Corruption

Tyler Durden's picture

Even Iran Knows How To Fix The Corrupt Banker Problem





Having watched Tim Geithner's disgusting defense of the tax-payer-backed re-inflation of a corrupt and knowingly devastating banking system on Jon Stewart's Daily Show, and watching the US fine (no jail time for anyone) a Swiss bank which admits its guilt over billions of fraud yet allow them to remain a prime dealer of US Treasuries; we thought the following story from a '3rd world banking system' would open a few eyes in the US this weekend as 'we remember'. As AP reports, a billionaire businessman at the heart of a $2.6 billion state bank scam in Iran, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported.

 
tedbits's picture

Edge of a knife! Eurozone: Countdown to Crisis? Yes or No?









TedBits - Newsletter

 
Tyler Durden's picture

Hookers And Blow: How Changing The Definition Of GDP Officially Jumped The Shark





A year ago it was the US which first "boosted" America's GDP by $500 billion - literally out of thin air - when it arbitrarily decided to include "intangibles" to the components that 'make up' GDP (in the process cutting over 5% from the US Debt/GDP ratio). Then Spain joined the fray. Then Greece. Then the UK. Then Nigeria, which showed those deveoped Keynesian basket cases how it is really done, when it doubled the size of its GDP overnight when it decided to change the base year of its GDP calculations. Now it is Italy's turn, and like everything else Italy does, this latest "revision" of the definition of GDP easily wins in the style points category. As Bloomberg reports, "Italy will include prostitution and illegal drug sales in the gross domestic product calculation this year." Yup: blow and hookers. And that, ladies and gents, how it's done.

 
Tyler Durden's picture

Frontrunning: May 23





  • The Fed can't print trade? World Trade Flows Fall in First Quarter (WSJ)
  • PBOC’s Zhou Says China May Have Housing Bubble in ‘Some Cities’ (BBG)
  • ECB's Weidmann - Reviving ABS market not task for central bank (Reuters)
  • LOL: Fitch upgrades Greece by a notch to 'B'; outlook stable (Reuters)
  • LOL x2: Spain Sovereign Debt Rating Upgraded by S&P (BBG)
  • China Will Vet Tech Firms After Threatening U.S. Retaliation (BBG)
  • US to claim victory over China in WTO car dispute (BBG)
  • Obama urges Democrats to vote in midterms, attacks Republicans (Reuters)
  • U.S. Military Pushes for More Disclosure on Drone Strikes (WSJ)
 
Tyler Durden's picture

Here Come More US Sanctions: The Full Thai Turmoil Timeline





Thailand is a prosperous nation with strong banks, modern factories, flourishing tourism, a growing middle class and other typical markers of a successful democracy. Which, as Bloomberg explains, is exactly what it lacks. Thailand has had so many coups in its modern history that scholars sometimes refer to the last 82 years as its “coup season.” In between, violent political strife has been chronic. The latest round features deadly street clashes, politically tainted corruption trials and the army taking control after an election derailed by protests. In contrast to political activists almost everywhere, the ones in Thailand are demanding less democracy... and this is the timeline of events that led to the latest 'coup'. What is perhaps more troublesome for a nation desperately seeking allies, under US law, sanctions are triggered if a country receiving military aid suffers a coup.

 
Tyler Durden's picture

Thailand Army Announces Military Coup On Live TV, Country's 12th Since 1932





Update 2: Thailand's military suspends the 2007 constitution and dismisses the caretaker government.

Update: The Thai army has announced a nationwide curfew from 10 p.m. to 5 a.m. after declaring a military takeover of the government to restore order.

Two days ago, when reporting on the Thailand "non-coupy" martial law imposed by the army, which wasn't in charge, but really was or something, we summarized the situation as follows: THAI MILITARY CHANNEL 5 SAYS MARTIAL LAW `NOT A COUP'. "Ah, gotta love the New Normal: full of non-coupy martial laws." Moments ago, the New Normal regressed back to its Old Normal ways, when in a live statement on TV, the Thai army chief made the non-coupy coup coupy, and announced a military takeover of the government Thursday, saying the coup was necessary to restore stability and order after six months of political deadlock and turmoil.

 
Tyler Durden's picture

China Arrests Former CEO Of JPMorgan Asia





Just one day after the FBI issues arrest warrants for 5 Chinese military officials, Caixin reports that Fang Fang - the former CEO of JPMorgan Asia - has been arrested in Hong Kong by the Independent Commission Against Corruption (or anti-graft agency). Coincidental timing we are sure; and while details are sparse, the arrest appears linked to the hiring of the children of Chinese officials. Bloomberg reports that Fang declined to comment after being released on bail (under restrictions not to leave Hong Kong).

 
Tyler Durden's picture

Frontrunning: May 19





  • Qatar Bank: Deutsche Bank to raise $11 bln with help from Qatar (Reuters)
  • AstraZeneca rejects Pfizer's take-it-or-leave-it offer (Reuters)
  • China Home-Price Growth Slowdown Spreads as Sellers Discount (BBG)
  • The new face of NSA: Mike Rogers (Reuters)
  • Putin orders troops near Ukraine to return home (AP)
  • Wall of Worry Rebuilt as Nasdaq Rout Sends Cash to High (Nasdaq)
  • Bank of England's Mark Carney highlights housing market's risk to UK economy (Guardian)
  • Greek Selloff Shows Rush for Exit Recalling Crisis (BBG)
  • Anti-austerity Greek radicals ahead in Athens local election (AFP)
 
GoldCore's picture

Bitcoin, Gold And Silver As Bail-ins and Capital Controls Loom





Underappreciated risks to electronic bitcoin and all forms of investments and savings today, including gold, that are held electronically come in the form of modern warfare - involving as it does cyberwarfare and electromagnetic warfare. No electricity and no computer or internet access and you cannot access your savings, investments and money ...

 
Tyler Durden's picture

Narendra Modi: The Good, The Bad, & The Ugly





Given the surge in India's stock market, echoing the reflexive pro-business exuberance of last year's Japanese stock market, the similarities between India's newly-elected PM Narendra Modi and Japan's Shinzo Abe are coming thick and fast... some good (pro-business), some bad (potential dislike of the US) and some potentially ugly (strong nationalist tendencies).

 
Tyler Durden's picture

Frontrunning: May 15





  • More than 20 dead, doctor says, as anti-China riots spread in Vietnam (Reuters)
  • Russia's Gazprom plans Singapore stock exchange listing (Reuters)
  • Inside Europe’s Plan Z (FT)
  • Ukraine slides deeper toward war as Russia warns to vote (BBG)
  • Fast-Food Protests Spread Overseas (NYT)
  • BOJ Beat, Officials Could Upgrade Outlook for Capex (WSJ)
  • Euro-Zone Economy Shows Weaker-Than -Expected Expansion (WSJ)
  • Yahoo to YouTube Ads Spreading Viruses Rile Lawmakers (BBG)
  • New York Times Ousts Jill Abramson as Executive Editor, Names Dean Baquet (BBG)
  • NYT Publisher Said to Always Have Clashed With Abramson (BBG)
  • Google gets take-down requests after European court ruling - source (Reuters)
 
Tyler Durden's picture

Wall Street Has Always Been Corrupt Or About To Be Corrupted





When obnoxiously wealthy pricks with the ability to bribe stock exchanges to place their trading computers on the floor of the exchange and financially induce the Wall Street banks to funnel trades through their dark pools in order to know what is happening a nanosecond before everyone else, and use this information to front run unknowing investors to generate risk free profits, it’s wrong. It really is black and white. I don’t care that it is supposedly “legal”.  By complying with Regulation NMS the smart order routers of institutional investor firms like Vanguard, Fidelity and Schwab simply funneled naïve investors into various snares laid for them by the unscrupulous high frequency traders. The bad guys always win and the good guys always lose on Wall Street. And no one does anything because they are all on the take. Lewis puts it in terms the average person can understand.

 
Tyler Durden's picture

Rising Resource Costs Escalate Odds of Global Unrest





Dwindling resources produce the least admirable human behaviors, something science has tested and understands quite well. Ukraine is a bellwether; we will see other conflicts like it elsewhere in the world, and likely, in time, within our own nation. Which is why understanding the nature of social unrest is so important, particularly to those considering relocation (within or outside of their home country). You certainly don't want to leap from the frying pan into the fire as resource scarcity and conflicts are now part of the global equation.

 
Tyler Durden's picture

"Capital" As Seen By An Austrian Economist





In recent weeks the concept of capital has been thoroughly, and incorrectly, deconstructed by Marxists and Keynesians alike now that, suddenly, the world caught up with what we said would be the crux issue back in 2011: record wealth inequality (who could have possibly foreseen it following $10 trillion in central bank balance sheet expansion in the last decade), and finding "fair" ways of confiscating the wealth of the rich to - at least on paper - help the poor even if in reality all it would do is simply lead to more government theft, embezzling, corruption, and capital misallocation. It is now time to get an Austrian perspective and courtesy of unrepentant "Austrian" Sean Corrigan we just got one.

 
Tyler Durden's picture

Big Brother is Coming To Your Brokerage Account





It now appears the status quo is moving to destroy any last semblance of privacy with regard to your personal brokerage accounts. Yep, in the name of “stopping fraud” and the practices of unscrupulous brokers, the Financial Industry Regulatory Authority (FINRA) wants to launch a program called Cards, or the Comprehensive Automated Risk Data System. This electronic system sounds a lot like the so-called metadata the NSA is collecting on everyone’s internet usage. This “robocop” would collect a weekly “record of activity at all of the more than 4,100 brokerage firms nationwide.” For your own good of course. Oh, and yeah, to stop terrorists or something...

 
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