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How Wall Street Killed Financial Reform

How Wall Street Killed Financial Reform

Défaut de la Grèce et CDS : Stiglitz accuse la BCE Joseph Stiglitz n'a pas sa langue en poche. Dans , le prix Nobel d'économie égratigne la Banque centrale européenne et son manque de transparence. Dans le dossier grec, Stiglitz estime que la position de l'institution de Francfort a été pour le moins curieuse. Que n'a-t-on écrit sur ces "credit default swaps", ces contrats qui permettent de s'assurer contre un défaut de paiement ? A la base, un CDS peut s'avérer utile. Mais revenons à Athènes. "Dans ce cas, un régulateur qui prend en compte la stabilité financière du système veille en principe à ce que l'assureur paye en cas de perte. Juges et parties ? Alors plusieurs hypothèses existent. Dans le milieu des économistes, certains s'interrogent aussi. Pour couronner le tout, c'est l'International Swaps and Derivatives Association (ISDA), composée de banquiers, qui décide si un "événement de crédit" a bien eu lieu et si ce dernier permet d'activer les CDS.

Phillip Knightley: When is a terror threat not a terror threat? Let's ask a man called Felix... - Commentators - Opinion Dzerzhinsky took over anti-terrorism duties in the newly-emerged Russia at the end of the First World War when the country was riven with revolt and violence. He realised that he had no chance of identifying all the terrorist threats and those planning to perpetrate them. Instead he developed a questionable technique that has become part of espionage theory throughout the international intelligence community: you lure the terrorist to you. When the story of the foiled bomb plot first broke it seemed too good to be true. In the tradition of Dzerzhinski, the Saudi intelligence service had apparently "dangled" one of its agents in front of known al-Qa'ida members hoping for a "bite". The Trust appeared to be a huge anti-Bolshevik organisation working from Moscow to overthrow the Communists and reverse the revolution. In intelligence circles the Trust became a textbook operation and its principles copied worldwide. But they are risky.

CDS et Grèce : Comment Wall Street manipule le plan de sauvetage de la Grèce - La station de métro Wall Street à New York. REUTERS/Eric Thayer - Il s’est passé une chose pour le moins curieuse lors de l’élaboration du plan de sauvetage de la Grèce. Les contrats d’échange sur défaut (CDS) –instruments financiers ayant contribué à déclencher le cataclysme de 2008– ont été mis de côté; une fois de plus, les grandes institutions financières n’ont pas eu à répondre de leur actes irresponsables. Tout au long de la progression des négociations sur la dépréciation de la dette grecque, une question décisive planait sur les marchés. publicité Rappelons que la vague de faillite qui a déferlé sur les Etats-Unis en 2008 (vague qui a nécessité une intervention massive de l’Etat) fut en grande partie imputable à AIG, qui s’était vu incapable de payer les CDS qu’il avait vendus. En Grèce, ces problèmes ont tout simplement été escamotés. Aussi volontaire qu'un aveu arraché à un prisonnier de Guantanamo Faisons le bilan de 2008 Revenons au présent. Eliot Spitzer Devenez fan sur

So then Who in the Hell Are We? “This is not a reflection of who we are or what we stand for.” -- Jeff Gearhart, Wall-Mart general counsel, on the firm’s Mexico bribery [Torture] “is not the norm.” -- Mike Pannek, Abu Ghraib prison warden. “This is not who we are.” -- Secretary of State Hillary Clinton on the US massacre of 16 Afghan villagers. “This is not who we are.” -- General John Allen, commander of forces in Afghanistan, on Koran burning “This is not who we are.” -- Secretary of Defense Leon Panetta on troops posing with enemy body parts “This is not who we are.” -- Secretary of State Clinton, also on troops posing with enemy body parts Spying by the New York Police on Muslims in Newark, NJ, which the Newark Police Chief was alerted to, is “not who we are” -- Newark Mayor Cory Booker “I can tell you something all of you know already - that using pepper spray on peaceful protesters runs counter to our values. “You can't say, well, we developed trade and the economic relations first and the disregard of human rights.

