Republik China/Taiwan; auch die Beziehungen zwischen der VR China und Japan änderten sich deutlich.
Hintergrundinformationen[Bearbeiten] Das Bretton-Woods-System hatte drei Probleme: Fehlende Glaubwürdigkeit: Die Werthaltigkeit des Dollar als Ankerwährung sollte dadurch gesichert sein, dass die Notenbanken der teilnehmenden Staaten gegenüber der FED das Recht hatten Dollars zu einem Umtauschkurs von 35 $/Feinunze in Gold zu tauschen. Der Schock[Bearbeiten] Am 15.
Die drei Auswirkungsebenen[Bearbeiten] Einzelnachweise[Bearbeiten] The US Invaded Iraq Because It Wouldn’t Have Survived Otherwise. While the US invasion of Iraq about a decade ago was based on public-facing lies about nonexistent weapons arsenals, the underlying reasons for the invasion were much more dire. Iraq had found the US’ Achilles Heel, and would bankrupt the US if not stopped. When the United States President “Not-a-Crook” Nixon unilaterally declared that the United States would not pay back its loans on August 15, 1971, it sent shockwaves through the financial world. Normally, this would have been a declaration of bankruptcy. Instead, the world seemed to accept Nixon’s statement that the rest of the world could trade their unfulfilled financial claims on the US between them as they pleased, and maybe hope to recover some of it. This set off the greatest experiment in global economics ever conducted.
Before this so-called Nixon Shock, the US Dollar was based on gold. Regrettably, the war devastated the US Economy. This also happened, and is known as currency reserves. 97% Owned - Positive Money Cut. The Failure of Free-Market Finance by Adair Turner. Exit from comment view mode. Click to hide this space LONDON – Five years after the collapse of the US investment bank Lehman Brothers, the world has still not addressed the fundamental cause of the subsequent financial crisis – an excess of debt.
And that is why economic recovery has progressed much more slowly than anyone expected (in some countries, it has not come at all). Most economists, central bankers, and regulators not only failed to foresee the crisis, but also believed that financial stability was assured so long as inflation was low and stable. And, once the immediate crisis had been contained, we failed to foresee how painful its consequences would be. Official forecasts in the spring of 2009 anticipated neither a slow recovery nor that the initial crisis, which was essentially confined to the United States and the United Kingdom, would soon fuel a knock-on crisis in the eurozone.
In 1960, UK household debt amounted to less than 15% of GDP; by 2008, the ratio was over 90%. List of World’s Largest Creditor and Debtor Nations | Leslie Cuadra. Since 2006 The International Monetary Fund’s Balance of Payment statistics have been uploaded into a neat online database accessible through its website.
Among country balance of payments figures, the database also features the “Net International Investment Position” of a country, which is defined as the difference between foreign assets that domestic residents own and domestic assets held by foreign entities. Here are the most recent (2010) rankings. Note that the 2011 rankings are still in the process of being calculated. 2010 Country NIIP (Net International Investment Position) statistics by the IMF. NIIP is defined by a country’s total domestically owned assets minus its foreign owned assets.
All figures have been adjusted to nominal US dollars. Source: IMF It is no surprise that the most indebted country, the United States, takes the bottom of the list. Note that Germany and Switzerland have been acting as the main Eurozone creditors by maintaining a large and positive NIIP. De paradox van de permanente crisis. Het is de herfst van de sombere woorden. ‘Sinds vijf jaar,’ zei koning Willem-Alexander in zijn allereerste troonrede, Lees hier de troonrede van 2013 ‘kampt Nederland met de economische crisis.’ Geen nieuws, natuurlijk: een week eerder memoreerde José Manuel Barroso, voorzitter van de Europese Commissie, ook al de ‘mondiale financiële crisis’ die vijf jaar geleden uitbrak. Die crisis, zei Lees hier de ‘State of the Union’ van Barroso Barroso in zijn toespraak, ‘ontwikkelde zich tot een ongekende economische crisis en liep ten slotte uit op een sociale crisis, met dramatische gevolgen voor veel van onze burgers.’
