Hometown: Seattle, WA
Member since: Mon Dec 13, 2004, 01:55 AM
Number of posts: 7,833
Hometown: Seattle, WA
Member since: Mon Dec 13, 2004, 01:55 AM
Number of posts: 7,833
from the hail storm.
Posted by suffragette | Sat Apr 13, 2013, 08:09 PM (14 replies)
Thank you for posting this!
I do agree with other posters about Obama not trembling.
He has continually (except during campaign times) indicated that he agrees with global austerity measures, going so far as to note he is in "violent agreement" that this is the direction to go :http://www.whitehouse.gov/the-press-office/remarks-president-obama-g-20-press-conference-toronto-canada
And part of that has been purposefully conflating Social Security with the deficit and introducing decisions at key points (such as the Fiscal Commission) which are aimed at cutting Social Security, just as austerity measures have been doing this globally.
He's made an agreement and keeps taking actions to fulfill it - the problem is that the agreement is not with citizens here, but with financiers and the politicians who are in the club with them.
Posted by suffragette | Mon Apr 8, 2013, 11:58 AM (1 replies)
Source: The Guardian
Barclays has been accused of trying to "bury bad news" by announcing it has given its top nine bankers bonuses worth £38.5m while the City is distracted by the budget.
The bank, which promised it was "changing" in the wake of the Libor rate-rigging scandal, awarded the head of its investment banking division, Rich Ricci, £17.5m worth of shares. He immediately cashed in all of the shares.
Barclays chief executive Antony Jenkins was awarded 1.8m shares worth £5.3m. He cashed in half of the shares.
Last month Barclays said Jenkins and Ricci would not be collecting a bonus this year after the bank was fined £290m over the Libor rate-rigging scandal.
Read more: http://www.guardian.co.uk/business/2013/mar/20/barclays-bonuses-budget-day
Continuing their pattern of our austerity and their prosperity.
And with a name right out of Dickens - Rich Ricci.
Posted by suffragette | Wed Mar 20, 2013, 01:05 PM (9 replies)
Grigg was also formerly a partner and managing director at Goldman Sachs.
And their actions now are not so different from their actions then:
Posted by suffragette | Sun Jul 8, 2012, 07:03 PM (0 replies)
I keep thinking of that picture of Cameron and his buddies when they were young and the captions showing their career paths.
Also, note that Anshu Jain, one of Deutsche Bank's new co-CEOs is operating from The City.
Ackermann, the previous CEO for Deutsch Bank was one of the key proponents for austerity and had Merkel's ear. This while Deutsche Bank has been engaged in numerous corrupt practices. Ackermann tried to settle many of the investigations into their shady practices before leaving, but the ones stemming from Libor and energy price manipulation are now going on.
I've been trying to remember to include posts I make on this in my journal, so there's a bit of info there on this going back awhile.
Posted by suffragette | Sun Jul 8, 2012, 04:56 PM (1 replies)
Found this overview of Libor investigations and thought it might be helpful in understanding what is occurring. It's fairly concise with links to additional information.
Beyond Barclays: Laying out the Libor Investigations
Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate.
Settlements filed by government regulators in the U.S. and the U.K. show this manipulation happened in two ways: first, Barclays’ traders attempted to steer rates up or down in order to benefit trades they had made to profit off of those rates. Separately, the filings show that during the financial crisis, Barclays tried to counter reports that it had financial troubles by changing the interest rate it reported.
In his testimony, Diamond stuck by the line that everybody was doing it. And indeed, the revelation that banks might have tried to keep their rates artificially low during the crisis isn’t altogether new—in 2008, the Wall Street Journal reported that banks were submitting much lower rate estimates than other market measures would have suggested. In 2008, the British Bankers’ Association said it had received suggestions that banks were exhibiting “herd” behavior in setting low rates.
The Washington Post notes that a manipulated Libor doesn’t just have repercussions for investors and borrowers, but also for regulatory efforts; by keeping rates low during the financial crisis, the banks were trying to quell concerns about the health of the banking system and “stave off calls for additional regulation.”
More at article, including a list and links to the investigations of additional banks being investigated.
Posted by suffragette | Sun Jul 8, 2012, 02:03 PM (8 replies)
Libor-rigging went on until 2010, claims Canadian watchdog
An investigation in Canada alleges that interest-rate rigging by staff working for British banks and financial institutions continued until at least June 2010, more than a year after Barclays' derivatives traders were found to have colluded in such practices.
An affidavit filed in Ontario's superior court by the criminal matters branch of Canada's competition bureau alleges that traders working for the British banks HSBC and RBS, as well as the broker Icap, conspired to fix rates relating to Japanese yen trades for personal gain. Traders from Deutsche Bank, JP Morgan and Citibank Canada are also said to have taken part. All contest the claims.
