Keyword: finance

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  • "Deutsche Bank May Ultimately Need A State Bailout" - Handelsblatt

    09/23/2016 10:20:22 AM PDT · by Lorianne · 4 replies
    Zero Hedge ^ | 21 September 2016 | Tyler Durden
    While the most recent set of troubles plaguing Deutsche Bank have been duly documented here, most recently yesterday when the stock price tumbled once again just shy of all time lows over fears the bank's multi-billion DOJ settlement could severely impact its liquidity and/or solvency, this may be the first time we have heard the "n"-word tossed around in an official German publication: as Germany's top financial newspaper, Handelsblatt said, "German financial officials reacted with shock and dismay to the leaking of a U.S. government demand for a $14 billion fine against Deutsche Bank, which may ultimately need a state...
  • Warren Buffett buys more Wells Fargo stock on a dip [Hillary supporter is its largest stockholder!]

    09/20/2016 11:29:45 AM PDT · by SoFloFreeper · 10 replies
    Market Watch ^ | 3.29.2016
    Warren Buffett showed that the selloff in Wells Fargo & Co.’s stock this year has just made him love the banking giant even more, as he boosted his stake in the company to 504.3 million shares, according to regulatory filings. Buffett’s investment vehicle Berkshire Hathaway Inc. BRK.B, +0.01% now owns 10% of Wells Fargo’s common stock outstanding, making him by far the largest shareholder. That is up from 479.7 million shares, or a 9.45% stake, as of Dec. 31, filings show.
  • Mitt Romney’s Rich Backers Turn to Hillary Clinton

    09/07/2016 11:58:22 AM PDT · by C19fan · 56 replies
    Daily Beast ^ | September, 7, 2016 | Alec MacGillis
    For years, Democratic elected officials in Washington have been wary of going after Wall Street excesses too hard, lest the deep-pocketed financial industry throw all its resources to Republicans. This has been especially true of one of the most notorious targets for financial reform: the favorable tax treatment of the outsize compensation earned by partners in private equity firms. Democrats have long spoken out against this so-called carried-interest loophole, yet have often not pushed as hard as they could to change the law, which saves some of the wealthiest people in finance billions of dollars in taxes each year.
  • The Fed may be preparing for the unthinkable — negative interest rates in America

    09/04/2016 12:30:58 AM PDT · by SaveFerris · 194 replies
    Yahooooo ^ | 12 hours ago | John Mauldin, Yahoo Finance Contributor
    Negative interest rates are spreading like a virus. Central banks in the Eurozone, Switzerland, Sweden, and Japan all have below-zero policy rates. “NIRP,” as economists call a negative interest rate policy, is a desperation move—but the only move those central banks have. The Federal Reserve hasn’t followed—yet. When the next recession strikes, I believe Janet Yellen will choose to break the zero lower bound. The rationale was laid out in Jackson Hole. Look behind the headlines and you’ll see the Fed already preparing for NIRP. In theory, negative rates should encourage consumers and businesses to spend more freely and stimulate...
  • ECB Board Member Lashes Out At Central Banking: Ignore "Mathematical Models", Focus On Reality

    09/04/2016 10:18:32 AM PDT · by amorphous · 7 replies
    Zero Hedge ^ | 4 Sep 2016 | Tyler Durden
    At first (literally the day the Fed announced QE1) it was just "tinfoil fringe blogs" who predicted the failure of the central bank's attempt to boost the economy by printing money, instead warning that all the Fed would do is unleash an unprecedented income and wealth divide that may culminate in civil war and hyperinflation. Then, gradually, analysts, pundits and even the mainstream press admitted the truth, i.e., that tin-foilers were right all along, until recently even the Fed's own mouthpiece, Jon Hilsenrath, one day before the Jackson Hole meeting wrote that "Years of Fed Missteps Fueled Disillusion With the...
  • China's Social Security to Use Blockchain Tech

    09/04/2016 9:57:23 AM PDT · by amorphous · 4 replies
    Cryptocoin News ^ | 4 Sep 2016 | Andrew Quentson
    The Chinese government is to use blockchain technology for social security payments such as unemployment benefits and pensions. According to China Daily, Wang Zhongmin, vice-chairman of the National Council for Social Security Fund states: “There’s no doubt that blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds.” The National Council for Social Security manages almost $300 billion with a budget increasing yearly by 24.6 percent. Due to blockchain’s ability to cut out middle men, they are hoping to decrease costs and increase efficiency with clearing,...
  • VISA to Test Blockchain Payments among Banks; a SWIFT Rival?

    09/01/2016 8:51:37 AM PDT · by amorphous · 1 replies
    Cryptocoin News ^ | 1 Sept 2016 | Samburaj Das
    VISA and blockchain-technology partner BTL will invite a select group of European banks to participate in a blockchain project that will see inter-bank payments made via transfers over the ledger. Hot on the heels of the likes of R3, Visa will experiment its own blockchain-based payments platform with a select group of banks who will send money over a blockchain. The proof-of-concept project will use Interbit, a cross-border blockchain remittance and settlement platform developed by industry startup BTL. Launched earlier this year, the Interbit platform is seen by Visa as the solution to “reduce cost, settlement time, credit risk, and...
  • Banks are preparing for an ‘economic nuclear winter’

    08/30/2016 7:47:57 AM PDT · by Lorianne · 59 replies
    CNBC ^ | 29 August 2016 | Spriha Srivastava
    The first half of 2016 has been a roller-coaster for financial markets. A combination of uncertainties surrounding the U.K.'s vote to leave the European Union and weaker-than-expected corporate earnings results across the region means a tough second half looms. European banks, in particular, have had a very tough six months as the shock and volatility around Brexit sent banking stocks south. Major European banks like Deutsche Bank and Credit Suisse saw their shares in free-fall after the referendum's results were announced. In the U.K., RBS was the worst-hit, with its shares plunging by more than 30 percent since June 24....
  • German Savers Lose Faith in Banks, Stash Cash at Home

    08/29/2016 4:47:59 PM PDT · by ameribbean expat · 25 replies
    HAMBURG—German savers are leaving the security of savings banks for what many now consider an even safer place to park their cash: home safes.
  • UBS whistleblower exposes 'political prostitution' all the way up to President Obama

    08/29/2016 2:43:21 PM PDT · by Lorianne · 5 replies
    International Business Times ^ | 25 August 2015 | Ian Allison
    UBS, the world's largest wealth manager, is facing embarrassment over fresh revelations going back to the tax investigation that led to the collapse of Swiss banking secrecy. Two significant events are looming before UBS. The first is the possibility of a public trial in France, featuring UBS whistleblower Bradley Birkenfeld, concerning historic tax evasion allegedly orchestrated by the bank. That could happen this year. The other is the publication this October of Birkenfeld's scathing new book, Lucifer's Banker, which covers his time at UBS. The tax evasion controversy, which was first highlighted in 2005, subsequently involved the US Department of...
  • Digital Currencies Are Bringing to Reality Hayek's Free Market Money

    08/27/2016 3:22:22 PM PDT · by amorphous · 55 replies
    Cryptocoin News ^ | 28 August 2016 | Andrew Quentson
    “When one studies the history of money one cannot help wondering why people should have put up for so long with governments exercising an exclusive power over 2,000 years that was regularly used to exploit and defraud them. This can be explained only by the myth (that the government prerogative was necessary) becoming so firmly established that it did not occur even to the professional students of these matters (for a long time including the present writer!) ever to question it. But once the validity of the established doctrine is doubted its foundation is rapidly seen to be fragile.” –...
  • Vice Chairman Of Lotte Hangs Himself Hours Before Criminal Probe

    08/26/2016 9:37:23 AM PDT · by Nachum · 16 replies
    Zero Hedge ^ | 8/26/16 | Tyler Durden
    The past several years have seen a surprising spike in professional suicides, mostly confined to the banking sector in general and Deutsche Bank in particular. Overnight this tragic group expanded into multinational corporation sector, after one the top executives at South Korea's multinational conglomerate Lotte Group was found dead on Friday, in what is a suspected suicide, hours before he was to be questioned by prosecutors conducting a criminal probe into the country's fifth-largest conglomerate. Lee, who was 69, had been scheduled to appear before prosecutors on Friday morning, a Lotte official said. Lotte Group confirmed the death of Vice...
  • Frankfurt attempts to charm banks away from London

