ACTION STUPIDEet MEPRISABLE, RAMPAGE of approximately 250 tombs
5 teenagers either saying (let me to doubt?), because honestly, they should be, that it is at least double with strong reprints chantier(on aurait vus les traces,!) gear Tire-fort at low cost , chais not but, frankly skilled, for what did, to + 250 graves, you already trying to lift the same break in 2, me non plus(mais, je me rappel un bloc de béton,que j’avais retirait d’une vieille piscine), but that should not be light, it had to beings of the HULKs,In short, imagine you, that one learn you, that one just to stop is, your brother, your cousins, your genre, short someone, your family, and that a COP tells you, on the ‘ stop with several kilo’s dope(coc,ou Héro,brown,et autres exta,,ou un GLOCK,un 9 mm Parbellum,bref,une arme…quoi!)What about you, knowing that this one wants you to believe, is false; as your cousin, son-in-law, uncle, Ben, beautiful sisters, or possibly the dealers, armed COCs hero, outside and other brown, pink, white
BIG DOUBTS?car fake
Understand you, why, we want more of you yourself, and your VALLS
Thank you for the gift of the Atelieres
Pitiful , already, that should replace the furnaces in route(je sais,c’est pas évident, mais pas impossible, à inductions corroco) mittal at Arcelor mittal, did the damage
Photovoltaic energy, and not that wind turbines, any one, opposite the Church of Coutances « one who has sinned by debt must perish in down and out, it’s not me, but jela is »
THAT said, you can still avoid receivership their paying 1 million €
Knowing that they must avoir70 € 00 for unpaid, finally, I say it me!
You will be just, repaid quickly.
This point is important. He returned to take into account the objections of the Russia as the Ukraine-EU free trade agreement, and it puts an end to the claims of the United States « to isolate the Russia. The France and the Germany are committed to rebuilding the infrastructure of payment systems, and the Ukraine agrees to resume the payment of social benefits which were suspended for inhabitants of the Donbass. It is undoubtedly a victory for the Russia.
October 15, 2013, one learns the suicide of Mr Alain Vigneron, worker of ArcelorMittal Liège. In a letter, he explained his gesture: « my small wife and my daughter, I want you to know that I love you but Mr Mittal has taken me about: pride, politeness and the courage to fight for my family. »
Symbol of the ‘made in France’, « the Atelieres » placed in liquidation
By AFP, published on 16/02/2015
Lyon – Erected as a symbol of the ‘made in France’ by Arnaud Montebourg, then Minister of productive recovery, the « Atelieres » cooperative in Villeurbanne (Rhone), specializing in women’s luxury lingerie, has been placed in receivership Tuesday.
The decision was announced at the exit of the commercial court of Lyon by Muriel Pernin, President of the cooperative which employs 30 employees, including Lejaby ex-ouvrieres who had lost their jobs at the time of the restructuring of the mark in 2012.
« We asked to be able to remain in the company until tomorrow evening, which was granted with a certain benevolence », added Ms. Pernin. » The tribunal agreed that the cooperative can « Finish saved commands », some having been passed in the night.
« This will also, to me, good accompany my staff as from Thursday morning, no one can go back to the Atelieres », she continued.
On 5 February, the cooperative, created in 2012, had been declared in cessation of payments. The Russian crisis, 70,000 euros of unpaid debts and large declines in orders including explain these difficulties, according to Ms. Pernin.
The late arrival of the first collection of the company for the Christmas period, « which would allow to free itself from subcontracting », as well as the Parisian January attacks – « not conducive to consumption » – also contributed to this failure.
-‘It would be nice to save this job’-
In addition, the first partner of the Atelieres, the House Lejaby, has made only 6,500 parts in 2014 against 14,000 ordered. « It was a vessel, a light ship who had to face headwinds that were still very violent, » said Ms. Pernin, « one can be sad unable to continue longer ».
« Attempted an adventure that was difficult », »we tried to invent what did not exist in France, namely a production model of the lingerie corsets in small series »: ‘it would have taken us a little more time », it ruled.
« It is very hard to live this kind of event », said for his part the staff delegate, Amandine Bardy, 24 years. » « What is hard, he’ll announce it to colleagues (…) is and to know that there are us more than 48 hours to stay in this business, hoping that maybe by some miracle there is a transferee that occur… It would be nice to save this job which is disappearing ».
Steps have been initiated to try to find a buyer, said Ms. Pernin.
After the court hearing, Mrs Pernin and Baker returned to the workshop in Villeurbanne to announce the decision to employees who have refused to speak to journalists.
« It was not a surprise. Expected but when it is said verbally, it’s always harder. But there is still hope, trying to keep still for the last hours that still us », has just added Ms. Bardy. »
In 2014, « the Atelieres » have achieved a turnover of 230,000 euros. Its losses are estimated at some 800,000 euros. Cooperative society of interest (CICS), the company manufactures of high range lingerie, 100% French manufacture. After having already touched the liquidation, she collected 657.150 euros during a subscription « citizen » in March 2014.
This capital raising had been commended by Arnaud Montebourg and Benoît Hamon, Minister of social economy. This sum is was then added a line of bank loans of 350,000 euros guaranteed 70% by the public investment bank (BPI). A first appeal for donations had brought together 250.000 euros in 2012 to the creation of the company.
Super good analysis of a guy, Quentin Ravelli (sociologist), it isn’t that. sociologist with the blonde who shows health on the five, I think, you know the show, or Thierry LHERMITTE was invited (, moreover, it is very long, I have it in my sights, since the bronzed, as much, but also more recently when he made, a pub for the SNSM, and the benefits of the electric with its electric car L) (short, you understand that it is a man that I very much appreciate.)
I was thinking about this doctor, chestnut blond, who spoke on hormonal problem in women who explained, how, could be treated diabetes, and this with explanations that I understand, and relevant comments, frankly, if I could draw, anyone could have done (as said a comedian, « and again, wide chuis »), if I say it, this is because I know a little bit the problem, then, understand a Romanian doctor who practices in France no problem, I swear that I have nothing against the fact that he practiced, but P-T-N, already, when French, when they speak with their doctor jargon, and I have trouble cottoned, but in roumain(décidément les termes+l’accent), must have made LEA for medicine,
GILLES SAVARY, rapporteur of the Republic, I think, for the macron, said Savary law, as soon as one moves a trinket on the chimney, when he talks about the macron law (we are told something, is not of the text.)I have in life to respond to this asshole, that for him, a backward and feeble-minded, law called « law MACRON » if it is ca renewal, and the famous change, soon it will roll in charrette(quoique en moldavie,ils le font bien,mais ici,j’ais le choix), and on spéculera grain of oats, and is a trinket to turn, I dunno, mem, if he would leave in flea markets, you are frankly of clowns.