Weer een week dáárvoor had premier Mark Rutte het in zijn H.J. Schoo- lezing Lees Rutte’s H.J. Het is dus crisis. Dat van die permanente crisis klinkt aannemelijk, met banken die dreigen om te vallen, landen die failliet dreigen te gaan, een euro die steeds meer steun verliest en werkloosheidscijfers die blijven stijgen. Crisis in de geschiedenis Crisis versus nasleep. De ijdelheid der economen gekwantificeerd. Jesse Frederik In dit artikel construeer ik een ijdelheidsindex om een objectieve vergelijking van de ijdelheid van Nederlandse economen mogelijk te maken. Dat menig econoom niet vies is van enige ijdelheid is geen nieuws.
Toch is er vooralsnog geen degelijk onderzoek gedaan naar de mate van ijdelheid onder economen. In dit artikel presenteer ik een preliminair kwantitatief onderzoek naar de ijdelheid der economen. Economenwebsite MeJudice peilt geregeld de mening van economen over onderwerpen variërend van het begrotingsbeleid tot het milieu. Omdat economen niet over elk onderwerp even veel weten wordt van hen gevraagd om hun eigen expertise niveau in te vullen. In dit artikel middel ik het ingevulde expertise-niveau van de acht peilingen om een ijdelheidsindex te construeren. 1 is het laagst en getuigt van een ‘zeer geringe mate’ van expertise; 5 is het hoogst en getuigt van een ‘zeer hoge mate’ van expertise. Professor Eijffinger in actie. De gehele ranglijst is hier te raadplegen.
Accountancy firms - Deloitte , Ernst & Young, KPMG , Pricewaterh. Credit rating agencies - kredietbeoordeelaars. The Wall Street Code. Shadow Banking. Tax havens - offshore. Emails Give Glimpse Into Deals That Fueled Financial Meltdown. As ProPublica has been detailing for two years, Wall Street banks and the hedge fund Magnetar worked together to build mortgage-backed deals that the hedge fund also bet against [1]. The more than $40 billion of deals helped fuel the crash of 2008. Now, recently collected emails from bankers and a Magnetar executive involved in some of the deals appear to shed new light on how they did it. Fiduciaries threatened with a loss of business if they didn't cooperate. Prime movers behind a billion-dollar deal suggesting they need to keep their actions hidden. The suit was brought by Italian bank Intesa San Paolo, which lost $180 million on an investment linked to a mortgage bond deal put together by Magnetar and French bank Calyon.
Boston-based Putnam was the manager on the deal, called Pyxis 2006, which involved the creation of a $1 billion collateralized debt obligation. Intesa is suing all three players, Magnetar, Calyon and Putnam. Magnetar is reportedly under SEC investigation [7].
The Joris Luyendijk banking blog. Protofascistisch systeem. Wie de lawine van ellende op deze plaats langzamerhand mentaal niet meer zo goed aankan, moet nu de pagina maar omslaan. Volgende week heb ik een ‘happy banker’ in de schappen, maar vandaag lijkt het allemaal weer erger dan eerder gedacht. Uren achtereen stonden er mensen in je oren te schreeuwen. We mochten om de twee uur vijf minuten naar de wc. Het begon met een e-mail en een ongewoon verwijt: ‘Op jouw blog blijf je zakenbankiers te ‘glamorous’ neerzetten. De systematische mishandeling binnen zakenbanken wordt nog altijd gebagatelliseerd terwijl de centrale ideologie onbenoemd blijft: sociaal darwinisme.’ Ze voegde eraan toe: ‘Ik heb duizenden bankiers van dichtbij kunnen observeren, op momenten dat ze niet bezig waren zichzelf te verkopen.’
