Keyword: finance

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  • UK Firms Show No Brexit Hit in Third Quarter as Investment Grows

    11/26/2016 1:02:37 AM PST · by GonzoII · 3 replies
    Reuters/Breitbart ^ | 25 Nov 2016 | Breitbart London
    (Reuters) – British companies brushed off the uncertainty over Brexit in the three months after June’s referendum and increased their investment, helping to drive solid growth in the economy, official data showed on Friday.
  • Surprise! Switzerland STILL world’s richest country

    11/22/2016 10:01:04 PM PST · by aquila48 · 53 replies
    The Local ^ | 22 Nov 2016
    A drop in millionaires in Switzerland this year has failed to significantly dent the country’s impressive wealth, as a report by Credit Suisse declares it the richest country in the world yet again. The Global Wealth Report 2016, published on Tuesday by the Swiss bank’s Research Institute, said Switzerland had an average wealth per person of $561,900 in 2016, making Swiss adults 11 times richer than the average world citizen. However Switzerland’s average wealth in 2016 was slightly down on last year’s figure of $567,100. The country experienced the second biggest drop in wealth per adult behind the UK, meaning...
  • "Brace For Economic Disruption" SocGen Sees "Sharp Rise In Gold" As India Plans Cap On Cash Holdings

    11/20/2016 7:10:20 AM PST · by blam · 56 replies
    Zero Hedge ^ | Tyler Durden
    Tyler DurdenNovember 19, 2016 India's 'de-monetization' scheme has caused chaos across the nation, and while SocGen says the government's plan may have some short-term success in curbing so-called 'black-money', investors should "brace for economic disruption" as Bloomberg reports the Indian government is considering a cap on cash holdings for individuals. As SocGen concludes, "people will now be more inclined to park their black income in gold rather than in currency." The daily images of utter chaos in India that has brought the conutry's economy to a standstill since they unleashed their war on cash... Are perhaps about to get worse,...
  • Trump promises big on highway funding, could open door to more tolls and privatization

    11/19/2016 11:54:49 PM PST · by Tolerance Sucks Rocks · 33 replies
    Overdrive ^ | November 14, 2016 | James Jaillet
    President-elect Donald Trump said throughout his campaign for the White House that he wants major investments in U.S. infrastructure, calling for $1 trillion on infrastructure projects during his presidency.He reiterated the point in his victory speech last Wednesday. “We’re going to fix our inner cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals,” Mr. Trump said. “We’re going to rebuild our infrastructure, which will become, by the way, second to none.”However, major infrastructure bills are challenging pieces of legislation to pass, especially since Congress changed little in the election, says Todd Spencer, executive vice president of the Owner-Operator Independent...
  • Theranos CEO Elizabeth Holmes is a victim, venture capitalist Tim Draper says

    11/16/2016 1:02:01 AM PST · by CorporateStepsister · 6 replies
    CNBC ^ | November 15 2016 | Michelle Fox | @MFoxCNBC
    Embattled Theranos CEO Elizabeth Holmes is a victim who has been "totally attacked," venture capitalist Tim Draper told CNBC on Tuesday. Holmes has been under fire since a series of reports by The Wall Street Journal suggested the blood-testing start-up's testing devices were flawed. "Elizabeth Holmes is a great example of maybe why the women are so frustrated. She is a woman entrepreneur who built a fabulous company, did great things for consumers and she got attacked," the founding partner of Draper Associates and Draper Fisher Jurvetson said in an interview with "Closing Bell." "This is a great entrepreneur who...
  • Nassim (Black Swan) Taleb Explains Who Just Got Buried

    11/09/2016 6:07:33 AM PST · by blam · 9 replies
    Zero Hedge ^ | Tyler Durden
    Tyler Durden November 9, 2016 "The world's "intellectual yet idiot" class just took another blow to the chin, but who really got buried? Nassim 'black swan' Taleb explains..." "Simply put, as Taleb recently explained via Medium.com, The "Intellectual Yet Idiot" class..." What we have been seeing worldwide, from India to the UK to the US, is the rebellion against the inner circle of no-skin-in-the-game policymaking “clerks” and journalists-insiders, that class of paternalistic semi-intellectual experts with some Ivy league, Oxford-Cambridge, or similar label-driven education who are telling the rest of us 1) what to do, 2) what to eat, 3) how...
  • Wall Street elite stunned at Trump triumph

