I dont know how comprehensive it should be. May be it is better to focus on some illustrative events in order to keep him well-aranged. Inside the New York Fed: Secret Recordings and a Culture Clash. Barely a year removed from the devastation of the 2008 financial crisis, the president of the Federal Reserve Bank of New York faced a crossroads.
Congress had set its sights on reform. The biggest banks in the nation had shown that their failure could threaten the entire financial system. Lawmakers wanted new safeguards. The Federal Reserve, and, by dint of its location off Wall Street, the New York Fed, was the logical choice to head the effort. Except it had failed miserably in catching the meltdown. Wall Street doing what it Does. Unter Bankstern.
Dubiose Aktiendeals - Warum Banken zittern müssen - Wirtschaft. Neue Vorwürfe gegen Royal Bank of Scotland - Wirtschaft. RBS ‘kills off good firms for profit’ RBS will be accused of gravely hindering Britain’s economic recovery (Facundo Arrizabalaga) RBS, the taxpayer-owned bank, is killing off small businesses to seize assets for its own property empire, according to evidence referred to financial watchdogs by Vince Cable, the business secretary.
The allegations are contained in an explosive report by Lawrence Tomlinson, one of Cable’s key advisers, which will be published tomorrow. Tomlinson, a businessman drafted into Cable’s department, said yesterday: “RBS has forced vibrant businesses into financial trouble, only to profit from their distress by squeezing them for exorbitant fees and charges and ultimately seizing their assets to swell its own vast property empire. “By driving healthy companies into the ground, RBS has not only ruined thousands of lives, it has also gravely hindered our economic recovery, compounding the misery of millions of hard-working Britons.” Hearing Offshore Tax Evasion Panel 1. Witnesses from a Swiss bank and the U.S.
Department of Justice testified on efforts to collect unpaid taxes from offshore bank accounts. *The transcript for this program was compiled from uncorrected Closed Captioning. The Scam Wall Street Learned From the Mafia. Leaks expose rotten core of Irish banking - Features. Galway, Ireland - Portraying itself as a model of austerity as it rebounds from the crippling eurozone crisis, Ireland should have brought its presidency of the European Union to an end with aplomb.
But its outwardly sober, six-month term has been overshadowed by press leaks exposing the cavalier attitude of top banking officials towards a bailout that cost the taxpayer billions of euros. A series of taped phone calls made in 2008 obtained by the Irish Independent newspaper revealed how, at the height of the international banking crisis, officials at the now-defunct Anglo Irish Bank discussed how to deceive regulators, poured scorn on the government, and derided the Germans who were working furiously to prop up Europe's failing banks.
The revelations have provoked a storm of protest at a time when Ireland is slipping back into recession. The tapes were also described contemptuously by German Chancellor Angela Merkel at a recent European summit as "impossible to stomach”. Giant banks still play roulette with our future - Opinion. Five years after the Great Recession of 2007-08 destroyed the lives of millions of people and cost the world trillions of dollars, many of the big investment banks that caused the near total meltdown are still involved in shady and sometimes criminal financial gambling schemes that could once again crash the global economy.
Independent economists warn that another meltdown could destroy the economy as we know it. Fear is ever present because the giant private banks - particularly US banks - bet trillions of dollars that are not properly secured and could cause havoc if defaulted upon. Gangster Bankers: Too Big to Jail. Top CEOs plan to loot US social programmes - Opinion. The new recommendations for Social Security and Medicare released by the Business Round Table are beyond belief.
It's as if the people who wrote them never gaze outside of the tinted windows in their limousines. As I wrote earlier in "Stop Obama's Grand Charade", the newest tactic to impose more austerity measures in the US comes from a group of over 80 CEOs who are starting with $60 million to spend on a campaign called "Fix the Debt". They plan to convince people in the US that not only are cuts to vital programmes necessary, but that such cuts will strengthen them when exactly the opposite is true.
Of banksters and debtors' prison - Opinion. Last week, American public television's Frontline aired its new documentary, The Untouchables, which revisits the question of why the Department of Justice failed to indict a single senior Wall Street executive responsible for engineering the mortgage securitisation industry that was "rotten to the core", and at the heart of the 2008 financial meltdown from which ninety percent of Americans have yet to recover.
