According to Bloomberg, six Nigerian central bankers were charged with fraud in an 8 billion naira ($40.2 million with an m, not a b, not a tr) currency "scam." No chat rooms here, just a plain old "mega scam involving the theft and recirculation of defaced and mutilated currencies,” the Abuja-based Economic and Financial Crimes Commission said in a statement dated Sunday on its website. In addition to the central bankers, among those charged are also sixteen commercial bankers who conspired with Central Bank of Nigeria regional executives.
Following overnight news that yet another former FIFX executive, this time Jerome Valcker, former top deputy to FIFA president Sepp Blatter, may be involved in the latest money laundering and corruption scandal, one involving a $10 million transfer of funds, which has been presented as an alleged payment of bribes over South Africa's bid to host the 2010 World Cup, moments ago the FIFA president announced he would hold an imprompty press conference. Will Blatter finally announced his resignation? Find out now.
The reason why "investing" in the economy in the form of government spending always, without fail, leads to adverse results and negative returns, is because unlike the private sector, there are neither checks and balances, nor punishment if one fails at their job. Case in point, the much maligned Transportation Security Administration, aka the TSA, best known for groping women and infants at airport checkpoints is about to be even more maligned because according to an exclusive report from ABC, TSA screeners failed ailed to detect mock explosives and weapons in 95% of tests carried out by undercover agents.
At some point in the middle of the last century, economics of money shifted to economics of psychology. Abenomics is the perfect example of this faith-based policy. The Japanese economy, to any clear mind, took a huge turn for the worst under Abenomics yet its practitioners are still, somehow, given the final word on judging its performance, meaning that the mainstream still, somehow, subscribes to the religion.
Editors of World’s Most Prestigious Medical Journals: “Much of the Scientific Literature, Perhaps HALF, May Simply Be Untrue"...Submitted by George Washington on 06/01/2015 12:38 -0400
Corruption Is Destroying Basic Science
- Senate lets NSA spy program lapse, at least for now (Reuters)
- Draghi Deflation Relief Means Little With Greek Threat Unsolved (BBG)
- Tepid factory data add to Asian gloom (FT)
- Citigroup Likely to Close Banamex USA (WSJ)
- Frugality of High Earners in U.S. Shows Long Shadow of Recession (BBG)
- Greece’s Tsipras Warns Bell May Toll for Europe (BBG)
- Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
- Romário leads drive for Brazilian probe into Fifa (FT)
- Faster than China? India's road, rail drive could lay doubts to rest (Reuters)
Following today's "successful" vote confirming Sepp Blatter's 5th term running the farce called FIFA, and amid soccer's governing body being investigated by US and Swiss authorities over claims of corruption, we thought a summary of just where the money comes from and (apart from the $150 million in bribes and kickbacks to 14 executives) where it goes for the Swiss-based entity...
- Former House Speaker Hastert indicted on federal charges (Reuters)
- Blatter expected to win re-election despite soccer corruption scandal (Reuters)
- NYSE Looks to Ease Late-Day Pileup (WSJ)
- What Will Happen to a Generation of Wall Street Traders Who Have Never Seen a Rate Hike? (BBG)
- Japan spending slump casts doubt on central bank optimism (Reuters)
- Unclear rules, market volatility take toll on bank capital (Reuters)
- Greece Told Budget a Red Line for Creditors Venting at G-7 (BBG)
- The Economist Who Realized How Crazy We Are (Michael Lewis)
- Pimco Said to Have Considered Goldman’s Cohn for Top Job (BBG)
“We expect today’s financial system to fall apart in a terrible crash and depression. But we’re looking forward to it.” Simply put, it is the only way to 'correct' the corrupt system... because after all, that’s what government was designed for: to allow one group to rob another. If the elite could take no advantage from it, why would they bother with government at all?
Putin Slams US Over FIFA Arrests: "Another Blatant Attempt By The US To Meddle Outside Its Jurisdiction"Submitted by Tyler Durden on 05/28/2015 09:32 -0400
Following yesterday's surprise DOJ indictment in which 14 FIFA affiliates were perp-walked out of Zurich's swankiest hotel just days ahead of Sepp Blatter's re-election, one person was quite displeased with this latest US intervention on the international arena: Russian president Vladimir Putin who accused the United States of meddling outside its jurisdiction by arresting officials from FIFA, further hinting that it was part of an attempt to take the 2018 World Cup away from his country.
- No change in Greek debt talks after another day of spin (Reuters)
- G-7 Weighs In on Greece as Government Told to Be Serious (BBG)
- FIFA Faces Mounting Pressure From Sponsors as Visa Threatens to End Deal (WSJ)
- U.S. hopes Chinese island-building will spur Asian response (Reuters)
- Japan Inc.’s $104 Billion Investor Payout Set to Surge (BBG)
- Russia masses heavy firepower on border with Ukraine (Reuters)
- China Says Its Most-Wanted Fugitive Is in U.S. Custody (BBG)
Government Will Use “Secret Interpretations” to Get Around Legal Prohibitions
“Things always become obvious after the fact” – Nassim Nicholas Taleb
“Facts do not cease to exist because they are ignored.” – Aldous Huxley