Updates from September, 2012 Toggle Comment Threads | Keyboard Shortcuts

  • Phi Asset Managers 11:19 am on September 5, 2012 Permalink | Reply  

    Dear Whole Wide World 

    This is a public service announcement! Bank Of Montreal is a cesspool of fraudulent executives covering nearly all executive groups. To the extent anyone reading this is able to further bring these facts into the public spotlight, it would greatly advance the accountability of our in-Justice system. It only requires a small investigation into the facts to begin awakening to the unbridled fraud that has and will continue to occur by the Bank of Montreal.

    As part of this unfathomable corporate bank fraud the bank relies upon legal firms buying out our very justice system. All the while the Securities Exchange Commission fails at its job of protecting investors but clearly succeeds at the protection of the Wall Street Wrongdoers. In the current instance BMO hired a PR firm to lie to the public and BMO’s own shareholders for the private benefit of management. Further aided by the crony capitalist legal team of Sullivan & Cromwell.

    http://www.zerohedge.com/news/bloomberg-foia-documents-how-wall-street-made-muppet-sec-and-dodd-frank

     
  • Phi Asset Managers 12:49 pm on July 25, 2012 Permalink | Reply  

    Chart of the day: Trust? Don’t bank on it 

    eats shoots 'n leaves

    Americans are deeply suspicious of banks, according to the latest Financial Trust Index released Tuesday by the University of Chicago Booth School of Business and Kellogg School of Management. Note also that trust in investor-owned credit unions is growing:

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  • Phi Asset Managers 12:43 pm on July 25, 2012 Permalink | Reply  

    Barclays appoints leader of professional services firm to drive culture change 

    Bring yourself 2 work

    Writing for Management Today Michael Northcott has just announced that “the spread eagle has hired one of the City’s biggest legal figures to conduct an internal review of the bank’s culture and practices.”

    Clearly the Libor and leadership scandal has hit Barclays the hardest so far and now, to try to put this particularly persistent  debacle to bed, the bank has brought in what they are calling an expert to lead an ‘independent business practices review’.

    Anthony Salz, a corporate lawyer who has been with one of the world’s largest law firms, Freshfields Bruckhaus Deringe for more than 30 years and for the last 10 was the firm’s senior partner and now vice-chairman at Rothschild, will lead the review. Apparently he will be supported by what is being called ” a team of dedicated staff “ and “will have a professional services firm behind him”.

    I’m not sure how…

    View original post 422 more words

     
  • Phi Asset Managers 12:42 pm on July 25, 2012 Permalink | Reply  

    Are big banks’ glory days gone for good? 

    Financial Post | Business

    NEW YORK – The summer of 2012 may be remembered as the time when regulation, scandals and a protracted slow-growth economy finally caught up with big American banks.

    Ever since the financial crisis, U.S. banks and their investors have held out hopes of a return to the good times, when lending profits steadily rose and commercial and investment banking flourished together. But analysts and investors are now questioning whether things have changed for good.

    Why invest in these companies? Somebody, give me a reason to believe

    “My gut says all these megabanks are worth more separately than combined,” said Bill Black, managing partner of Consector Capital, a hedge fund that focuses on bank trading. Smaller, more focused banks could attract investors, satisfy regulators and increase depressed stock prices, he said.

    Seven of the 10 biggest U.S. banks beat analysts’ average earnings expectations in the second quarter. But much of that…

    View original post 977 more words

     
  • Phi Asset Managers 10:45 am on July 25, 2012 Permalink | Reply  

    Big bank glory days are over 

    Apoc Terror

    By Jed Horowitz

    NEW YORK (Reuters) – The summer of 2012 may be remembered as the time when regulation, scandals and a protracted slow-growth economy finally caught up with big American banks.

    Ever since the financial crisis, U.S. banks and their investors have held out hopes of a return to the good times, when lending profits steadily rose and commercial and investment banking flourished together. But analysts and investors are now questioning whether things have changed for good.

