Bl***y Banks Again

Morning AnnaEsse........I hope his Bill does get passed by the Senate , maybe the rest of the world, including Britain will follow suit. Britain is now in a double dip recession, King is hosting a meeting of leading Bankers ...this man who famously said it was not his responsibility to tell the FSA when he
was being e-mailed by Geithner way back in 2008 about LIBOR rigging.!!!!


Lloyds Bank has just announced a huge loss they say because of Insurance Claims. The Banks jumped on every Bandwagon, selling Insurance, for which they had little experience . As a result they were bombarded with claims of "mis-selling." All these speculative deals like sub-prime mortgages, short
selling, debt swap , Hedge Funds is gambling and must be stopped. Investment in Companies who could expand as a result is far more sensible.

The Audit The Fed Bill Gets Passed By The House But Obama And The Democrats Are Going To Kill It

On Wednesday, Ron Paul's bill to audit the Federal Reserve was overwhelmingly passed by the U.S. House of Representatives. The vote was 327 to 98. You would think that a bill with such overwhelming support would easily become law. But it won't, because Barack Obama and the Democrats plan to kill it. Senate Majority Leader Harry Reid has already said that the Senate will not even consider the bill. But of course if Barack Obama called Harry Reid and told him that he wants this bill to get through the Senate so that he could sign it then Harry Reid would be singing a much different tune. Sadly, we all know that is not going to happen. Barack Obama's good buddy Ben Bernanke called the Audit the Fed bill a "nightmare scenario" last week, and Obama is certainly not going to do anything to upset Bernanke - especially this close to the election. Obama needs Bernanke to do everything that he possibly can to stimulate the economy so that Obama will look as good as possible in November. The sad truth is that there is absolutely no chance that the Audit the Fed bill will become law and that is a crying shame.

So why is an audit of the Federal Reserve so important?

Why does Federal Reserve Chairman Ben Bernanke consider an audit of the Federal Reserve to be a "nightmare scenario" that must be avoided at all costs?

Well, perhaps it is because there has never been a true comprehensive audit of the Federal Reserve since it was created back in 1913.

The Federal Reserve has more power over the economy than anyone else in the country does, and yet they are virtually unaccountable and the American people have very little idea what has been going on behind closed doors over at the Fed for the past 100 years.

A very limited audit of the Fed that was passed a couple of years ago that examined transactions during the last financial crisis discovered that the Federal Reserve had actually loaned out more than 16 trillion dollars in nearly interest-free money to the "too big to fail" banks between 2007 and 2010.

Keep in mind that U.S. GDP for the entire year of 2011 was only slightly more than 15 trillion dollars.

The Federal Reserve loaned out trillions upon trillions of dollars to their friends and never told the American people about it.

Whoa.

You would think that Congress would be quite eager to see what else has been going on over at the Federal Reserve.

But instead, many Democrats are completely and utterly opposed to auditing the Fed any further.

U.S. Representative Barney Frank (a Democrat) seemed to regard the bill as a joke even after it overwhelmingly passed in the House. Frank stated that "nobody here thinks this will ever become law".

According to Politico, there is zero chance that the bill will get through the U.S. Senate....

http://theeconomiccollapseblog.com/archives/the-audit-the-fed-bill-gets-passed-by-the-house-but-obama-and-the-democrats-are-going-to-kill-it

America is paying interest on the massive loan from China........yet at the same time the Fed can lend 16 trillion?????

What was is Micawber said. Wages £1....expenditure £19.6d Happiness. Wages £1...expenditure £1.10p Misery.

Panda wrote:

America is paying interest on the massive loan from China........yet at the same time the Fed can lend 16 trillion?????

What was is Micawber said. Wages £1....expenditure £19.6d Happiness. Wages £1...expenditure £1.10p Misery.

What is happening in the US, with Harry Reid saying that the Senate will probably not even read the bill, would not happen in the UK. I can't imagine the House of Lords getting rid of a bill simply by saying we're not even going to look at that.

AnnaEsse wrote:

Panda wrote:

America is paying interest on the massive loan from China........yet at the same time the Fed can lend 16 trillion?????

What was is Micawber said. Wages £1....expenditure £19.6d Happiness. Wages £1...expenditure £1.10p Misery.

What is happening in the US, with Harry Reid saying that the Senate will probably not even read the bill, would not happen in the UK. I can't imagine the House of Lords getting rid of a bill simply by saying we're not even going to look at that.

No neither can I, but lessons MUST be learned and Banks activities curbed. Vince Cable was the only one who advocated the Retail Section be
seperate to the Investment side. This will not come into effect until 2016, if there are any Banks trading then....Lloyds is in crisis and didn't Virgin
buy several a short time ago? As a Shareholder , I do question Pension Fund Managers and ordinary Shareholders continually allowing the exorbitant
Salaries and Bonuses after the Lehmann crisis in 2008 and Coutts Bank brought down by Nick Leeson before that.

Panda wrote:

AnnaEsse wrote:

Panda wrote:

America is paying interest on the massive loan from China........yet at the same time the Fed can lend 16 trillion?????

What was is Micawber said. Wages £1....expenditure £19.6d Happiness. Wages £1...expenditure £1.10p Misery.

What is happening in the US, with Harry Reid saying that the Senate will probably not even read the bill, would not happen in the UK. I can't imagine the House of Lords getting rid of a bill simply by saying we're not even going to look at that.

No neither can I, but lessons MUST be learned and Banks activities curbed. Vince Cable was the only one who advocated the Retail Section be
seperate to the Investment side. This will not come into effect until 2016, if there are any Banks trading then....Lloyds is in crisis and didn't Virgin
buy several a short time ago? As a Shareholder , I do question Pension Fund Managers and ordinary Shareholders continually allowing the exorbitant
Salaries and Bonuses after the Lehmann crisis in 2008 and Coutts Bank brought down by Nick Leeson before that.

Panda, I think the activities of the Federal Reserve need to be investigated and curbed. The Fed is a privately owned organisation, but its activities have not be open to scrutiny.

ETA: Who Owns The Federal Reserve?
The Fed is privately owned. Its shareholders are private banks

"Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders."

– The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s

http://www.globalresearch.ca/index.php?context=va&aid=10489

I READ IN TIMES(NOT MY USUAL PAPER,GUARDIAN WAS UNAVAIBLE) THAT SANTANDER IN SPAIN WAS HAVING TROUBLE,MAYBE SHOULD BE IN EU THREAD

I thought it was a Government Department?????? If you have never seen Zeitgeist the Movie I urge you to watch it , very interesting and admits that the first
$ Bill ever printed meant a debt. There are two versions, get the first one, the screen looks dodgy for a couple of minutes but rights itself. I ordered mine from the Publisher, not expensive and the sequel Addendum is about religion and how it evolved is also excellent.

They are availailable on youtube.

Panda wrote:I thought it was a Government Department?????? If you have never seen Zeitgeist the Movie I urge you to watch it , very interesting and admits that the first
$ Bill ever printed meant a debt. There are two versions, get the first one, the screen looks dodgy for a couple of minutes but rights itself. I ordered mine from the Publisher, not expensive and the sequel Addendum is about religion and how it evolved is also excellent.

They are availailable on youtube.

Thanks Panda. I'll look out for those.

And I think most people think the Fed is a government department, but no, it's not!

Badboy wrote:I READ IN TIMES(NOT MY USUAL PAPER,GUARDIAN WAS UNAVAIBLE) THAT SANTANDER IN SPAIN WAS HAVING TROUBLE,MAYBE SHOULD BE IN EU THREAD

I wrote about it today Badboy , on the EC Thread at 12.13pm


"Santander profit hit by bad Spanish property loans Santander is the eurozone's biggest bank
Profits at Spanish banking giant Santander have halved after it made more write-downs against unrecoverable loans secured against property."

16 Banks in total are looking for bail-outs.......who knows how all this will end.

NATWEST AND NATIONWIDE ARE HAVING PROBLEMS TODAYS,ONE IS DOUBLE DEBTING FROM ACCOUNTS.
HARDLY A DAY SEEMS NOT TO GO BY WITHOUT ANOTHER BANKING DISASTER.
WILL THIS GENERATION SEE THE END OF THE BANKING SYSTEM AS WE KNOW IT?

BARCLAYS IS IN TROUBLE AGAIN CONCERNING FEES PAID IN 2008 CONCERNING QATAR ETC

RBS WILL BE FINED CONCERNING LIBOR RATE.
BANKS ARE TO SET ASIDE BILLIONS TO COMPENSATE CUSTOMER

Berkshire Bank, a New York lender is suing 11 Banks including Barclays , more Banks and State County Councils will follow suit. This will go on for years and who will trust Banks to set the LIBOR rate in future?

Italian Police Raid Barclays Over Rate-FixingPolice take documents from Barclays in Milan, as they investigate possible rate-fixing of the euro version of Libor.11:20am UK, Tuesday 31 July 2012 Marcus Agius (l) quit alongside CEO Bob Diamond (c)


Graph: Barclays Share Price Slide Amid The Libor Scandal
Enlarge EmailItalian police have taken documents from a Barclays office in Milan as part of a probe into possible Euribor rate manipulation, according to Reuters.