Sincerely MmeFRAYSSE you have provided, Mr DASARI MARC, idem, (Lentz!)
Collect pilgrims and the bricks of money: Switzerland HSBC Bank operated as vending machine tickets for rich clients Monday, February 9, 2015
Data cache leaks show how throughout 2005, dozens of account holders arrived in Geneva, often emerging with foreign currency in Switzerland
Not far from his Jet of water, the famous fountain in Lake Geneva, a sign of the huge rooftop said proudly: « HSBC Private Bank ». Money is a not simply talk about here: he shouted. But the actual facts of what is going on inside of no. 2, Rue Dr-Alfred-Vincent were less well publicized. Through its revolving doors, a stream of visitors slipped in and again with packets of money in non-traceable banknotes then.
From information contained in the files of leakage of the Swiss subsidiary of HSBC, the goalkeeper was able to reconstruct a journal of a year in the life ofVending machine ticket of HSBC. Large cash transactions are a sign of classic warning to bankers. But instead of withdrawals or even question them, the Bank was delivered repeatedly packages of untraceable bank notes.
Water jet, the famous fountain in Lake Geneva near the Swiss private bank of HSBC, which is located. Photo: Felix Clay / goalkeeper
Tax specialist UK Jolyon Maugham lawyer says: « why the hell you would make to « Switzerlandout of sterling cash? Why do you ask only the Swiss branch over the money in your bank account in the United Kingdom? « I have difficulty seeing the answer to this question that doesn’t involve you eager to forget British tax authorities that you have money in a bank account in Switzerland. »
Only when these facts later learned has made reform of the Bank. It says it seeks now to operate « strict controls » on withdrawals of more than £6 600.
Day after day, throughout 2005, a succession ofnumbered account holdersvenus, United Kingdom, France, Germany, Scandinavia, USA, Italy, Spain, Belgium and the Netherlands. Often, they emerged with currency of little use in Switzerland itself. These pounds sterling, euros, US dollars, same Danish Crown, were to move to the House, or sometimes to buy villas and apartments abroad.
, Some customers have been frank that they were dodging tax. Retired accountant Andrew Sebastian, which raised a total of £50 000, this year, said that from HSBC, leakage data of, he had settled with HMRC for a payment of £42 722.
A British antiques dealer, Carolina Carrier, picked up cash £12 000 in April, and a further £12 000 in August. She told the Guardian the case had been « settled legally » in 2010, and HMRC has collected all taxes owed on his inherited account.
Others have denied wrongdoing or gave no explanation for their withdrawals when contacted by the guardian. In the absence of any explanation, it is not possible to determine if withdrawals were for legitimate purposes.
Arlette Ricci, Nina Ricci perfume heiress, was the equivalent of £ 15 million in Swiss accounts. The Bank provided him with 10 packets of €7 500 each throughout the 2005, approximately in total £60 000. She denies any wrongdoing.
Trader jewelry Harry Fane, younger son of the Earl of Westmorland, who had a total of up to £700 000 inHSBCSwiss accounts, told the Bank he wanted large sums of money « to fund ongoing construction work on his property in London’. His lawyer told the Guardian were his financial affairs private, took place quite legally, the accounts have now been closed and no tax was outstanding on their.
Hanne Tox, the widow of a Danish industrialist, has not responded to invitations to comment. It took a total of 200 000 krone (approximately £21 000), £1. 25 m offshore trust account. According to records, HSBC pointed out that contact should go via a parent to London, « critical, because it is an indictable offence with an undeclared foreign account ».
An another Dane, who won the money in Switzerland was a merchant of meat Torben Lenzberg. Lenzberg Danish telephone on the file of the bank number is marked ‘ do not contact! Again, this could suggest that the Bank was aware of a conflict with Danish law. HSBC said banned from its postal service Switzerland ‘hold’ whereby it takes all correspondence and no call phone gift. Lenzberg has not commented.
Another British, registered as having a £2 m to share in a trust fund inherited went half a dozen times at the branch of the Bank Zurich. She collected £70 000 in the year, insisting that it wanted British low-denomination « used the note ».
Untraceable cash, statements to become volunteers. Tax inspector old Richard Brooks told the Guardian: « If you withdraw money from a bank in Geneva or Zurich, there is no trace of this here. » Most wealthy individuals will get their accountants to fill in their tax returns. They will work from their banking records. « But there’s nothing for your accountant see.
A particularly important transfer by the Bank of $100 000 (£ 66 000) to trade Swiss tax diamond Beny Steinmetz was accompanied by an explanation innocent. He said the Bank is for the costs of travel and fuel for trips to South Africa and Russia. (He said that he is fully satisfied all applicable laws).
Eufemiano Fuentes, a Spanish doctor subsequently to be recognized guilty of doping of athletes, whose offshore funds came from illegal doping of riders, withdrew a total of €265 000 in cash during the year, stating that it was to buy a boat and pay his daughter’s hospital bills.
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HSBC files: Secret how account Switzerland data detailing the misconduct came to light
More normal withdrawals amounted to £ 10 000 to £ 20 000 once. The pilgrims of cash UK also included property dealers, owner of a diet clinic and a toy manufacturer. In a clever racket, HSBC Manager that Nessim Elmaleh pleaded guilty in 2013 for a clever money-laundering operation in which rich clients Paris HSBC would get untraceable cash generated on the product of big drug deals in the city. Elmaleh would reconcile payments by transferring funds from the accounts of clients to those of the drug kingpins.
Records show the Bank reassuring another British who collected £30 000 in cash « in a hurry », noted the HSBC. « He was under the impression that Swiss banking secrecy has been lifted and the family is trying to remove their assets. » I told them that this was not the case and that they did not need to reduce their account so fast. »
The British owner of a furniture store in Central London said its illegal intentions. According to flight records, he said: « What is the point of having ‘offshore’ money if it cannot have access? »
The Bank said that he wanted « to have someone who would bring cash to the United Kingdom. » He is not interested in the service that we could possibly bring him to HSBC Premier in Knightsbridge, he must identify themselves by Passport! He has said, « I do not know in your part of the world, the banks that are able to provide this service, using… their representative to the Panama to bring in cash. » »
But managers of HSBC has refused such mail cash themselves beyond the borders. They told him instead that they were ready to provide ‘passive’ assistance, but not « active ».
View of the Geneva Jura. An American client of operation Switzerland of HSBC has admitted that the Bank gave him $100 000 in « bricks » of American banknotes. Photo: Felix Clay / goalkeeper
Despite his prudence self-protection, made HSBC however seem to have warned clients to behaviours that could alert the taxman. In another case, a banker said two customers ‘requested to make withdrawals in the United Kingdom. I told them that the ‘limit’ was £10 000 – information obtained from the conformity of HSBC in London, who spoke to HM Customs in 2003… « If a person with funds exceeding £10 000 is arrested by Customs it had better have the right answers. »
Evidence of a pattern of misconduct is supported by the outcome of the Court’s judgments in the United States andEurope. A few months earlier the IRS officially received the leak data Swiss HSBC, American surgeon Andrew Silva admitted in 2010 that Switzerland HSBC Bank deliberately gave him « bricks » $ 100 000 in notes, in secretly post in a series of envelopes. According to the court documents, the Bank told its clients not silver wire because it « would create a pathway for the US authorities ». In a 2013 prosecution, Vaibhav Dahake, a businessman from New Jersey, similarly admitted bankers HSBC warned not to carry over $ 10 000 in illegal funds, but ‘to stay below the radar’.
U.S. attorney Paul Fishman said at the time: « Bankers should encourage their customers to comply with the law, not advise them how to break. »
Files HSBC show how Swiss tax dodge helped clients of the Bank and hide millions Guardian
Data in solid cache of secret bank account files disclosed raises lid on questionable practices to the subsidiary of one of the largest financial institutions in the mondeBras Bank Switzerland of HSBC helped clients wealthy dodge taxes and conceal millions of dollars of assets to distribute wads of untraceable money and advises clients on how to circumvent national tax authoritiesAccording to a huge cache of leaked secret bank account files.
Files – obtained through an international collaboration of media, including the guardian, the French Le Monde newspaper BBC Panorama and the Washington-based International Consortium of investigative journalists – reveal Swiss private bank to HSBC:
• Systematically allows customers to remove bricks of money, often in foreign currencies of little use in Switzerland.
• Aggressively marketed schemas that may allow wealthy clients to avoid EU taxes.
• Was in collusion with some clients to hide accounts not reported by « Blacks » of their national tax administration.
• Release of accounts to international criminals, corrupt businessmen and other people at high risk.
The HSBC files, which cover the period 2005-2007, amounted to the largest bank leak in history, highlighting a few 30 000 accounts holding nearly $120bn (£78bn) of assets.
The revelations will amplify calls for the Suppression of tax havens offshore and stoke political arguments in the United States, Britain and Europe where the finances are perceived to be a battle lost to Shearwater on the fleet and from wealthy individuals in the globalised world.
Approached by the Guardian, HSBC, the second largest bank, has now admitted wrongdoing by its Swiss subsidiary. « We recognize and are accountable for compliance and control failures, » the Bank said in a statement. Arm of Switzerland, the statement said, had not been fully integrated in HSBC after its purchase in 1999, allowing ‘significantly lower’ standards of compliance and due diligence to persist.
That response raises serious questions about the surveillance operation Switzerland by senior management and its parent company, HSBC Group, whose headquarters is in London. Now, he acknowledged that it was not until 2011, that decisions have been taken to align the Bank Switzerland. « HSBC has been run in a way more federated that it is today and the decisions are often taken at the country level, » the Bank said.
HSBC was conducted during the period covered in the files by Stephen Green – now Lord Green – who served as the Chief Executive Officer of the World Bank, then Chairman of group until 2010, when he left to become a Minister of trade in the House of Lords for the new Government of David Cameron. He declined to comment when approached by the guardian.
Although the tax authorities around the world have accessed confidential files leaks since 2010, the true nature of the fault of the Bank Switzerland never was made public so far. Hollywood stars, traders, royalties and the functionality of merchants of clothes in files as well as the inheritors of some of the wealthiest in Europe.
In a memo, a manager of HSBC is recorded discussing how a financier based in London, including the bank code name « Painter » and his partner might cheat on tax Italian. « The risk for the couple is, of course, that upon their return to Italy the UK taxman will pass on the information about them to the Italian tax authorities. My point of view on what was… risk was clearly. »
According to records, HSBC Swiss Bankers were also prepared to assist Emmanuel Shallop, who was subsequently convicted for trafficking of « blood diamonds », the illegal trade that fuelled the war in Africa. »
Recording a memo: « we opened a business account for him based in Dubai… ». The client is currently very careful because it is under pressure from the Belgian tax authorities who are investigating his activities in the field of fraud tax diamond. »
Records indicate that managers of HSBC have been serene that a client collecting bundles of cash to wreaths may violate Danish law. Personal HSBC have been ordered: « all contacts through one of his 3 daughters living in London. Living in the Denmark, i.e. critical account holder because it is a criminal offence with an undeclared foreign account. »
Switzerland HSBC bankers regularly handed over large sums of money to visit customers, ask a few questions, records show. The Bank said that it had since tightened its controls. « Altered conditions allowed the private bank to refuse a request to withdraw cash and placed strict controls on withdrawals over $10 000 [£ 6 600], » its release.
An example of the former system detailed in the files involves Richard Caring, a British Tycoon and owner of the Ivy’s celebrity-packed London restaurant, which, on one day in 2005, removed 5 Swiss francs m (£2 25 m) in cash. When the guardian asked him why, he refused to explain. His lawyer said that it was a private matter and no irregularity in question. Deal with the UK tax status allowed legally to keep the secret of the tax administration on its accounts.
Records show how HSBC in Switzerland has strongly marketed tax avoidance to its wealthy clients strategies. The respondent Bank proactively customers in 2005 to propose ways to avoid a new tax on savings accounts Swiss of the citizens of the EU, a measure through a treaty between the Switzerland and the European Union to deal with secret offshore accounts.
The documents show also the Swiss subsidiary of HSBC, providing banking services to members of the family of dictators, people involved in African corruption scandals, the figures of the arms industry and others. Rules Swiss Bank have since 1998 required high levels of due diligence on the accounts of figures politically connected, but documents indicate that in the HSBC provided banking services successfully to these controversial people.
