• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

Bank of New York

GoldCore's picture

Cyber Fraud At SWIFT – $81 Million Stolen From Central Bank





Jim Rickards commented to GoldCore today about the cyber theft: "The case for owning gold in an age of cyber-financial threats is compelling ... "

 
Tyler Durden's picture

Days After Wells Fargo Admits Defrauding The Government, NY Fed Rewards It With Primary Dealer Status





Ten days ago, in the latest example of how criminal Wall Street behavior leads to zero prison time, Wells Fargo admitted that it deceived and defrauded the U.S. government.  Its punishment: a $1.2 billion settlement, one which will ultimately be paid by the bank's shareholders as no executives go to prison. And now, less than two weeks later it's time for Wells to get its reward: the NY Fed just announced it would grant Wells Fargo the much coveted Primary Dealer status.

 

 
Tyler Durden's picture

The Fed Sends A Frightening Letter To JPMorgan, Corporate Media Yawns





Yesterday the Federal Reserve released a 19-page letter that it and the FDIC had issued to Jamie Dimon, the Chairman and CEO of JPMorgan Chase, on April 12 as a result of its failure to present a credible plan for winding itself down if the bank failed. The letter carried frightening passages and large blocks of redacted material in critical areas, instilling in any careful reader a sense of panic about the U.S. financial system. The Federal regulators didn’t say JPMorgan could pose a threat to its shareholders or Wall Street or the markets. It said the potential threat was to “the financial stability of the United States.”

 
Tyler Durden's picture

Startling Inflation News Illustrates The Failure Of Easy Money





Prices are actually falling faster than the official CPI number indicates, and have not picked up as oil has stabilized. In fact, the US has been in deflation for the past five months. So it’s no surprise that people who are actually buying the stuff that’s falling in price would register this fact and answer surveys with deflationary sentiments. It’s also no surprise that central banks, which presumably see the same data, would be looking for ways to ease even further (Japan and Europe) or walk back their previous threats to tighten (the US Fed) - apparently in the hope that increasing the dose will cure the credit addiction.

 
Tyler Durden's picture

Federal Regulators Accuse Banks Of Not Having Credible Crisis Plans, Would Need Another Bailout





We were not surprised to read this morning that federal regulators announced that five out of eight of the biggest U.S. banks do not have credible plans for winding down operations during a crisis without the help of public money. Which is precisely the point: now that the precedent has been set and banks know they can rely on the generosity of taxpayers (with the blessing of legislators) why should they even bother planning; they know very well that if just one bank fails, all would face collapse, and the only recourse would be trillions more in taxpayer aid.

 
Tyler Durden's picture

Key Economic Events In The Coming Week





While the market is still enjoying the post-NFP weekly data lull, economic data starts to pick up again in the coming days, alongside the start of the reporting season. Below are this week's key events.

 
Tyler Durden's picture

Futures Spike After Bill Dudley Urges "Cautious Approach" As "Balance Of Risks Tilted To Downside"





Caution is called for because of Fed’s limited ability to reduce policy rate, Federal Reserve Bank of New York President William Dudley says, Dudley comments in text of speech in Bridgeport, CT. “Although the downside risks have diminished since earlier in the year, I still judge the balance of risks to my inflation and growth outlooks to be tilted slightly to the downside

 
Tyler Durden's picture

China Sees First Offshore Default By State-Owned Firm In Two Decades





A Hong Kong unit of Guosen Securities is in technical default on a dim sum bond issued in 2014, marking the first offshore default by a Chinese SOE since the collapse of Guangdong International Trust and Investment in 1999. The subsidiary says reports that it has violated a keepweel with its parent are "exaggerated."

 
Tyler Durden's picture

Plot Thickens In New York Fed Heist As $30 Million In Cash Said Delivered To Mystery Chinese Man





Nefarious foreign hackers, blacked out CCTV systems, corrupt local bank managers, shifty go-betweens, and $30 million in cash delivered to an anonymous man of "Chinese origin" who disappeared into the shadows of Manila and will likely never be heard from again. This story has it all. It even has Bill Dudley.

 
Tyler Durden's picture

Former Fed Employee Avoids Jail, Gets $2,000 Fine For Stealing Fed Secrets On Behalf Of Goldman Sachs





Jason Gross was the latest former banker to make a mockery of the US judicial system when he was spared prison on Wednesday, for stealing NY Fed secrets on behalf of Goldman Sachs. Instead Gross, 37, was fined $2,000 by U.S. Magistrate Judge Gabriel Gorenstein in Manhattan and sentenced to a year of probation with 200 hours of community service after pleading guilty to a misdemeanor charge of theft of government property.

 
Tyler Durden's picture

The Incredible Story Of How Hackers Stole $100 Million From The New York Fed





The story of the theft of $100 million from the Bangladesh central bank - by way of the New York Federal Reserve - is getting more fascinating by the day.

 
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