Anglo-Saxon media out to sink us, says Spain | World news It is the only economy in Western Europe still in recession: property prices are crashing, unemployment has risen to more than 4 million, and some are already muttering that it could end up with a financial crisis worse than Greece's. But at least Spain now has someone to blame: the country's intelligence services are investigating the role of British and American media in fomenting financial turmoil, the respected El País daily reported . The newspaper said the country's National Intelligence Centre (CNI) was investigating a series of "speculative attacks" against the Spanish economy amid bond market jitters about the country's growing national debt. "The (CNI's) economic intelligence division … is investigating whether investors' attacks and the aggressiveness of some Anglo-Saxon media are driven by market forces and challenges facing the Spanish economy – or whether there is something more behind this campaign," El País said.

Norman Solomon’s Quest for Congress The veteran activist and writer may become one of the most progressive people on Capitol Hill. Solomon decided that, at this point, running for Woolsey’s vacant seat was the best way to advance the movement. Norman Solomon isn't the typical candidate for Congress. And that's a compliment – he might actually be one of the most promising candidates ever, from a progressive standpoint. Solomon is running for the House seat currently held by Rep. The Second District is among the most left-leaning in the nation, so there's no doubt that a Democrat will replace Woolsey. Solomon became an activist for progressive causes in his early teens and has stayed true to that path for nearly half a century. The frontrunner in the race, Jared Huffman, bills himself as “one of the state's top environmental leaders” and has served three terms in the California State Assembly. But the sources of his funding have become a liability for Huffman, who accepts money from both lobbyists and corporations.

Marchés déréglementés, le côté obscur de la finance Les « dark pools » sont dans le collimateur de la Commission européenne. Le projet de révision de la directive concernant les marchés d’instruments financiers (MIF) entend faire la lumière sur ces plateformes de négociation opaques, sorte de système alternatifs aux grandes bourses réglementées. C’est pourtant la transposition de la directive MIF qui a permis, en 2007, l’apparition de ces plateformes en Europe. Le terme « dark pool » recouvre en fait plusieurs types de systèmes informatisés d’échanges réservés aux investisseurs institutionnels opérant sans « transparence pré-négociation ». 2 à 5 % des échanges en Europe Deux types de dark pools se distinguent alors: les plateformes « prix de référence » et les « crossing networks ». Les transactions sur les dark pools concernent majoritairement de gros volumes d’actions. Dans la plupart des cas, les dark pools sont opérés soit par des banques, soit par les bourses traditionnelles. Manipulations de cours Brice Lambert à Paris

What Money Can't Buy: The Moral Limits of Markets Can anything be bought and sold? Are there no limits to what is for sale? We are familiar with the fact that if you have money you can get to the head of almost any line, whether at the airport or the doctor's office. Some people sell advertising space on their foreheads, some sell the use of their wombs for other people's pregnancies, some their kidneys. In Michael Sandel's resonant phrase, what once were market economies have become market societies. That sort of practice is not hard to recognize as undesirable, even corrupting. How far can this kind of thing go? Sandel argues that there are two arguments always in play when debates arise about what it is appropriate for money to buy. These are powerful points. But as Sandel acknowledges, there are plenty of cases where it is not clear whether a money value is wholly inappropriate. This implies the question of fairness again. These objections notwithstanding, Sandel's case is compelling.

L'expérience de l'austérité, grandeur nature Les 17 membres de l'Eurozone n'ont jamais imaginé devoir aider un des leurs. Encore moins trois. La Grèce, l'Irlande et le Portugal ont reçu plus de 140 milliards d'euros depuis un an et demi. Un pays membre de la zone euro en crise, cela semblait impossible pour l'Union européenne. Elle n'y était pas du tout préparée. Comment s'est propagée la crise? Après les Grecs, ce sont les Irlandais qui ont demandé de l'aide.