Proof of the guardian of a pattern of misconduct at HSBC in Switzerland is supported by the results of recent judgments of the Court in Europe and the United States. The Bank has been named to the United States as a co-sponsor of a conspiracy for the transfer of « bricks » $ 100 000 a time at the American surgeon Andrew Silva in Geneva, so that it could implement species illegally to the United States.
Another American client, Sanjay Sethi, pleaded guilty in 2013 to cheating the United States tax authorities. He was one of a group of clients of HSBC sentenced. The accusation, said that HSBC banker has promised « the undeclared account would of [its] assets to grow tax-free, and laws on banking secrecy in Switzerland would Sethi conceal the existence of the account.
In France, a manager of HSBC, Nessim el-Maleh, was able to run a pipeline of cash which were collected in plastic bags full of foreign currency from the sale of marijuana to immigrants in the suburbs of Paris. The money was then round to the respectable customers of HSBC in the French capital. Bank accounts in Switzerland were manipulated to pay off drug traffickers.
HSBC already knows criminal investigations and charges in France, Belgium, the United States and Argentina following the leak of the files, but no legal action was taken against it in Britain.
Taxes former Inspector Richard Brooks told BBC Panorama in a program that will be broadcast Monday night: « I think they were a service tax avoidance and tax evasion. I think that’s what they offered.
« It is very little reason to have a bank account offshore, apart from just tax savings. There are people who can use a… account in order to legally avoid tax. For others it is just a way to keep the secret about the money. »
The labour party said: « tax evasion and escape harm taxpayers in Britain and undermines public services like the NHS. » What is truly shocking is that HMRC were fully aware of these practices in 2010 but since then very little has been done.
The reality of the Greek debt that had onblier tell us!
(valid for all Europeans)
Debt Greek some general figures, first
11 million inhabitants
GDP: EUR 180 billion
Public debt: 320 billion euros (176% of GDP).
GDP: fall of 25 per cent between early 2008 and late 2014 (6 years of recession). The equivalent in France of 500 billion euros less.
GDP which had decreased-3.9% in 2013 would have thought (according to the Government of Antonis Samara) of 1.6%. It is true that when one touches the bottom, it is sometimes possible to trace a little but nothing says that we can reach the surface.
The public deficit would be spent-13.5% of GDP end of 2013 to-1.6% of GDP. The last figure concerns only the primary deficit (excluding interests of debt while it is one of the main problems). This figure is, anyway, disputed by the EU.
The so-called ‘rescue plans’ of the Greece
Figures – Attac – Austria (reproduced by Attac France) – June 2013
Cannot have other figures, the Troika (ECB, Commission, IMF) servicing the greater opacity on the destination of the so-called funds paid to the Greece.
Total ‘aid’: EUR 207 billion since March 2010.
23 slices of funding, after checking that plans social destruction (« conditionalities » say) have been met.
Went to the Finance
58 billion : recapitalization of the banks.
101 billion : paid to creditors of the Greek State (mainly the European banks and us)
1 billion : contribution of Greece to the financing of the European stability mechanism. The sad image of a lifeguard adding a kilo of pellets at the feet of a person drowning.
35 billion euros went to the payment of interest on the Treasury Bills waiting (for the 4th quarter of 2010 in the 4th quarter of 2012). ATTAC does not recognise these amounts in amounts that have gone to Finance but it is the only source of funding for Greece (apart from funds of the Troika and the taxes in Greece) who has more access to financial markets are speculators who buy these Treasury bills. 3 month Treasury bill rates (and therefore without real risk) 5%, a jackpot for banks.
Altogether 195 billion went to Finance.
The Greek State has, moreover, affected an envelope of EUR 10 billion to the defence budget (2010-2011) reducing military expenditure, which would have harmed the German and french arms manufacturers. The Greek defence budget amounts to 4% of GDP in Greece compared with 2.4% in France.
Therefore, in total, EUR 195 billion which went to Finance and 10 billion to the market from canon. A total of EUR 205 billion on 207 billion. The Greece did in would have earned only 2 billion.
Alleged the Greece rescue plans were bailouts of Finance which the Greeks did not see color.
These were, moreover, paid into a special account at the request of Nicolas Sarkozy and Angela Merkel.
When Merkel and others speak of « solidarity » with the Greece they forget that this solidarity was exercised towards banks and non of the Greek people.
In return for these 2 billion, the Greece saw impose plans austerity and structural reforms which have resulted in:
-25 consecutive quarters of recession and a decrease of 25% of its GDP in 6 years.
-An unemployment rate exceeding 26% of the active population, 60% for under-25s (which are no longer in school or University, but looking for a job).
-The dismissal of tens of thousands of civil servants.
-A fall of 33% of the average wage in private enterprises. A fall of 30% of domestic demand. The minimum wage has decreased by 22% and 32% for less than 25 years. Pensioners decreased, on average, by 25%. Social allowances have melted, they too, like butter in the Sun.
-A poverty rate equal to 36% of the population.
-Cuts in public services. Cuts of 40% in health which resulted in the breakdown of drug supply and the multiplication of street hospitals, free, thanks to the dedication of doctors and paramedics.
-The merger and privatization of some 50 public agencies for the benefit of multinationals German and French.
And for what result, ultimately:
Public debt which stood at 113% of GDP early 2009 today amounts to 176% of GDP.
The policy imposed by the Troika has not only brought an economic and social disaster but it resulted in financial disaster while his displayed goal was to reduce the public debt of the Greece!
Where does debt Greek?
She began his sad career under the regime of the Colonels from 1967 to 1974 period during which it has been multiplied by 4.
She continued with the 1975 Constitution and a series of laws that allow Greek shipowners to benefit from 58 different tax breaks.
The Orthodox Church , main landowner in the country, was almost totally spared by the Fisc.
The tax system has helped the main Greek fortunes to place more than 600 billion euros in Switzerland (more than three times annual GDP) without these sums are stricken from the lower tax.
Public debt increased with expenditure on armaments which are of the Greece the European country which has the military budget the higher proportion of wealth (submarines of Thyssen-Krupp scandal).
The multiplication by 20 of the original price of the 2004 Olympic Games, has resulted in a hole of 40 billion euros.
The extent of the Greek public deficit was revealed in 2009, by Georges Papandréou (Pasok), which update the makeup of accounts by right of Kostas Karamanlis ‘ new democracy ‘ Party. It is the yet the successor of Kostas Karamanlis at the head of this party, Antonis Samara, who had masked accounts of the Greece François Holland, barely elected, had gone support in June 2012, in Athens.
