Updates from July, 2012 Toggle Comment Threads | Keyboard Shortcuts

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

    Flawed Diamond 

    Advertisements
     
  • Phi Asset Managers 8:26 am on July 25, 2012 Permalink | Reply  

    The Big Bank Rant 

    Nocturnal Slacker v2.0

    To the Big Bank, the little guy is just an annoyance. They offer less services, charge more fees, and pay us minuscule interest.

    Why is that, do you think? Personally, I think it’s more of the same… uncontrolled, compassion-less greed.

    About a month or so ago, I received a letter from Wells Fargo explaining to that my “always free” checking account was not going to be free any longer. This was originally a Wachovia account. Wells bought out Wachovia a while back. They recently completed their changeover in Florida. I guess this was an inevitable thing.

    Well, I just don’t believe that a banking institute should be charging me fees to use my money to make more money for themselves. Granted, I don’t have millions on deposit with them, but neither do I cost them much for the services that I do utilize. So, I closed my Wells Fargo accounts.

    View original post 491 more words

     
  • Phi Asset Managers 8:14 am on July 23, 2012 Permalink | Reply  

    Time for ‘Banksters’ to Be Prosecuted 

    Activist Awake

    Washington Post | July 10, 2012

    by Katrina vanden Heuvel

    “Banksters,” the cover of the Economist magazine charges, depicting a gaggle of bankers dressed as extras off the “Goodfellas” lot. The editors were reacting to Libor-gate, the collusion among traders of major banks to fix the London interbank offered lending rate, the most recent, most obscure and the most explosive revelation from what seems a bottomless pit of corruption in global banks.

    Once more the big banks are exposed in systematic fraudulent activity. When Barclays agreed to a $450 million fine for trying to rig the Libor, its CEO offered the classic excuse: Everyone does it. Once more the question remains: Will CEOs and CFOs, as well as traders, be prosecuted? Or will they depart with their multimillion dollar rewards intact, leaving shareholders to pay the tab for the hundreds of millions in fines?

    The Barclays settlement exposed…

    View original post 748 more words

     
  • Phi Asset Managers 8:13 am on July 23, 2012 Permalink | Reply  

    Iceland Sends Banksters To Jail! 

    Bruce Balensiefer

    Several former Icelandic banking officials were jailed this week for fraud. Let’s hope the rest of the world learn by Iceland’s example and deals with financial criminals just like other criminals.

    http://www.icenews.is/index.php/2012/06/15/former-icelandic-bank-execs-jailed-for-fraud/

    View original post

     
  • Phi Asset Managers 9:43 am on July 20, 2012 Permalink | Reply  

    Generational Warfare 

    Off the Top o' My Head

    In an Esquire piece called “War Against Youth,” David Marche claims that Baby Boomers and older GenXers are robbing and undermining GenY. According to Marche, the federal government spends $480 billion on Medicare, but only $68 billion on education; $62 billion on drugs, but only $8 billion for Head Start. He cites a 2009 Brookings Institution study to state that the federal government spends seven times as much, per capita, on the elderly as on children.

    I had no idea that older generations are sucking the wealth out of younger generations. You can’t say that older generations did anything for the younger generations. Sure we raised them, but what did we really do for them? Not much, considering that the average child only cost his or parents a quarter of a million to raise. If parents were not so selfish they would spend a lot more on their children. My…

    View original post 336 more words

     
  • Phi Asset Managers 9:26 am on July 20, 2012 Permalink | Reply  

    Wall Street’s link to Libor – Guardian 

    What do you REALLY think?

    Wall Street’s link to Libor 

    Britain is abuzz with the Libor scandal, but so far it’s been a yawn in the United States. That’s because Americans have assumed that the wrongdoing is confined to the other side of the pond. After all, “Libor” is short for “London interbank offered rate”, and the main culprit to date has been London-based Barclays. It’s further assumed that the scandal hasn’t really affected the pocketbooks of average Americans anyway.