It said the raid occurred as regulators investigated fixing fears of the eurozone equivalent of the scandal-hit, London-based Libor inter-bank lending rate.

The search was ordered by prosecutors in the southern city of Trani, who have opened a criminal probe into the possible manipulation of the Euribor rate.

The move comes after complaints were filed by two consumer groups, Adusbef and Federconsumatori.

Two judicial sources also confirmed the raid occurred last week, according to Reuters.

Documents, computer material and emails were seized, the consumer groups said in a joint statement.

They said the Milan raid occurred "with the aim of looking for evidence that Barclays also manipulated Euribor, as it did with Libor, with a negative impact on mortgage rates paid by Italians".

Barclays was forced to pay a total of £290m in fines to UK and US regulators after it admitted fixing its Libor rate for commercial advantage.

The scandal forced the resignation of chairman Marcus Agius, chief executive Bob Diamond and chief operating officer Jerry del Missier.

All three men were later quizzed by MPs on the Treasury Select Committee.

The Libor scandal has sent shock waves through global banking, and embroiled both US Treasury Secretary Timothy Geithner and Bank of England governor Sir Mervyn King in the controversy.

Business Secretary Vince Cable is understood to be pushing the Government to consider nationalising RBS Photo: PA







By Helia Ebrahimi, Harry Wilson

7:07PM BST 02 Aug 2012

27 Comments





Leading shareholders in Royal Bank of Scotland have complained to the Treasury over what they say are the “dangerous” and “damaging” suggestions that government ministers are looking at fully nationalising the lender.


Business Secretary Vince Cable is understood to have pushed proposals for the state to consider buying out minority shareholders in RBS, a position that flies in the face of promises made by the Government to sell down the 82pc taxpayer holding in the bank over the next two to five years.


“We are absolutely furious,” said one top five shareholder. “This notion is ludicrous and has to be squashed immediately. Or how can we expect Hester [Stephen Hester, chief executive of RBS] and Bruce [Vans Saun, finance director] to stay. It has to stop or the bank will be damaged.”


Angry investors are understood to have contacted UKFI, the body that manages the Government’s stakes in banks, to voice their frustration with the “flip flop” in the ownership strategy for RBS.


Sources close to Mr Cable said the he recognised that “there were no easy solutions” regarding the state’s holding in RBS.



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Mr Cable has been a vocal critic of banks and has been particularly frustrated by the continued problems small and medium sized businesses have getting credit from banks, including RBS.

“The lending crisis is not abating, if anything, it’s getting worse,” said a source.

Mr Cable is keen that banks remain under pressure to lend, leading to continued questions over how the government should use its influence over RBS. However, there are no specific full-nationalisation plans, according to Whitehall sources.

The Chancellor George Osborne has been very clear that the Treasury is a “seller” of bank assets owned by the British taxpayer and is against increasing the state’s holding in RBS.

RBS is expected today to announce a pre-tax loss for the first six months of the year of about £1.2bn. Included in the loss will be several multi-million pound provisions for everything from payment protection insurance and interest rate swap mis-selling to the costs related to its recent IT disaster.

The bank is expected to say that its PPI compensation costs rose by about £130m in the first half of the year, taking the total amount put aside by the bank to more than £1.3bn.

RBS will also make an initial provision to compensate small business customers over interest rate swap mis-selling of £50m.

On top of these provisions, the bank will say the IT problems that led to misery for millions of NatWest and Ulster Bank customers as payments were disrupted has cost it more than £120m. The bank is not expected to make any provision for Libor-related legal costs.

Berkshire Bank Sues 16 Others Over Alleged Libor Manipulation
http://www.huffingtonpost.com/2012/07/30/berkshire-bank-sues-libor_n_1718931.html
3 days ago ... Bloomberg: Berkshire Bank Sues 21 Banks Over Libor Damages ... after being approved your comment will appear directly underneath the ...


Bank of America, Barclays, Credit Suisse Sued Over Libor - Bloomberg
http://www.bloomberg.com/news/2012-07-30/bank-of-america-barclays-credit-suisse-sued-over-...
3 days ago ... Bank of America Corp., Barclays Plc and Credit Suisse Group AG were among the banks sued by an investor over alleged manipulation of the Libor benchmark

===============================================

How many Banks will be become "Bankrupt" over this scandal !!

Panda wrote:Berkshire Bank Sues 16 Others Over Alleged Libor Manipulation
http://www.huffingtonpost.com/2012/07/30/berkshire-bank-sues-libor_n_1718931.html
3 days ago ... Bloomberg: Berkshire Bank Sues 21 Banks Over Libor Damages ... after being approved your comment will appear directly underneath the ...