The growth of the crisis since 2010 is the product of the combination of the cures of austerity that plunged the country into recession and financial speculation which blew up interest rates (6% end 2009 and 12% early 2010).
Why speculators Bank risk premiums?
Banks which speculated on the Greek government debt could borrow from the ECB (at the rate of 1%) the funds that enabled them to speculate by acquiring the Greek public debt at rates ranging between 6% and 12%. Today, after the last decisions of Mario Draghi, they can borrow from the ECB at the rate of 0.05% and lend at more than 10% to the Greece.
Speculators want both the belt and the shoulder straps. They want to collect the 6% or 12% interest that they are paid because they are taking a risk, but they do not want to assume this risk when it turns out that their speculation is losing. And the EU supports. It must be said that these speculators are banks and that the EU will never nothing denied them.
Greek employees do not pay tax?
They pay the most unfair tax, VAT, « memoranda » Troika did switch from 19% to 23%.
They cannot, nor escape the income tax because this tax is levied at source, that is levied on their pay record companies that pay them to the State, even before they have seen their wages.
A land taxespecially unfair, which spared the wealthy homeowners and hit owners of modest homes in a country where many people are owners of their main home was established by the Government of Antonis Samara.
A study of Expansion (06/09/2012) found that the Greeks who did not pay their taxes were liberal and independent professionals : doctors, engineers, Chartered Accountants… It should of course add the shipowners and the Orthodox Church.
The debt restructuring Greek in 2012
Greek debt has been restructured in 2012 but as this restructuring is made at the initiative of the creditors, it is they who have benefited.
Private creditors and banks that were the main creditors deprived of the Greece would, according to Angela Merkel, « sacrificed », by « erasing » 53.5% of their claims, i.e. EUR 107 billion.
In reality, it’s to save their own skin, that banks and European insurance agreed to ‘lose’ 107 billion euros. A defect in the Greece would have then risked causing a collapse of European banks, both Greek public debt weighed on their balance sheet and both European banks (including French) were engaged in the Greek banking system. Rather than lose everything, European banks, major Greek debt creditors agreed to lose 107 billion to save their lives.
These 107 billion, besides banks do not lost everything, very far away.
They have first been recapitalised (on the back of Greek Finance) of 58 billion euros.
Then, the value of Greek bonds had nothing to do with their emission value. A duty of EUR 100 on his show (its face value) worth more on the secondary market (the bourse) than 10 euros in the best of cases. The new bonds received by the banks and insurance companies in return for their old bonds had a value of 46.5% of the face value of the old bonds. Either a value of EUR 46.5 for an obligation of 100 euros which was more than worth 10 euros on the stock market. A gift to 36.5 euros by obligation of EUR 100 for the banks!
Then, banks will be able to play insurance, the famous CDS (Credit Default Swap) they had taken on debt Greek. Although other banks will have to spit the pelvis concerned EUR 3.2 billion, these include mainly Anglo-Saxon banks, Morgan Stanley.
This operation resulted in a new, gigantic transfer of private debt (banks) to public debt, those of the European institutions (ECB, my…) with the full blessing of the latter.
European Governments have:
First, lent € 52.9 billion to Greece, bilateral operations with funds they had borrowed on the financial markets.
Then brought 140.9 billion euros via the European financial stability Fund (today, become the European stability mechanism) and guaranteed these 140.9 billion.
Finally, the ECB and the national central banks of the EU bought on the secondary market for 25 billion euros of Greek government debt securities.
Today, 223 billion (figures of Henri Sterdyniack and Anne Seydoux – La Tribune de 27/01/2014) of Greek debt is held by the ECB, the EFSF and other European Member States. Need to add 32 billion by the IMF. 80% of the Greek public debt is therefore owned by public institutions.
This article was written by Gérard Filoche, published February 2, 2015 at 4:45, class under policy. Bookmark the Permalink. Follow the comments through the RSS feed of this article. Drop a comment or a trackback: the trackback address.
« Tussle between the European right, the Commission and the new Greek Government.
How far will they go? Macron Mahadevan Rebsamen: endangering young people of less than 18 years in business »
Posted February 2, 2015 at 11:55 | Permalink
The problem is one of the structural problems in the euro zone. By forcing countries socially and economically divergent to a single currency, there was a loss of control widespread not only the value of the currency, long-term surcoté for the sole benefit of the Germans for more than 10 years, but the ability to generate inflation.
Monti tries can be hide this congenital problem via its ‘QE’, but it is only the cat pee, for countries (including Greece) whose economic activity is primarily intra-euro area. From there no differential adjustment. This QE only serves the country with exports outside the eurozone, so countries in a correct state, not those who are at the bottom of the hole.
From there if the monetary readjustment is impossible, there is little that the readjustment social aka austerity. This is what does not want to see all the ‘pro-European’ left who prefers large tirades on the union of peoples, to the social reality of their country. Particularly in France. But good with an iconic animal who sings both feet in the shit, suffice to say that this is not surprising.
Posted February 2, 2015 at 19:58 | Permalink
Good evening everyone,
In addition to what wrote our comrade Jean-Jacques Chavigné, I invite you to read article entitled «For Greece, changing Europe», available at the following address: http://www.atterres.org/article/pour-la-gr ece-change-Europe
Jointly and severally.
3 Gilbert Duroux
Posted February 3, 2015 at 20:50 | Permalink
About debt, there is one about which the supposedly Socialist Party owes us explanations. How is it, as counsel for François Fillon explained that the UMP was not entitled to pay the fine of Sarkozy (that justice seems to agree with implementation review, today, Jean-François Copé), either Bercy which gave the go-ahead to the UMP by saying that « the payment of moneys by the UMP being perfectly legal?
Why Bercy has tried to save the day for Sarkozy?
These people are the same world! White hat and white hat said the cocos at other times.
Posted February 4, 2015 at 2:27 | Permalink
Eric Toussaint, who was on the show « tonight or never », to read the very interesting interview in the mail:http://www.lecourrier.ch/127395/syriza_un_grain_de_sable_dans_l_engrenage
Posted February 5, 2015 at 20:24 | Permalink
Good evening everyone,
In addition to what wrote our comrade Jean-Jacques Chavigné, I invite you to read the article entitled « Questions on the Greek debt », available at the following address: http://blogs.mediapart.fr/blog/pierre-khalfa/040215/questions-sur-la-dette-grecque
Jointly and severally.
