You wouldn’t want to have your money tied up in Australian bank's
shonky hydrid bonds!
No wonder it’s back to re-financing and securitisation!
What Would it Cost a Country to Leave the Euro? That’s What Everyone Suddenly Wants to Know
by Wolf Richter • Feb 7, 2017
It’s the closest the Eurozone has come to falling apart.
Marine Le Pen, the leader of the National Front, will get enough votes in April during the first round of the French presidential election but will be defeated in the second-round runoff in May, according to the polls. So at least hopes the French political class, and by extension the European establishment.
They’re hoping Le Pen would be defeated because she is campaigning on taking France out of the euro (after holding a referendum) and re-denominating the entire €2.4 trillion pile of French government debt into new franc....
Sound familiar In Australia? Doesn’t take much to know why our banks now all have internal customer advocates
to control what suits them to investigate internally and what suits them to be investigated by the FOS!
Hope for bank fraud victims: 'We were robbed of £47,000 – but the ombudsman took our side'
3 September 2016
In what could be a breakthrough ruling for victims of banking fraud, the financial ombudsman is to order a high street bank to repay an elderly couple who lost tens of thousands of pounds in a conveyancing scam.
The ombudsman, which settles disputes between customers and financial services firms, will tell Lloyds Bank to repay £47,508 plus interest to Donald Kelly, a retired professor, and his wife, Patricia.
Its decision was based on what Lloyds knew about the fraudsters.
Banks are supposed to check the credentials of all customers when they open an...
Bad business decisions are not a criminal offence but selling stolen goods off the back
of a truck is...i.e. the real crime is securitisation...
This is a complete list of Wall Street CEOs prosecuted for their role in the financial crisis
By Neil Irwin
September 12, 2013
Five years after Lehman fell, taking the global economy along with it, a roll call of Wall Street CEOs serving time for their role in the crisis looks something like this:
So, yeah. Zero Wall Street CEOs are in jail. But we did promise you a list:
1. No one.
3. Wall Street's lawyers are amazing.
4. Etc. Etc.
It's not that federal government tried to prosecute a bunch of them but lost the cases. There were no serious efforts at criminal prosecutions at all.
Which isn't to say nobody is in jail....
Does the S&P Settlement change EVERYTHING?
16 February 2015
The S& P saga rumbles on. Having been hammered by the US Securities and Exchange Commission (SEC) in January , S&P has received a knock-out blow, and a $1.375 billion fine, from the US Department of Justice and 20 State governments . And in what might the first of many private actions, S&P also reached a separate $125 million settlement with the huge pension fund California Public Employees’ Retirement System (CALPERS) .
What has received little publicity, however, are the implications of the S&P settlement with regard to Corporate Governance, in general, and Codes of Conduct in particular. In justifying the huge fine, the Justice Department said that “as part of the resolution, S&P admitted facts demonstrating that it misrepresented itself to investors and the public, allowing the pursuit of profits to bias its ratings”. In the many fines against banks,...
Wells Fargo CEO resigns, bank president succeeds
Published time: 12 Oct, 2016 21:59 Edited time: 12 Oct, 2016 22:06
Chairman and CEO of Wells Fargo & Co. John Stumpf has retired under pressure amid a scandal involving fraudulent sales tactics. Some two million accounts were created without customers’ permission. President and COO Timothy J. Sloan will replace him.
Stumpf stepped down from both of his leadership posts Wednesday, the Wall Street Journal reported, citing a person close to the situation.
Wells Fargo, which until recently had been the most valuable big bank in the US for years, settled a lawsuit with regulators and a city official last month for $185 million.
To meet sales quotas, the bank created accounts for unwitting customers, some of whom paid fines and fees on them. It is estimated that millions of customers were impacted. More than 5,000 Wells...