Bank of America, Barclays, Credit Suisse Sued Over Libor - Bloomberg
http://www.bloomberg.com/news/2012-07-30/bank-of-america-barclays-credit-suisse-sued-over-...
3 days ago ... Bank of America Corp., Barclays Plc and Credit Suisse Group AG were among the banks sued by an investor over alleged manipulation of the Libor benchmark

===============================================

How many Banks will be become "Bankrupt" over this scandal !!

SECOND LINK DOESN'T WORK

Probably because it is three days old Badboy.

RBS made a loss of 31.5 Billion, has been paying claims for mis-selling and probably will be dued over the LIBOR
scandal. The government owns 82% of RBS and Vince Cable wants the Government to take it over as the first Government Bank. Shareholders say this is the worst thing to do but I think it is a good idea. The existing Shareholders would have to be bought out but the share price is very low so now is the time to to it.

3 August 2012 Last updated at 13:47 Share this pageEmail Print Share this page

315ShareFacebookTwitter.RBS boss admits banks became 'detached from society'Comments (462) Mr Hester wants banks to return to putting their customers first Continue reading the main story
Big BankingRBS to pay £125m for IT glitch
BNP Paribas cutbacks help profits
SocGen profits hit by debt crisis
Deutsche admits Libor failures

Banks became "detached from society" and still need to reconnect with their customers, the chief executive of Royal Bank of Scotland (RBS) has admitted.

In an interview with the BBC's Today programme, Stephen Hester said the industry was "coming down to earth with a bump" following recent scandals.

He added that the UK could not afford "blasting it to smithereens" because of the vital role banks played.

However, he also said further problems at the banks may be discovered.

Mr Hester was speaking after RBS reported a half-year loss of £1.5bn.

The bank also confirmed on Friday that it would put aside £125m to pay compensation to customers affected by the recent breakdown in its computer systems.

Account holders at RBS and its NatWest and Ulster Bank subsidiaries faced disruption for up to two weeks in June after a software upgrade at the bank.

'Vital industry'

RBS has been caught up in three recent scandals affecting the banking sector.

Continue reading the main story
“
Start Quote
A successful business must be built off the back of serving customers well, and until we as an industry can say we are doing that, we won't have finished the changes we need to make”
End Quote
Stephen Hester

RBS chief executive

RBS to pay £125m for IT glitch
Profile: RBS boss Stephen Hester

Firstly, it is being investigated over the Libor interest rate-fixing scandal that saw fellow bank Barclays fined £290m in June.

Mr Hester told the BBC that as RBS was "still being investigated" it did not yet know what fines or settlements it may face.

RBS has already sacked a number of staff connected to the matter.

Separately, RBS is having to pay compensation for two mis-selling scandals: mis-selling payment protection insurance, and mis-selling specialist insurance called interest rate swaps to small businesses.

Mr Hester said: "We can't afford the luxury of giving up on the banking industry, of blasting it to smithereens, as much as that might be enjoyable, or get out our frustrations.

"This is an industry that the world needs, that the country needs, it needs it to oil, if you like, the economic wheels, and we need it because it employs in its own right millions of people, and pays huge amounts of taxes and so on."

Regarding the possibility of banks discovering additional problems, he said: "of course there is still a risk that you turn over rocks and find new things [that you have to clean up]".

Mr Hester added that while the banks had now largely fixed all their structural faults, they still had to return to putting customers first.

"It is very clear to me," he said. "A successful business must be built off the back of serving customers well, and until we as an industry can say we are doing that, we won't have finished the changes we need to make."

Mr Hester was appointed RBS chief executive in 2008, with the job of turning it around after the government bailed it out with billions of pounds of taxpayers' money.

The government currently owns an 82% stake in the bank.

a firm called knight is almost bankrupt after their computer systems had a bug(NEW YORK)
ARE THEY A BANK OR A SHARE TRADING FIRM.

Badboy wrote:a firm called knight is almost bankrupt after their computer systems had a bug(NEW YORK)
ARE THEY A BANK OR A SHARE TRADING FIRM.

Dunno Badboy, havn't heard of a Bank called Knight , probably an Investment Management Company.

Thanks NBY, just read your post.......crikey, how can a glitch cause $440 million to be wiped off like that?

Not Born Yesterday wrote:http://www.dailymail.co.uk/news/article-2182817/Stock-exchange-glitch-cost-U-S-trading-firm-440m-just-minutes-lead-bankruptcy.html

SOME INTERESTING COMMENTS
I WONDER IF ANY SUPER-RICH LOST ANY MONEY