(Behold, the ridiculousness of labour abroad Act macron,(EVOLUTION DE CARRIERE+QU’INTERESSANTE, Devenez RESP. de PROD en roumanie pour 875€/mois, Directeur de site pour 1300€WOAW,P-T—N d’ évolution,) obviously, this is a GAG, but, that, you clearly, shows how some as valls, macron, reason DONGGGG! knowing that the Romanian smic is about €190 / month), is what we call LOW COST outsourcing
· Posted February 8, 2015 at 13:06 | Permalink
Yes indeed Syriza made huge concessions to liberal Europe in not referring the existence – more than potential-of one part illegitimate debt. (for memory the French debt audit committees arrived at the conclusion, last year, 59% of the debt was illegitimate – see the accessible Cr on the net to understand the why of this figure)No doubt this is tactical. Keep cartridges for the upcoming onslaught! Whatever it is, I think he understood that sor and already an audit of Greek debt was hired. If its result is to identify more than 50% of the debt is illegitimate (and even if it is less!)the updated cartridge side will turn into bomb!
How far will they go? Macron Mahadevan Rebsamen: endangering young people of less than 18 years in business (, they Fuck, it’s not their problem)
Villepin had allowed the work of 14 years apprentices. A 15-year-old boy died crushed in a lurch, November 15, 2010 in Mulhouse, he had been left unattended during the probationary period. Already of measures protecting minors to work had been repealed…
There, always to please the Medef and the fanatical Liberals of Brussels, Macron, Mahadevan Rebsamenn offer to lighten the prevention measures that protect apprentices… He removes the warnings, prohibitions, protections and replaces them with information, statements, subsequent verification, it is without limit. It seems that it facilitates the hiring of minor apprentices.
Dangerous machines: a draft decree softens the procedure for derogation so that young people face a deadly risk at work!
This is an in-depth reform of the regulation of the employment of minors that wishes to implement the Ministry of labour, in order to boost hiring in learning. The General commission of the Oct should consider February 2, 2015 a draft decree on the procedure for derogation from the prohibition of certain work deemed hazardous for young workers. The text, which was eagerly awaited, should then be submitted to the Cnefop, certainly on 10 February.
Oct, an instance on occupational risks
This national authority of dialogue between social partners and public authorities involved in the development of the national policy for the prevention of occupational risks.
Placed with the Minister responsible for labour, it is consulted on draft laws and regulations on the protection and promotion of health and safety in the workplace.
The draft decree , copy of which AEF took, puts an end to the obligation for the employer of a young age of 18 years in vocational training to seek authorization to the labour inspectorate to work on dangerous or with chemical products machines presenting risks to his health or safety.
This authorization would be replaced by a declaration to the inspection of the meaningful work three years, provided they follow several rules detailed below.
CONTROL A POSTERIORI of the labour INSPECTORATE
However, « the labour inspector will exercise its tasks of monitoring and control ‘ex-post’ of the correct application of the regulations to ensure the health and safety of young people of 18 years of age », indicates the explanatory memorandum of the draft decree. It may also intervene « within the framework of its mission of Council, notably in the vocational institutions, to bring its expertise in risk prevention’.
A joint circular DGT (Directorate of labour) / National Education should « details of these interventions. The decree is expected to enter into force on May 1, 2015. The Government hopes that this draft decree will convince entrepreneurs to hire more apprentices . The CMA (Chambers of trades and crafts) and the Medef claimed this revision of legislation on work dangerous (or regulated) that could be exercised by minors for several months. They believe in the current procedure too complex and deterrent effect.
EVALUATION OF RISKS IN THE ESTABLISHMENT IN ADVANCE
The employer or the head of should having carried out the risk assessment, health and safety of all workers « comprising an assessment of the existing risks for young people and their work-related », in « prior to the assignment of youth to their workstations », according to the draft decree. Following this assessment, « prevention actions provided for in the second paragraph of article l. 4121-3 » code work should be implemented to ensure a better level of protection of the health and safety of workers.
In addition, the employer and the head of the « everyone in relation to, must »have provided information on the risks to health and safety and the measures taken to remedy »before any allocation of fasting in this work. A safety training (provided for in articles L.4141 – 1 et seq.) and a ‘ planned training in the context of vocational training ‘ will have to be organized. This training must be adapted to the age of the young, « his level of training and professional experience.
MEDICAL FITNESS ADVICE
Every young person shall have obtained « a medical notice of ability to undertake this work. It is issued « every year either by the occupational physician, for employees, by the physician in charge of the medical follow-up of pupils and students trainees of vocational training ».
The employer or the head of the who said derogate must take « à disposition » – and also transmit – to the labour inspector several young people, like the medical opinion of fitness-related information, the arrangements for informing and safety training given to young or even the names of the supervisors of youth.
SPECIFIC RULES ON WORK AT HEIGHT
The social partners should also discuss, in the Oct, of a draft decree amending article D.4153 – 30 of the labour code which prohibits minors work in height in absence of collective fall protection measures. It could enter into force as of May 1, 2015.
On the one hand, the Government wishes to establish a « waiver of right for the use of ladders, step ladders and steps in the conditions laid down by the provisions of the labour code law » (R.4323 – 63). It’s the inability to use ‘collective protection of workers or when the risk assessment has established that this risk is low and it’s work of short duration are not a repetitive character’.
The draft reform provides a possibility for employers to promptly waive the prohibition of work at height for young people, provided that they comply with the conditions specified in the first draft decree. Minors must be trained and equipped with personal fall protection equipment.
This derogation must be preceded by, both within the CFA (training centres) and high schools than in the workplace, information on existing risks, conditions of use of the personal protective equipment (provided for by article R.4323 – 104), the development of a set of use at the disposal of representatives of staff (r. 4323-105) and adequate training (R.4323 – 106 )).
As a reminder, the Government indicated in September 2014, willingness to revise regulations on the employment of minors in two decrees issued in October 2013. These texts which had been subjected to the CNFPTLV – the predecessor of the Cnefop – and the CSE (higher education Council) were already intended to simplify the existing derogation procedure (derogations instead of working and not the apprentice, validity extended to three years against a year ago…). It was notably to transpose a European directive on the protection of young people at work dating from June 1994.
