Banking and insurance in Iran
From Prison, Madoff Says Banks ‘Had to Know’ of Fraud
Posted by admin / Under Banking And Insurance In Iran
Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family. In his first interview for publication since his arrest in December 2008, Mr. Madoff — looking noticeably thinner and rumpled in khaki prison garb — maintained that family members knew nothing about his crimes. But during a private two-hour interview in a visitor room here on Tuesday, and in earlier e-mail exchanges, he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the...
Published on Sunday 20th of May 2012 07:51:33 PM
Florida Supreme Court hears landmark foreclosure suit
Posted by admin / Under Banking And Insurance In Iran
May 10 (Reuters) - The Florida Supreme Court heard arguments on Thursday in a landmark lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial penalties in the state where they face the bulk of their foreclosure-fraud litigation.
Published on Sunday 20th of May 2012 07:51:33 PM
Federal Reserve allows Chinese-controlled banks to take stakes in US banks
Posted by admin / Under Banking And Insurance In Iran
The Federal Reserve has approved applications by three big Chinese government-controlled banks to set up branches and take stakes in US banks after deciding they were adequately regulated in their home market. The US central bank said Industrial and Commercial Bank of China (ICBC), the biggest bank in China and 70.7pc owned by the government of China, will become a bank holding company. In addition, China Investment Corporation (CIC), an investment vehicle set up by the Chinese government to invest its massive foreign exchange reserves, and another company that CIC controls called Huijin Investment will be allowed to become bank...
Published on Sunday 20th of May 2012 07:51:33 PM
RAHN: Geithner’s willful negligence
Posted by admin / Under Banking And Insurance In Iran
What would you think of a secretary of the Treasury who failed to do serious cost-benefit analysis about regulations that could cost millions of Americans their jobs and cause innocent people to be subject to political abuse or worse and yet have almost no benefit to the United States? Over the past several years, Treasury Secretary Timothy F. Geithner was warned by many private economists and members of Congress of the adverse consequences of a proposed rule that would force U.S. banks to be uncompensated tax collectors for foreign governments. On April 17, Mr. Geithner issued the rule anyway. Rep....
Published on Sunday 20th of May 2012 07:51:33 PM
Choosing the Road to Prosperity Why We Must End Too Big to Fail—Now
Posted by admin / Under Banking And Insurance In Iran
The too-big-to-fail institutions that amplified and prolonged the recent financial crisis remain a hindrance to full economic recovery and to the very ideal of American capitalism. It is imperative that we break up the big banks...
Published on Sunday 20th of May 2012 07:51:33 PM
Martin Armstrong on the Sovereign Debt Crisis (Q&A Interview)
Posted by admin / Under Banking And Insurance In Iran
...HRN: Is there anything that policymakers can do to bring companies back to the U.S.? Martin Armstrong: One of the primary things is that the tax rate should be cast in stone and it should not change for every election. That is why corporate cash is at record highs. Why should a company start to hire people when all you hear is "we're going to get the rich", "we're going to get the corporations" and they're going to have to pay more. This is why corporate cash is at an all time high. Why should you start hiring people now...
Published on Sunday 20th of May 2012 07:51:33 PM
Rigged rates and interest rate swaps
Posted by admin / Under Banking And Insurance In Iran
Ellen Brown is a sort of an expert on banking and theory and history of money type issues. She was claiming we were still experiencing deflation in 2010 while Kudlow and others were claiming something like 1% inflation when the fed admitted we were still in a deflationary economy. She notes: "Greg Smith wrote that at Goldman Sachs, the gullible bureaucrats on the other side of these deals were called “muppets.” But even sophisticated players could have found themselves on the wrong side of this sort of manipulated bet. Satyajit Das gives the example of Harvard University’s bad swap deals...
Published on Sunday 20th of May 2012 07:51:33 PM
Happy Pi Day
Posted by admin / Under Banking And Insurance In Iran
Danielle, who is my right hand assistant that manages my life, pointed out to me that born on today which is called “Pi Day” in most math classes was none other than Albert Einstein (March 14th, 1879 – April 18th, 1955). While he taught in Princeton, I was far too young to have ever met him. Although his IQ score was 160, there are many others who score much higher in different fields. Yet the key to Einstein’s mind lies not in his theory of Relativity, but in his Five Maxims for Achieving Excellence. 1. Imagination is more important than...
Published on Sunday 20th of May 2012 07:51:33 PM
SWIFT Financial Service Cuts Iran Off (International Banking Transactions)
Posted by admin / Under Banking And Insurance In Iran
Following an EU Council decision, SWIFT announced it has been instructed to discontinue its communications services to Iranian financial institutions that are subject to European sanctions. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is crucial to Iran’s oil and other trade. The EU Council decision prohibits companies such as SWIFT from continuing to provide specialized financial messaging services to EU-sanctioned Iranian banks. They, alongside the SWIFT customer community have been notified of the disconnection, which will become effective on Saturday 17 March at 16.00 GMT. A statement on the SWIFT website said “Disconnecting banks is an extraordinary and...
Published on Sunday 20th of May 2012 07:51:33 PM
THE LIQUIDATION OF GOVERNMENT DEBT (.pdf format)
Posted by admin / Under Banking And Insurance In Iran
ABSTRACT Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of “financial repression.” Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. In the heavily regulated financial markets of the Bretton Woods system, several restrictions facilitated a sharp and rapid reduction in public debt/GDP ratios from the late 1940s to the 1970s....
Published on Sunday 20th of May 2012 07:51:33 PM
Share this!