The competition bureau is being aided in its investigation by Swiss bank UBS, which has turned whistleblower and agreed to hand over key documents, emails and transcripts that are expected to shine new light on the nature of the alleged collusion between staff at the banks.
According to the affidavit, UBS has "provided the bureau with information that, during the material time, the participant banks, at times facilitated by the cash brokers, entered into agreements to submit artificially high or artificially low London interbank offered rate (Libor) submissions in order to impact the yen libor interest rates published by the British Bankers Association".
Deutsche Bank suspends two over Libor -report
Two Deutsche Bank employees have been suspended after it used external auditors to examine whether staff were involved in manipulating interbank lending rates, German magazine Der Spiegel reported, citing no sources.
A spokesman for Deutsche Bank on Sunday declined to comment on the article, referring to its quarterly report, which said it has received subpoenas and requests for information from U.S. and European authorities in connection with setting interbank rates.
On Friday, people familiar with the matter told Reuters that Germany's markets regulator has launched a special probe into Deutsche Bank over suspected manipulation of interbank lending rates.
Investigators in the United States, Europe and Japan are examining more than a dozen big banks over suspected rigging of the London Interbank Offered Rate (Libor).
Hmmm, looks like Ackerman (the former CEO of Deutsche Bank) tried to settle (buy off) as many potential illegal and scandalous endeavors as he could before leaving but the LIBOR investigations shows there were even more that took place.
Deutsche Bank Settles Lawsuit with the US
With just a couple of weeks to go before the era of CEO Josef Ackermann comes to an end at Deutsche Bank, Germany's largest financial institution is cleaning house. On Thursday, the bank reached a $202 million (€156 million) agreement with the US Department of Justice to settle charges that Deutsche had engaged in fraud.
The deal puts an end to a civil lawsuit alleging that Deutsche Bank subsidiary MortgageIT breached federal housing regulations from 2007 to 2009. The subsidiary made hefty profits during that period, partially due to the resale of risky mortgages. The Thursday deal included an admission by Deutsche Bank that it was in a position to know about the regulation violations.
The government lawsuit argued that bad mortgages made by MortgageIT cost the Department of Housing and Urban Development some $386 million to cover insurance claims made by the Federal Housing Administration. The costs stem from some 1,400 housing loans made by MortgageIT that have defaulted. More may be on the way.
Deutsche Bank bought MortgageIT for $430 million in 2007, on the eve of the bursting of the US real estate bubble. The Department of Justice accused Deutsche Bank of knowing at the time of the risky and illegal practices engaged in by MortgageIT, practices which, US officials said, only became worse following Deutsche's takeover of the company. According to the Financial Times Deutschland, Ackermann once called the purchase of MortgageIT the "biggest mistake of my time as CEO."
Many of the same banks are currently under investigation for energy price manipulation as well:
Posted by suffragette | Sun Jul 8, 2012, 01:36 PM (0 replies)
"Most New Orleans schools are in ruins," Friedman observed, "as are the homes of the children who have attended them. The children are now scattered all over the country. This is a tragedy. It is also an opportunity."
That comes from the OP-ED he wrote for the WSJ just 3 months after Katrina. The full article is, of course, behind a pay wall.
Sourcewatch has a page on Friedman's voucher pushing foundation:
And his influence has been global and the destruction from that influence has been global as well.
Good article here on that:
I think it's no coincidence that the children are viewed as dollar figures through this lens (the number of vouchers the private schools will receive), then placed in settings that teach certain skills and behaviors (though these are not the skills the schools highlight).
There is teaching and learning going on there, including:
Adherence to fundamentalist thought that promulgates not questioning authority, being uncritical, and valuing doctrine, obedience and exclusivity.
Restriction or complete non-access to materials that would counter or call any of the above into question.
Conditioning to systems and environments that emulate corporate models (the isolated cubicles being a prime example of that)
Scary stuff altogether and the astounding ignorance of proponents such as the politician in your OP just makes it even scarier.
Posted by suffragette | Sat Jul 7, 2012, 12:20 PM (1 replies)
particularly the need to actually read and have the guidance of a competent teacher in analyzing primary sources such as the Constitution and historical writings such as those from people like Jefferson.
Instead, here's an example of what the children there will be subjected to:
The school willing to accept the most voucher students -- 314 -- is New Living Word in Ruston, which has a top-ranked basketball team but no library. Students spend most of the day watching TVs in bare-bones classrooms. Each lesson consists of an instructional DVD that intersperses Biblical verses with subjects such chemistry or composition.
The Upperroom Bible Church Academy in New Orleans, a bunker-like building with no windows or playground, also has plenty of slots open. It seeks to bring in 214 voucher students, worth up to $1.8 million in state funding.
At Eternity Christian Academy in Westlake, pastor-turned-principal Marie Carrier hopes to secure extra space to enroll 135 voucher students, though she now has room for just a few dozen. Her first- through eighth-grade students sit in cubicles for much of the day and move at their own pace through Christian workbooks, such as a beginning science text that explains "what God made" on each of the six days of creation. They are not exposed to the theory of evolution.
"We try to stay away from all those things that might confuse our children," Carrier said.
This continues the privatization of siphoning more money from public education which Naomi Klein described so well in The Shock Doctrine:
Friedman's radical idea was that instead of spending a portion of the billions of dollars in reconstruction money on rebuilding and improving New Orleans' existing public school system, the government should provide families with vouchers, which they could spend at private institutions.
In sharp contrast to the glacial pace with which the levees were repaired and the electricity grid brought back online, the auctioning-off of New Orleans' school system took place with military speed and precision. Within 19 months, with most of the city's poor residents still in exile, New Orleans' public school system had been almost completely replaced by privately run charter schools.
The Friedmanite American Enterprise Institute enthused that "Katrina accomplished in a day ... what Louisiana school reformers couldn't do after years of trying". Public school teachers, meanwhile, were calling Friedman's plan "an educational land grab". I call these orchestrated raids on the public sphere in the wake of catastrophic events, combined with the treatment of disasters as exciting market opportunities, "disaster capitalism".
Privatising the school system of a mid-size American city may seem a modest preoccupation for the man hailed as the most influential economist of the past half century. Yet his determination to exploit the crisis in New Orleans to advance a fundamentalist version of capitalism was also an oddly fitting farewell. For more than three decades, Friedman and his powerful followers had been perfecting this very strategy: waiting for a major crisis, then selling off pieces of the state to private players while citizens were still reeling from the shock.
Posted by suffragette | Fri Jul 6, 2012, 10:52 AM (1 replies)
Apparently, they've learned enough so they don't replicate Enron's manipulation, but instead have been manipulating the pricing in a new and different way.
FERC probes JPMorgan over electricity charges
Published 04:54 p.m., Tuesday, July 3, 2012
FERC has issued 15 notices of alleged violations since January 2011 for companies including Barclays PLC, BP PLC, Deutsche Bank AG and Constellation, according to information posted on the agency website. Seven of the cases have been settled, according to the agency.
The regulator is examining efforts by J.P. Morgan Ventures Energy Corp., which is based in Houston, to extract excessive payments or above-market prices from California Independent System Operator Inc. and Midwest Independent Transmission System Operator Inc., Thomas Olson, a lawyer in the FERC investigating division, said in a court document. The probe focuses on winning inflated "make-whole" payments, he said.
"Any such improper payments to generators are ultimately borne by the households, businesses and government entities that are the end consumers of electricity," Olson said.
The price-manipulation allegations against JPMorgan's energy-trading unit appear to differ from charges against Enron Corp.'s power traders during the California energy crisis of 2000 and 2001, John Olson, managing partner of Pool Capital Partners LLC in Houston and former energy analyst at Merrill Lynch & Co., said. Enron was accused of driving up prices by persuading operators to shut down, he said.
More details here:
FERC takes aim at Barclays over power market manipulation
Wed Apr 11, 2012 8:31pm BST
The notice also suggested a heightened focus on so-called
"loss-leader" trading in which a firm may intentionally seek to
sell a physical commodity at a loss in order to reap a much
larger profit on related derivative positions.
The Barclays traders traded day-ahead fixed-price physical
electricity at the Mid-Columbia, Palo Verde, South Path 15 and
North Path 15 to benefit Barclays' IntercontinentalExchange
(ICE) fixed-for-floating financial swap positions in
those markets, FERC said.
After the Constellation settlement, the FERC commissioners
told Reuters the agency was adding staff with more analytical
skills and energy market experience to allow the enforcement
division to delve deeper into trading data and make it tougher
for trading firms to manipulate natural gas and power markets.
In the Barclays case, the FERC staff alleged the bank
assembled substantial physical positions in the opposite
direction of Barclays' fixed-for-floating financial swap
positions and that Barclays flattened those physical positions
in the next-day fixed-price physical markets to move the ICE
daily index settlement up if buying and down if selling.
At what point do we take another direction. The title of this editorial nails it imho:
Let's end this rotten culture that only rewards rogues
The Barclays rate-rigging scandal has once again exposed a world where men and women with little skill and no moral compass can become very rich very fast
Posted by suffragette | Wed Jul 4, 2012, 03:18 PM (4 replies)