Bank Watch ...

UndercoverElephant · Post by **UndercoverElephant** » 17 Jul 2012, 09:21

Maybe very important:

Ex Wall Street Executive claims JPMorgan and Goldman Sachs are trying to get the rules changed in preparation for a "bank holiday", so they can raid their customers funds in a futile attempt to absorb losses:

http://www.realecontv.com/videos/bankin ... ming-.html

This is worth watching. Also about oil markets and the end of US hegemony.

Little John · Post by **Little John** » 17 Jul 2012, 22:05

http://www.bbc.co.uk/news/business-18867054

HSBC provided a conduit for "drug kingpins and rogue nations", according to a US Senate committee investigating money laundering claims at the bank.

Its report said suspicious funds from countries including Mexico, Iran and Syria had passed through the bank.

The president and chief executive of HSBC Bank USA, Irene Dorner, apologised to the committee for the behaviour which she said deeply regretted.

f***ing bastards

f***ing f***ing bastards

I think what we now need are lamppost and rope based solutions to this problem.

JohnB · Post by **JohnB** » 17 Jul 2012, 22:17

Lock 'em up with a supply of the products they've been helping to sell

.

UndercoverElephant · Post by **UndercoverElephant** » 17 Jul 2012, 22:17

stevecook172001 wrote: ******* bastards

******* ******* bastards

I think what we now need are lamppost and rope based solutions to this problem.

http://www.youtube.com/watch?v=NUgjIcRY ... r_embedded

What the bankers have done is unbelievable, and the blowback, when it eventually comes will be proportionate.

energy-village · Post by **energy-village** » 18 Jul 2012, 00:00

stevecook172001 wrote:
I think what we now need are lamppost and rope based solutions to this problem.

Aurora · Post by **Aurora** » 18 Jul 2012, 08:59

The Guardian - 18/07/12

Libor means no banker can replace Mervyn King, says ex-MPC member

David Blanchflower's comments come as interest rate fixing scandal described as potentially fraudulent by central bankers.

Article continues ...

emordnilap · Post by **emordnilap** » 18 Jul 2012, 09:57

The answers are really in the hands of ordinary people, you and I.

We collectively continue to elect people who do not serve our interests. We also, with abandon, split infinitives.

Little John · Post by **Little John** » 18 Jul 2012, 10:43

emordnilap wrote:The answers are really in the hands of ordinary people, you and I.

We collectively continue to elect people who do not serve our interests. We also, with abandon, split infinitives.

We elect these same people because the media propaganda makes sure that the majority of citizens are not allowed to see the alternatives or, when it does allow alternatives to be seen, invariably shows them in the context of ridicule at best and as a danger at worst. When people finally take to the streets, they are either ignored or, when push comes to shove, demonised by that same media.

No surprise, then, that people held in such a state of propaganda driven ignorance vote for what they see as the only available alternatives.

emordnilap · Post by **emordnilap** » 18 Jul 2012, 11:18

Agreed. It's still up to you and me.

biffvernon · Post by **biffvernon** » 18 Jul 2012, 17:22

Oh dear, our Minister of State for Trade and Investment can hardly have been involved in the international narcotics trade and the investment of its revenues, could he?

http://www.guardian.co.uk/business/2012 ... lord-green

The trade minister, Lord Green, has been drawn into the HSBC money laundering scandal after Labour warned that he has "serious questions" to answer about the way the bank laundered money for drug cartels, terrorists and pariah states while he was at the helm.

Green was chief executive of Britain's biggest bank between 2003 and 2006 and was its chairman until 2010 when he resigned to take up a position in the coalition government.

The bank is still awaiting details of the fine imposed by the US for the offences which cover the period 2004 and 2010. A Senate report has concluded the bank had a "pervasively polluted" culture that allowed subsidiaries to move billions of dollars around the financial system from countries such as Iran and Syria as well moving cash for Mexican drug cartels. Some analysts think the fine could be $1bn (£640m).

On Stephen Green: http://en.wikipedia.org/wiki/Stephen_Gr ... tpierpoint

Aurora · Post by **Aurora** » 18 Jul 2012, 21:18

Joris Luyendijk - The Guardian - 18/07/12

The HSBC scandal shows the time for politicians to act on bank reform is now

Ed Miliband might call for change, but Labour's proposals lack bite. He should seize the moment.

Article continues ...

RenewableCandy · Post by **RenewableCandy** » 18 Jul 2012, 21:46

From an interesting article about, sort of, company psychology, we have:

John Kay wrote:In his letter to Barclays staff the day before his resignation, Bob Diamond used the naval phrase “on my watch” in finally accepting responsibility for traders’ behaviour during his tenure. Mr Diamond had struggled with the meaning of the phrase but eventually grasped, or was told, what it meant: that the corollary of unquestioned authority is unquestioned responsibility. …

Managers and politicians prefer to follow the maxim of T.S. Eliot’s cat: “When they reach the scene of crime, Macavity’s not there.” On that maxim, an officer is responsible only for things of which he can be shown to have direct personal knowledge: his incentive is therefore to have formal knowledge of as little as possible. … There is a world of difference between an organisation in which you are rewarded for telling management what it needs to know and one in which you are punished for telling management what it does not wish to hear.

UndercoverElephant · Post by **UndercoverElephant** » 19 Jul 2012, 13:37

http://www.zerohedge.com/news/deep-lieb ... -fund-link

That Lieborgate is about to spill over and take down many more banks is well known: as previously reported that the world's biggest bank Deutsche Bank, has become a rat for the Liebor prosecution having turned sides. The reason: "Under the leniency programs of the EU, companies may get total immunity from fines or a reduction of fines which the anti-trust authorities would have otherwise imposed on them if they hand over evidence on anti-competitive agreements or those involved in a concerted practice." However, just like in the case of Barclays (with Diamond), JPM (with Bruno Iksil), UBS (with Kweku) and Goldman (with Fabrice Tourre), there always is a scapegoat. Today we find just who that scapegoat is. From Bloomberg: "Regulators are investigating the possible roles of Michael Zrihen at Credit Agricole, Didier Sander at HSBC and Christian Bittar at Deutsche Bank, the person said on condition of anonymity because the investigation is ongoing. The names of the banks and traders were reported earlier today by the Financial Times."

The banks are turning on each other to save their own skins.

featherstick · Post by **featherstick** » 19 Jul 2012, 15:44

And there you have your solution. No apocalypse of lawsuits, no wave of liabilities sinking banks, just a few overpaid deputy heads chucked to the wolves, taking one for the team. The bank won’t be liable because you can’t prove it was a policy, and the individual will walk away to spend more time with his money.

RenewableCandy · Post by **RenewableCandy** » 19 Jul 2012, 18:04

I think proving that it was a policy is well possible if someone were to find the right emails.