Category: Credit Crisis 2010
The analysis published under this category are as follows.
Monday, December 12, 2011
Falsification of Greek public finance data : EU regulatory bodies' (absence of) response / Politics / Credit Crisis 2010
By: ECB_Watch
This is a follow up to the blog entry Deceptive tactics were used to thrust a head the nomination of the new ECB President. Here, we look into the broader issue of the falsification of Greece's public finance data: Eurostat audits, Jean Claude Trichet's willful hindrance against the release of ECB records, Goldman Sachs' communication, and whether the EU Parliament (Sharon Bowles), the Commission (Olli Rehn) and the European Securities and Markets Authority (Verena Ross) were proactive enough.Read full article... Read full article...
Sunday, December 26, 2010
Ernst & Young Charged with Collusion in Lehman's Fraud / Politics / Credit Crisis 2010
By: Barry_Grey
New York Attorney General Andrew Cuomo filed a civil suit Tuesday in the state’s Supreme Court charging the giant accounting firm Ernst & Young with complicity in massive fraud committed by Lehman Brothers in the months leading up to the investment bank’s September 2008 collapse.
In a statement, Cuomo said that Lehman used an accounting gimmick that “was a house of cards business model designed to hide billions in liabilities in the years before Lehman collapsed.” He continued, “Just as troubling, a global accounting firm, tasked with auditing Lehman’s financial statements, helped hide this crucial information from the investing public.”
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Thursday, December 23, 2010
Alabama Town Defaults on Pensions, Files for Bankruptcy Protection / Interest-Rates / Credit Crisis 2010
By: Mike_Shedlock
The dubious honor of being the first city in the nation to completely default on pension obligations goes to Prichard, Alabama. The city has sought bankruptcy protection twice and is flat broke. It faces a choice of paying to keep city services like police and garbage running or pay pensions. It selected the former.
Monday, December 20, 2010
Wall Street Wealth Bailout, The Bernank Who Stole Christmas / Politics / Credit Crisis 2010
By: James_Quinn
Ben Bernanke is a highly educated PhD from Princeton who has never worked a day in the real world since he graduated from college in 1975. His entire life has been spent in the ivory tower of academia surrounded by models and theories that work perfectly in the comfort of his office. After building his reputation as an "expert" on the Great Depression by studying it and reaching the wrong conclusions, he came down from his ivory tower in 2002 to join an organization that has systematically destroyed the value of the US currency, thereby undermining the well being of the once vibrant middle class.Read full article... Read full article...
Sunday, December 19, 2010
"Shadow Lending" and the Financial Crisis / Politics / Credit Crisis 2010
By: Bob_Chapman
What the tax package proves conclusively is that the President, the House and the Senate have absolutely no intention of getting their fiscal house in order. We will address the lurid details later. There is no change in the policies of borrowing continuously in order to sustain current consumption and to keep the economy from collapsing. As far as we are concerned the hold up in the package was to load it up with pork and stimulus. Some call it bells and whistles – we call it irresponsible. The Fed and all the players are buying time and 70% of the public knows that and they are going along with it. Very few want to face the music.Read full article... Read full article...
Tuesday, December 14, 2010
The US Economy is A Giant Ponzi Scheme, Prosecuting Wall Street Fraud / Politics / Credit Crisis 2010
By: Washingtons_Blog
Bill Gross, Nouriel Roubini, Laurence Kotlikoff, Steve Keen, Michel Chossudovsky and the Wall Street Journal all say that the U.S. economy is a giant Ponzi scheme. Virtually all independent economists and financial experts say that rampant fraud was largely responsible for the financial crisis. See this.
Monday, December 06, 2010
Big Banks Are Stifling Economic Growth & Taxing Consumers / Stock-Markets / Credit Crisis 2010
By: Dian_L_Chu
Have you noticed the price of oil lately? It’s $90 a barrel in a dismal economy with unemployment hovering around 10%. The problem with Fed chairman Bernanke`s latest QE 2 initiative is that he has just given more access of cheap money to the big banks.
Friday, December 03, 2010
Credit Crisis in Europe, Teetering on the Edge of Collapse / Interest-Rates / Credit Crisis 2010
By: EWI
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Friday, November 26, 2010
Euro Debt Crisis Bankruptcy Bailout Queue, Protect Savings & Deposits From Banks Going Bankrupt! / Personal_Finance / Credit Crisis 2010
By: Nadeem_Walayat
The global banking system that publicly went bankrupt during September 2008 prompting government interventions in the form of capital injections, buying of toxic assets, insurance of bad debts and even outright nationalisation's has started to bankrupt the states that bailed them out, starting with the smaller states with Iceland setting the ball rolling, and this year the bailiffs came knocking on the doors of the Eurozone club members, with first Greece, and now Ireland requiring a Euro-zone bailout (German) to prevent debt default bankruptcy, where if one falls then soon would all of the dominos tumble.
Monday, November 22, 2010
FDIC: 903 U.S. Banks in Trouble, What to do … / Stock-Markets / Credit Crisis 2010
By: Martin_D_Weiss
Martin here with an urgent update on the next phase of the banking crisis.
Just this past Friday, the government released new data showing that the FDIC’s list of “problem banks” now includes 903 institutions.
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Friday, November 19, 2010
Europe’s Dirty Secret, Financial Elite Looting Public Treasuries / Politics / Credit Crisis 2010
By: Barry_Grey
In a revealing admission concerning the relationship between capitalist governments and international financial interests, the Financial Times on Tuesday wrote of “Europe’s dirty secret.”
