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Posts Tagged ‘Banks’

‘The Biggest Financial Fraud In History’?

Posted by Ram Kumar Shrestha on July 12, 2012

Libor Scandal Lawsuits 

The news on Wednesday that cities and states are suing some of the world’s largest banks over Libor manipulation shows how this scandal could blow up into one of history’s biggest bank frauds.

That’s because interest-rate manipulation might well have kept your town or state from hiring firefighters or teachers, from paving roads or paying for indigent care or after-school programs for your kids — adding to the human suffering of the economic collapse these same banks caused in the first place.

If it’s any consolation, the lawsuits and fines over this manipulation could potentially cost the banks — which include not only Barclays but Bank of America, JPMorgan Chase, Citigroup, and many more — billions of dollars.

“This could get very ugly in a hurry for some banks,” Peter Tchir of TF Market Advisors wrote in a note.

And this could finally be enough to make Americans stop reacting to the Libor scandal with “a shrug,” as Joe Nocera recently put it, and push them closer to believing what Robert Shapiro, founder of economic advisory firm Sonecon, calls possibly “the biggest financial fraud in history.” Read the rest of this entry »

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Obama: JPMorgan Disaster Shows ‘Why Wall Street Reform Is So Important’

Posted by Ram Kumar Shrestha on May 15, 2012


Comment: We need reform to bring new system to accommodate to all and not just to replace person:

President Barack Obama discussed JPMorgan Chase’s $2 billion loss on Monday, saying the bank’s massive failure proves why Wall Street reform is necessary.

“JPMorgan is one of the best-managed banks there is,” Obama said during an interview on ABC’s “The View”, which will air on Tuesday. “Jamie Dimon, the head of it, is one of the smartest bankers we got, and they still lost $2 billion and counting.”

Dimon, who appeared on NBC’s “Meet The Press” Sunday, told host David Gregory he had been “dead wrong” to dismiss concerns about the banks questionable trades. Read the rest of this entry »

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Chancellor To Set Out ‘Credit Easing’ Plan In Autumn Statement

Posted by Ram Kumar Shrestha on November 27, 2011


People have no job, and hence, purchasing power worse than before. How they will dare to have loan 5 million? This program could not be beneficial for the poorest of the poor:

George Osborne is to detail a new government scheme to underwrite billions of pounds of bank lending to businesses in his autumn statement on Tuesday.

The plan is an attempt to get credit flowing to Britain’s struggling small firms.

The “credit easing” scheme, which is hoped to be a “game changer” by the Treasury, is intended to stop the UK from falling back into recession by underwriting banks’ borrowing.

The institution will then be obliged to pass on the cheap lending rates to small businesses via lower interest rates.

Speaking on the Andrew Marr Show, Osborne said: “The basic idea of this national loan guarantee scheme is to use the fact that the government can borrow money very cheaply to help small businesses to borrow money more cheaply than they do at the moment.”

“So the government will underwrite the loans the banks make to small businesses in order to cut the interest rates small businesses have to pay,” he said.

“This will help them with their cash flow, to retain their workforces and expand and invest.”

The chancellor said the treasury had set aside £20 billion for the scheme, however that “sits within an envelope that could be as big as £40 billion”.

Read the Article at HuffingtonPost

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Why Europe’s Latest Debt-Crisis Agreement Could Be DOA

Posted by Ram Kumar Shrestha on October 24, 2011

By 

The leaders of the euro zone held an important conference on Sunday to try, once again, to resolve its destabilizing debt crisis. And though a final agreement wasn’t reached — and probably won’t be until Wednesday — we can already read the writing on the wall. The new grand agreement is likely to be dead on arrival.

Why so? On every major issue that Europe’s leaders are debating — from the second Greek bailout to recapitalizing the region’s enfeebled banks — they are putting their own, narrow political interests over the desperate needs of the monetary union. We’ve seen this again and again (and again), and it has been the fatal flaw in every deal reached in the two-year quest to stamp out the debt crisis. You know the saying: Those who fail to learn from history are doomed to repeat it. The leaders of Europe have to go back to high school. Read the rest of this entry »

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Bank of England To Buy £75 Billion In Bonds As QE Resumes

Posted by Ram Kumar Shrestha on October 6, 2011

 
Could have better result but not sure, because printing more money could cause negative result as well.
Read the Article at HuffingtonPost

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United States Takes Legal Action Against RBS, HSBC And Barclays Over Mortgage Securities

Posted by Ram Kumar Shrestha on September 3, 2011


UK already facing lots of problems and due to this could face some more problems.
Read the Article at HuffingtonPost

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Financial ‘Bloodbath’ As £35 Billion Wiped Off Share Index

Posted by Ram Kumar Shrestha on August 4, 2011

 
Somewhere still booming, but here every week thousands of job cuts.
Read the Article at HuffingtonPost

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HSBC To Axe Up To 30,000 Jobs Despite Posting Profits

Posted by Ram Kumar Shrestha on August 1, 2011


Despite announcing pre-tax profits of £7bn for the first half of the year, a three per cent increase on 2010, why to decide 30,000 job cut? Just for more profit?
Read the Article at HuffingtonPost

Posted in International | Tagged: , , , , , , , , | 4 Comments »

Rescued Banks Teeter Towards Collapse

Posted by Ram Kumar Shrestha on December 27, 2010


Wanted to be optimistic­, but not possible.
Read the Article at HuffingtonPost

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U.S. Banks Failing At Fastest Pace In 2 Decades

Posted by Ram Kumar Shrestha on November 6, 2010


If we really need to face second recession, the situation could be terrible.
Read the Article at HuffingtonPost

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