    “My gut says all these megabanks are worth more separately than combined,” said Bill Black, managing partner of Consector Capital, a hedge fund that focuses on bank trading. Smaller, more focused banks could attract investors, satisfy regulators and increase depressed stock prices, he said.

    Seven of the 10 biggest U.S. banks beat analysts’ average earnings expectations in the second quarter. But much of that came from cutting costs and dipping into money…

    View original post 957 more words

     
  • Phi Asset Managers 9:17 am on July 25, 2012 Permalink | Reply  

    Are Big Banks Criminal Enterprises? 

    Governed By Morons

    Excellent post from Washington’s Blog chronicling a very long list of banking criminality.  For the complete list click HERE.

    Highlights…

    • Laundering money for drug cartels
    • Laundering money for terrorists
    • Engaging in rigging rates to defraud local governments
    • Shaving money off virtually every pension worldwide
    • Charging storage fees for non-existent gold
    • Raiding allocated gold accounts
    • Mortgage fraud: both when they are initiated and when they foreclose
    • Pledging the same mortgage multiple times to different buyers
    • Cheating homeowners
    • Committing massive fraud via LIBOR (London inter-bank offer rate).  Biggest known fraud in history
    • Engaging in insider trading
    • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves
    • Engaging in unlawful “frontrunning” to manipulate markets
    • Engaging in unlawful “Wash Trades” to manipulate asset prices
    • General and widespread market manipulation
    • Participating in various Ponzi schemes
    • Charging veterans unlawful mortgage fees
    • Helping the richest to illegally hide assets
    • Cooking their books

    View original post 95 more words

     
  • Phi Asset Managers 8:39 am on July 25, 2012 Permalink | Reply  

    Defining “good behaviour” at Barclays, why equities seems the most likely target for any redundancies 

     
  • Phi Asset Managers 8:39 am on July 25, 2012 Permalink | Reply  

    Little White Libor 

    Carp Diem (Fish of the Day!)

    The big problem with the Libor rate fixing scandal is that no one seems to be able to figure out who the victims were.  Barclay’s has been fined $450 million and had to fire its top three executives.  Four other big European Banks are now in the spotlight, and it won’t be long before Citi, JP Morgan and Bank of America follow them.  Attorneys general around the US are trying to figure out whom they can prosecute for what.  But they’re having a hard time because it isn’t obvious who, if anyone, got hurt.

    Libor is the only interest rate I know of that is neither promulgated by a single institution (which is therefore accountable for it) nor based on actual transactions (which makes accountability moot).  Instead, at 11:00 AM (GMT of course), a bunch of unnamed “contributor banks” selected by the British Banking Association call Thompson Reuters and report…

    View original post 512 more words

     
  • Phi Asset Managers 8:39 am on July 25, 2012 Permalink | Reply  

    Exclusive: Prosecutors, regulators close to making Libor arrests 

    The Awakened Zombie

    U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal.

    Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the suspects to notify them that criminal charges and arrests could be imminent, said two of those sources, who asked not to be identified because the investigation is ongoing….

    via Exclusive: Prosecutors, regulators close to making Libor arrests | Reuters

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  • Phi Asset Managers 8:38 am on July 25, 2012 Permalink | Reply  

    FP’s Terence Corcoran: The Libor fixes that weren’t 

    National Post | Full Comment

    As we all know, the great British financial institution, Barclays Bank, is guilty of manipulating the London interbank offered rate (Libor). As a result, the bank’s top executives — chairman Marcus Agius and CEO Bob Diamond — resigned three weeks ago, obviously guilty of financial wrongdoing described by one leftist chronicler as the financial crime of the century and by British Chancellor of the Exchequer George Osborne as a function of “systematic greed” within banking that had ruined the British economy.

    But what we all know is wrong. None of the grand claims of bank bashers, demagogic politicians, regulators and central bankers about Libor manipulation is supported by the facts as released to date by British and U.S. government officials. There is no evidence Barclay’s actually manipulated Libor rates, no evidence of systematic greed, no evidence of rate rigging and fraud. What we have plenty of evidence for, however, is…

    View original post 98 more words

     
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