Ze bleek een vrouw van in de dertig, gepromoveerd in de ‘humanities’. Het was de hel, zegt ze, en het kostte haar jaren om erboven op te komen. Waarom bleef ze zolang? Ze verdiende 24 pond per uur, maar kon altijd eerder worden weggestuurd. Romney's disdain for #47percent of America proves 'he's all about the rich' - The Young Turks with Cenk Uygur. Ewald Engelen; Houdt dit kabinet nodeloos crisis in stand? The Ritz has not paid corporation tax in 17 years, BBC Panorama probe reveals. Lobbyismus: Unter Steinbrück schrieben Banken selbst das Steuergesetz | Wirtschaft. Staat verliest op steun aan banken. The cancers at the heart of the banking system. Marrazzi-the_violence_of_financial-capatalism. Eurozone crisis: interactive timeline | Business. VK: 2009 Met deze EMU kiest Europa verkeerde weg. VPRO Andere Tijden - de valse start vd euro - Kop of munt.
Economist Arjo Klamer: Homepage. Tegenlicht: Het brein van de bankier. Germany outoff the EU to save the euro - Sorros. NRC Handelsblad - Dossier Euro. Groene A'dammer: Democratie was nooit de bedoeling. CESifo Group: Ifo Institute for Economic Research (ifo Institut für Wirtschaftsforschung), Center for Economic Studies (CES), CESifo GmbH. CEPR (the Centre for Economic Policy Research) a network of over 700 economists based across Europe. NRC.Next: Het zijn de banken, sukkels! Story of Broke. Dutch ditch euro? Netherlands ‘Neuro’ plan. BBC Two - All Watched Over by Machines of Loving Grace.
All Watched Over by Machines of Loving Grace (television documentary series) All Watched Over by Machines of Loving Grace. Pt 1/4 Meltdown - www.goldbasics.blogspot.com. VPRO Import: Waar het fout ging ('The Flaw') NOS: Dossier [video's] kredietcrisis Kamerenquête. System effects of bank crisis underestimated. Scienceguide: Systeemeffecten bankencrisis onderschat. Jan Willem Van Den End at IDEAS. New economy. S&P's French rating mistake very serious, to be investigated: EU. Hoe ontstaat geld? – een interview met Peter Blom, directievoorzitter Triodos | de Aardespiegel.
Joris Luyendijk over The City. Former communications manager: 'There's so much the public don't get' | Joris Luyendijk. Er is geen markt voor water. Why No Financial Crisis Prosecutions? Ex-Justice Official Says It’s Just too Hard. KSU: Golman Sachs levert EU presidenten. Het jaar dat bankiers eerste minister werden. Index.
Het geheime bankiersgenootschap. "Goldman Sachs doet werk van God" NOSop 3 - Nieuwe carrière voor ex-Lehman Brothers bankier. La polémique Goldman Sachs. De werkelijkheid is "Veel ERGER" dan de film. KSU: EU begrotingstekorten sterk gestegen na bailouts van banken. The capitalist network that runs the world - physics-math - 19 October 2011. The capitalist network that runs the world - image 1 - physics-math - 19 October 2011. (pdf)The network of global corporate controlStefania Vitali1, James B. Glattfelder1, and Stefano Battiston1. The American Dream Film. Theamericandreamfilm's Channel. American Dream Film (@AMdreamfilm) sur Twitter.
Capitalism Hits the Fan Film Screening and Q&A with Professor Richard Wolff | The New School. Modern Monetary Theory (MMT) A Raucous Hazing at a Wall St. Fraternity. Wikiterms: the direct action network. WOCCU: World Council of Credit Unions. Credit union. Horrorhypotheken - 24 februari 2012.
Fault Lines... Economics & Finance. Bird and Fortune - Subprime Crisis. De Prooi - 6.03 t/m 9.06 in theaters - het Nationale Toneel. Chris Hedges on Capitalism’s ‘Sacrifice Zones’ Finanzkrisen: Die große Krisengrafik - Strategie & Trends. Global Economy Distress 3.0 Looms as Emerging Markets Fal. Conflict of interest. With E.C.B. in Spotlight, Bundesbank Finds Itself in the Shadows.
Bundesbank questions basis for EU bank union - report. Movies Documentaries about Money.