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NY Regulator Demands Government Monitors "Inside" Barclays And Deutsche Bank
With the NY Fed already warning of "significant operational risk," and former Fed officials proclaiming Deutsche Bank is "horribly under-capitalized," along with Barclays 'dark pool' and gold manipulations, it is perhaps not a total surprise that, as WSJ reports, New York's banking regulator is pushing to install government monitors inside the U.S. offices of Deutsche Bank and Barclays as part of an intensifying investigation into possible manipulation in the foreign-exchange market. These two banks were selected because they had the 'greatest potential problems' based on a preliminary investigation.
New York's banking regulator is pushing to install government monitors inside the U.S. offices of Deutsche Bank and Barclays as part of an intensifying investigation into possible manipulation in the foreign-exchange market, according to people familiar with the probe.
The state's Department of Financial Services notified lawyers for the two European banks earlier this month that it wanted to install a monitor inside each firm, based on preliminary findings in the agency's six-month currencies-market probe, these people said. Negotiations are continuing over the details of the monitors' appointments, but New York investigators expect to reach an agreement soon.
The regulatory agency has selected Deutsche Bank and Barclays for extra scrutiny partly because the records it has collected so far from more than a dozen banks under its supervision point to the greatest potential problems at those two banks, the people said. Plus, Deutsche Bank and Barclays are among the dominant players in the vast foreign-exchange market, so investigators hope a close-up view into their businesses will help them observe other players and trading patterns, the people said.
A Barclays spokesman declined to comment; the U.K. bank previously has said it is cooperating with authorities. A Deutsche Bank spokesman said it is cooperating with investigators "and will take disciplinary action with regards to individuals if merited."
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Deutsche Bank and Barclays are among more than 10 banks that have fired or suspended dozens of senior executives, traders and others staff in connection with civil and criminal foreign-exchange probes in the U.S., U.K. and elsewhere.
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The New York regulator envisions wide-ranging investigative roles for its monitors inside Deutsche Bank and Barclays, according to the people close to the probe. The monitors' powers will include interviewing bank employees, clients and business partners, observing trading practices and compliance, and reviewing more records beyond what the banks already have supplied.
We are sure they will greeted on the floor with open arms...
* * *
And don't forget the elephant in the room...
And Barclays headache...
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And what is the job of the SEC again? Please don't tell me that agency is a private enterprize to...
I'd like to correct the article from:
TO read:
I fixed it.
Hi, we are here to help you.
On a positive note, Deutsche bank short term credit ratings downgraded today by (unconvicted criminal organization) Moodys. Cutting off their ability to borrow a lot of money market fund cash.
No more having it both ways: either you're "systemically important", and thus cannot be dealt without, so we will take over and "utilitize" the banking function; or you are just another casino, and who gives a fuck if you fail?
The "systemically important casino where the house never loses" thing has worn itself out.
Now the US is trying to piss off the Brits.
Even poodles can turn, and bite.
Is there anybody in the state dept. with an IQ over room temperature, because you know
this was cleared with them in advance.
Or is this to screw up yuan swaps ?
Is there anybody in the state dept. with an IQ over room temperature
No. Take a look at US actions...everywhere, and you have your answer.
I'd like to correct the correction from:
These two banks were selected because they were not based in the US.
to:
These two banks were selected because they were U$D biased.
I'd like to correct the correction from:
These two banks were selected because they were not based in the US.
to:
These two banks were selected because they don't contribute to the Presidential Obama fraud fund
A. Watch porn.
yearly enterprise porn subscriptions coming due so it's time for a shakedown.
Deutsche "You may monitor us if we may monitor our gold".
Aaaand.... it's (been) gone (for a long time).
Rock it, baby.
https://www.youtube.com/watch?v=4TlPo0yCSa4
Watch what?...when this thing blows it aint gunna matter if they have people watching...there is going to be a crater the size of the moon
Just ask the NSA, they have all the information already.
Or is this just the government reverse engineering a case?
pods
i just pictured the fat schlub from boiler room eating a banana in a little room.
Funny.
The first picture that came to my mind was a regulator held by his ankles and being dangled off the edge of an 80 story building.
in the vision, I heard a gruff voice say "Capice?"
