manarak Posted July 6, 2012 Share Posted July 6, 2012 at last today's moves prove me right. and my wallet likes mak mak :-) Link to comment Share on other sites More sharing options...
yoshiwara Posted July 6, 2012 Share Posted July 6, 2012 You weren't by chance born in the U.S. were you Ms. Merkel? Sure wish we had somebody like you to run against Obummer. We fiscal conservatives believe the U.S. is straight on the same glidepath as the troubled Eurozone countries were/are. No way Barry will seriously confront the debt crisis. He just wants to use his presidency to put in place his social programs and re-distribute wealth as much as possible. He will have made his mark, and will happily defer to the next president the inevitable rain pouring on America's parade. 'We fiscal conservatives'? The problem is we are not sure if we are talking to a normal person like Paul Ryan or a lunatic like Ron Paul. Link to comment Share on other sites More sharing options...
Lopburi99 Posted July 6, 2012 Share Posted July 6, 2012 (edited) You weren't by chance born in the U.S. were you Ms. Merkel? Sure wish we had somebody like you to run against Obummer. We fiscal conservatives believe the U.S. is straight on the same glidepath as the troubled Eurozone countries were/are. No way Barry will seriously confront the debt crisis. He just wants to use his presidency to put in place his social programs and re-distribute wealth as much as possible. He will have made his mark, and will happily defer to the next president the inevitable rain pouring on America's parade. 'We fiscal conservatives'? The problem is we are not sure if we are talking to a normal person like Paul Ryan or a lunatic like Ron Paul. That's a fair point. For every reasonable position Ron Paul has he has a corresponding wacko one. Hard to believe anybody takes him seriously. (I had to edit to add "Ron". I was getting tangled up in Pauls. ) Edited July 6, 2012 by Lopburi99 Link to comment Share on other sites More sharing options...
flying Posted July 6, 2012 Share Posted July 6, 2012 That's a fair point. For every reasonable position Ron Paul has he has a corresponding wacko one. Hard to believe anybody takes him seriously. (I had to edit to add "Ron". I was getting tangled up in Pauls. ) Having read Ron Paul's books I would have to disagree Link to comment Share on other sites More sharing options...
Lopburi99 Posted July 7, 2012 Share Posted July 7, 2012 That's a fair point. For every reasonable position Ron Paul has he has a corresponding wacko one. Hard to believe anybody takes him seriously. (I had to edit to add "Ron". I was getting tangled up in Pauls. ) Having read Ron Paul's books I would have to disagree Well, you're not alone flying. He has quite a following. Link to comment Share on other sites More sharing options...
waza Posted July 7, 2012 Share Posted July 7, 2012 (edited) Bankrupt California city provides cautionary tale A California city which was once a thriving Gold Rush town has become a cautionary tale about financial excess and the still-struggling US economy -- by going bankrupt. In the 19th century Stockton, which lies two hours east of San Francisco, was a destination for optimistic miners looking to strike it rich in the Wild West. Last week, in a sobering reminder of the still-painful fallout from the 2008 near economic meltdown, it became the largest US city to ever declare bankruptcy. The inland agriculture hub has been crushed by the foreclosure crisis, increasingly costly retiree benefits and debt for civic projects taken on in better times. Connie Cochran, a spokeswoman for the river-port city, said Stockton has been operating on a bare-bones budget for several years that has forced cuts to essential services like police and firefighters. Officials could not close a $26 million hole in this year's $521 million budget, she said. Stockton's financial situation, while extreme, is not unusual. Cash-strapped cities across the Golden State -- the world's eighth largest economy, if it were a country -- are still struggling to recover from the worst economic downturn since the Great Depression............. Michael Sweet, a San Francisco bankruptcy attorney, said the Stockton case could break new legal ground in addressing whether cities can use bankruptcy to break unaffordable promises regarding retiree health benefits and pensions -- expenses that are crushing many local economies. "That's going to be the big issue," he said. "Those are huge strains on the city budget." http://news.ninemsn....aspx?id=8495826 Work hard all your life only to find they have gambled away your pension, unless your a politician or banker of course. Edited July 7, 2012 by waza Link to comment Share on other sites More sharing options...
churchill Posted July 8, 2012 Share Posted July 8, 2012 The US has lots of prisons .. seems there are lots of potential clients waiting .... Weekend Viewing: Inside Job by Charles Ferguson http://jessescrossroadscafe.blogspot.com/2012/07/weekend-viewing-inside-job-by-charles.html Link to comment Share on other sites More sharing options...