    Wrong, on both counts. It’s becoming apparent that Barclays’ reach extends far into the US financial sector, as evidenced by its $453m settlement with American as well as British bank regulators, and the US justice department’s active engagement in the case. Even by American standards, the Barclays traders’ emails are eyepopping, offering a particularly a chilling picture of how easily they got their colleagues to rig interest rates in order to make big bucks. (Bob…

    View original post 605 more words

     
  • Phi Asset Managers 12:11 pm on July 19, 2012 Permalink | Reply
    Tags:   

    GIGO 

    occasional links & commentary

    Once you’ve stated the obvious point that the financial sector “has grown to an unprecedented share of the economy,” how do you make sense of that growth?

    Well, if you’re Paul Krugman, you send us to Thomas Philippon’s unpublished essay, “Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation” (pdf) [ht: br]. And that’s when the fun—or the horror—begins.

    Here we have neoclassical economics in all its glory, starting with the following proposition:

    Since the opportunity cost of being a banker is the wage in the non-financial sector, and since this wage is proportional to aggregate productivity, the income share of finance remains constant on the balanced growth path.

    An extraordinary syllogism, based on two absurd premises—that the “wage” of a banker bears any resemblance to wages in the nonfinancial sector (has he bothered to even look at the levels of compensation…

    View original post 364 more words

     
  • Phi Asset Managers 12:11 pm on July 19, 2012 Permalink | Reply  

    Merkel wins Spain bank bailout vote with large majority 

    Financial Post | Business

    BERLIN – German Chancellor Angela Merkel easily won a parliamentary vote on a eurozone rescue package for Spanish banks on Thursday despite growing unease in her centre-right coalition about the rising cost of Europe’s debt crisis for German taxpayers.

    Merkel, who won broad opposition support, managed to secure a simple majority from her own coalition in the Bundestag lower house of parliament, whose members were recalled to rainy Berlin from their summer recess for this one-day session.

    With each vote on the eurozone’s debt crisis, concern about Germany’s creeping liabilities has hardened, prompting a growing number of coalition lawmakers to rebel in recent decisions and cramping the government’s room for maneuver in European policy.

    The Bundestag backed the bailout by 473 votes, while 97 voted against, including 22 from Merkel’s coalition — fewer than the 26 coalition deputies who rebelled in a more far-reaching vote on the eurozone’s permanent rescue…

    View original post 692 more words

     
  • Phi Asset Managers 7:26 am on July 19, 2012 Permalink | Reply  

    Bastille Day and Recent Compliance Scandals: Where Will They End? 

    FCPA Compliance and Ethics Blog

    Saturday, July 14 was Bastille Day, the French national holiday which celebrates the storming of the Bastille prison during the early days of the French Revolution in 1789. Simply because a revolution does not succeed does not mean that it should not be celebrated and certainly the French people overthrowing centuries of royal rule for liberté, egalité and fraternité is an event to be recognized. I thought about what happened to the revolution of 1789 and its spiral downwards into the Terror of 1794 in looking back over the past two weeks of stunning revelations about corrupt practices behind three of the biggest scandals of recent note; the financial scandals involving the LIBOR manipulation by Barclay’s, the unraveling of the brokerage firm Peregrine Financial Group, Inc. and the money laundering violations admitted to by HSBC. The question that would seem to arise is will these three scandals end with the…

    View original post 908 more words

     
  • Phi Asset Managers 7:24 am on July 19, 2012 Permalink | Reply  

    Banks Behaving Badly 

    Falling Awake

    Break the law? “Sorry about that!” will usually do, if you are a Big Bank

    Here are some recent improprieties by the big banks:

    • Engaging in mafia-style big-rigging fraud against local governments. See thisthis andthis
    • Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Detailshereherehereherehereherehereherehereherehere and here

    View original post 429 more words

     
c
Compose new post
j
Next post/Next comment
k
Previous post/Previous comment
r
Reply
e
Edit
o
Show/Hide comments
t
Go to top
l
Go to login
h
Show/Hide help
shift + esc
Cancel
%d bloggers like this: