Posts Tagged ‘financial fraud’
Posted by seumasach on March 2, 2009
More baloney from Brown. He’s trying to fool everyone into conceding global institutions under Anglo-american control. He’s is, of course, the last person to want to open up tax havens. Since most of them are under British jurisdiction anyway, what is to stop him from doing this without global institutions.
Brown’s nationalised banks just mean the banks do as they like and the taxpayer picks up the bill. In other words, it is simply fraud on an unprecedented scale
As for his harsh words about the bankers, they know this is a necessary little game, and know the the funds will continue to flow their way. They know this little charlatan with his mock gravitas is entirely under their control.
By Christina Fincher
LONDON, Feb 28 (Reuters) – British Prime Minister Gordon Brown called for more rigorous global supervision of the banking system on Saturday, saying no hedge fund or tax haven should be allowed to fall through the cracks.
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Posted in Financial crisis | Tagged: Brown baloney, financial collapse, financial fraud, stop the bailout | Leave a Comment »
Posted by seumasach on February 24, 2009
Nigel Holmes and Megan McArdle
Atlantic.com
December, 2008
All financial innovation involves … the creation of debt secured in greater or lesser adequacy by real assets,” wrote the economist John Kenneth Galbraith in 1993. And “all crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.”
Iceland’s neophyte bankers no doubt wish they’d paid more attention to this warning. In the past two months, many countries have seen their banks brought low by excess leverage, but none has been punished so thoroughly as Iceland, where the currency and the government’s credit rating have joined the banking system on the ash heap of history. “Too big to fail” turned into “too big to save”—the banks’ holdings were so large relative to Iceland’s economy that the government had no credibility as a lender of last resort. The economy looks likely to shrink by 10 percent this year, and future growth may not be enough to cover the interest on the massive foreign loans that Iceland needs simply to keep functioning.
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Posted in Revolution in Iceland | Tagged: financial collapse, financial fraud, Revolution in Iceland | Leave a Comment »
Posted by seumasach on February 23, 2009
Iceland Weather Report
23rd February, 2009
“Another day, another scandal,” someone wrote in the comments the other day – and ain’t it the truth. A day hardly passes around here with some dirty deed being dredged up from the cesspool that is Iceland’s economic collapse.
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Posted in Revolution in Iceland | Tagged: failing banks, financial collapse, financial fraud, Revolution in Iceland | Leave a Comment »
Posted by seumasach on February 15, 2009
Patrick Hosking
February 14, 2009
Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one.
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Posted in Financial crisis | Tagged: bankrupt Britain, failing banks, financial collapse, financial fraud, stop the bailout | Leave a Comment »
Posted by seumasach on February 13, 2009
February 12, 2009 (LPAC)–The FBI is targetting 38 major firms for fraud “directly related to the current economic crisis,” according to a top FBI official, and ultimately the number could rise into the hundreds. “These are companies, businesses that everybody knows about,” said John Pistole, the FBI’s Deputy Director.
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Posted by seumasach on February 11, 2009
Arsaell Valfells
Forbes
9th February, 2009
Iceland has won a “full house,” with political crisis piling up on a debt, banking and currency crisis. As Icelanders are now for the first time in 60 years protesting in the streets, the full impact of the collapse is being felt. In short, the economy has hit a wall. The labor market has, in a year, changed from importing workers from Poland to 10% unemployment. The worst is yet to come.
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Posted in Revolution in Iceland | Tagged: bankrupt iceland, financial collapse, financial fraud, iceland and IMF, Revolution in Iceland | Leave a Comment »
Posted by seumasach on February 11, 2009
Jordan Shilton
WSWS
11th February, 2009
Iceland’s new coalition government between the Social Democratic Alliance and the Left-Green Party was formed February 1 after negotiations with the Progressive Party over its parliamentary support. Although the new administration came to power promising significant changes to government and the financial sector, the direction of the SDA-led government will be a continuation of previous policies.
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Posted in Revolution in Iceland | Tagged: financial collapse, financial fraud, Revolution in Iceland | Leave a Comment »
Posted by alfied on February 10, 2009
“fallen off a cliff” ??
Very unbankster like language from Merv; evidence, maybe, that this man is tired of lying.
by Heather Stewart
Global Research
Mervyn King will this week present the Bank of England’s most pessimistic assessment yet of the outlook for Britain’s economy, after a slew of official figures confirming that activity has “fallen off a cliff” since the autumn. Read the rest of this entry »
Posted in Financial crisis, Uncategorized | Tagged: bankrupt Britain, financial collapse, financial fraud, Lying Banksters, stop the bailout | Leave a Comment »
Posted by seumasach on February 9, 2009
Iceland Weather Report
8th February, 2009
Yesterday I got all bundled up and headed down to the weekly Saturday demonstration, in the freezing cold. Yes, the demonstrations are still being held, although the number of people in attendance have dropped substantially. Yesterday there were 500-1,000 people there, including a group of four Germans who came to Iceland expressly to find out what Kaupthing has done with their savings.
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Posted in Revolution in Iceland | Tagged: bankrupt iceland, financial collapse, financial fraud, Revolution in Iceland | Leave a Comment »
Posted by seumasach on February 8, 2009
Times
February, 2009
Barclays Bank is ready to award bonuses of up to £1.1 million to corporate bankers who pulled the plug on Woolworths and other leading high street names.
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Posted in Financial crisis | Tagged: Banker bonuses, financial fraud, stop the bailout | Leave a Comment »
Posted by seumasach on January 5, 2009
Telegraph
4th January, 2009
What did the great radio inquisitor want me to do? Insist that if the Government keeps borrowing and listeners merrily load-up their credit cards during the post-Christmas sales, then everything will be fine?
Well it won’t be. The UK – like most Western economies – is in a grave situation. Our money markets are frozen, denying vital liquidity to millions of credit-worthy firms. Unless the inter-bank market reboots, then even hastily revised 2009 Western growth forecasts – down from 2-3pc a year ago to a 1-2pc contraction now – could turn out to be too optimistic. We face the very real danger of chronic unemployment across the so-called “advanced economies” and widespread social unrest.
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Posted in Financial crisis | Tagged: financial collapse, financial fraud, Glass-Steagal | Leave a Comment »
In These New Times 