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Matt Taibbi: "Is the SEC Covering Up Wall Street Crimes?" (Democracy Now! Interview) Who came up with the model for excessive pay? No, it wasn't the bankers – it was academics. Old mortgages rise from the dead, haunt homeowners. How banks get away with inventing profits. Both sides of the political divide are in agreement that bailing out the UK's failed banks in 2008 (and Northern Rock in 2007) was the right decision.

How banks get away with inventing profits

Taxpayers were told that the worst of all possible worlds would have occurred had banks been allowed to fail. Going Rogue: Share Traders More Reckless Than Psychopaths, Study Shows - SPIEGEL ONLINE - News - International. Two weeks ago, yet another case of rogue trading shocked the financial world when UBS trader Kweku Adoboli was arrested for allegedly squandering some $2.3 billion with a risky and unauthorized investment scheme.

Going Rogue: Share Traders More Reckless Than Psychopaths, Study Shows - SPIEGEL ONLINE - News - International

The 31-year-old, who had been based in London for the Swiss bank, remains in jail. The bank's chief executive Oswald Grübel, meanwhile, has resigned over the scandal -- the third major embarrassment to rattle the institution in just a few years. A la Socgen, le trader qui en disait trop.

ETFs

Banques américaines : l’étau se resserre sur les fraudes. Contrairement à la perception outre-Atlantique, les banques américaines sont en train de traverser une longue suite de poursuites judiciaires.

Banques américaines : l’étau se resserre sur les fraudes

City's influence over Conservatives laid bare by research into donations. The influence of the City over the Conservatives has been laid bare by new research showing that more than half of the Tory party's donations since the general election have come from individuals and businesses working in finance.

City's influence over Conservatives laid bare by research into donations

Hedge funds, financiers and private equity firms contributed more than a quarter of all the Tories' private donations – which this year poured in at a rate equal to £1m a month – the study by the Bureau of Investigative Journalism has found. The figures show an increase in the proportion of party funds coming from the financial sector, raising fears that the City's financial influence over the Tories is on the rise as key pieces of legislation are discussed by the coalition government. Big Bank Chart. Les détails de la plainte des Etats Unis contre 17 banques dont la Société Générale. Un cauchemar et le mot est faible : absorbés à fignoler leurs accusations en Appel contre Kerviel pour le mois prochain tout en assaisonnant leurs salades grecques pour les rendre plus digestes, Frédéric Oudéa et ses chics types de la Société Générale, pensaient avoir tourné la page des sub-primes américains.

Les détails de la plainte des Etats Unis contre 17 banques dont la Société Générale

Your Guide To The MASSIVE FHFA Bank Lawsuits. Here It Is: Presenting Goldman's "The World Is Ending So Let's All Profit" Report. A few days ago the WSJ made waves by disclosing that Goldman was in the process of recreating another "Abacus", by pitching to clients a global "pain trade" presentation created by Goldman's Alan Brazil, which, among others, speculated that funding needs for European banks would be far, far greater than the IMF-proposed $200 billion, and would in fact be closer to $1 trillion.

Here It Is: Presenting Goldman's "The World Is Ending So Let's All Profit" Report

This emphasis is actually odd, because Goldman focuses as much if not more attention on the end of the Chinese bubble as it does on the end of the European ponzi. It of course also did the usual Goldman thing, which is to allow select clients to piggyback with its prop, pardon flow, desk, in recreating the same fiasco for which it already had to pay a half a billion settlement to the SEC last year. Yet to date, nobody had actually seen a public version of this report....That is, nobody, until now - presenting Goldman's top secret "State of the Markets - Long and Short Risk Strategies" Full report below: Schwab sues banks for manipulating Libor rates. Eight Schwab mutual funds and related entities are the latest plaintiffs to sue a number of global banking institutions over alleged manipulation of the London interbank offered rate. In a suit filed August 23 in U.S. district court in San Francisco, the funds allege that from the beginning of 2007 through about March of this year the banks' manipulation of Libor allowed them to pay lower interest rates on short-term paper that the funds purchased from the banks as well as from other entities.

About a dozen similar suits have reportedly been filed by investment funds in recent months as global regulators have launched investigations into the alleged rate manipulation. The banks “reaped hundreds of millions, if not billions, of dollars in ill-gotten gains,” Schwab said in its claim. The Schwab suit seeks unspecified damages, which may be tripled under antitrust law. Bonnet d’âne pour le FMI, par Pierre Rimbert. « Recherche institutionnellement orientée », « biais idéologiques », « autocensure », « conclusions préconçues », « faible diversité d’approches théoriques et, plus encore, empiriques », « étroitesse de vues », « cadre analytique inapproprié aux réalités des pays étudiés », « incapacité répétée à citer des travaux de chercheurs locaux »… A tout prendre, il valait mieux pour les têtes pensantes du Fonds monétaire international (FMI) que les feux de l’actualité fussent braqués sur leur directeur général, arrêté à New York le 14 mai 2011, plutôt que sur le dernier rapport de son Bureau indépendant d’évaluation, publié la semaine suivante dans l’indifférence générale.

Bonnet d’âne pour le FMI, par Pierre Rimbert

Warren Buffet investit 5 milliards dans Bank of America. Bank of America, actuellement confrontée à une crise de confiance à Wall Street, a reçu jeudi le soutien du milliardaire américain et icône des marchés boursiers Warren Buffett, qui va investir cinq milliards de dollars dans l'établissement.

Warren Buffet investit 5 milliards dans Bank of America

"Bank of America est une entreprise solide, bien gérée", a justifié l'homme d'affaires. Selon les termes de l'accord, sa holding Bershire Hathaway va acquérir 50.000 actions préférentielles émises pour l'occasion, à 100.000 dollars chacune, portant un intérêt annuel de 6%. Nick Leeson. Early life[edit] Leeson was born in Watford, where he attended Parmiter's School.

Nick Leeson

Leeson's legacy lives on in Singapore. Ten years ago this week, the rogue trader Nick Leeson fled Singapore after realising he could no longer hide his trading losses of more than $1bn.

Leeson's legacy lives on in Singapore

Leeson had already been racking up huge losses for over a year, but by the morning of 23 February 1995 the pressure had reached boiling point. In a final effort to recover the losses, the Barings trader had bet on the Nikkei index of leading Japanese shares to rise. But his gamble didn't pay off. The Japanese stock market kept falling, leading to even bigger losses. Inside Story - Jerome Kerviel: Villain or victim? High-Frequency Firms Triple Trades in Rout. The stock market’s fastest electronic firms boosted trading threefold during the rout that erased $2.2 trillion from U.S. equity values, stepping up strategies that profit from volatility, according to one of their biggest brokers.

The increase from Aug. 1 to Aug. 10 over their 2011 average surpassed the 80 percent rise in U.S. equity volume, showing that high-frequency traders made up more of the market during the plunge, Gary Wedbush, executive vice president and head of capital markets at Wedbush Securities, said in a telephone interview. Wedbush is the largest broker supplying bids and offers on the Nasdaq Stock Market, according to exchange data. Federal Reserve Directors: A Study of Corporate and Banking Influence. Staff Report,Committee on Banking,Currency and Housing, House of Representatives, 94th Congress, 2nd Session, August 1976.

The World's Biggest Central Bank Has Private Shareholders. 11 La double arnaque. Le mot clef est : crédibilité. Les banques détournent l’argent du livret A. Quand les cours boursiers sont ouvertement manipulés. On appelle ça « l’arrachage des cours ». C’est-à-dire qu’à un moment donné, généralement en fin de séance (car ce sont les chiffres de fin de séance que retient l’opinion), les cours en bourse font soudain un bond de plusieurs dizaines de points sans que rien, absolument rien dans la conjoncture ne justifie ce sursaut spectaculaire. Le très respectable Cercle Finance s’en émeut et en donne une illustration symptomatique avec ce qui se passa le 31 mai 2011 à Wall Street. Pendant la crise, une banque US sauvée par l'argent de la drogue.

La finance, facteur d'inégalités. La montée des inégalités aux États-Unis est désormais presque un fait de connaissance commune [1]. Ce phénomène ne se limite plus à ce seul pays, mais est bien plus général et international [2]. Campaign via social media networks blocks Dutch bankers' bonuses. Britain has a rival when it comes to bashing bankers. After a furious row over pay packages at Amsterdam-based ING in which thousands of customers threatened to make mass withdrawals, the Netherlands is now vying for the title of Europe's most bonus-hating country.

A growing Dutch political storm could end with a blanket ban on bonuses to financiers who work for institutions bailed out by the taxpayer. ING customers mobilised on Twitter and other social networks to protest at bonuses paid to bosses at the bank, one of the biggest in the country. Too Big To Fail. Do We Need Big Banks? Yves here. I normally let VoxEU articles stand on their own, but this topic, of whether the bank PR that bigger banks are essential stands up to scrutiny, is near and dear to my heart. Note that the authors point to a 1990s study that finds that a $25 billion in assets bank was the optimal size. Ted Kaufman's Friday Hearing Explains Everything That Is Broken With The US Financial System. On Friday, free and efficient market champion Ted Kaufman, previously known for his stern crusade to rid the world of the HFT scourge, and all other market irregularities which unfortunately will stay with us until the next major market crash (and until the disbanding of the SEC following the terminal realization of its corrupt and utter worthlessness), held a hearing on the impact of the TARP on financial stability, no longer in his former position as a senator, but as Chairman of the Congressional TARP oversight panel.

Witness included Simon Johnson, Joseph Stiglitz, Allan Meltzer, William Nelson (Deputy Director of Monetary Affairs, Federal Reserve), Damon Silvers (AFL-CIO Associate General Counsel), and others. In typical Kaufman fashion, this no-nonsense hearing was one of the most informative and expository of all Wall Street evils to ever take place on the Hill.

Bank of America leaks

Et si on fermait la Bourse..., par Frédéric Lordon. Pour un peu, le grand spectacle de ces deux dernières années nous l’aurait presque fait oublier : là où la finance « de marché »* (les astérisques renvoient au glossaire), appellation un peu idiote mais il en faut bien une pour faire la différence, semble s’activer dans un univers clos, loin de tout et notamment du reste de l’économie, la finance actionnariale*, celle des propriétaires des moyens de production, campe à l’année sur le dos des entreprises — et, comme toujours, en dernière analyse, des salariés.

Il a fallu la « mode du suicide » si délicatement diagnostiquée par M. Frédéric Lordon : «il faut fermer la Bourse!» Observatoire des inégalités. Spéculation. Regulation & taxation. Goldman Now 3 Out Of 5 In World Monetary Domination: Goldmanite To Replace Andrew Sentance At Bank Of England. Le pouvoir de Wall Street. François Pérol, ex-conseiller de Sarkozy, pilote du lobby bancaire. A Secretive Banking Elite Rules Trading in Derivatives. This Goldman Partner Told Her Subordinates To Package And Hide The Crap They Couldn't Sell In CDOs. The Rising Power of Financial Blog Zero Hedge - Money 2009. Here Comes Executive Order 6102 For The QE Generation: Dutch Central Bank Orders Pension Fund To Sell Its Gold. Why Isn't Wall Street in Jail?

24 Mars 2006 : M3 n’est plus publié par la Réserve fédérale US. UK's £80 Billion Pension Blunder? Primary dealer. Discontinuance of M3. Livret A: 30 milliards pour les banques, qui en redemandent. Garantie des dépôts bancaires. Fonds de garantie des dépôts. Les banques britanniques sauvegardent leurs bonus en promettant de prêter davantage. Banques : des comptes courants qui polluent plus que les 4×4 » Article » OWNI, Digital Journalism. Les crédits carbone: nouveau joujou toxique de la finance » Article » OWNI, Digital Journalism. Fausses notes : Le blog de Stéphane Montabert.