flying Posted July 9, 2012 Share Posted July 9, 2012 (edited) Hmm me thinks Finland ultimately will not be alone in this line of thinking... But Finland could be a catalyst The Euro Bombshell That Finland Just Dropped on Berlin and Madrid Finance Minister, Jutta Urpilainen, said that Finland would be prepared to leave the Eurorather than take responsibility for other countries debts and risks....... .....Finland’s position throws the Euro problem wide open once more. It is perhaps the least expected of bombshells and by dropping it the Finns have told everybody involved, including the markets, that the Euro is not Germany’s to dictate. Edited July 9, 2012 by flying Link to comment Share on other sites More sharing options...
yoshiwara Posted July 9, 2012 Share Posted July 9, 2012 Hmm me thinks Finland ultimately will not be alone in this line of thinking... But Finland could be a catalyst The Euro Bombshell That Finland Just Dropped on Berlin and Madrid Finance Minister, Jutta Urpilainen, said that Finland would be prepared to leave the Eurorather than take responsibility for other countries debts and risks....... .....Finland’s position throws the Euro problem wide open once more. It is perhaps the least expected of bombshells and by dropping it the Finns have told everybody involved, including the markets, that the Euro is not Germany’s to dictate. Finland's position (as is Germany's) is that assistance is pointless unless the countries concerned implement agreed structural changes. The objection from Finland is that the southern European countries are increasingly showing that they are either unable or unwilling to do so. Link to comment Share on other sites More sharing options...
waza Posted July 11, 2012 Share Posted July 11, 2012 Wall Street sees dodgy deals as key to success A quarter of Wall Street and British financial executives have witnessed unethical or illegal conduct and as many believe such actions are needed to succeed, according to an industry survey. Twenty-six percent of financial professionals polled by the New York-based law firm Labaton Sucharow said they had observed or had first-hand knowledge of wrongdoing at work. Some 24 percent said they "may need to engage in unethical or illegal conduct in order to be successful" and 16 percent admitted they would commit the crime of insider trading, if they could get away with it. "When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk," said Jordan Thomas, head of Labaton Sucharow's whistleblower representation practice. The survey will do little to boost confidence in the financial sector, which is already at an all-time low. The industry has faced a string of controversies, legal investigations and denunciations since being blamed for helping to run the global economy into the ground via the 2008 financial crisis. According to a recent Gallup poll, Americans' confidence in their banks is now at a record low of 21 percent, after the greatest decline of any institution relative to its historic average. The latest scandal involves charges that Barclays traders manipulated key inter-bank lending rates that underpin the entire banking system. http://finance.ninemsn.com.au/newsbusiness/8497469/wall-street-sees-dodgy-deals-as-key-to-success Link to comment Share on other sites More sharing options...
waza Posted July 11, 2012 Share Posted July 11, 2012 US city cuts worker pay by 70 % Public workers in the hard-up US city of Scranton, Pennsylvania have had their pay slashed to minimum wage-levels as a budget fight between the mayor and city council comes to a head. About 400 municipal workers in the city — including police officers, firefighters and construction workers &mdsah; are being subjected to steep pay cuts that have sparked a string of lawsuits. The city, which is the birthplace of Vice President Joe Biden and has become synonymous with industrial decline, is facing bankruptcy and the mayor has refused to borrow more money to pay wages. For police officers with two years on the job that now means a pay cut from $26 an hour to $7.25 an hour, a drop of more than 70 percent. Construction workers who earn between $18 and $20 under union contracts will also get $7.25 per hour. "All the vendors are getting 100 cents on the dollar, but the people keeping the buildings from burning down have seen their pay slashed by 75 percent," Stephen Holroyd, an attorney representing three of the city's workers' unions, told AFP. Roger Leonard, a heavy equipment operator for the city told National Public Radio last week that he typically gets a $900 check for two weeks of work. After the pay cut, it dropped to only $340. "I have two children and a wife, and my wife is a stay-at-home mom," said Leonard. "If the savings gets drained, we won't be okay, but I'm hoping before that happens, that they come to a resolution," he told reporters. The city, about 190 kilometers north of Philadelphia is one of a number of so-called rust belt cities that have seen manufacturing and heavy industry flee over past several decades, leaving behind empty downtown storefronts. http://finance.ninemsn.com.au/newsbusiness/8497467/us-city-cuts-worker-pay-by-70-percent Link to comment Share on other sites More sharing options...
ronz28 Posted July 11, 2012 Share Posted July 11, 2012 Interest rate swaps between local governments and the lying banks are hitting the fan in the US http://upheavalproductions.com/articles/33 http://dealbook.nytimes.com/2012/07/10/libor-rate-rigging-scandal-sets-off-legal-fights-for-restitution/?src=twr http://www.reuters.com/article/2012/07/09/us-usa-alabama-jeffersoncounty-idUSBRE86812L20120709 Link to comment Share on other sites More sharing options...
Naam Posted July 11, 2012 Share Posted July 11, 2012 Interest rate swaps between local governments and the lying banks are hitting the fan in the US freaking banksters will pay some fines and continue their stealing and defrauding Link to comment Share on other sites More sharing options...
khaan Posted July 11, 2012 Share Posted July 11, 2012 US city cuts worker pay by 70 % Public workers in the hard-up US city of Scranton, Pennsylvania have had their pay slashed to minimum wage-levels as a budget fight between the mayor and city council comes to a head. About 400 municipal workers in the city — including police officers, firefighters and construction workers &mdsah; are being subjected to steep pay cuts that have sparked a string of lawsuits. The city, which is the birthplace of Vice President Joe Biden and has become synonymous with industrial decline, is facing bankruptcy and the mayor has refused to borrow more money to pay wages. For police officers with two years on the job that now means a pay cut from $26 an hour to $7.25 an hour, a drop of more than 70 percent. Construction workers who earn between $18 and $20 under union contracts will also get $7.25 per hour. "All the vendors are getting 100 cents on the dollar, but the people keeping the buildings from burning down have seen their pay slashed by 75 percent," Stephen Holroyd, an attorney representing three of the city's workers' unions, told AFP. Roger Leonard, a heavy equipment operator for the city told National Public Radio last week that he typically gets a $900 check for two weeks of work. After the pay cut, it dropped to only $340. "I have two children and a wife, and my wife is a stay-at-home mom," said Leonard. "If the savings gets drained, we won't be okay, but I'm hoping before that happens, that they come to a resolution," he told reporters. The city, about 190 kilometers north of Philadelphia is one of a number of so-called rust belt cities that have seen manufacturing and heavy industry flee over past several decades, leaving behind empty downtown storefronts. http://finance.ninem...y-by-70-percent now San Bernardino looks like filing bankruptcy Link to comment Share on other sites More sharing options...
Kwasaki Posted July 11, 2012 Share Posted July 11, 2012 Interest rate swaps between local governments and the lying banks are hitting the fan in the US freaking banksters will pay some fines and continue their stealing and defrauding Yep !! Take the day Barclays fine was announced there share value went up. Link to comment Share on other sites More sharing options...
flying Posted July 11, 2012 Share Posted July 11, 2012 now San Bernardino looks like filing bankruptcy They are the third California city in a month http://www.cbsnews.com/8301-201_162-57469953/3rd-calif-city-to-file-for-bankruptcy-in-1-month/ Link to comment Share on other sites More sharing options...
Naam Posted July 11, 2012 Share Posted July 11, 2012 now San Bernardino looks like filing bankruptcy They are the third California city in a month writing on the wall for the lovers of tax free "muni" bonds? Link to comment Share on other sites More sharing options...
manarak Posted July 12, 2012 Share Posted July 12, 2012 Wall Street sees dodgy deals as key to success A quarter of Wall Street and British financial executives have witnessed unethical or illegal conduct and as many believe such actions are needed to succeed, according to an industry survey. Twenty-six percent of financial professionals polled by the New York-based law firm Labaton Sucharow said they had observed or had first-hand knowledge of wrongdoing at work. Some 24 percent said they "may need to engage in unethical or illegal conduct in order to be successful" and 16 percent admitted they would commit the crime of insider trading, if they could get away with it. "When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk," said Jordan Thomas, head of Labaton Sucharow's whistleblower representation practice. The survey will do little to boost confidence in the financial sector, which is already at an all-time low. The industry has faced a string of controversies, legal investigations and denunciations since being blamed for helping to run the global economy into the ground via the 2008 financial crisis. According to a recent Gallup poll, Americans' confidence in their banks is now at a record low of 21 percent, after the greatest decline of any institution relative to its historic average. The latest scandal involves charges that Barclays traders manipulated key inter-bank lending rates that underpin the entire banking system. http://finance.ninem...-key-to-success I was involved in that world before and honestly I think its office politics are worse than dodgy deals. Link to comment Share on other sites More sharing options...