    08/24/2016 12:43:44 AM PDT · by Olog-hai · 4 replies
    TheLocal.de ^ | 24 Aug 2016 08:54 GMT+02:00 | AFP
    The marketing team of Frankfurt never expected its English-language dummy website to attract new businesses would actually go live after Britain’s European Union referendum. “We hadn’t really assumed that we would need the site at all,” spokeswoman Michaela Kahle told AFP, as the team thought Britons would surely vote “Remain”. But as it turned out, the Welcome to FrankfurtRheinMain site was not only put to good use, but has become a hit, with 27,000 views since Britain stunned the world by deciding to leave the bloc. Quickly recovering from the shock, Kahle and her colleagues kicked into action, fielding inquiries...
  • Central Banks Now Selling US Debt at Record Pace

    08/18/2016 11:12:36 AM PDT · by milton23 · 16 replies
    Daily Signal ^ | 8/18/16 | William T. Wilson
    In the first six months of 2016, foreign central banks sold a net $192 billion of U.S. Treasury bills, notes, and bonds. This is more than double the pace from the same time last year. China, Japan, and Brazil were the leaders in selling U.S. debt. With the U.S. debt running at approximately $19.4 trillion, this could be problematic. A large selloff of U.S. bonds would decrease their price, or in other worlds, increase domestic interest rates in general (bond prices and interest rates always move in the opposite direction).
  • Guest Commentary: Who's At Fault For Student Loans?

    08/12/2016 8:22:16 AM PDT · by george76 · 66 replies
    WBUR ^ | August 11, 2016 | Bob Hildreth
    whom to blame for the student loan crisis; it’s big banks, big government and big corporations ... But if we are really honest, it is us, the citizens, who are to blame. We let our government enter into a crazy scheme of financing America’s colleges with debt. As a taxpayer, you had the right to protest. At any time over the past 50 years, you could have elected leaders who would have replaced the federal student loan program. But you looked away. You accepted the indebted fate of your children. ... Colleges responded by gulping up all the money they...
  • We should nationalise German banks' Warning Deutsche Bank teetering on edge of CRISIS

    08/09/2016 7:06:46 PM PDT · by MarchonDC09122009 · 17 replies
    UK Express ^ | 08/09/2016 | SIMON OSBORNE
    http://www.express.co.uk/news/world/698305/Deutsche-Bank-financial-crisis-EU-Angela-Merkel 'We should nationalise German banks' Warning Deutsche Bank teetering on edge of CRISIS A TOP economist has warned that Germany's biggest bank is teetering on the edge of crisis and they only way to protect it against future shocks is to nationalise it. By SIMON OSBORNE 20:03, Tue, Aug 9, 2016 | UPDATED: 21:00, Tue, Aug 9, 2016 Germany central bank, the Deutsche Bank, would be hit hard in a new financial crisis Martin Hellwig said stress tests carried out by the European Central Bank revealed the Deutsche Bank would be left in a precarious position in the event of...
  • George Soros has made a big bet on a financial-services company

    08/05/2016 1:33:30 PM PDT · by Califreak · 14 replies
    Business Insider ^ | 2/16/16 | Julia La Roche
    George Soros' family-office hedge fund, Soros Fund Management, initiated a new position in Synchrony Financial during the fourth quarter, the fund's latest regulatory filing shows. At the end of the fourth quarter, the fund held 7,127,865 shares, a position valued at more than $216.7 million, the 13F filing shows. Synchrony, a consumer financial-services company, is now Soros' second-largest equity position.
  • We’re All Hedge Funds Now, Part 4: Insurance Companies Go For “Growth”

    08/03/2016 10:11:31 AM PDT · by Lorianne · 1 replies
    Dollar Collapse ^ | 01 August 2016
    The most recent batch of economic stats was even more disappointing than usual, resulting in a cliff dive for the Atlanta Fed’s GDPNow US growth report: It’s the same around the world, with European, Japanese and Chinese numbers coming in below (already lowered) expectations. The implication? Interest rates in major countries will either remain extremely low or fall further from here. With $11 trillion of government bonds already trading with negative yields, that’s an historically unprecedented prospect. But for financial companies like insurers, pension funds, and money market funds, today’s world is not just unprecedented, it’s existentially threatening. Consider, for...
  • No clean bill of health for EU banks in stress test