    11/09/2016 3:44:07 AM PST · by C19fan · 26 replies
    Reuters ^ | November 9, 2016 | Lawrence Delevingne, Suzanne Barlyn and Jennifer Ablan
    From plush penthouse apartments on the Upper East Side to bars in midtown Manhattan, New York’s financial community watched in stunned dismay on Wednesday as Republican Donald Trump clinched the White House. An early party mood quickly soured as donors and supporters of Hillary Clinton realized that the Democratic candidate, Wall Street's preferred choice because she represented the status quo, had lost. Many were stuck for words. “Not really much to say,” said Marc Lasry, a billionaire credit investor.
  • S&P & Nasdaq Limit-Down, Erase 2016 Gains, Peso Plunges To Record Low As Trump Victory Looks Assured

    11/08/2016 10:18:59 PM PST · by blam · 23 replies
    Zero Hedge ^ | 11-9-2016 | Tyler Durden
    Tyler DurdenNovember 11, 2016 This chart tells the whole story of the night: Trump - the massive underdog - appears to have pulled off precisely what he promised to do: Brexit times 10, having won virtually every key battleground state including Ohio, North Carolina and moments ago, Florida.(snip)Lots of charts, go look at them.
  • "Sell Everything Now" David Stockman Warns, America Faces "Total Disaster...Partisan Warfare"

    11/06/2016 6:44:16 PM PST · by blam · 62 replies
    Zero Hedge ^ | 11-6-2016 | David Stockman
    Tyler DurdenNovember 6, 2016 "Under a Trump victory, all bets are off," warns former Director of the Office of Management and Budget under President Ronald Reagan, David Stockman. "I like [Trump] because he's against the establishment, but he has no economic program. Yes, he's a disruptor, but has nothing to disrupt with," Stockman told CNBC, "if elected, it will be partisan warfare and a total disaster." Stockman's message is clear, as CNBC notes, sell everything... "The markets are hideously inflated... If you don't sell before the election, certainly do it afterwards. Government is going to be totally paralyzed regardless of...
  • Arrest Over Software Illuminates Wall St. Secret

    08/25/2009 1:07:10 PM PDT · by khnyny · 12 replies · 1,552+ views
    The New York Times ^ | August 23, 2009 | Alex Berenson
    Flying home to New Jersey from Chicago after the first two days at his new job, Sergey Aleynikov was prepared for the usual inconveniences: a bumpy ride, a late arrival. He was not expecting Special Agent Michael G. McSwain of the F.B.I. At 9:20 p.m. on July 3, Mr. McSwain arrested Mr. Aleynikov, 39, at Newark Liberty Airport, accusing him of stealing software code from Goldman Sachs, his old employer. At a bail hearing three days later, a federal prosecutor asked that Mr. Aleynikov be held without bond because the code could be used to “unfairly manipulate” stock prices.
  • Bank accounts of Russian state broadcaster Russia Today frozen in UK; All of RBS cut off to RT

    10/17/2016 8:46:42 AM PDT · by Enlightened1 · 26 replies
    RT ^ | 10/17/16
    RT UK’s bank accounts have been blocked, RT’s editor-in-chief reported. The National Westminster Bank has informed RT UK that it will no longer have the broadcaster among its clients. The bank provided no explanation for the decision. “We have recently undertaken a review of your banking arrangements with us and reached the conclusion that we will no longer provide these facilities,” NatWest said in a letter to RT’s London office. The bank said that the entire Royal Bank of Scotland Group, of which NatWest is part of, would refuse to service RT. More in linkhttps://www.rt.com/news/363013-rt-uk-accounts-blocked/ Bank accounts of Russian state...
  • IMF says global debt tops $152 trillion, urges some to spend more

    10/06/2016 7:22:45 PM PDT · by Lorianne · 6 replies
    Reuters ^ | 05 October 2016 | David Lawder
    The world is swimming in a record $152 trillion in debt, the IMF said on Wednesday, even as the institution encourages some countries to spend more to boost flagging growth if they can afford it. Global debt, both public and private, reached 225 percent of global economic output last year, up from about 200 percent in 2002, the IMF said in its new Fiscal Monitor report. The IMF said about two thirds of the 2015 total, or about $100 billion, is owed by private sector borrowers, and noted that rapid increases in private debt often lead to financial crises. While...
  • IMF, global finance leaders fret over populist backlash

    10/06/2016 7:26:01 PM PDT · by Lorianne · 7 replies
    Reuters ^ | 06 October 2016 | David Lawder
    World finance leaders on Thursday decried a growing populist backlash against globalization and pledged to take steps to ensure trade and economic integration benefited more people currently left behind. Their comments at the start of the International Monetary Fund and World Bank fall meetings signaled frustration with persistently low growth rates and the surge of public anger over free trade and other pillars of the global economic system. The meetings are the first since Britain voted in June to leave the European Union and U.S. billionaire Donald Trump secured the Republican presidential nomination with a campaign that attacked trade deals....
  • Deutsche Bank “Is Probably Insolvent”

    10/05/2016 10:32:51 AM PDT · by Lorianne · 20 replies
    GoldCore ^ | 04 October 2016 | Mark O'Byrne, Tim Price
    This is getting to be a habit. Previous late summer holidays by this correspondent coincided with the run on Northern Rock, and subsequently with the failure of Lehman Brothers. So the final crawl towards the probable nationalisation of Deutsche Bank came as no particular surprise this year, but it is tiresome to relate nevertheless. The 2015 annual report for Deutsche Bank runs to some 448 pages, so one rather doubts if even its CEO, John Cryan, has read it all, or has a complete grasp of, for example, its €42 trillion in total notional derivatives exposure. Is Deutsche Bank technically...
  • Germany’s Deutsche Bank, Again in Trouble, Received a U.S. Bailout Twice as Big as Lehman Brothers

    10/05/2016 10:29:33 AM PDT · by Lorianne · 48 replies
    Wall Street on Parage ^ | 03 October 2016 | Pam Martens and Russ Martens
    The gyrations in Deutsche Bank’s shares last week together with a June report from the International Monetary Fund indicating that the bank was “the most important net contributor to systemic risks” has cast a trading pall over all of the global banks. Against that backdrop, most Americans would be stunned to learn that the German Deutsche Bank, which perpetually finds itself on the wrong side of the law, was bailed out in five separate U.S. emergency lending operations during the 2007-2010 financial crisis, receiving more than twice the emergency financial assistance as that received by Lehman Brothers, the failed U.S....
  • Eurozone growth 'losing momentum' as Britain rebounds

    10/05/2016 6:55:55 AM PDT · by Olog-hai · 4 replies
    Associated Press ^ | Oct 5, 2016 9:04 AM EDT | Pan Pylas
    Britain’s exit from the European Union — whenever it takes place — is a cloud over the economic outlook for both the country and its major trading partners within the 19-country eurozone. Further evidence emerged Wednesday to show that businesses across the single currency bloc are fretting over the risks, while those in Britain appear to have gotten over the initial shock of the vote to leave on June 23 thanks partly to the plunge in the pound. The drop in the currency, which this week hit a 31-year low against the dollar, makes British exports more competitive. Both the...
  • Heat Rises on Wells Fargo CEO After Lawmaker Grilling

    10/03/2016 5:51:51 AM PDT · by upchuck · 10 replies
    Newsmax ^ | Sep 21, 2016
    ... The white-haired, 63-year-old CEO repeatedly told a congressional panel that he had to check with staff, lacked information or was not an "expert" on a range of topics including executive compensation, credit scores and contracts that must be signed to open an account. Earlier this month, the lender agreed to pay $190 million in penalties and customer payouts to settle the case involving the creation of credit, savings and other accounts without customers' knowledge. About $5 million will directly go to customers, many of whom might have paid a small fee on the unwanted accounts. His responses gave plenty...
  • Stealth Bailout of 2 Franken-Banks Now Happening in Spain

    10/02/2016 7:39:51 PM PDT · by Lorianne · 2 replies
    Wolf Street ^ | October 1, 2016 | Don Quijones
    Obscured somewhat by the spectacular antics of Deutsche Bank, there appears to be another bailout of two of Spain’s franken-banks: mostly state-owned Bankia and wholly state-owned Banco Mare Nostrum (BMN). The news was released so quietly that even in Spain barely a living soul is aware it’s happening. For the moment, BMN is completely state-owned, after its four constituent state-owned parts — Caja Murcia, Caixa Penedčs, Caja Granada y Sa Nostra — were rescued by Spain’s taxpayers and lumped together for the modest price of €1.6 billion in 2010. But by the end of this year all that was supposed...
  • It’s not just Deutsche. European banking is utterly broken

    10/02/2016 7:43:28 PM PDT · by Lorianne · 25 replies
    Telegraph (UK) ^ | 01 October 2016 | Jeremy Warner
    Today’s mayhem is not so much the result of reckless bankers and asleep at the wheel regulators, but rather of the public policy response to the last crisis itself – that is to say, regulatory over-reach and central bank money printing. All eyes are naturally focused on the specific problems of Deutsche Bank, but Deutsche is in truth no more than the canary in the coal mine. As Tidjane Thiam, chief executive of Credit Suisse, observed last week, as an entire sector, European banks are still “not really investable”. Much the same disease as afflicts Continental banks also applies to...
  • Pressure is building for Germany to show it's ready to rescue Deutsche Bank

    09/29/2016 3:56:36 PM PDT · by SkyPilot · 38 replies
    CNBC ^ | 29 Sep 16 | Jef Cox
    German officials could be about to find themselves in an uncomfortable position: Being called on to show they're ready to rescue a bank in a part of the world where such operations are considered taboo. Deutsche Bank came under intensified market fire Thursday, the latest salvo being a Bloomberg report that a small number of hedge funds are trimming their sails at the German bank. In a broad perspective, the move would represent a minor dent in Deutsche's derivatives clearing business. Barry Bausano, chairman of Deutsche's hedge fund business, told CNBC on Thursday that while there have been some outflows,...
  • PANIC As Margin Calls Begin: Deutsche Bank Has Financial System On The Cusp Of Collapse

    09/29/2016 4:35:35 PM PDT · by The Bat Ladys Husband · 99 replies
    Silver doctors.com ^ | 09/29/2016 | The Bat Ladys Husband
    DB stock is now in a full panic sell-off as I write this. It just hit another new all-time NYSE low on by the heaviest volume ever in the stock since its 2001 NYSE listing. It’s currently down almost 10%. No doubt the Central Banks will try to bounce it.
  • Deutsche Bank can only be saved by the German government, strategist says

    09/29/2016 9:28:44 AM PDT · by TigerLikesRooster · 33 replies
    CNBC ^ | 2016/09/29 | Matt Clinch
    Deutsche Bank can only be saved by the German government, strategist says Matt Clinch | @mattclinch81 Only a substantial intervention by the German government can stop the collapse of the country's largest lender, Deutsche Bank, according to Stefan Müller, the CEO of Frankfurt-based boutique research company DGAW. "Deutsche Bank doesn't realize that something serious needs to happen," he told CNBC via telephone on Thursday morning. "(CEO John) Cryan clearly showed that he has no idea how to survive." The embattled German lender saw a respite on Wednesday from hefty selling seen in previous sessions amid contradictory reports on whether the...
  • Dow sheds 200 points as bank stocks fall sharply ( Markets unhappy with Machado porn queen story)

    09/29/2016 11:08:59 AM PDT · by GilGil · 43 replies
    CNBC ^ | 9/29/2016 | Fred Imbert
    Full title: Dow sheds 200 points as bank stocks fall sharply; Deutsche Bank tumbles 8% U.S. stocks traded sharply lower on Thursday after banking stocks fell sharply. The three major indexes hit session lows shortly after Bloomberg reported that approximately 10 hedge funds were reducing their exposure to embattled European bank Deutsche Bank. Deutsche shares fell 8 percent in afternoon trade.
  • Commerzbank set to cut 9,000 jobs, dividend in revamp [Germany]

    09/28/2016 9:29:16 PM PDT · by Lorianne · 1 replies
    RTE ^ | 27 September 2016
    Commerzbank aims to cut around 9,000 jobs in the next few years and will scrap its 2016 dividend as part of efforts to reduce costs in the face of negative interest rates. This is according to a source close to the bank's supervisory board. The job cuts will be spread over the next few years up to 2020, but the size of the cull, representing nearly a fifth of the workforce at Germany's second biggest bank, implies that compulsory layoffs cannot be ruled out, the person said. "This is much more radical than previous measures," the person said. The revamp...
  • This is what happens when you get rid of 75% of your stuff

    09/27/2016 10:13:41 PM PDT · by aquila48 · 61 replies
    Market Watch ^ | Sept 27, 2016 | ALESSANDRA MALITO
    The way Cait Flanders got her financial house in order should probably come with a “Try this at your own risk” warning. First, the Canadian blogger paid off $30,000 in student and credit card debt. A year later, Flanders threw out 75% of her belongings and put herself on a strict two-year shopping ban. Since then, she’s learned a lot about money, budgeting, and why we spend — she even lost 30 pounds. Now she has some tips to share. After becoming financially free, Flanders still didn’t feel satisfied with the way she was handling her money, so in 2014,...
  • "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: