Category Archives: Finacial

BusinessInsider – Joe Weisenthal – The Australian Dollar Gets Taken To The Blender – 20 June 2013

Brutal day for the Australian dollar.First it dived after the Fed’s hawkish press conference.Then just now it’s falling after that bad Chinese Flash PMI.

 

This is the perfect storm: Weakening demand for commodities from China, and a strengthening US dollar thanks to an improving US economy and monetary tightening.

Advertisements

John Ward – Bank Scandals : Slog Predictions Vindicated As UK Banking Sickness Surfaces – 20 June 2013

John WardYou read it here first: City regulator admits to £25bn banking black hole

‘Is a big UK bank scandal about to break?’ I asked last Sunday, adding, ‘Deputy Bank of England Governor Paul Tucker – he who allegedly told Barclays to lie about the Libor – resigned in something of a hurry last Friday. He wasn’t expected to. And the RBS Chairman Sir Win Bischoff is also backing away from events at the ‘troubled’ bank, dropping broad hints that he “won’t be around much longer”…….[Osborne’s] problem seems to be one of a politician keen to distance himself from a mess in which both the Bank of England and the Treasury knew perfectly well what was going on. Stay tuned – this could get interesting.’

That same morning, veteran Blogführerin Anna Raccoon beat everyone to the punch in grasping the political significance of the Labour Party’s debt with a struggling CoOp Bank.

It soon got very interesting indeed, as The Slog delved a little deeper last Tuesday and wrote ‘we are about to experience Britain’s first bailin. Holders of certain [CoOp] bond types (and we’re not talking wealthy folks here – far from it) will get a haircut calculated by the MoS to be around 30%. I understand it may be much higher than that. Prepare for an official announcement as the week unfolds.’ Continue reading

John Ward – Global Looting : The Co-Op Crisis Deepens As Investor Haircut Goes Crewcut – 19 June 2013

John WardMutually Assured Destruction: an ethical bank knackered by two successive governments

Following Anna Raccoon’sCoOp/Labour exposé of last Sunday – and The Slog’s Monday suggestion that across-the-board UK political banking incompetence is rising up like a rake to smack Westminster deservedly in the face – both sites find themselves being vindicated as we hit Wednesday.

Blogosphere predictions are go for landing this morning as the full horror of MAD applied to the Co-op comes dribbling out from Westminster, Treasury and banking sources. I said on Monday that the official haircut estimate of a 30% haircut for the CoOp Innocents to the Slaughter was way on the low side, and yesterday afternoon the Telegraph confirmed this with a piece reporting how Moody’s expects ‘investors in these bonds to only be able to recover between 35pc and 65pc of their original investment, with the negative outlook indicating the risk that the final loss faced by investors may be greater.’ Continue reading

Australia’s Corporate Watchdog Faces Senate Inquiry Following Whistleblowers’ Revealing Major Bank Scandal

asic logo The Australian Securities and Investments Commission (ASIC) is Australia’s corporate watchdog. According to it’s own website it is “Australia’s corporate, markets and financial services regulator” and contributes “to Australia’s economic reputation and well-being by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers”.

But it seems it failed to act either quickly or responsively when whistleblowers from one of Australia’s big four banks, CBA, aka the Commonwealh Bank, provided it with information about serious breaches and misconduct by staff within the bank. Today it was announced that, due to its poor follow-up in the CBA case, the watchdog itself will now face its own Australian Senate inquiry.

Rogue Planners: Senate Demands Answers

By Adele Ferguson and Chris Vedelago, Sydney Morning Herald – June 19, 2013

http://www.smh.com.au/business/banking-and-finance/rogue-planners-senate-demands-answers-20130619-2oir3.html

Australia’s corporate watchdog will face a Senate inquiry into its performance that is likely to embroil the Commonwealth Bank and raise questions about the effectiveness of new financial reforms.

A notice of motion was put in the (Australian) Senate this afternoon by Nationals senator John Williams and supported by ALP senator Doug Cameron and Greens Senate leader Christine Milne, showing unanimous support from all sides of politics. Continue reading

Whistleblowers: ‘We Were Told To Lie,’ Say Bank Of America Employees

bank of americaBy Steve Mullis, NPR – June 18, 2013

http://www.npr.org/blogs/thetwo-way/2013/06/18/193196756/we-were-told-to-lie-say-bank-of-america-employees

Six former employees and one contractor say Bank of America ‘s mortgage servicing unit consistently lied to homeowners, fraudulently denied loan modifications and offered bonuses to staff for intentionally pushing people into foreclosure, according to a Salon.com report.

The allegations were made in sworn statements added to a civil lawsuit filed in federal court in Massachusetts.

One of the former employees, Erika Brown, said in her statement that the bank’s practice was to “string homeowners along with no apparent intention of providing the permanent loan modifications it promises.”

Salon explained the process in more detail:

“The government’s Home Affordable Modification Program (HAMP), which gave banks cash incentives to modify loans under certain standards, was supposed to streamline the process and help up to 4 million struggling homeowners (to date, active permanent modifications number about 870,000 ). In reality, Bank of America used it as a tool, say these former employees, to squeeze as much money as possible out of struggling borrowers before eventually foreclosing on them. Borrowers were supposed to make three trial payments before the loan modification became permanent; in actuality, many borrowers would make payments for a year or more, only to find themselves rejected for a permanent modification, and then owing the difference between the trial modification and their original payment.” Continue reading

TheLibertyBeacon – $9 TRILLION Missing From the Federal Reserve! Why Should Any American Pay Their Taxes? – 18 June 2013

persistence[1] As If you ever had to pay taxes to the IRS!  It is voluntary!

TLB Note: This is pure unadulterated INSANITY! Fed Inspector General Elizabeth Coleman hasn’t a clue … about ANYTHING! Can she really be this ignorant, or just plain stupid, or is she just being a good puppet? Eight months into this situation and NOTHING has been investigated, discovered or learned about the loss of enough money to run the entire US economy for three full years from the Fed’s balance sheets … REALLY? Rep. Alan Grayson seems to know more about her job and authority than she does. This is a great video to drive the point home to END THE FED !!! Continue reading

POOF – Susan/ ZAP – “It’s Time To Start Believing!”

poofPOOFness for JUN 16: “It’s time to start believing!”

Posted By: hobie [Send E-Mail]
Date: Sunday, 16-Jun-2013 18:59:42

In Response To: POOFness for JUN 2: “Time for Plain Talk” ……..Newsletter June 2, 2013 (hobie)

Hi, Folks –

Received via e-mail:

************************************************************************************* Continue reading