Financial System & Disclosure Update – 15 July 2012

This week we continue to see the labor scandal reach further into other sectors and some. The sector is starting to feel the heat as this intensifies as some bloggers have reported it would.
 

  – The Slog Blog
 
Libor Lawsuits Piling Up
“Some investors, specifically those who were receiving some form of payment from banks based on the Libor rate, allege that banks including Barclays, Bank of America, JPMorgan Chase, Citigroup and others have been manipulating Libor basing payments on false rates.”  Forbes
 
Libor Scandal May Cost Banks $14 Billion In Settlements
A group of 11 global banks linked to the Libor scandal may face $14 billion (9.07 billion pounds) in regulatory and legal settlement costs through 2014, according to estimates by Morgan Stanley analysts. – Reuters
 Libor Scandal In Depth

Federal Reserve Releases Documents Indicating It Knew About The Libor Rate Fixing
“The New York Federal Reserve on Friday released documents showing it knew banks were manipulating a key interest rate more than four years ago”
 Huffington Post
 
The Department Of Justice Urged to Investigate Libor Scandal
“We urge the Department of Justice to carefully investigate and aggressively prosecute all senior bank officials who participated in manipulating the London interbank offered rate [Libor] throughout the financial crisis,” the letter says in its opening statement.” Huffington Post 
 
U.S States Look To Enter Libor Manipulation Case
“State attorneys general are jumping into the widening scandal over whether banks tried to manipulate benchmark international lending rates, a move that could open a new front against the top global banks.”
Reuters
 
Drug Giant Roche Probed For Not disclosing 15,000 Patient Deaths
“One of the world’s biggest drug companies is at the centre of an urgent investigation after failing to disclose reports that 15,000 people died while taking its medicines. Swiss pharmaceutical giant Roche failed to pass on a further 65,000 reports of suspected side effects that were recorded by patients.
All of the reactions took place in the United States over the past 15 years with medicines used to treat breast cancer, bowel cancer, hepatitis B, and skin and eye conditions.”
 Daily Mail –  More Info
 
5 Foreigns Banks Shut Down
“American Express Bank and four other foreign institutions have shut down their offices in the Philippines as the financial woes in the United States and Europe prompted them to sell off their offshore assets.”
Enquirer
 
Spain 100 Billion Bailout
“BRUSSELS – The European Union worked towards securing Spain’s finances Tuesday as it was poised to back up the blueprint for the country’s €100 billion bank bailout plan with plans to grant the country an extra year to cut its budget deficit.” – Global Bc
 
Rising Costs Push California Cities To Fiscal Brink
“Facing the same financial stressors that pushed San Bernardino toward bankruptcy, cities across California are slashing day-to-day services and taking other drastic actions to skirt a similar fiscal collapse.” La Times
 
California Bankruptcies Only The Beginning
“San Bernardino became the third California city to file for bankruptcy in the past few weeks … but it won’t be the last.”  Yahoo Finance
 
Baltimore City Sues banks Over Rate Rigging
“The city is suing more than a dozen major banks, claiming the institutions conspired to manipulate the London Interbank Offered Rate, or Libor. This is a benchmark used to set interest rates on variable-rate credit cards and mortgages plus trillions of dollars’ worth of financial instruments, including some purchased by the city of Baltimore.”  Loansafe
 
Georgia Banker Missing, So is $17 Million
“A Georgia banker who went missing last month is being sought by federal authorities for allegedly embezzling millions of dollars from a south Georgia bank.Aubrey “Lee” Price, 46, is charged with wire fraud, and is suspected of defrauding more than 100 investors of at least $17 million over the course of two years, a criminal complaint from the U.S. attorney’s office in the Eastern District of New York, said.”  CNN
 
Brokerage Firm Ceo Leaves Suicide Note
“Employees of an Iowa-based brokerage firm that has been unable to account for $220 million in customer money found their boss in his car at company headquarters, with a tube connecting the vehicle’s tailpipe to the interior, authorities said Tuesday.”  Huffington Post 
 
Oligarch Linked To Politicians ‘Order Murdered Murder Of Banker’
“A Russian oligarch linked to George Osborne and Lord Mandelson has been accused of ordering the murder of a banker, belonging to a mafia group and bribing a governor over a business deal, the High Court heard.”
  The Telegraph 
 
European Banks Are Technically Bankrupt
A new report by the International Labor Organization (ILO) says the eurozone is in danger of losing 4.5 million jobs over the next four years, unless it changes its current economic policies.
 
