This page has been archived and commenting is disabled.
The Austrian Black Swan Claims Its First Foreign Casualty: German Duesselhyp Collapses, To Be Bailed Out
Precisely one week ago in "A Black Swan Lands In Southern Austria: The Ripple Effects Of "Mini-Greece Going Off In The Heartland Of Europe", when analyzing the consequences of the collapse of Austria's bad bank, we noted perhaps the biggest paradox of Europe's emergency preparedness response to the Greek collapse and imminent expulsion from the Eurozone: namely that the biggest threat to German banks was no longer in some Mediterranean nation, but in its very own back yard. To wit:
Irony #2, and the biggest one of all: while German banks had spent the past 3 years preparing for the inevitable Grexit and offloading all their exposure to the now insolvent Greek state, it was a waterfall chain of events which started in Germany's own "back yard", courtesy of auditors who decided it was unnecessary to mark losses to market until it was far too late, and the immediate outcome is that one ninth of until recently Aaa/AAA-rated Austria is now also insolvent. And that is just the beginning.
One can only imagine how many such other "0% risk-weighted" Pandora boxes lie in wait across what are otherwise considered Europe's safest banks, provinces and nations.
Indeed, it was just the beginning, and moments ago we got confirmation that the next domino has tipped over, following a Reuters report that Germany's deposit protection fund will take over the property lender Duesseldorfer Hypothekenbank AG (DuesselHyp), which has "run into problems" due to its exposure to Austrian lender Hypo Alpe Adria's "bad bank" Heta.
And while in the US FDIC Failure Fridays works like a well-greased machine, Germany has yet to get the hang of the whole "save the bad news for Friday after market close" thing and has for now has stopped on "Shocker Sundays."
Then again, this being Europe, denial persists even after the moment of failure, and according to Reuters, "the German banking association BdB, which runs the fund, is, however, not planning to wind down the bank, but wants to continue its operations."
"The deposit protection fund is granting a guarantee for the Heta bonds to eliminate the immediate risks. The goal is a complete takeover of Duesseldorfer Hypothekenbank," the BdB said in a statement on Sunday.
We described the consequences from the Heta fallout in minute detail last week, but for those who missed it, here are the Cliff notes:
Regulators this month took control of Heta and imposed a debt moratorium until May 2016 after an outside audit found writedown needs that blew a hole of up to 7.6 billion euros in its balance sheet. This leaves holders of Heta debt in limbo and facing the prospect of losses.
Heta could still be declared insolvent despite plans to wind it down, the Austrian regulator FMA has said, a move that could hit German banks harder than many of their Austrian rivals.
After regulators took control of Heta, the ratings agency Fitch said last week that DuesselHyp was in urgent need of capital support.
In its 2013 annual report, DuesselHyp said it had 348 million euros ($365 million) in Hypo Alpe Adria debt.
So a partial impairment on $365 million in debt is enough to send a German bank, which according to its latest interim financial report, had €10.9 billion in assets, into full out insolvency? As if the ECB's farcical stress tests needed any further validation they are nothing but the worst possible joke on Europe's depositors Goldman's head of the ECB could have conceived.
As for the biggest winner from today's surprise announcement, London-based Attestor which until this moment was supposed to buy the German bank. Talk about saved by the "bank failure"... and due diligence.
The planned takeover by the BdB also means that a planned sale of DuesselHyp to group of international buyers led by London-based Attestor is no longer being considered, a source familiar with the situation said.
One can almost see why. As for the guy who looked at DuesselHyp's balance sheet and "wisely" concluded it is worth X, good luck finding a job. Don't worry though, many more "analysts" at other banks will be joining you in the unemployment line as more European banks admit they are insolvent when a world that is "priced to perfection" is revealed to have been anything but.
Because if a 1.5% write down in the assets of a supposedly well-capitalized German bank can lead to almost overnight insolvency, one can almost imagine what will happen when the Austrian black swan wave reaches Europe's actually "undercapitalized" banks...
- 60880 reads
- Printer-friendly version
- Send to friend
- advertisements -


What a fungible world we live in!
Hypothecating Bank..?
NOT hypothetically busted.
Gotta’ love it.
And so it begins.....the EU financial system is breaking.