Outline of reform had been clarified late October during presentation of measures aimed at simplifying the life of companies (read about AEF). »
Non-work of minors!
Yes to the strengthening of prevention measures, ban risks, to prior authorizations.
At age 15, crushed in a mess
However, it is work that insecurity is the strongest: 700 fatalities, 400 suicides a year, 4500 disabled, 650 000 stops working. The official number of recognised occupational diseases exploded: 13 658 in 1996, 52 979 in 2005. Several million employees are exposed, without protection, to carcinogenic, mutagenic or toxic products.
This is the result of corporate policies, for which the social costs must be compressed focusing on outsourcing and intensifying work as ever. Faced with this, the labour inspectorate or the occupational medicine have the means to ensure their missions.
the employer accused of homicide said involuntary towards his employee, after years of instruction, is sentenced – when he is found guilty – a few months prison sentence. Deliberate others by economic choice endangering enjoys an incredible leniency.
Employers who defraud the Labour Code are not punished as real criminals.
Was the case for Jérôme Bianco, 32 years, victim on August 2, 2006, a deadly fall of 6 meters for lack of installed railings: it was « inexcusable » for the employer, but the Prosecutor, 4 years after, require even 6 months suspended prison sentence and fine of 3 750 euros.
In these circumstances, who will never repair the death of this adolescent of 15 years on November 15, 2010 at Mulhouse, crushed in the mess of a bakery where he was doing an « observation period », the student, left alone, having the arm snapped up by the machine at the point where he looked at the bottom of the mess to clean? Otherwise condemning MM Chirac, Villepin, Sarkozy and the UMP, which, in August 2005, under pressure of the Medef, re-established learning at age 14 instead of 16 and the possibility, as in the 19th century, for children of 15 years, to work night and Sunday?
This article was written by Gérard Filoche, published February 2, 2015-16:26, class under policy. Bookmark the Permalink. Follow the comments through the RSS feed of this article. Drop a comment or a trackback: the trackback address.
« The reality of debt Greek
Call United 117 elected, trade unionists, intellectuals and associative leaders: the Macron Act for us it is not! »
Posted February 2, 2015 at 17:21 | Permalink
Certainly any goes wrong and it’s not going to work out!
If it were a plus, here is one:
2 Gilbert Duroux
Posted February 2, 2015 at 5:44 pm | Permalink
There are trade unionists who are also rotten than some socialauds:
Bombardier: Karim is not Charlie and, except with southern, he feels alone
BY VINCENT TRIPIANA (the voice of the North)
Five South votes against, three voices of the other unions for. The Committee of business yesterday, the divide between the majority Union and others proved. The direction will now seek the labour inspection, in order to obtain the dismissal of Karim Khatabi for « unacceptable remarks ».
« There were about twenty people on strike. On two thousand. « The direction of Bombardier counting is without appeal: few people argued Karim Khatabi, Secretary South of the CHSCT (hygiene, safety and working conditions Committee). It is the subject of a procedure for dismissal for « unacceptable remarks ». There, as we wrote yesterday, these remarks in the wake of the killing of the editor of Charlie Hebdo.
Employees of Bombardier only twenty, but also the support of unionists from the Valenciennes area south. Outside, from 8 hours and up to 11 hours, they were 50, blocking the entrance to the factory, workshops. Wooden pallets and tires burned, fire of Bengal, sono, and hot coffee.
Willy in was there, too. For the Secretary of the local Union of unions South Valenciennes, « what happens to Karim happens in many other places. There is a causal link between what happens to him and what he has done to the CHSCT. Our sign trade union Discrimination, one often leaves the… »
As Secretary of the CHSCT, Karim Khatabi, among others, made close cabins painting, not standards, and requested, for reasons of non-compliance with the safety of employees, the resignation of the Director of the site. «Œil for eye», explain his comrades.
Laid off since January 8 pending that the Labour Inspectorate give its opinion, Karim Khatabi rebutted the accusations: « it has deeply touched me on lend me such words. All those who know me will tell you that this is not me. I am a Muslim, but if I do ramadan, I’m not going to the mosque. Treat me of fundamentalist, is surfing the wave of Islamophobia. I am the man to kill. »
The elected representatives of the syndicat SUD were the only ones to vote against his dismissal. The representatives of the other three unions would have to abstain. Altogether, they voted for.
Posted February 2, 2015 at 20:55 | Permalink
You exaggerate all; Macron is capable of social change; the evidence, in his Bill, he renounced the partial liberalisation of tariffs of the notarial acts. It must be said that the notaries were mobilized massively to defend their purchasing power (they were at least 20 to have booed Valls in the Doubs!); the events of « no teeth » were less successful. Decidedly this Government has a hyper-developed social fiber and does not miss an opportunity to refute those who claim otherwise!
Posted February 4, 2015 at 0:02 | Permalink
G.Filoche will rejoice. Our Union will undertake to combat the social regressions of the Government that it (G.F.)denounces urges.
Excerpt from Michel Noblecourt’s blog 03/01/2015
Tuesday 3 February, Mr Martinez who spoke on several occasions « class and mass unionism » that is the CGT, has again focused on the challenge of Government policy. It has announced a day of interprofessional national action, in March or April, which should lead to a joint strike with FO – that will stop the principle at its Congress of Tours-, the FSU and Solidaires.
Mr. Martínez also deplored that since position commune CGT-CFDT trade union representativeness, in April 2008, the CFDT relations were too privileged at the expense of those with the other trade unions…, which is a bad omen for future relations with the Central of Laurent Berger.
5 Lionel mutzenberg
Posted February 4, 2015 at 11:07 | Permalink
Rest assured, dear comrades, the change is closer. « Manuel Valls has just said to the Chinese leaders: ‘ do not fear our social law! »
If the CGT could become the CGT, it would already be a step forward. The compromise with the CFDT has caused much havoc among the employees.
PS + CFDT = mess in which we are!
For M. Poutine, the record fine of BNP Paribas is a blackmail on the sale of the two PCBs Mistral to the Russia
The bank BNP Paribas was caught by the patrol. For the trading of oil and gas with countries subject to economic sanctions, including the Sudan, Cuba, and the Iran, between 2002 and 2009 (and talking about some hidden $ 30 billion), the french financial institution will bail fined record of nearly $ 9 billion to avoid a trial across the Atlantic.