churchill Posted July 12, 2012 Share Posted July 12, 2012 Libor Scandal Could Turn 'Ugly' As U.S. Cities Begin To Sue http://www.huffingtonpost.com/2012/07/11/libor-scandal-lawsuits_n_1665708.html Link to comment Share on other sites More sharing options...
yoshiwara Posted July 12, 2012 Share Posted July 12, 2012 (edited) Wall Street sees dodgy deals as key to success A quarter of Wall Street and British financial executives have witnessed unethical or illegal conduct and as many believe such actions are needed to succeed, according to an industry survey. Twenty-six percent of financial professionals polled by the New York-based law firm Labaton Sucharow said they had observed or had first-hand knowledge of wrongdoing at work. Some 24 percent said they "may need to engage in unethical or illegal conduct in order to be successful" and 16 percent admitted they would commit the crime of insider trading, if they could get away with it. "When misconduct is common and accepted by financial services professionals, the integrity of our entire financial system is at risk," said Jordan Thomas, head of Labaton Sucharow's whistleblower representation practice. The survey will do little to boost confidence in the financial sector, which is already at an all-time low. The industry has faced a string of controversies, legal investigations and denunciations since being blamed for helping to run the global economy into the ground via the 2008 financial crisis. According to a recent Gallup poll, Americans' confidence in their banks is now at a record low of 21 percent, after the greatest decline of any institution relative to its historic average. The latest scandal involves charges that Barclays traders manipulated key inter-bank lending rates that underpin the entire banking system. http://finance.ninem...-key-to-success I was involved in that world before and honestly I think its office politics are worse than dodgy deals. 'Office politics'. Dontcha' just miss it? There are still some people from the past I would pay to have steamrollered. Maybe I did. Edited July 12, 2012 by yoshiwara Link to comment Share on other sites More sharing options...
churchill Posted July 13, 2012 Share Posted July 13, 2012 This is blowing UP ... http://www.bankofengland.co.uk/publications/Pages/news/2012/068.aspx Link to comment Share on other sites More sharing options...
Naam Posted July 13, 2012 Share Posted July 13, 2012 This is blowing UP ... http://www.bankofeng...s/2012/068.aspx please enlighten us why. Link to comment Share on other sites More sharing options...
ronz28 Posted July 13, 2012 Share Posted July 13, 2012 PFGBest CEO arrested, admitted massive fraud, FBI says 20 Years of fraud not detected by auditors or regulators http://www.reuters.com/article/2012/07/13/us-pfgbest-ceo-arrested-idUSBRE86C0YM20120713 Link to comment Share on other sites More sharing options...
ronz28 Posted July 13, 2012 Share Posted July 13, 2012 (edited) How new audit procedure finally detected the fraud. http://www.forbes.co...hat-caught-him/ also: http://www.reuters.com/article/2012/07/13/pfgbest-ceo-regulator-idUSL2E8IDF2T20120713 Edited July 13, 2012 by ronz28 Link to comment Share on other sites More sharing options...
waza Posted July 13, 2012 Share Posted July 13, 2012 (edited) JPMorgan Chase says a bad trade has cost the bank $US5.8 billion ($A5.7 billion) this year, almost triple its original estimate, and raises the prospect that traders improperly tried to conceal the blunder. "This has shaken our company to the core," CEO Jamie Dimon said. The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years' worth of pay from each of those executives. JPMorgan said it had lost $US4.4 billion because of the trade from April through June, and its chief financial officer said the bank had lost an additional $US1.4 billion in the first three months of the year. Dimon's original estimate of the loss from the bad trade, disclosed in a surprise conference call with Wall Street analysts in May, was $US2 billion. On Friday, Dimon said he believed the loss was mostly contained. In the worst case, the bank could lose an additional $US1.7 billion, he said. http://finance.ninem...lloons-to-5-8bn At least a couple of bank executive are loosing their bonuses Billionaire investor Warren Buffett says he believes JPMorgan Chase is doing the right things to deal with its multibillion-dollar trading losses. http://finance.ninemsn.com.au/newsbusiness/aap/8499104/jpmorgan-doing-the-right-things-buffett Edited July 13, 2012 by waza Link to comment Share on other sites More sharing options...