It will only work if the regulator had his own SWAT teams. Although, who knows? They might. Every other branch does.
so jp morgan wants to have an offical mole in Deutsche Bank and Barclay's
Hey Merkel, who yer daddy?
pimp daddy Barack insane obumer
Put that guy in the building and he'll be the most well-fed, well-entertained and well-bribed regulator in the country. EVERYONE will want that job.
I think you just made a bingo!
That was probably the whole point. These guys know what they're doing.
They see how the SEC lawyers have it so sweet, probably didn't get past the interviews so now they work for Albany, and figured out a way to get on the revolving door gravy train the SEC, FDA, and other regulators have been riding on since the days of the New Deal and Great Society.
Guys, you don't need to go in the room marked 'broom closet'.
You'd be surprised: One time I worked in a building where the IT rack was in the janitor's closet. A more evil me would have used an open port to download lez-porn.
send in a crook to watch a crook. time to sell!!!
And where is the people’s monitor inside the Rothschild-established Federal Reserve Bank or the NY Fed Bank?
The authority has been passed. First the Congress, explicitly awarded by the Founders the authority over control of nation’s money supply, transferred its own authority to issue the currency to the Fed, and now the Fed refuses to let Congress in on where the money goes.
And AIPAC, with its stranglehold on the America’s 21st Century government, brags that it can get 75 Senatorial signatures on a napkin anytime it wants.
“I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls Britain’s money supply controls the British Empire, and I control the British money supply.” –Nathan Rothschild
“Give me control over a nation’s currency, and I care not who makes its laws. – Baron M.A. Rothschild
And so it is.
No need for this at GS or JPM because they ARE the regulators.
lol
Germany still holding out on Russian sanctions ?
Possible FOREX market manipulation?
And I guess there is possible foreign government manipulation by the State Dept/CIA.
Merkel must really be considering a membership in BRICS.. Second time in less than a week DB's 'integrity' being called into question.
There will soon be so many layers of bureaucrats you'll have full employment in Amerika
A Soviet wet dream come true
Da, Comrade?
Gotta keep that PM fix...well,...fixed.
Douche Bank and Bar-O-Clays will be ecstatic that someone else is hiring their lobbyists for them...
And after two weeks of free hookers and blow the government agents would be completely compromised.
But...the Federal Agencies will get to request a bigger budget to "monitor" the banks.
Why not have them be banks again instead of taxpayer funded leverage casinos?
Too sensical, and the money flow from Wall Street to Washington would stop.
For those of us who watch Max Keiser, he has proclaimed Deutsche Bank to be the world's worst bank. Their derivative positions at this one bank alone are something like equal to the entire earth's GDP. The Germans are supposed to be the sensible people in the room, while the UK City of London Bankers are the fabricators of fraud, where US banks go to cook schemes up illegal in the USA. But here we have a great German bank being the poster boy for too big to fail. Obviously knowing they operate with a full black mail ability over the entire German Government and economy, this knowledge that they will be bailed allows them to chase yields and profits via any means imaginable. The marriage of Banks and Governments is an evil that makes a joke out of capitalism and free markets. The bankers never shut up about what wonderful capitalists they are, how they earn because they take risks, and besides that, they are earth's best talent, and thus a free fair and open capitalist system by nature rewards them above all humans. Naturally this is a fucking lie, but don't tell them, the business schools or the financial media that! Fuck yea! They make their money by being the best!
A few years back, JPM's derivative position was $90 trillion but who really knows what's off the books.
Keiser's histrionics sell well. Does he still blame the Taliban for 9/11?
The Germans are supposed to be the sensible people in the room…
Deutsche Bank, of course, is not Germany; it’s Wall Street.
Deutsche Bank, Germany's largest, is headed by Paul M. L. Achleitner, former Vice President of Mergers & Acquisitions of Goldman Sachs & Co., New York, and partner of Goldman Sachs Group.
Remember this from April of 2009?
“Without the government money, Goldman, Merrill Lynch & Co., Morgan Stanley, Deutsche Bank AG and other firms could have become some of the biggest creditors in a bankruptcy filing by AIG, the world’s largest insurer, because of the billions in losses on subprime bonds and corporate debt…” -- Bloomberg
And this from June 11, 2011, "Deutsche Bank’s Chief Casts Long Shadow in Europe" the NY Times:
[Joseph] Ackermann [long-term collaborator with Jean Claude Trichet, until recently head of the ECB – both Jewish], emerged from the panic of 2008 as the most powerful banker in Europe and, depending on whom you ask, possibly the most dangerous one, too. As the chief executive of Europe’s largest bank [Deutsche BanK] and a symbol of German financial might, he is at the center of more concentric circles of power than any other banker on the Continent.
And remember this from April 10, 2013: “Europe’s Poorest? Look North: ECB Survey Puts Southerners on Top in Household Wealth, Germans Near Bottom” :
FRANKFURT—German households are among the poorest…in the euro zone, according to a study by the European Central Bank that adds a new twist to the debate over how far taxpayers in Northern Europe should go to support weaker countries…
The median, or midpoint, of German households had just over €50,000 in wealth, the lowest in the euro zone. The median in Greece, was twice that, at €102,000, and five times as high as in Cyprus at nearly €270,000.
http://online.wsj.com/article/SB10001424127887323820304578412540882466844.html?mod=WSJ_hps_LEFTTopStories
The German people, the same as America’s most productive, are the rape victims of the international bankers wired to the Fed.
That's Max splitting hairs.
JPM and UBS and RBS and a number more are just as bad.
Once the Gov enters the Squid will know every prop position in 72 hours.
I can't speak for anyone else, but I for one will be extremely disappointed if I find out Government Monitors are the reason I no longer see prime time comedy tweets from Joey LaVorgna.
So please Mr. Government Monitor, lay off Joey!
"NY Regulator Demands Government Monitors "Inside" Barclays And Deutsche Bank"
Yea, Trust Government, the paragon of Honesty and Truthfulness.
Barclays - "Big"| Commercial
Appears BIG got kicked in the nuts..
Hi! We are the new hall monitors...feel free to join us watching the midget, tranny porn festival in room 301, or go next door for all the free blow you can partake of. Don't worry, we only monitor how much in bribes and payoffs you can give us...
also no one will bat an eye when these "regulators" leverage their "experience" into a seven-figure job at GS or JPM
great, now lame regulators lining up their next job from the inside instead of the outside. that revolving door will really start spinning now.
Of course the answer to every wrong is "more government employees."
Government employees are the smartest, hardest working champions of justice, anyone could ever ask for. How can they do anything *but* help right wrongs?!?
Didn't Dr Jim Willie spell this out months or even years ago?
D-Bank and BArclays must have some in-the-money derivative positions vs JP Morgan (whose portfilio was at $90 Trillion in 2011).
Tyler, seems the HFT shennanigans have finally caught up with the Chicago Mercantile Exchange:
LAWSUIT STUNNER: Half Of The Futures Trades In Chicago Are Illegal 'Wash' Trades
The "money" quote(s):
Reference Link:
http://wallstreetonparade.com/2014/07/lawsuit-stunner-half-of-futures-tr...
TL;DR: The markets ARE broken, and the Chicago Mercantile Exchange (CME Group, Inc.) is one of the largest busted markets around.
'Cheap Date Index' 2014: Deutsche Bank Shows Where You Can Save The Most On Dates Globally
As someone who felt out with Barclays a few years ago during Bob Diamond's reign due to their cheap crookery, and will never do business with them again, I hope the regulators take internal supervision to a limit which makes Barclays squeal with discomfort.
Don't turn around, the commisar is in town!
Barn Door. Horse. Etc., etc.
banking regulators to see that the elected officials in europe don't back out on the US and the new get tough with russia policy, or more to the point, our new economic foreign policy to gentrify eastern europe. remember how the fascists in the 3rd reich did it with a few gestapo in the police station of countries they basically didnt control militarily. its seems remarkable yellen doesn't know what she is doing, but that drives the point home even harder.
this just gets better by the day
Q2 GDP reports tomorrow - should be a negative again
rumor says that barry-care was pushed out of Q1 and into Q2 - how very GAAP/IFRS of Barry to do so
such a fkg shit show
These banks are basically casinos and should have Casino Commissions of every state watching their operations.
There are already there courtesy of the NSA :)
I think the government doesn't want to wait until a complaint is filed to collect their share.
This is the Chinese Communist system. There are two leaders at the top of each major company and foreign joint venture. One, the actual CEO or COO. The other, a representative of the Communist Party.
Just another sign our systems are coalescing.
The bankrobber goes into the vault now.
It's all a CHARADE! They're all BANKRUPT and the USSA in its final death throws is picking at the rotten carcass. DIE YOU BASTARDS.