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Barclays vinnare av ‘innovation inom räntemanipulation’

Mer från Telegraph

Kategorier:Banker, bedrägeri, Humor

Myndigheter i USA stämmer banker för försäljning av paketerat finansiellt skräp till Fannie och Freddie

New York Times avslöjar att amerikanska myndigheter de kommande dagarna kommer att lämna in en stämningsansökan mot ett dussin större amerikanska banker för deras försäljning av paketerat finansiellt skräp till Fannie Mae and Freddie Mac där de kommer att kräva kompensation för de förluster som dessa transaktioner orsakat bostadsjättarna.

Tidpunkten för denna stämning kunde knappt komma mer olägligt för bankerna, med tanke på den senaste tidens nervositet på marknaden över deras ohälsa (insolvens). För Bank of Americas del kan läget bli än mer akut trots tillskottet från farbror Warren (vilket för övrigt var ett stort skämt).

Här är ett utdrag från NYT:

The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.        

The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.

The suits are being filed now because regulators are concerned that it will be much harder to make claims after a three-year statute of limitations expires on Wednesday, the third anniversary of the federal takeover of Fannie Mae and Freddie Mac.

The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.

Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers.

Private holders of mortgage securities are already trying to force the big banks to buy back tens of billions in soured mortgage-backed bonds, but this federal effort is a new chapter in a huge legal fight that has alarmed investors in bank shares. In this case, rather than demanding that the banks buy back the original loans, the finance agency is seeking reimbursement for losses on the securities held by Fannie and Freddie.

Bankerna vill självklart ännu inte kommentera NYTs uppgifter, men det är helt klart att man kommer att hitta bortförklaringar. Eller vad sägs om följande:

..privately, financial service industry executives argue that the losses on the mortgage-backed securities were caused by a broader downturn in the economy and the housing market, not by how the mortgages were originated or packaged into securities. In addition, they contend that investors like A.I.G. as well as Fannie and Freddie were sophisticated and knew the securities were not without risk.

Om inte annat så kommer man sannolikt att försöka med skrämseltaktik av olika slag:

Investors fear that if banks are forced to pay out billions of dollars for mortgages that later defaulted, it could sap earnings for years and contribute to further losses across the financial services industry, which has only recently regained its footing.

Bank officials also counter that further legal attacks on them will only delay the recovery in the housing market, which remains moribund, hurting the broader economy. Other experts warned that a series of adverse settlements costing the banks billions raises other risks, even if suits have legal merit.

“While I believe that F.H.F.A. is acting responsibly in its role as conservator, I am afraid that we risk pushing these guys off of a cliff and we’re going to have to bail out the banks again,” said Tim Rood, who worked at Fannie Mae until 2006 and is now a partner at the Collingwood Group, which advises banks and servicers on housing-related issues.

Här är en kommentar från Zerohedge:

…the gloves are coming off, and while we want to believe that this is the final nail in BAC’s coffin, we do have a nagging feeling that the US will not purposefully do everything in its power to destroy its banking sector.

Grekland tvingas aktivera nödfond för att rädda inhemska banker från kollaps

The Telegraph uppmärksammade i en mycket intressant artikel igår att Grekland på onsdagskvällen var tvungna att aktivera en obskyr nödfond (Emergency Liquidity Assistance – ELA) för sina inhemska banker då de inte har tillräckligt med säkerheter som är godtagbara av ECB. 

Nödfonden är den sista utvägen som en centralbank i euro-området har om landets banker är i akut behov av likviditet för att inte gå under och har tidigare bara använts i Irland, där landets banker snabbt blev beroende av den.

Som ZeroHedge rapporterade igår så har räntan på grekiska statspapper skjutit i höjden (2-åringen var uppe på hisnande 46%) till följd av Finlands beslut att trotsa Tyskland och gå vidare i sina förhandlingar om att erhålla grekiska säkerheter i utbyte mot fortsatt stöd, vilket äventyrar det ‘räddningspaket’ för Grekland som presenterades i juli. Att detta satt de grekiska bankernas balansräkningar under oerhörd press är ingen överraskning.