Let me put this into perspective.
As long as a conversation can be cratered into something to do with Hilter, it is considered a win
That said, yeah, the EU financial system is somewhat-less-than-healthy.
Um, really? Let me get this straight ... "Duesseldorfer Hypothekenbank" ... is that really a bank name ... like "diesel dike hypoticat'in bank"? Like, hide the borrowed sausage toy bank?
Really?
Germans are great engineers, but this is kind of pervy.
@NewsBoy ... they are just putting the Eff-You-Enn back in Fungible. Buckle up (and trust your banker partner - safe word is "Shizer")!
Regards,
Cooter
Duesseldorf has more millionaires than most cities on the planet. I danced with Claudia Schiffer at Checkers in DUS long before that slimy pig Karl L. got his greasy fingers on her. My memories are somewhat clouded. I danced at Checkers and there were plenty pretty girls. Claudia Schiffer was probably among them. I kicked Karl L. in his balls and he liked it. Perv.
Anyway, the term Hypothek just means mortgage. So a Hypothekenbank is a mortgage lender. They hold mortgage paper.
If Dusselhyp is broke it is not the end of the world. West LB was a huge deal. West LB was once one of the largest banks in Europe with HQ in DUS.
Karl L. is a grandiose douche. I'd kick his ass given the chance. He would probably like that too.
Yes but check out if any of that mortgage paper is held through SIVs in Dublin's Waterfront Tax Haven
And so it begins.....
I'm glad someone else said that....because I didn't want to.
Folks, Hypothek does not mean mortgage. It means Corzined.
Duesseldorf is a German city, Dorf means Village, so it means "Village at the Düssel", while the Düssel is that little river that flows there and gave the name to the original village
Hypothek means Mortgage, and Hypothekenbank is just a reminder of times when banking was segregated in business sectors (Glass-Steagall, for the US, until 1999)
and capitalism is a lot about how to cope with failure, which includes banks failing
I wondered where the banking terminology of re-hypothecate came from...
Re-mortgaging assets...
Makes sense now...
Fucking thieves.
Oh ye of little faith..........those banksters have a lot of pots from which to draw their slush fund rainy day reserves.
Wake me when gold hits $2,000 then I might sit up and take notice.
They've probably spent $10,000/oz to keep gold under $2,000/oz.
It got close......too close.
We've printed almost a trillion dollars a month for how long? This is all that gets us?
You have another world we can trade for this one?
I have non-fungible-world, but I can't transfer it to anybody.
Oh, well...
Grow your own.
As long as the bankers still get their loan bonus+commissions they don't care to whom they lend to and not a worry in the world about risk.
Zero accountability in the financial industry.
Speaking of accountability in the financial industry, the Hypo-Alpe-Adria bank story is incredible (and darkly hilarious) when you start looking into it.
Google "Wiki Hypo Group Alpe Adria". (the Wikipedia piece is mercifully short). Then, under EXTERNAL LINKS click on Hypo Alpe Adria-A Bank Scandal in Austria. That brings up:
NACHRICHTEN HEUTE "Hypo-Alpe-Adria- A Bank Scandal in Austria",http://oraclesyndicate.twoday.net/stories/3950042/
Then click on the next article under External Links: "Hypo-Alpe-Adria-Bank (Scandalpe): Upddate of the Scandal".
Then for icing on the cupcake, Google "Jorg Haider".
According to these articles, Hypo originated with some persons of questionable reputation, then operations were taken over by a team of well-known con artists, involved itself in numerous scandalous deals, and was the darling of Joerg Haider the "controversial" right-wing Hitler-worshipper who has Governor of the Austrian province of Carinthia/Kaernten. Carinthia/Kaernten was the majority shareholder in the Hypo bank at that time.
In May, 2007, with Haider promoting the deal, BayernLB, a county bank owned by the state of Bavaria, Germany, bought a 50% plus one share interest in Hypo bank, for 1.63 billion Euros. The sale was accompanied by allegations of insider trading in the shares making a profit of 148 million Euros. BayernLB had been trying to enter the Austrian banking market for some time. Carinthia/Kaernten retained a minority interest.