The Price Of Gold Has Been Manipulated – More Scandalous Than Libor.
“The new media and the 24-hour news cycle have a great deal to answer for, not least encouraging a political class which would otherwise be happily engaged expensing duck houses into the belief that it should demonstrate perpetual action on our behalf – hence the endless stream of badly drafted legislation from the corridors of Whitehall.”  Telegraph 
 
U.S Investigates Whether J.P Morgan Traders Hid Losses
“U.S. federal investigators are looking at whether JPMorgan Chase & Co traders hid trading losses that have since grown to $5.8 billion, according to a person familiar with the matter, after the bank said its own probe found reason for suspicion.”  Reuters 
 
New Legal Complaint Could Lead To Eric Holder’s Disbarment
“President Obama’s eleventh hour save of Eric Holder by invoking Executive privilege over Fast and Furious documents may have temporarily protected the Attorney General, yet fresh legal challenges might cause him to lose his law license.”  Examiner 
 
Mayor Vincent Gray Under pressure to Resign
“This week that cloud of corruption descended on Mayor Vincent Gray after a woman who worked closely with his campaign pled guilty to funneling money from a wealthy D.C. businessman into Gray’s 2010 mayoral campaign. While Gray has not been charged with a crime, the calls for him to resign over the campaign snafu are mounting.”  Yahoo News 
 
Hong Kong Minister Arrested Pushing government Into Scandal
“The Independent Commission Against Corruption (ICAC) said it had arrested four people including a minister and a senior civil servant for allegedly violating their government housing allowances.”  Asia News 
 
French Arrest Warrant For Equatorial Guinea Vp
France has issued an arrest warrant for the son of the president of Equatorial Guinea, a suspect in an investigation into the alleged misspending of public funds, a judicial official said Friday.”  ABC News 
 
Auditors Say Billions Likely Wasted In Iraw Work
“After years of following the paper trail of $51 billion in U.S. taxpayer dollars provided to rebuild a broken Iraq, the U.S. government can say with certainty that too much was wasted. But it can’t say how much.”
 Associated Press 

Visa To Pay $7.3 Billion In Settlement Over Credit Card Fees
“Libor Lawsuits Are Piling Up And Could Cost Billions, Banks Brace For Another Big Legal Battle.”  Forbes 
 
Obama Gives Himself Control Of All Communication Systems
“US President Barack Obama quietly signed his name to an Executive Order on Friday, allowing the White House to control all private communications in the country in the name of national security.” 
Russia Today 
 
Spain Is Rising Up – Ragin Miners Invade Madrid
“Thousands of Spanish miners and their supporters flooded the streets of Madrid in a second day of mass protests, just hours after the country’s leader announced a nationwide tax hike. Workers marched up the city’s main avenue, wearing hardhats and carrying walking sticks, to protest outside the Industry Ministry.”
 Russia Today 
 
U.K Releases X-Files
“Newly released X-Files from the United Kingdom’s National Archives reveal the role of that country’s Ministry of Defense UFO Desk officers, what they actually thought about possible alien visits to Earth and their ideas on harnessing alien technology as a weapon.” – Huffington Post
 
Tony Blair Receives MOD Briefing On UFO’S
“The then Prime Minister wrote to the Ministry of Defence in 1998 asking for details of the UK’s policy on alien life forms, newly declassified documents show. He was worried what might come out as his Government introduced the Freedom of Information Act that allows the public access to government papers.”
 The Sun  More Info
 
UFO’S Sweep the Skies Orbs Spotted Worldwide
Fast flying orbs of light have been spotted in the US and Europe almost simultaneously. While many suggest they were the same UFOs, the question remains: how they could travel so fast? First the phenomenon was spotted over Salt Lake City, Utah, about a week ago. Then it was also seen in Poland, Greece and Slovakia, some 9,000 kilometers away.  Russia Today 
 
More Later …

One comment on “Financial System & Disclosure Update – 15 July 2012

  1. Pingback: Economic Terrorism In America I | Economic & Multicultural Terrorism

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