Den grekiska smittan spred sig på torsdagen till Tyskland, där DAX index under en period kraschade och var som mest ned med 4% då marknaden nu inser att Grekland är nära en kollaps, trots upprepade ‘räddningsförsök’.

Som vi talat om så många gånger tidigare så är det en bilkrock i ‘slow-motion’ som vi just nu bevittnar för det finansiella systemet. Det är just detta som gör att så många människor inte vaknar upp och inser vad som håller på att ske. De Styrande är väl medvetna om att genom att ‘kontrollera hastigheten’ och ta hjälp av propaganda kan man lätt invagga den sovande befolkningen i förhoppningar om att ‘det kommer att ordna sig bara man ger det lite tid’. 

Vakna läsare av bloggar som denna har sannolikt sedan länge inset att det finansiella systemet inte går att rädda utan en nollställning är både nödvändig och ofrånkomlig.

Här är ett längre utdrag från The Telegraph:

In a move described as the ”last stand for Greek banks”, the embattled country’s central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night.

Raoul Ruparel of Open Europe told The Telegraph: ”The activation of the so-called ELA looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding.”

He added: ”This kicks off another huge round of nearly worthless assets being shifted from the books of private banks onto books backed by taxpayers. Combined with the purchases of Spanish and Italian bonds, the already questionable balance sheet of the euro system is looking increasingly risky.”

Although it was done discreetly, news that Athens had opened the fund filtered out and was one of the factors that rattled markets across Europe. At one point Germany’s Dax was down 4pc before it recovered.

Athens’ activation of the ELA will raise concerns that Greece will simply shift debt to Brussels.

The ELA was designed under European rules to allow national central banks to provide liquidity for their own lenders when they run out of collateral of a quality that can be used to trade with the ECB. It is an obscure tool that is supposed to be temporary and one of the last resorts for indebted banks. So far it has only be used in Ireland.

By accepting a lower level of collateral the debt in the ELA is, in theory, supposed to be the responsibility of Greece. However, since the Greek state is surviving on eurozone bailouts and Greek banks are reliant on ECB funding, in practice the loans are backed by the eurozone. The terms of lending and other details are not disclosed publicly.

Mr Ruparel said: ”Though the ELA is meant to be a temporary emergency solution, we know from Ireland, where the programme has been running for almost a year, that once banks get hooked on ELA they rarely get off it.”

McGraw-Hill ger S&Ps VD sparken – skickar signal om att sanningen inte tolereras

Regelbundna läsare är vid det här laget sannolikt väl medvetna om Finansiella Insikters inställning till ‘korruptionsvärderingsinstituten’ S&P, Moodys, Fitch m fl som under åratal mer eller mindre tagit emot mutor för att ge högsta möjliga betyg för diverse finansiella skräpinstrument.

Att Financial Times nu rapporterar att S&Ps ägare, McGraw-Hill, beslutat att sparka VDn Deven Sharma strax efter nedgraderingen av USA och ersätta honom med Citybanks COO Douglas Peterson har gjort att denna inställning bara blivit än starkare.

Som ZeroHedge poängterar så hör Citybank till de banker som behövde tiotals miljarder dollar i stöd från Federal Reserve och deras överlevnad är ofrånkomligt beroende av att USA aldrig får genomgå en enda nedgradering igen. 

McGraw-Hill hjälper på detta sätt till med att skicka ut en signal om att om du försöker göra det rätta och tala sanning så kan du räkna med att du inte kommer undan. Framförallt inte om det handlar om att tala sanning om det amerikanska korthuset.

Här är ett utdrag från Financial Times med den ‘officiella förklaringen’ och givetvis ett förnekande om att det hade något med sänkningen av USAs kreditbetyg att göra:

Deven Sharma is stepping down as president of Standard & Poor’s only weeks after the rating agency issued an unprecedented downgrade of the credit of the US, according to people familiar with the matter.

The McGraw-Hill board made the decision to replace Mr Sharma at a meeting on Monday, where it also discussed an ongoing strategic review.

Mr Sharma will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup, they said.

People familiar with the matter said Mr Sharma’s departure was unrelated to the downgrade, or reports that S&P is being investigated by the Justice Department in connection with its ratings of dozens of mortgage securities in the years leading up to the financial crisis.

People close to the company said the search for Mr Sharma’s replacement has been going on for six months, and was triggered by the split of its data, pricing and analytics business from its ratings business. The creation of that new group, McGraw-Hill Financial, reduced the scope of Mr Sharma’s oversight, they said.

Här är en kommentar från ZeroHedge:

This is nothing but a case study of modern corporate reality in America: if you are not with the status quo, you are against it, and you are promptly booted out of it: anyone who does not share the visions of one glorious future built on ponzi schemes, houses of cards, and games of three card monte, will be promptly suicided, either physically or professionally.

We expect that this flagrant example of how the powers that be will deal with any dissenters will instill the fear of god in anyone at either Moodys (or the French sycphants from Fitch) and nobody will ever again menton the words ”US” and ”downgrade” in the same sentence.

So let us get this straight: in America when you dare to tell the truth, your career is over, while if you are a corrupt, lying, incompetent tax evader you not only get to be Treasury Secretary but likely will be on for life as long as you do the one duty you are entrusted with: pander to the interests of the Too Big To Fail financial institutions

We should be speechless but at this point we are well beyond the point of even caring.

Kategorier:bedrägeri Taggar:,

Söndagsmatiné: ”Inside Job ”- The Wall Street Horror Movie

För den som ännu inte hunnit se den oscarsbelönade dokumentären Inside Job finns nu en fantastiskt möjlighet att göra det helt gratis tack vare Open Culture.

Och här är en av recensionerna av denna finansiella skräckfilm:

”A must watch for anyone and everyone who has even a passing interest in the intersection of finance, economics, politics, corruption, crime, complacency and above all, the human inability to predict the future when the only driving force is pure greed.” – ZeroHedge

Kategorier:bedrägeri Taggar:

Ju fler amerikaner som använder matkuponger (food stamps) desto bättre går det för JP Morgan

Om någon mot förmodan behöver ytterligare bevis på att vi lever i en bisarr värld, så spana in rubriken och läs inlägget nedan hämtat från TheEconomicCollapseBlog.

The More Americans That Go On Food Stamps The More Money JP Morgan Makes
JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly. When the number of Americans on food stamps goes up, JP Morgan makes more money. In the video posted below, JP Morgan executive Christopher Paton admits that this is ”a very important business to JP Morgan” and that it is doing very well. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan’s profits in this area have soared. But doesn’t this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible?

There are just some things that are a little too ”creepy” to be ”outsourced” to private corporations. The JP Morgan executive in the interview below does his best to put a positive spin on all this, but it just seems really unsavory for a big Wall Street bank to be making so much money off of the suffering of tens of millions of Americans….

So if unemployment goes down will this ruin JP Morgan’s food stamp business?
Well, apparently not. In the interview Paton says that 40% of food stamp recipients are currently working, and he seems convinced that there could be further ”growth” in that segment.
So is this what America is turning into?

A place where tens of millions of the unemployed and the working poor crawl over to Wal-Mart and the dollar store every month to use the food stamp debit cards provided to them by JP Morgan?

It turns out that JP Morgan also provides child support debit cards in 15 U.S. states and they also provide unemployment insurance benefit debit cards in seven states.

Apparently states have found that they can save millions of dollars by ”outsourcing” the provision of these benefits to big financial firms like JP Morgan.

So what happens if you have a problem with your food stamp debit card?

Well, you call up a JP Morgan service center. When you do this, there is a very good chance that you are going to be helped by a JP Morgan call center employee in India.

That’s right – it turns out that JP Morgan is saving money by ”outsourcing” food stamp customer service calls to India.

When ABC News asked JP Morgan about this, the company would not tell ABC News which states have customer service calls sent to India and which states have them handled inside the United States….

JP Morgan is the only one today still operating public-assistance call centers overseas. The company refused to say which states had calls routed to India and which ones had calls stay domestically. That decision, the company said, was often left up to the individual states.

JP Morgan has been moving some of these call center jobs back inside the United States due to political pressure, but this whole situation is a really good example of what the ”global economy” is doing to middle class Americans.

Just try to imagine the irony – a formerly middle class American that has lost a job to outsourcing calls up to get help with food stamp benefits only to be answered by a call center employee in India.
Welcome to the global economy, eh?
But wait, there is more.

It has just been announced that JP Morgan has admitted that they wrongly foreclosed on over a dozen military families and that they have been overcharging ”thousands” of other military families on their mortgages.
Ouch.

It is a really bad public relations move to mess with military families.
Is anyone over at JP Morgan even paying attention?
JP Morgan has also been one of the primary financial institutions involved in the foreclosure ”robo-signing” scandal.

They just seem to be having all kinds of problems lately. But they are not alone.
The truth is that we have gotten to the point where big Wall Street banks such as JP Morgan, Goldman Sachs, Citibank and Morgan Stanley just have way, way too much power.
The biggest Wall Street financial institutions had no trouble begging for bailouts from the U.S. government during the financial crisis, but when the American people have needed a little grace and mercy from them they have been less than helpful

Kategorier:bedrägeri Taggar:

Schweizisk ‘whistleblower’ planerar avslöja 2000 rika skattesmitare via Wikileaks

Brittiska The Guardian uppger att en Schweizisk sk ‘whistleblower’ vid namn Rudolf Elmer planerar avslöja 2000 rika skattesmitare via Wikileaks. Elmer har ett långt förflutet inom finansvärlden och var senast COO (Chief Operating Officer) inom den välrenommerade schweiziska banken Julius Baer.

Enligt The Guardian kommer materialet att via hur inte bara hedgefonder och företag men även politiker slussat pengar till offshore-stiftelse på bl a Cayman-öarna för att undvika skatt.

Här är ett utdrag från artikeln i The Guardian:

Elmer says he is releasing the information ”in order to educate society”. The list includes ”high net worth individuals”, multinational conglomerates and financial institutions – hedge funds”. They are said to be ”using secrecy as a screen to hide behind in order to avoid paying tax”. They come from the US, Britain, Germany, Austria and Asia – ”from all over”.

Clients include ”business people, politicians, people who have made their living in the arts and multinational conglomerates – from both sides of the Atlantic”. Elmer says: ”Well-known pillars of society will hold investment portfolios and may include houses, trading companies, artwork, yachts, jewellery, horses, and so on.”

”What I am objecting to is not one particular bank, but a system of structures,” he told the Observer. “I have worked for major banks other than Julius Baer, and the one thing on which I am absolutely clear is that the banks know, and the big boys know, that money is being secreted away for tax-evasion purposes, and other things such as money-laundering – although these cases involve tax evasion.

Avslöjandet kommer knappast som inte som en chock för ‘vakna’ läsare av bloggar som denna, då vi talat om dubbelmoralen och korruptionen vid otaliga tillfällen, utan är snarare bara ett i raden av många bevis hur sjuk vår värld har blivit.

Nedan är en intressant summering av artikeln med kommentarer från ZeroHedge:

Julius Baer Whistleblower To Expose 2,000 High Net Worth Tax Evaders To The World

Submitted by Tyler Durden on 01/15/2011 23:09 -0500
Two years ago when the US bailed out UBS and Switzerland from a brief but potentially terminal liquidity crisis, it succeeded in extracting a historic pound of flesh: it forced UBS to declassify thousands of bank accounts of US tax evaders which was the first nail in the centuries-old concept of Swiss bank secrecy. Today, Rudolf Elmer, a former COO of one of the biggest Swiss banks, Julius Baer, may have just nailed the last, and with that set off a chain reaction that will force a huge outcry against pervasive global tax fraud (but likely achieve nothing ultimatel). According to the Guardian, tomorrow Elmer will hand over details of 2,000 ”high net worth individuals and corporations” to WikiLeaks which will make him ”the most important and boldest whistleblower in Swiss banking history.” And since among those exposed will be ”approximately 40 politicians” expect all hell to break loose as photos of Assange having a underage orgy with Al Qaeda members are suddenly made public to diffuse what is bound to be another huge (if brief – after all human kind cannot bear very much reality).

From the Guardian:

British and American individuals and companies are among the offshore clients whose details will be contained on CDs presented to WikiLeaks at the Frontline Club in London. Those involved include, Elmer tells the Observer, ”approximately 40 politicians”.

Elmer, who after his press conference will return to Switzerland from exile in Mauritius to face trial, is a former chief operating officer in the Cayman Islands and employee of the powerful Julius Baer bank, which accuses him of stealing the information.

He is also – at a time when the activities of banks are a matter of public concern – one of a small band of employees and executives seeking to blow the whistle on what they see as unprofessional, immoral and even potentially criminal activity by powerful international financial institutions.

This is interesting: after all it was Zero Hedge that about 18 months ago suggested that all financial professionals should be very concerned: after all, all it takes is one sloppy firing, or one departure without the appropriate non-disparagement and non-truth telling clause, and all hell could break loose as those who were part of the inner sanctum suddenly find themselves on the outside… and wanting revenge. Elmer is just first of many. In the meantime, we hope that every single hedge fund, starting with that particular one in Stamford and going all the way down, has made plans regarding termination of its employees. All it takes is one person who believes they may have been wrongfully terminated to approach the SEC themselves, or, even worse, some blog or alleged terrorist organization with a penchant for disclosing the truth…

More on what will soon be the biggest case of exposed international tax fraud:

Elmer says he is releasing the information ”in order to educate society”. The list includes ”high net worth individuals”, multinational conglomerates and financial institutions – hedge funds”. They are said to be ”using secrecy as a screen to hide behind in order to avoid paying tax”. They come from the US, Britain, Germany, Austria and Asia – ”from all over”.

Clients include ”business people, politicians, people who have made their living in the arts and multinational conglomerates – from both sides of the Atlantic”. Elmer says: ”Well-known pillars of society will hold investment portfolios and may include houses, trading companies, artwork, yachts, jewellery, horses, and so on.”

”What I am objecting to is not one particular bank, but a system of structures,” he told the Observer. ”I have worked for major banks other than Julius Baer, and the one thing on which I am absolutely clear is that the banks know, and the big boys know, that money is being secreted away for tax-evasion purposes, and other things such as money-laundering – although these cases involve tax evasion.”

Below is Elmer’s more verbose explanation of why the game of mutual assured secrecy works…until it doesn’t.

”Once you become part of senior management,” he says, ”and gain international experience, as I did, then you are part of the inner circle – and things become much clearer. You are part of the plot. You know what the real products and service are, and why they are so expensive. It should be no surprise that the main product is secrecy … Crimes are committed and lies spread in order to protect this secrecy.”

What is interesting is that Elmer has penetrated not only onshore Swiss accounts, but offshore ones, anmely those located in the Caymans, which as everyone knows is the primary base of operations for tax evading ”offshore” hedge fund LPs:

That first crop of documents was scrutinised by the Guardian newspaper in 2009, which found ”details of numerous trusts in which wealthy people have placed capital. This allows them lawfully to avoid paying tax on profits, because legally it belongs to the trust … The trust itself pays no tax, as a Cayman resident”, although ”the trustees can distribute money to the trust’s beneficiaries”.

Now, Blum says, ”Elmer is being tried for violating Swiss banking secrecy law even though the data is from the Cayman Islands. This is bold extraterritorial nonsense. Swiss secrecy law should apply to Swiss banks in Switzerland, not a Swiss subsidiary in the Cayman Islands.”

Yet just like with cablegate, the end result of all this imminent disclosure will be merely the confirmation of what everyone has already long suspected: that nobody rich pays taxes, and all US, and world, politicians are massively corrupt. And therefore, no criminal charges will be filed against anyone. Expect of course Assange, who will soon be branded a threat to US national security.

Unfortunately, US society, having lost all forms of checks and balances. has gotten to a point where no incremental information will do anything to even dent the ponzi lie. After all, the simplest observations is that Madoff is in jail for life, while sacrifices are made on Ben Bernanke’s altar each and every day. And they say gold is a religion…