    07/30/2016 10:54:11 AM PDT · by Olog-hai · 8 replies
    Reuters ^ | Fri Jul 29, 2016 6:03pm EDT | Huw Jones and Andrew MacAskill
    Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region’s banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc’s economy. Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europe’s banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting off investors. “While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority — that Europe’s banks are...
  • Kmart workers believe all the stores are going to be imminently shut down

    07/23/2016 9:45:09 PM PDT · by KentTrappedInLiberalSeattle · 82 replies
    Yahoo! Finance ^ | 07/23/2016 | Hayley Peterson
    Kmart employees believe the company is nearing bankruptcy and is in the process of shutting down all its stores. The chain has closed one-third of its stores in the last decade, and sales have been cut in half in the same time period. Store-level employees who spoke to Business Insider said many of the remaining 941 Kmart stores now appear to be in the midst of liquidation. Stores are being entered into numbered phases — such as Phase 1 and Phase 2 — employees said.
  • 120 Years Ago Today: BANKS GIVE UP GOLD - Pledge to Contribute $15 Million to the Treasury

    07/21/2016 12:32:31 PM PDT · by NRx · 13 replies
    Library of Congress ^ | 07-21-2016 | New York Tribune
    A (mostly) daily posting for those interested in history and the day to day news, politics and culture of a bygone world. The full edition of the New York Tribune from Tuesday July 21, 1896 (digitized). Some other headlines from today's paper... VENEZUELA MAKES RELY: An Elaborate Brief Filed with the Boundary Commission| THREATS OF LYNCHING: A Brooklyn Prisoner Kept in Police Station for Protection| LOUD THREATS OF BOLTING - WAR CLOUDS OVER ST. LOUIS: Populists Divided Over Bryan Into Hostile Camps
  • GOP Lawmakers Blindsided by Trump's Embrace of Glass-Steagall

    07/20/2016 8:48:11 AM PDT · by b4its2late · 56 replies
    American Banker ^ | July 19, 2016 | By Ian McKendry
    WASHINGTON — The eleventh-hour move by the Donald Trump campaign to add a plan to reinstate the Glass-Steagall Act to the Republican platform caught GOP lawmakers off guard, with some of them expressing disappointment with the decision. While the 1930s-era law, which separated commercial and investment banking activities, is strongly supported by progressive Democrats, it is not popular among most Republican policymakers. "I was completely surprised," Rep. Steve Stivers, R-Ohio, a member of the House Financial Services Committee, said in an interview here hours before Trump's formal nomination Tuesday evening. "It was a late addition. I am not sure how...
  • Helicopter Money——The Biggest Fed Power Grab Yet

    07/16/2016 10:01:58 PM PDT · by amorphous · 8 replies
    Stockman's Corner ^ | 14 July 2016 | David Stockman
    The Cleveland Fed’s Loretta Mester is a clueless apparatchik and Fed lifer, who joined the system in 1985 fresh out of Barnard and Princeton and has imbibed in its Keynesian groupthink and institutional arrogance ever since. So it’s not surprising that she was out flogging—-albeit downunder in Australia—- the next step in the Fed’s rolling coup d’ etat. We’re always assessing tools that we could use,” Mester told the ABC’s AM program. “In the US we’ve done quantitative easing and I think that’s proven to be useful. “So it’s my view that [helicopter money] would be sort of the next...
  • Comey / Clonton HSBC Money (vanity)

    07/12/2016 10:18:01 AM PDT · by TigerClaws · 17 replies
    Comey was an HSBC board member. HSBC funneled $81 million to Clinton Foundation http://www.hsbc.com/news-and-insight/2013/former-us-deputy-attorney-general-joins-hsbc-board https://www.theguardian.com/us-news/2015/feb/10/hillary-clinton-foundation-donors-hsbc-swiss-bank Close the donation page and read the hence links. https://www.clintonfoundation.org/search/node/HSBC Should Comey have recused himself?
  • FBI Director Comey is a board member of Clinton Foundation connected bank HSBC.

    07/12/2016 11:09:43 AM PDT · by blueyon · 132 replies
    InvestmentWatch.com ^ | 7/12/16 | IWB
    It seems that our beloved FBI Director is or until very recently was a director and board member of HSBC, which is tightly connected to the Clinton Foundation. Check out some of these links:
  • Clinton's State Dept. calendar missing scores of entries

    06/24/2016 4:22:04 AM PDT · by Bulwinkle · 61 replies
    AP ^ | 6/24/2016
    The AP review of Clinton's calendar — her after-the-fact, official chronology of the events of her four-year term — identified at least 75 meetings with longtime political donors and loyalists, Clinton Foundation contributors and corporate and other outside interests that were either not recorded or listed with identifying details scrubbed. The AP found the omissions by comparing the 1,500-page document with separate planning schedules supplied to Clinton by aides in advance of each day's events. The names of at least 114 outsiders who met with Clinton were missing from her calendar, the records show...
  • Freeper Help Needed Concerning Stock

    07/01/2016 7:44:36 AM PDT · by Jemian · 25 replies
    July 1, 2016 | Jemian
    I need some information concerning stock my grandfather had. He owned a portion of Fortune Brands when he died many years ago. I am trying to make an accounting of all his remaining estate. I just learned that in October 2011, which was after grandfather's death, Fortune Brands split into two separate companies, Beams and Fortune Brand Gone and Security. My questions are: what happened to the stock? If there is still stock there, how can the estate apprehend it? I have already searched through my state's abandoned property files.
  • HSBC, Standard Chartered Fall on Early Results of UK Vote

    06/24/2016 4:10:40 AM PDT · by Cronos · 2 replies
    NewsMax ^ | 24 June 2016 | NewsMax
    London-based banks HSBC Holdings Plc and Standard Chartered Plc tumbled in Hong Kong after early results from Britain’s European Union referendum indicated greater support for an exit than academics had forecast. HSBC, which made about a third of its 2015 revenue in Europe, fell as much as 3.1 percent and Standard Chartered as much as 3.7 percent. Financial institutions including JPMorgan Chase & Co., HSBC and Deutsche Bank AG warned ahead of Britain’s vote that they could shift some operations from London if the U.K. left the EU. HSBC would probably move about 1,000 investment bankers to Paris in the...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central bank’s annual “stress tests” show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • Germany sets conditions for EU banking union

    06/18/2016 3:44:56 AM PDT · by Olog-hai · 4 replies
    TheLocal.de ^ | 18 Jun 2016 08:12 GMT+02:00
    Germany on Friday set its conditions to deepen banking union in the European Union, demanding that risks be reduced at Europe’s banks before deposits could be guaranteed EU-wide. Many EU governments such as France and Italy see a deposit guarantee across Europe as the next logical step to avoid the problems that brought on the euro debt crisis and the financial collapse of 2009. At talks in Luxembourg, the EU’s 28 finance ministers agreed for the first time to an EU roadmap towards a deposit guarantee scheme across Europe. …
  • European Banks Fleeing German Banks Like Rats From A Sinking Ship

    06/13/2016 1:27:31 PM PDT · by Lorianne · 4 replies
    Contra Corner ^ | 10 June 2016 | Lee Adler
    Smaller banks often deposit funds in bigger banks. The level of banks’ deposits at other banks is a reflection of their confidence in the system as a whole. The ECB measures and is kind enough to share with us the level of bank deposits in other banks in Europe, breaking the data down by country and the Eurozone as a whole. Banks have been pulling their money out of other banks in Europe like rats deserting a sinking ship since 2012. Even the advent of QE in 2014 only slowed the stampede. European banks are still gettin’ out of Dodge....
  • Now Japanese Prime Minister Abe Predicts Imminent Global Economic Catastrophe

    06/01/2016 4:52:33 PM PDT · by blam · 10 replies
    The Market Oracle ^ | 6-1-2016 | Jeff_Berwick
    Jun 01, 2016 Jeff Berwick We continue to report on important mainstream investors, professional and private, who have warned about an impending, global financial catastrophe. Now, add Japanese Prime Minister Shinzo Abe to that list. George Soros, Stanley Druckenmiller, and Carl Icahn among others have all made dire statements. They’ve also reconfigured their portfolios and taken positions in gold and silver and shorted the market. The latest to join this list of doomsayers is Japanese Prime Minister Abe. This past Thursday at the G7 meeting he warned about the upcoming global crisis. Abe was trying to generate support for global...
  • Power of Gupta family in South Africa has people fearing ‘state capture’

    05/29/2016 12:03:33 PM PDT · by ameribbean expat · 7 replies
    Despite the denials, South Africa’s banks have had enough. In recent weeks, all four of the biggest banks have severed their links to the Guptas, closing the bank accounts of the Gupta holding company, Oakbay Investments. The Guptas were furious. In newspaper advertisements, they said the banks were jeopardizing the livelihoods of 7,500 of Oakbay’s “employees and dependents.” The Zuma government swiftly responded by delegating three cabinet ministers to meet with the banks to settle the matter. It was an extraordinary state intervention in a private business dispute. And, critics said, it was further proof of the remarkable power of...
  • North Korea Linked to Digital Attacks on Global Banks

    05/26/2016 6:45:16 PM PDT · by Innovative · 8 replies
    NY Times ^ | May 26, 2016 | NICOLE PERLROTH and MICHAEL CORKERY
    Security researchers have tied the recent spate of digital breaches on Asian banks to North Korea, in what they say appears to be the first known case of a nation using digital attacks for financial gain. In three recent attacks on banks, researchers working for the digital security firm Symantec said, the thieves deployed a rare piece of code that had been seen in only two previous cases: the hacking attack at Sony Pictures in December 2014 and attacks on banks and media companies in South Korea in 2013. Government officials in the United States and South Korea have blamed...
  • Banker Plunges to His Death After Eating Magic Mushrooms

    05/23/2016 2:14:33 PM PDT · by nickcarraway · 38 replies
    New York Post ^ | May 23, 2016 | Tina Moore
    A Merrill Lynch analyst ate a handful of magic mushrooms in his Manhattan apartment Sunday morning — and then plunged to his death out of his 26th-floor window, police sources said. Alex Lagowitz, 23, was found dead on a third-floor, outdoor patio around 10 a.m. — directly below his bedroom window at Windsor Court on East 31st Street and Lexington Avenue in Murray Hill, the sources said.
  • Central Bank Dump Of US Debt Deepens

    05/20/2016 6:42:09 PM PDT · by Lorianne · 25 replies
    Contra Corner ^ | 18 May 2016 | Patrick Gillespie
    Central banks are dumping America’s debt at a record pace. China, Russia and Brazil sold off U.S. Treasury bonds as they tried to soften the blow of the global economic slowdown. They each sold off at least $1 billion in U.S. Treasury bonds in March. In all, central banks sold a net $17 billion. Sales had hit a record $57 billion in January. So far this year, the global bank debt dump has reached $123 billion. It’s the fastest pace for a U.S. debt selloff by global central banks since at least 1978, according to Treasury Department data published Monday...
  • Five banks sued in U.S. for rigging $9 trillion agency bond market

    05/20/2016 5:49:11 PM PDT · by Lorianne · 5 replies
    Reuters ^ | 18 May 2016 | Jonathan Stempel
    Five major banks and four traders were sued on Wednesday in a private U.S. lawsuit claiming they conspired to rig prices worldwide in a more than $9 trillion market for bonds issued by government-linked organizations and agencies. Bank of America Corp (BAC.N), Credit Agricole SA (CAGR.PA), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE) and Nomura Holdings Inc (8604.T) were accused of secretly agreeing to widen the "bid-ask" spreads they quoted customers of supranational, sub-sovereign and agency (SSA) bonds. The lawsuit filed in Manhattan federal court by the Boston Retirement System said the collusion dates to at least 2005,...
  • Libya's Central Bank Has $184 Million In Gold In Its Vault... It Just Doesn't Know The Combination

    05/15/2016 9:34:26 PM PDT · by chopperman · 20 replies
    BEYDA, Libya—Underneath a bank in this eastern coastal city, a vault holds a trove of gold and silver coins worth $184 million. It belongs to the central bank, which could use the money to alleviate a crippling cash shortage. The pile, however, presents some problems. The coins are locked away with a five-number code that central bankers in this part of the country don’t have. A rival government in Tripoli, which has effective control over the bank system, won’t hand over the digits and has expressed concern the money could fund armed militias opposed to its rule. To make things...
  • Stephen Schwarzman And Blackstone: Wall Street's Unstoppable Force

    05/12/2016 3:43:50 PM PDT · by Lorianne
    Forbes ^ | 11 May 2016 | Steve Schaefer
    In March 2015 Stephen Schwarzman got a telephone call from JPMorgan vice chairman Jimmy Lee, one of Wall Street’s legendary power brokers. Lee, who died three months later, was helping General Electric GE -0.82% unload $30 billion in commercial real estate assets lingering on its books. GE boss Jeffrey Immelt was uncomfortable with the massive financial services business his predecessor, Jack Welch, had slowly built up. During the 2008 meltdown, frozen credit markets put GE Capital’s $101 billion in commercial paper funding in peril, bringing the mighty industrial conglomerate to its knees. Lee told Schwarzman that the real estate sale...
  • Trump and the Republican Drama Obscures the Real Crisis

    05/10/2016 4:51:25 AM PDT · by SJackson · 18 replies
    Frontnpagemagazine ^ | May 10, 2016 | Bruce Thornton
    Trump and the Republican Drama Obscures the Real Crisis The most important issue the new president will face continues to be sidelined. May 10, 2016 Bruce Thornton    Bruce Thornton is a Shillman Journalism Fellow at the David Horowitz Freedom Center. The Republican caterwauling over Donald Trump reminds me of the lyric from “That’s Entertainment”: “There’s no ordeal/like the end of Camille.” Jeb Bush, Lyndsey Graham, and Mitt Romney have announced that they will snub the GOP convention. GOP big donors are closing their wallets. Some pundits and politicians are contemplating a third-party candidate to prove the purity of...
  • How Craig Wright Privately ‘Proved’ He’s the Father of Bitcoin

    05/02/2016 12:18:38 PM PDT · by nickcarraway · 9 replies
    Wired ^ | 05.02.16 | ANDY GREENBERG
    WHEN RUMORS SURFACED early last month that Australian cryptographer Craig Wright would attempt to prove that he created Bitcoin, Gavin Andresen remained skeptical. As the chief scientist of the Bitcoin Foundation, his opinion counts: Andresen is among the earliest programmers for the cryptocurrency, and likely the one who has corresponded more than anyone with Satoshi Nakamoto, Bitcoin’s pseudonymous, long-lost inventor. Today, Andresen fully believes that Wright is Nakamoto. Now he’ll have to convince the rest of the world, because he’s among the only people to have seen what he claims is the best evidence in Wright’s favor. In an interview...
  • The Real Identities Of 'Tyler Durden' And Zero Hedge Have Been Revealed

    04/29/2016 9:22:12 AM PDT · by blam · 61 replies
    Business Insider ^ | 4-29-2016 | Will Martin
    Will MartinApril 29, 2016The men behind the legendary finance blog Zero Hedge have been unmasked after one former blogger with the site revealed the identity of his employers. Speaking with Bloomberg reporters Tracy Alloway and Luke Kawa, Colin Lokey — described as a "political science graduate with an MBA and a Southern twang" — said he was part of a three-man team running Zero Hedge, the blog best known for its sensationalist headlines and bearish outlook on the world. Lokey, 32, says the other men behind the site are 37-year-old Daniel Ivandjiiski, a Bulgarian former hedge fund analyst, and Tim...
  • U.S. Government Is Now a Major Counterparty to Wall Street Derivatives

    04/24/2016 7:43:59 PM PDT · by Lorianne · 19 replies
    Wall Street on Parade ^ | 21 April 2016 | Pam Martens and Russ Martens
    According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayers’ tab....
  • Mobs of Angry Investors Fight Market Rigging, Maul Deutsche Bank

    04/20/2016 1:18:11 PM PDT · by Lorianne · 5 replies
    Wolf Street ^ | 20 April 2016 | Clint Siegner
    Prior to last week, Deutsche Bank made headlines for a string of huge losses and massive exposure to risky derivatives. The last time the firm’s shares traded at prices this low, the world was in the midst of 2008’s financial apocalypse. Deutsche Bank didn’t need more bad news, but a group of investors who brought suit against the massive German bank for cheating them by rigging the London “fix” price for gold and silver certainly must be smiling. Last week, the bank offered to settle their class action suit for an undisclosed amount. Perhaps more importantly, DB promises to provide...
  • Nordstrom is cutting hundreds of jobs, confirming a terrifying new trend among wealthy shoppers

    04/19/2016 11:32:27 AM PDT · by huldah1776 · 67 replies
    Business Insider ^ | April 18, 2016 | Hayley Peterson
    Nordstrom said Monday it was slashing 400 jobs at its corporate headquarters. The move comes two months after the department store chain reported a 3% drop in comparable sales for its fourth quarter, and forecast that profit per share would fall 30% in the first half of this year. The cuts confirm a terrifying new reality for high-end retailers: Wealthy shoppers are reining in spending and — along with the rest of American consumers — refusing to pay full price for anything. Nordstrom inventory increased 12% in the most recent quarter — a sign that the chain is having a...
  • Deutsche Bank cancels US growth plans over LGBT laws

    04/12/2016 12:11:14 PM PDT · by Olog-hai · 60 replies
    TheLocal.de ^ | 12 Apr 2016 16:13 GMT+02:00 | (AFP)
    Deutsche Bank, Germany’s biggest lender, on Tuesday added its voice to a growing protest by major companies against legislation recently passed in some US states targeting gay and transgender people. The bank said in a statement that it would “freeze plans to create 250 new jobs at its Cary, North Carolina, location” by the end of 2017. The decision was “due to state-wide legislation enacted in North Carolina on March 23 that invalidated existing protections of the rights of lesbian, gay, bisexual and transgender fellow citizens in some municipalities and prevents municipalities from adopting such protections in the future,” the...
  • America 1956 vs. America 2016

    04/06/2016 9:00:44 PM PDT · by 2ndDivisionVet · 133 replies
    Director Blue ^ | April 6, 2016 | Michael Snyder
    Is America a better place today than it was back in 1956? Of course many Americans living right now couldn’t even imagine a world without cell phones, Facebook or cable television, but was life really so bad back then? 60 years ago, families would actually spend time on their front porches and people would actually have dinner with their neighbors. 60 years ago, cars were still cars, football was still football and it still meant something to be an American. In our country today, it is considered odd to greet someone as they are walking down the street, and if...
  • Obama Abruptly Waives 1980 Foreign Investment in Real Property Tax Act [12/2015]

    04/02/2016 1:38:49 PM PDT · by huldah1776 · 14 replies
    financial repression authority ^ | Dec 19, 2015 | Gordon T Long
    The Financial Repression Authority has consistently shown that Regulatory changes which “Ring Fence” US investors choices is a cornerstone of the Macro-Prudential Policy of “Financial Repression”. Through stealth programs like FATCA and PFIC the US government has steadily and quietly limited Americans ability to take cash out of the country and to invest abroad, other than through profitable public exchange traded products sold by the financial industry. However, it is one thing to shut the doors to American investing abroad but it is quite another to fully open the doors to foreigners! It begs the question why, why now and...
  • Obama considering easing financial restrictions on Iran

    03/31/2016 5:20:28 PM PDT · by Eleutheria5 · 17 replies
    Arutz Sheva ^ | 1/4/16 | Ben Ariel
    The Obama administration is considering easing financial restrictions that prohibit U.S. dollars from being used in transactions with Iran, officials said on Thursday, sparking anger among Republicans as well as some Democrats. .....
  • American Express reveals three-year old data breach

    03/17/2016 6:49:11 PM PDT · by Utilizer · 14 replies
    iTnews (AUS) ^ | Mar 18 2016 10:23AM (AUS) | Juha Saarinen
    American Express has notified US authorities that some of its card holder information was likely compromised almost three years ago after an unauthorised person or group accessed one of its merchants' systems. The breach took place on 7 December 2013, but Amex said it had only now become aware of the intrusion. The payments card giant asked members to take steps to protect their sensitive data as a result of the data breach, including monitoring their accounts for suspicious activity. Customers won't be liable for any fraudulent activity, Amex said. In a notice to customers filed with the Californian Attorney...