Posted by admin / Under Banking In Germany
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 05:26:18 PM
continue reading
Posted by admin / Under Banking In Germany
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 05:26:18 PM
continue reading
Posted by admin / Under Banking In Germany
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 05:26:18 PM
continue reading
Posted by admin / Under Banking In Germany
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 05:26:18 PM
continue reading
Posted by admin / Under Banking In Germany
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 05:26:18 PM
continue reading
Posted by admin / Under Banking In Germany
...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 05:26:18 PM
continue reading
Share this!