It is alleged in the "Update" article that Bayern did no due diligence at best, or at worst its Directors colluded with the Austrians to carry out the crooked deal. BayernLB found Hypo to be a black hole for its money. The bank was riddled with bad loans and shady deals including money laundering, fraud, and arms financing.
In December, 2009, the bank was nationalized by the Austrian federal government to prevent its collapse. Bayern turned over its interest for a symbolic 1 Euro, taking a hit on the overall deal of as much as 6.7 billion Euros. The total losses on unrecoverable loans were estimated to be between 13 and 19 Billion Euros.
In February 2014, Chancellor Werner Faymann of Austria warned that the HYPO mess remained unresolved, and that its failure would be comparable to the Kredit Anstalt event of the 1930s. In March 2014, Hypo was split into a Balkans unit, an Italian business, and a bad bank, Heta Asset Resolution.
March 1, 2015, Austria's Financial Market Authority imposed a moratorium on debt and interest payments by Heta, "after an audit found that it had a capital shortfall of up to 7.6 billion Euros". Gee, surprise surprise, where did that capital shortfall come from?
As for Haider, he killed himself in a high-speed single-vehicle crash in 2008. He was allegedly heading for his mother's birthday party, had a blood alcohol reading of 3 times the legal limit, travelling at twice the speed limit, had just left a gay bar and had just had a fight with his boyfriend. His surviving wife disputed the allegation that Joerg was gay. The police insisted that it was an accidental death, not a murder.
Various former high-ranking officers of Hypo have been arrested, convicted, or investigated for a number of alleged offences relating to Hypo, including fraud and issuing false balance sheets.
Thank You for posting this information and links. sometimes ( often) the greater story and finer details, or leads to them, can be found posted in the comments sections. Makes dredging thro' the comments worth while.
Oh, I do, but we we're talking about worlds. ;)
I was (obscurely) referring to the local existence, which has been typical of our species through the eons, which is an existence as part of place/ecosystem, and inherently non-transferrable. Becoming indigenous is the alternative to our current dependence on multinational corporations. It's no simple task, but it does begin with "growing your own".
I'm not accostomed to having the room to express things so expansively on ZH, mostly other sites like The Automatic Earth, with far fewer comments.
Keep "growing your own", brother. The transporter could start working at any moment.
We're certainly a lot less dangerous to ourselves when we keep to same.
Not sure I want a transporter...you never noticed that everyone on Star Trek works for the Navy?
Obscure-reference-R-Us...
Growing your own might be the "transporter" to non-fungible world, when fungible world suffers a wardrobe malfunction.
all news is good news. even no news is good news. buy buy buy!
As the market explodes higher today just remember; you could have bought the dip...
We are currently below the 50d moving average therefor drastically oversold. If you are not buying here with both hands you are retarded. Yea sure we may go lower however its a guarntee that we will go signifigantly higher then this level in the near future.
One of the primary threats to fungible goods is inherent vice.
Takes on a whole new meaning here.
https://www.youtube.com/watch?v=ueP-sPcgooI
"To be bailed out" lmao....
They have to stop the dominoes...
They might be broke, but they can still pass the stress test!
3 minutes on a treadmill does not make a stress test.
They are totally underwater, but they are still homeowners.
In 2015, I may be proved to be prescient or insane.
They are not mutually exclusive.
A mad prophet? I should be so lucky.
Mad profit? Where's Cramer?
Why did the Romans stop persecuting Christians? The lions were eating all the prophets.
In 2015, I may be proved to be prescient or insane.
Why not both?
Both is a distinct possibility, but the latter makes the former more difficult to monetize.
It was reHypthekenated.
Credit Anstalt ... anyone???
Took around 90 days for the dominos to fall after Credit Anstalt.
Which would also line up with a different domino tumbling,oil derivatives.
Not to mention currency derivatives, where somebody must be bleeding from their arse already.
We really are about to find out just how powerful the FedRes is.Or not.
Austrian deja vu all over again. How ironic.
Let's relive 1923 GLOBALLY.
In fiat money, you can do quite a bit of masquerading behind the central bank. But in reality you can't mask non-performing loans. At the end of the day, a non performing loan means your debt money has no value. And the minute you try to spend it, it's inflationary.
There is no escape from the collapse. And they know it. This is why they need war.
Now if you are wrong about anything, skys the limit on the consequences, damn the torpedoes, start the war.
What if the ECB buys all those bad loans from the banks and makes them whole again? Same thing the FedRes did from 2007-2014.
It's gone.
https://www.youtube.com/watch?v=-DT7bX-B1Mg
That is STILL funny. Only because I have no $100.00 in the bank.
"The planned takeover by the BdB also means that a planned sale of DuesselHyp to group of international buyers led by London-based Attestor is no longer being considered..."
I suppose this means all those analysts who did their skimming in "due diligence" operations on DuesselHyp's worthiness will give the money they were paid back...
But I spent it soon as I got it. Don't blame me every ones lying their asses off to keep in the game.
So Fuck off I spent it already.
We Gona pump you up
Anyone got a handle on the collective noun for black swans?
A tsunami?
An armageddon?
Or how about a Draghi...
How about Draghi Yellen...
I'm going with a burial of black swans..a little alliteration is always bestest.
It's not a black swan if they get bailed out
Carry on
Haven't you heard?
Everyone gets bailed out....it's all the rage.
I believe proper terminology is a shitstorm of black swans.
A Dragi load of O'swamas
Q: How can a tiny 1.5% writedown of assets render a healthy German bank instantly insolvent?
A: The bank was leveraged at least 67:1.
If you have an sudden loss of 380 millions Euro since one of your debtors declared he will not pay and you just have a capital of 250 million Euro you are under-capitalized and you have to declare insolvency according to German laws. But if someone guaranties your loan to your debtors there´s no loss and no insolvency. Get it? Point is, the bank is leveraged about 40 to 1 and that´s not unusual for banks.
Aha, only 40 to 1. And how is that working out for them?
Well, they are now under-capitalized at an amount of about 100 million Euro. Not more, not less. Since the German bank emergency fund guaranties those Austrian loans now, they are not under-capitalized anymore. They just have to sue the Republic of Austria and the Federal State of Kärnten to get payed for their loans. When they get it everything will be fine.
" they are now under-capitalized "
"They just have to sue the Republic of Austria and the Federal State of Kärnten to get payed for their loans. When they get it everything will be fine."
Why is a suit required? What is the hold up and hassle there?
Wasn't the bad bank guaranteed by Austria et al already?
Does Austria have a problem of some sort with paying it's debts to Germany?
( & here I thought the scapegoat of the hour was Greece! )
AUSTRIA SAYS THAT IT WILL NOT PAY.
http://www.telegraph.co.uk/finance/economics/11447805/Eurozone-faces-fir...
"Austria’s finance minister, Jörg Schelling, said Vienna would not cover €10.2bn (£7.4bn) in bond guarantees issued by the Carinthian authorities for the failed lender Hypo Alpe Adria, or for the "Heta" resolution fund that succeeded it. This leaves the 550,000-strong province on the Slovene border to fend for itself as losses spin out of control.
The government won’t waste another euro of taxpayer money on Heta,” he said, insisting that there must be an end to moral hazard. The Hypo affair has alredy cost taxpayers €5.5bn. The Austrian state has said it will cover €1bn of its own guarantees “on the nail” but nothing more."
There are no further losses than those that Austria has already guaranteed to be paid?
There are also no other parties who will be claiming losses and calling up Austria for the funds?
There are absolutely no derivatives outstanding on any of the debt instruments or institutions in question?
What a relie...FUCK: WAIT A MINUTE:
http://www.telegraph.co.uk/finance/economics/11447805/Eurozone-faces-fir...
"“We are at a very delicate phase when Europe’s banking system switches from a bail-out regime into a much tougher bail-in regime, and Austria has just thrown this into sharp relief,” said sovereign bond strategist Nicholas Spiro. The biggest bondholders are Deutsche Bank’s DWS Investment, Pimco, Kepler-Fonds and BlackRock. The World Bank also owns €150m of Hypo debt. "
Sources in Vienna suggested that even senior bondholders are likely to face a 50pc writedown, becoming the first victims of the eurozone’s tough new “bail-in” rules for creditors. These rules are already in force in Germany and Austria, and will be mandatory everywhere next year. "
Bail IN. Not Bail OUT.
Kinda different animal methinks...
Like i said Austria and Kärnten gave guaranties for that loans and they don´t want to pay now. In that case those banks/bond holders have to sue them to get payment. In my view Austria and Kärnten just want to achieve some kind of compromise with that to save a few millions. The usual trade off "save your time and effort of a law suit and reduce our debt accordingly".
If this is a nine-inning game, this looks a lot like the seventh-inning stretch.
Bottom of the first, in a day-night double header.
Let's play two! Go Tribe!
(couldn't help myself)
Mark to fantasy you say!! Don't worry those Spanish and Italian 10 years paying 1.15% are all good. If these countries were individuals, they'd have a hard time getting Payday loans. Sounds like they have a ton of Australian one bedroom shacks on their books valued at 1 million a piece.
Insolvent central banks.
This is all so very...sloppy.
Sloppy Jews, slop sloppy jews.
"As for the guy who looked at DuesselHyp's balance sheet and "wisely" concluded it is worth X"
There are NO analytics - only ......go along to get along - it's not his fault - the analysts at S&P or Moodys were obeying orders with CDO AAA ratings
nothing makes sense because its not suppose to
And the DAX soars through 12000 on market open!
WHAT FUCKIN BULLSHIT
Interesting how insane markets become, buy in the morning and have 1-2% in the evening (trading indices). This doesn't end good...
https://www.youtube.com/watch?v=anGXld-4hCA
hey germany, greece would like to have a look at YOUR BOOKS
Where's my bailout?
Oh yeah, I'm just a person, us serfs are expected to pay our debts.
"I'm just a person, us serfs are expected to pay our debts. "
ONLY after you have paid the debts of the insolvent Banksters and those of the Governments borrowing 'on your behalf to manage the economy' for their benefit are you allowed to pay your own debts.
'CliffsNotes'
It's only a flesh wound, sir...
Well, it was a bad bank.
of course ALL European Indexes bright green
How do you say "Kaboom" in Austrian?
"Kaboom".
Easy, isn't it?
How much is the status quo worth to them?
Let's be ponying up some cash fellas...the printer is over there....I'm not going to do it for you.
"Bank"
"Rummsbummsfirlefanznumerodrei", or short "Kawumms!"
Brings back memories - the crisis began with the REFCO fraud and the ensuing insolvency of BAWAG bank in Austria. Too funny. I wouldn't be suprised at all if the REFCO credits are hidden somewhere in the "bad bank."
Funny how all these captains of industry that we should supposedly trust to steer the ship of capitalism and make only the very best use of resources are all too often revealed to be the same vain, lying, cheating thieves that ZHers assure me everyone in government must be.
At least that particular pustule got Federal prison time.
Starting to wonder if any of this ever makes a difference. Seems like no matter how big the disaster it magically gets bailed out. Well of course it does.......what's money anyhow? A bunch of phony bologna bullshit that just hands power to the creators. Only thing for sure is that us slaves at the bottom will get ass fucked royal.
That's what I keep thinking as well. No matter how big the deficits, banking or government, they just print up money and the deficits are sorted. It's totally insane but it seems to be working in some crazy kind of way. It should lead to massive inflation but we're set for deflation if anything.
Beats me......
Imagine rising from the holocaust of nuclear winter only to receive a bill for your great-great-great-greatlyfukkedup grandparents.
Gotta have something to wipe with.
I know Bounty hunters and Repoguys will be there.
Just try and serve those guys.
Any one with any shred of a conscience or morals will be long gone.
For a more adroit explanation of what is happening in banking, see this ...
http://www.youtube.com/watch?v=jTJ4DAwNchQ
Except the dominoes don't lie and pretend not to be falling over until the jig is up.
https://www.youtube.com/watch?v=y97rBdSYbkg
What the hell happened to creative accounting? Man, I am embarrased for crooked accountants everywhere.
What we need here is quasi GAAP.
Merkel should be strung-up by her Titties. Nuff said.
So they levered up an investment in something that was literally called a "bad bank"? /facepalm
Very good article at "Nachrichten Heute" on this issue.Some very dodgy charachters.You wouldn't have these
people over to Dinner without counting the silver afterwards.Amazing the people who are allowed banking
licenses thesedays.Sadly you see the same cast from the Iran-contra era,all the usual suspects.