In the film, reporter Martin Smith presses Lanny Breuer, the head of the criminal division within the Department of Justice, on why he did not pursue criminal charges of the senior officials in Wall Street, in spite of ample evidence of fraud that the episode's researchers - along with other journalists, documentarians and lawyers - had been able to find with just a bit of digging. Breuer responded: "I am personally offended by much of what I've seen. I think there was a level of greed, a level of excessive risk taking, that I find abominable and I find very upsetting. The landscape of Wall Street s creative destruction - Opinion. We cautiously ascend the staircase, the pitch black of the boarded-up house pierced only by my companion's tiny circle of light.
At the top of the landing, the flashlight beam dances in a corner as Quafin, who offered only her first name, points out the furnace. She is giddy; this house - unlike most of the other bank-owned buildings on the block - isn't completely uninhabitable. Banking Industry Squirms Over European Rate Probe. The Goldman Sachs Project to take over Europe nearly complete. Carney, a former Goldman Sachs investment banker who successfully helped to steer the Canadian economy through the global crisis, will succeed Mervyn King next year, Chancellor George Osborne told parliament.
"He is quite simply the best, most experienced and most qualified person in the world to be the next Governor of the Bank of England," Osborne said. The announcement sounds unthreatening until you put it into perspective. How Goldman Sachs gambled on starving the world’s poor – and won. How Goldman Sachs gambled on starving the world’s poor – and won Johann Hari JohannHari.com July 02, 2010 By now, you probably think your opinion of Goldman Sachs and its swarm of Wall Street allies has rock-bottomed at raw loathing.
You’re wrong. There’s more. It turns out the most destructive of all their recent acts has barely been discussed at all. Zinswetten-Verkauf: Italienisches Gericht verurteilt Deutsche Bank - Banken - Unternehmen. In der Finanzkrise: Deutsche Bank soll Milliardenverluste versteckt haben. One Man Against The Wall Street Lobby. By Simon Johnson Two diametrically opposed views of Wall Street and the dangers posed by global megabanks came more clearly into focus last week.
On the one hand, William B. Is the Financial Sector Worth What We Pay It? Plenty more where that came from! (This article is cross posted from my article for OECD Insights where they provide discussion of a wide range of subjects that influence world development) A basic capitalist tenet is that the market represents the most efficient way to allocate capital. How well is it working? Exhaustive Study Finds Global Elite Hiding Up to $32 Trillion in Offshore Accounts. $21tn: hoard hidden from taxman by global elite. A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network. James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to the Observer.
He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Private banks have failed – we need a public solution. The greatest danger of the rate-fixing scandal now engulfing the City of London is that it will be managed and defused in the usual way, and nothing will really change.
Tuesday's forced resignation of Bob Diamond, the Barclays chief executive, follows well-worn procedures for dealing with crises that potentially threaten those in power: denounce the worst offenders, let a few symbolic heads roll, set up an inquiry under a safe pair of hands, and tweak the regulations to prevent a repetition of the most egregious misdemeanours. That's been the pattern of the past few years as Britain's establishment has lurched from the disaster of the Iraq war to the disgrace of parliamentary expense fiddling and media phone-hacking (though in the case of Iraq, the only heads to roll were BBC executives and an army corporal).
HSBC Reveals Problems With Internal Controls. Jerome Favre/Bloomberg NewsStuart T. Gulliver, the chief of HSBC, said in a memo that the bank had “failed to spot and deal with unacceptable behavior.” 8:58 p.m. | Updated. HSBC ignored drug money fear, alleges Senate. Libor Probe Said to Expose Collusion, Lack of Internal Controls. Timeline: Barclays' widening Libor-fixing scandal. Sturm über Londons City - NZZ.ch, 03.07.2012. JPMorgan Trading Loss Reportedly May Reach $9 Billion. Insider trader sentenced to 11 years in US - Americas. In der Finanzkrise: Deutsche Bank soll Milliardenverluste versteckt haben. Barclay brothers accused of trying to silence dissent on Sark. Die Macht der Rating-Agenturen. Too Big to Jail. Too Big To Handle. Zu groß, um sie zu kontrollieren. Will Wall Street Ever Face Justice?
Want to understand the economy? Don't read the press. JPMorgan’s Swaps Occupying Cassino Prove Curse Like World War II. A Christmas Message From America's Rich. Austerity and the Modern Banker. Pt 1/4 Meltdown- the men who crashed the world. Pt 2/4 Meltdown - the Collapse. Pt 3/4 Meltdown - paying the price. Financial Crash : Meltdown(04) Senate Report details elaborate Wall Street Mortgage Fraud. Why We Regulate. Quadrillion Dollar Derivatives Market 20 Times Global GDP. UBS führte „epische" Libor-Verschwörung an.