The newspaper editorialized against the plan of the European Union, the European Central Bank (ECB) and the International Monetary Fund to loan Ireland tens of billions of euros in order to guarantee in full the investments of international bankers and bondholders in the country’s failing banking system.
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Saturday, November 13, 2010
Jamie Dimon and Robert Rubin: Evasive on "Fraud as a Business Model" / Politics / Credit Crisis 2010
By: Janet_Tavakoli
Foreclosure fraud isn't about losing paperwork or having incorrect paperwork. It is about committing fraud and trying to manipulate the U.S. legal system. No one -- not even a bank -- can show up in court with phony evidence.
State Attorneys General decry foreclosure fraud, because among other things, people signed affidavits making representations that were untrue. This is fraud on the court. All of these foreclosures may be vacated.
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Friday, November 12, 2010
Ireland Goes Bust, Irish Bank Run / Economics / Credit Crisis 2010
By: Mike_Whitney
There was a bank run in Ireland on Wednesday. LCH Clearnet, a London based clearinghouse, surprised the markets by announcing it would increase margin requirements on Irish debt by 15 percent. That's all it took to send investors fleeing for the exits. Yields on Irish bonds spiked sharply as banks tried to close positions or raise the capital needed to meet the new requirements. The Irish 10-year bond soared to 8.9 percent by day's end, more than 6 percentage points higher than "risk free" German sovereign debt. The ECB will have to intervene. Ireland is on its way to default.
Sunday, November 07, 2010
Greenspan and the Economic Crisis, "Moral Hazard" and Financial Fraud are the Main Problems / Politics / Credit Crisis 2010
By: Washingtons_Blog
Even Alan Greenspan is confirming what William Black, James Galbraith, Joseph Stiglitz, George Akerlof and many other economists and financial experts have been saying for a long time: the economy cannot recover if fraud is not prosecuted and if the big banks know that government will bail them out every time they get in trouble.
Friday, November 05, 2010
Financial Fraud in Germany, Deutsche Bank and the US Mortgage Scam / Companies / Credit Crisis 2010
By: F_William_Engdahl
The earlier filing of fraud charges against Wall Street banking titan Goldman Sachs by the US Government Securities and Exchange Commission (SEC) was only the tip of a huge fraud iceberg. Now a US mortgage insurer has charged one of the most aggressive banks involved in the US subprime mortgage scam of fraud. The bank is none other than Deutsche Bank. This case is also likely to be just the “tip of a very big iceberg.”
Friday, October 29, 2010
Time for a New Theory of Money / Politics / Credit Crisis 2010
By: Ellen_Brown
The reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”—something independent of the relationship it facilitates. But today there is no gold or silver backing our money. Instead, it’s created by banks when they make loans (that includes Federal Reserve Notes or dollar bills, which are created by the Federal Reserve, a privately-owned banking corporation, and lent into the economy). Virtually all money today originates as credit, or debt, which is simply a legal agreement to pay in the future.
Wednesday, October 27, 2010
Imminent Big Bank Death Spiral Means Gold Price Will Sky Rocket / Stock-Markets / Credit Crisis 2010
By: Jim_Willie_CB
The mortgage & foreclosure scandal runs so deep that ordinary observers can conclude the US financial foundation is laced with a cancer detectable by ordinary people. The metastasis is visible from the distribution of mortgage bonds into the commercial paper market, money market funds, the bank balance sheets, pension funds under management, foreign central banks, and countless financial funds across the globe. Some primary features of the cancerous tissue material are mortgage bond fraud, major securities violations, absent linkage to property title, income tax evasion, forged foreclosure documents, duplicate property linkage to single mortgage bonds, NINJA (no income, no job or assets) loans to unqualified buyers, and more. In fact, more is revealed it seems each passing week toward additional facie to high level and systemic fraud. The world is watching. The growing international reaction will be amplified demand for Gold, from recognition that the USDollar & USEconomy have RICO racketeering components extending to Wall Street banks and Fannie Mae mortgage repositories.
Wednesday, October 27, 2010
U.S. Bank Failures Trend in Slow Motion / Stock-Markets / Credit Crisis 2010
By: Douglas_French
Every Friday evening a few more banks are closed — seized by the various state banking regulators and handed over to the Federal Deposit Insurance Corporation (FDIC) for liquidation. This all happens rather quietly, barely making the news. We're told these bank failures are no big deal. No reason to panic. The names of the banks change over the weekend and many customers don't notice the difference.
We've only had 294 failures this cycle, but it is a big deal: adjusted to current dollars, the Depression banking crisis was $100 billion, the S&L crisis was $923 billion, and the current crisis is nearly $8 trillion.
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Friday, October 08, 2010
The Biggest Fraud in the History of the Capital Markets / Politics / Credit Crisis 2010
By: Janet_Tavakoli
Ezra Klein: What’s happening here? Why are we suddenly faced with a crisis that wasn’t apparent two weeks ago?
Janet Tavakoli: This is the biggest fraud in the history of the capital markets. And it’s not something that happened last week. It happened when these loans were originated, in some cases years ago. Loans have representations and warranties that have to be met.
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Thursday, October 07, 2010
Bank Credit: Securities vs. Loans - Guidance about Lags from History / Interest-Rates / Credit Crisis 2010
By: Asha_Bangalore
The role of bank credit in economic recoveries was the theme of the August U.S. Economic and Interest Rate Outlook (Bank Credit: One Month Does Not Make a Trend, But..). The main conclusion of the commentary: A lack of growth in bank credit is the major culprit behind the lackluster recovery. Chart 1, a repeat from the August commentary, illustrates the close link between bank credit and economic growth.