Financial Services Authority
Jon Corzine had an illustrious career in investment banking, rising to the very top of Goldman Sachs, until he got pushed out in 1999. He subsequently decided to try his luck in politics, and was eventually elected as a Senator from New Jersey in 2001, then Governor in 2006. After losing to Chris Christie in 2010, Corzine was promptly hired as the CEO of MF Global. He was back in the game of finance - and with something to prove. While the majority of voters in New Jersey breathed a sigh of relief, the clients of MF Global could not imagine the disaster that would unfold.
With the revelations of systemic, widespread corporate criminality of banking institutions in recent years, it is clear that global Bank CEOs are becoming the new Drug Lords.
Bail-ins or deposit confiscation can now be used in the UK, EU, U.S. and G20 countries. Investors and savers best get prepared for the coming bail-in era. After Cyprus, which country will be the next to suffer bail-ins?
Britain's former chairman of the Financial Services Authority (FSA), Lord Adair Turner, warned that the UK could be repeating the 2008 financial crisis by fueling the property market ... When money is debased by monetary authorities on an industrial scale, the results can be catastrophic ...
Raise your hands if you are surprised that, as has emerged, virtually every major bank was manipulating currencies (and everything else) whether as part of the "Bandits' Club", the "Cartel" or some other - until recently- secret message room. That's what we thought. Now raise your hand if you thought the manipulation could be so pervasive, so glaring and so in your face, that even the oldest central bank - the Bank of England - and who knows how many other monetary authorities, were openly encouraging traders from these private banks to do more of the illegal activity they had been engaging in - namely manipulating currencies - with their explicit blessing knowing very well such behavior is undisputedly illegal. We hope at least one or two hands went up, because which it is one thing to be cynical about what is going on behind the scenes, it is something else to see the edifice of global corruption and criminality, whose only purpose was to preserve the status quo, unwinding before your very eyes substantiated by actual facts.
I predicted this clearly, with loads of evidence, last spring. I even tipped the SEC/UK authorities. Tthe chickens come home to roost. Let it be known, Wall Street's margin IS my business model!!!
- Millions of Tons of Metals Stashed in Shadow Warehouses (WSJ)
- Moguls Rent South Dakota Addresses to Dodge Taxes Forever (BBG)
- Fastest Japan Inflation Since ’08 Stokes Wage Pressure (BBG)
- Thai crisis deepens as army chief hints at intervention (Reuters)
- Anti-Assad Lebanese ex-minister killed in Beirut bomb (Reuters)
- Foreigners Unload Turkey Bonds as Probe Tarnishes Erdogan Growth (BBG)
- Small ISS Change Shakes Up Boards: Tweak to Influential Shareholder Adviser's Recommendations Has Directors Rethinking Proposals (WSJ)
- Japan’s Nishimura Calls for Quick Corporate Tax Cut to Under 30% (BBG)
- Japan's Abe bets U.S. alliance, ratings can weather shrine visit (Reuters)
Just as it is easy being a weatherman in San Diego ("the weather will be... nice. Back to you"), so the same inductive analysis can be applied to another week of stocks in Bernanke's centrally planned market: "stocks will be... up." Sure enough, as we enter October's last week where the key events will be the conclusion of the S&P earnings season and the October FOMC announcement (not much prop bets on a surprise tapering announcement this time), overnight futures have experienced the latest off the gates, JPY momentum ignition driven melt up.
A report just out by Coutts (the private wealth-management bank) has pointed the wagging finger at British rich and famous, the millionaire’s club for not protecting their wealth enough.
Free Advice Is Sometimes Worth More Than You Paid for It. On That Note, Irishman... Take Your Money And Run!!!Submitted by Reggie Middleton on 07/05/2013 10:46 -0400
Don't consider this investment advice, but if you leave your money in this bank after reading this article then your a fool who deserves to lose every euro that gets confiscated. Just my personal opinion, of course.
An unprincipled, deceitful, unreliable scoundrel. A vicious and solitary animal. An organism that shows a variation from the standard. What are we talking about? Rogue Traders! Does the cap fit?
Angela Merkel Should Talk To Me If She's Truly Enraged By The Anglo Irish Revelation, For That's Just The Beginning!Submitted by Reggie Middleton on 07/02/2013 07:24 -0400
Tell Angela Merkel that the guy that warned of Bear Stearns, Lehman Brothers AND Anglo Irish of which she laments, is also warning of Anglo Irish Bank among other Irish institutions - all funded by Germans through Irish austerity!
The Plight Of Europe's Banking Sector, Its €650 Billion State Guarantee, And The "Urgent Need" To RecapitalizeSubmitted by Tyler Durden on 06/15/2013 12:37 -0400
Since the topic of quantifying how big the sovereign assistance to assorted banks - both in Europe and the US (which Bloomberg calculated at $83 billion per year) - has become a daily talking point, we are happy to read that Harald Benink and Harry Huizinga have reached the same conclusion as us in their VOX analysis, and further have shown that in Europe the implicit banking sector guarantee by the state is a whopping €650 billion. "Europe has postponed the recapitalisation of its banking sector for far too long. And, without such a recapitalisation, the danger is that economic stagnation will continue for a long period, thereby putting Europe on a course towards Japanese-style inertia and the proliferation of zombie banks... Banks are already saddled with ample unrecognised losses on their assets, estimated by many observers to be at least several hundreds of billions of euros and mirrored by low share price valuations, and an additional loss of their present funding advantage will be crippling."
If Cyrpus blew up with bank assets/GDP leverage of 700% & Iceland blew up with leverage of 880%, what should we expect from Scotland @ 1,250%? Of course, this leverage number likely excludes those top secret charges I found last month...
Think frontrunning clients, trading against recommendations, manipulating LIBOR, and slamming gold at the London fixing is all investment bankers do? Wrong. What really happens in banker life is far more exciting and enjoyable (at least for preferred banker clients) as the following story by the WSJ's David Enrich shows. In reality, the activities that bankers seem to spend the most time on, is treating their "preferred clients" with free gambling trips to Las Vegas, skiing in Chamonix, flying wives and girlfriends in helicopters, doing blow in industrial amounts, and, of course, cavorting with strippers and hookers. All paid for by some unwitting clients of course. It is this environment of utter and perfectly permitted, if not encouraged, debauchery that allowed scandals such as the Libor fixing "conspiracy" (first theory, then fact of course), to flourish, and which makes being a banker still the most desired job in the world (contrary to beliefs that it was all about the passion of crunching goalseeked DCFs at 2 am in the morning).