yoshiwara Posted July 13, 2012 Share Posted July 13, 2012 JPMorgan Chase says a bad trade has cost the bank $US5.8 billion ($A5.7 billion) this year, almost triple its original estimate, and raises the prospect that traders improperly tried to conceal the blunder. "This has shaken our company to the core," CEO Jamie Dimon said. The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years' worth of pay from each of those executives. JPMorgan said it had lost $US4.4 billion because of the trade from April through June, and its chief financial officer said the bank had lost an additional $US1.4 billion in the first three months of the year. Dimon's original estimate of the loss from the bad trade, disclosed in a surprise conference call with Wall Street analysts in May, was $US2 billion. On Friday, Dimon said he believed the loss was mostly contained. In the worst case, the bank could lose an additional $US1.7 billion, he said. http://finance.ninem...lloons-to-5-8bn At least a couple of bank executive are loosing their bonuses Billionaire investor Warren Buffett says he believes JPMorgan Chase is doing the right things to deal with its multibillion-dollar trading losses. http://finance.ninem...-things-buffett The stock rose more than 5% on Friday. Link to comment Share on other sites More sharing options...
waza Posted July 14, 2012 Share Posted July 14, 2012 (edited) JPMorgan Chase says a bad trade has cost the bank $US5.8 billion ($A5.7 billion) this year, almost triple its original estimate, and raises the prospect that traders improperly tried to conceal the blunder. "This has shaken our company to the core," CEO Jamie Dimon said. The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years' worth of pay from each of those executives. JPMorgan said it had lost $US4.4 billion because of the trade from April through June, and its chief financial officer said the bank had lost an additional $US1.4 billion in the first three months of the year. Dimon's original estimate of the loss from the bad trade, disclosed in a surprise conference call with Wall Street analysts in May, was $US2 billion. On Friday, Dimon said he believed the loss was mostly contained. In the worst case, the bank could lose an additional $US1.7 billion, he said. http://finance.ninem...lloons-to-5-8bn At least a couple of bank executive are loosing their bonuses Billionaire investor Warren Buffett says he believes JPMorgan Chase is doing the right things to deal with its multibillion-dollar trading losses. http://finance.ninem...-things-buffett The stock rose more than 5% on Friday. Yer they made a 5 bill end of year profit Visa, MasterCard and major banks have agreed to pay at least $US6 billion ($A5.94 billion) to settle a lawsuit brought by retailers. A banking industry trade group said on Friday the settlement would allow stores to charge customers more to pay with a credit card..... So the bank settle and the consumer pays, and yes....... Visa and MasterCard stock both jumped in after-hours trading. Visa climbed 2.8 per cent, and MasterCard rose 3.7 per cent. http://finance.ninemsn.com.au/newsbusiness/aap/8499157/billions-to-settle-us-credit-card-case Edited July 14, 2012 by waza Link to comment Share on other sites More sharing options...
flying Posted July 15, 2012 Share Posted July 15, 2012 Late last night, Moody’s lowered the boom on Italy as their credit rating falls to Baa3 two steps above junk. Once Fitch joins the party then the Italian banks will need to fork over more collateral as their LTRO swaps are hugely underwater. Also in the news, the CEO of Peregrine Best has been arrested. JPMorgan before the release of earnings has stated in an 8 K filing that some traders have been involved in hiding the true value of their credit default swaps as they marked them much higher than they ought to be. The regulators are going to have a field day as JPMorgan just through the entire CDS market under the bus. The JPMorgan reported on their earnings. The loss of the CIO ( I G 9) came in at 4.4 billion dollars but they “made” a profit by reducing their loss reserves. Going forward JPMorgan has lost its major profit centre as the CIO will be shut down. The fun will begin as losses on its interest rate swaps are reevaluated especially with the libor mess. http://harveyorgan.blogspot.com/2012/07/moodys-lowers-credit-on-italy-to-baa3.html Link to comment Share on other sites More sharing options...
churchill Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nytimes.com/2012/07/13/barclays-informed-new-york-fed-of-problems-with-libor-in-2007/?smid=tw-share The Libor Scandal Explained http://www.accountingdegree.net/numbers/libor.php Link to comment Share on other sites More sharing options...
yoshiwara Posted July 15, 2012 Share Posted July 15, 2012 Bankers are just crooks fiddling rates to make extra profit ..... Everybody knew about it but turned a blind eye .. ' blowing up ' you can't get much more 'up ' than the Fed . Why was it accepted .. New York Fed Knew of False Barclays Reports on Rates http://dealbook.nyti.../?smid=tw-share The Libor Scandal Explained http://www.accountin...mbers/libor.php Sure, right, quotes from those experts at Rolling Stone Magazine. Cool Man. Link to comment Share on other sites More sharing options...
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