No wonder Vienna is backing away from any assistance to Carinthia.The Bavarians got stuck with a big toxic pile
after that Haider SOB sold them a bunch of Hypo.Then the auditors split it into three pieces,one of which is
the "Bad bank",which fails a year later.I am reminded of Captain Renault in Casablanca." I am shocked,shocked to find
gambling going on in here!".In fact,isn't this what they did with Iceland? Take a small country,build a huge banking/finance
sector,implode/loot it internally and then ask someone else to clean up the mess,buy the shares back at 1/100th and stand as
a lone holdout like they did with Argentina? No wonder Vienna said,"Nein,Nein,Das gehts nichts!
Do like Iceland and start jailing bankers,ERSTEMALS!
Are you suggesting that this is simply a case of a Super Sized Ponzi gone incredibly bad? Say it isn't so! Leverage at 50:1 or 100:1 and it blows up again? German banks are selling 120% LTV mortgages. Maybe there's a German conspiracy to blow up this mountain of debt rather sooner than later.
As the fellow once said "Follow the money".
There would have to be a pile of counterparty derivatives tied to this.
Okay,who farted?
One question: Is this the test case for the new laws regarding EU bank bail ins?
And why,oh why,did it have to be in Austria?
The little people better start boning up on their history (Kredit Anstalt 1931).
I am thinking this could be a huge stinking turd.The reason I say that is that they gave a debt moratorium of some months,instead of outright default.
Something rotten here....ISDA should declare default to trigger derivative payment.....but silence..
When the tide goes out we get to see who has been swimming naked...
More popcorn!
Just print up some more money. I will take a wheelbarrow full and go buy me a pop!
The German Landesbanks (states) have been underwritten by the Bundesbank for a long time. Germany's central bank backstops the Landesbanks which loan the funds for all the manufacturing and training operations in the states. With this backing, the Landesbanks are incredibly leveraged, at 100 to 1 or higher.
The Bundesbank has not much to do with the so called Landesbanken, you are wrong. The German states, the Länder, guarantied for them, that´s why they are called Landesbanken, but the EU prohibited this in 2004. And get real, even a leverage of 100 to 1 is not unusual for a bank and it´s not unsustainable if you manage it in a conservative way.
After all the dominoes come a tumbling down, even people who saw it all coming will never know how farked up things really are. It is one rat hole after another snake hole after another. When lawyers and corporates get together to build a house, it is never done as well as carpenters and loggers can do it. Go figure.
From a purrdy interestin comment on the GW page linked below that connects some dots rather well.:
Jeff Anderson wrote:
HERE ARE TRUTHFUL FACTS MOST PEOPLE DO NOT KNOW, .... BUT SHOULD…
1. The IRS is Not a US government agency. It is an agency of the IMF (International Monetary Fund) (Diversified Metal Products v I.R.S et al. CV-93-405E-EJE U.S.D.C.D.I., Public Law 94-564, Senate report 94-1148 pg. 5967, Reorganization Plan No. 26, Public Law 102-391)
2. The IMF (International Monetary Fund) is an agency of the U.N. (Black’s Law Dictionary 6th Ed. page 816)
3. The United States has NOT had a Treasury since 1921 (41 Stat. Ch 214 page 654)
4. The U.S. Treasury is now the IMF (International Monetary Fund) (Presidential Documents Volume 24-No. 4 page 113, 22 U.S.C. 285-2887)
5. The United States does not have any employees because there is no longer a United States! No more reorganizations. After over 200 years of bankruptcy it is finally over. (Executive Order 12803)
6. The FCC, CIA, FBI, NASA and all of the other alphabet gangs were never part of the U.S. government, even though the “U.S. Government” held stock in the agencies. (U.S. v Strang, 254 US491 Lewis v. US, 680 F.2nd, 1239)
7. Social Security Numbers are issued by the U.N. through the IMF (International Monetary Fund). The application for a Social Security Number is the SS5 Form. The Department of the Treasury (IMF) issues the SS5 forms and not the Social Security Administration. The new SS5 forms do not state who publishes them while the old form states they are “Department of the Treasury”. (20 CFR (Council on Foreign Relations) Chap. 111 Subpart B. 422.103 (b))
8. There are NO Judicial Courts in America and have not been since 1789. Judges do not enforce Statutes and Codes. Executive Administrators enforce Statutes and Codes. (FRC v. GE 281 US 464 Keller v. PE 261 US 428, 1 Stat 138-178)
9. There have NOT been any judges in America since 1789. There have just been administrators. (FRC v. GE 281 US 464 Keller v. PE 261 US 428 1 Stat. 138-178)
10. According to GATT (The General Agreement on Tariffs and Trade) you MUST have a Social Security number. (House Report (103-826)
11. New York City is defined in Federal Regulations as the United Nations. Rudolph Guiliani stated on C-Span that “New York City is the capital of the World.” For once, he told the truth. (20 CFR (Council on Foreign Relations) Chap. 111, subpart B 44.103 (b) (2) (2) )
12. Social Security is not insurance or a contract, nor is there a Trust Fund. (Helvering v. Davis 301 US 619 Steward Co. v. Davis 301 US 548)
13. Your Social Security check comes directly from the IMF (International Monetary Fund), which is an agency of the United Nations. (It says “U.S. Department of Treasury” at the top left corner, which again is part of the U.N. as pointed out above)
14.You own NO property!!! Slaves can’t own property. Read carefully the Deed to the property you think is yours. You are listed as a TENANT. (Senate Document 43, 73rd Congress 1st Session)
15. The most powerful court in America is NOT the United States Supreme court, but rather the Supreme Court of Pennsylvania. (42 PA. C.S.A. 502)
16. The King of England financially backed both sides of the American Revolutionary War.. (Treaty of Versailles-July 16, 1782 Treaty of Peace 8 Stat 80)
From this link.:
http://www.washingtonsblog.com/2015/03/steele-every-single-terrorist-att...
The United States does not have any employees because there is no longer a United States! No more reorganizations. After over 200 years of bankruptcy it is finally over. (Executive Order 12803)
http://www.presidency.ucsb.edu/ws/?pid=23625
You're gonna need to connect a lot more dots before anyone with a brain will consider this drivel "TRUTHFUL FACTS". I hate the IMF as much as anyone, but ranting about them with incohorent BS is a great way to make people ignore anyone who tries to point out the evils of the IMF.
Bank run in Switzerland. Swiss pension funds want to avoid negative interest rates on their funds deposited in commercial banks. They prefer to store bank notes in own safes, but banks refuse to pay out that large amounts in cash.
http://www.srf.ch/news/wirtschaft/negativzins-bank-verweigert-pensionska...
Yogibank? Matrazenbank?
BTW... If you're gonna have your vital assets frozen, might as well be at the Spermbank.
'Keep on smiling'.
I liked the last line in the clip: "Cash hoarding is apparently not in the interest (pun intended?) of the National Bank".
But, apparently, Debt Hoarding is.
Suggest that ZHers front-run this story, as it's coming to other places in the EU. He who cashes out first, cashes out best.
West LB was a bigger deal. Held close to 300 billion in assets at end of 2008 and POOF.
http://www.reuters.com/article/2012/07/01/westlb-breakup-idUSL6E8I15SR20...
http://en.wikipedia.org/wiki/Portigon_Financial_Services
Anyone up for a game of dominoes?
No time right now, too busy trying to dodge the becquerels!
It collapsed from the weight of its consonants.
Add Banco de Mardrid which they are blaming on money laundering of the parent. As I'm sure it has nothing to do with the collapse of the euro.
Stress tests are BS.
Heta Losses May Cost German Banks 10% of 2015 Profit, Fitch Says
12 March 2015, by Nicholas Comfort (Bloomberg)
http://www.bloomberg.com/news/articles/2015-03-12/heta-losses-may-cost-german-banks-10-of-2015-profit-fitch-says
ECB´s stresstest means nothing. It´s Potjemkin at his best.
Assets about 11 Mrd. (billions) Euro are only guarantees from the province named Kärnten and not worth anything.
There were some interstmix between the administration of Kärnten and their "Landesbank" HAA.
Duessel....what?? Not a big thing here in Düsseldorf. Ones have to use a magnifier to find any news about it here in the local news but bless god ZH exists to pronounce the next doomsday - I have already been on the brink to miss it ;-)