At the origin of this procedure, found New York banking regulator, Benjamin Lawsky. And it does not pass to the banks of flowers… Moreover, its « table of hunting » speaks of him even: before BNP Paribas, he pinned, for the same reasons, the British Bank Standard Chartered, RBS (Royal Bank of Scotland), HSBC or even firm Deloitte and the Credit Switzerland (2.6 billion fine for inciting the evasion of wealthy Americans).
Its method is unstoppable: once Benjamin Lawsky is sure of his shot, the culprit pays either he was removing its banking license in the United States. What perhaps annoying. In addition, other institutions are in its sights, such as Crédit agricole, Société Générale, Unicredit (Italy), Deutsche Bank and Commerbank.
Why talk about the vexations of BNP Paribas and, more generally, of the French banks in the United States? Because Russian president Vladimir Poutine, sees a link with the command of the two buildings projection and command (BPC) of type Mistral ordered the France by Russia in 2011 to EUR 1.2 billion. And this contract, since the Russian-Ukrainian crisis and the annexation of the Crimea, raises concern in Washington, when this is not hostility in Poland or the Baltic countries.
‘ We are aware of the pressure that our American partners exert on the France to give up delivery of the Mistral in Russia and that it made him realize that if it renounced « sanctions on banks would be lifted or reduced », thus stated, this July 1, the Russian president. ‘ How can we call it otherwise to blackmail? « , he asked in a speech to foreign policy.
‘What it does at this time to French banks, it does cause of indignation in Europe and we also’, yet said Vladimir Putin, which had explained, in early June, that Moscow would require compensation if never the delivery of two PCBs (the Vladivostok in October and the Sevastopol in 2015) should be set aside.
For the moment, this is not the case. Even if the Russia is pointing the finger for the support that she would bring the active pro-Russian separatists in the East of the Ukraine, Ambassadors of the 28 members of the European Union decided that it was « urgent to wait » before deciding on new sanction against him… So, for the moment, the contract of two PCBs is not questioned. Moreover, 400 Russian sailors landed at Saint-Nazaire to be trained in the handling of this type of ship.Thierry Meyssan: chemical weapons in Syria, a mounted by the Western secret services histoire Attack Boston – frame-up FBI / CIA / FSB – secret service (izvestia) Exhibits – Merah the incredible failure of the Services Secrets (HD)
I was trying to think, those so-called vulgarly as an insult the far right, this should, apply to Mr VALLS, that frankly proves not a hair is left, but SUVs l es laws he wants to vote there, one realizes that it is clearly a dictatorship. The notebook is free for download here. – real time
Former CEO of Goldman Sachs – and the head of the international group of Bear Stearns in London (Nomi Prins) – analysis notes :
Throughout the century, that I have reviewed, that began with the panic of 1907… what I found by accessing the archives of each president, is as many events and periods, the private bankers were in constant communication [with the White House] – not only financial and economic policy, and the trade policy of the extensionbut also on aspects of the great war, or World War II or the cold war , in terms of development that America has been the object of a superpower in the political world, supported by the financial expansion in the banking community.
At the beginning of world war I, Woodrow Wilson had initially adopted a policy of neutrality. But the Bank Morgan , who was the most powerful Bank at the time, andthat liquidation funding over 75 per cent of the funding for the allies during World War II… pushed Wilson’s neutrality earlier that he would have done, because of their desire to be involved on one side of the war .
Now, on the other side of this war, for example, was the National City Bank, which, if they have worked with Morgan in the financing of the French and the British, they had not a problem to work with the financing of certain things on the German side, as Chase …
When Eisenhower became president of the United States… suffered this expansion by offering its doctrine, military aid and support to the country [under] the so-called threat to be supported by communism… What bankers were they opened hubs, in areas such as Cuba, in such areas as Beirut and Lebanon, where the United States also wanted to get a stronghold in their cold war struggle against the Soviet Union. And if the juxtaposition of the finance and foreign policy has been very well aligned .
Thus, in the 1970s, it has become less aligned, because America was launched initiatives of foreign policy in terms of expansion, bankers found the oil, and they have made an extreme effort to activate relations in the Middle East, while the American Government has followed. For example, in Saudi Arabia and so on, they have access to the oil money, and then recycle them in Latin American debt and other forms of loans across the world. So that the situation has led the American Government .
Indeed, JP Morgan has also bought control of great 25 newspapers of America for the propaganda of American public opinion for the entry of the United States in the first World War 1.
And many large banks have , in fact, to finance the nazis.
The BBC reported in 1998:
Barclays Bank has agreed to pay $ 3.6 million to Jews whose assets were seized by French branches of the British bank based during World War II.
Chase Manhattan Bank, which acknowledged the seizure of about 100 accounts held by Jews in its branch in Paris during World War II… » reports recently unclassified US Treasury on the activities of Chase in Paris in the 1940s indicate that the local branch has worked « in close cooperation with the German authorities » in Jewish assets freeze. « .
The New York Daily News noted the same year:
The relationship between Chase and the nazis was apparently so comfortable that Carlos Niedermann, the head of the Paris Chase branch, wrote his supervisor in Manhattan that the Bank has experienced « feels very special » with senior German officials and « ‘ a rapid expansion of deposits « , according to Newsweek. »
Niedermann letter was written may 1942, five months after the Japanese bombed Pearl Harbor and the United States also went to war with the Germany.
The BBC reported in 1999:
A government commission french, to investigate the seizure of Jews during World War II bank accounts, said five U.S. banks Chase Manhattan, J.P. Morgan, Guaranty Trust Co. of New York, the New York City Bank and American Express have taken part.
He said that their branches Paris handed over to the nazi occupiers about a hundred of these accounts.
One of the major newspapers in Britain – the Guardian- reported in 2004:
The grandfather of George Bush [and the father of George HW Bush], the end of US Senator Prescott Bush, was Director and shareholder of companies who have benefited from their involvement with the donors of the Nazi Germany.
The Guardian has obtained confirmation of files newly discoveries in the National Archives of the United States that a company whose Prescott Bush was a Director was involved with the financial architects of Nazism .
Its business… relations continued until what his company’s assets have been seized in 1942 under the trading with the Enemy Act
The documents reveal that the firm she works, Brown Brothers Harriman (BBH), acted as a US base for the German industrialist Fritz Thyssen, who helped finance Hitler in the 1930s before falling with him at the end of the Decade. The Guardian has seen evidence that shows Bush was the Director of the New York of the Union Banking Corporation(UBC) that represents American interests by Thyssen and he continued to work for the Bank after America entered the war.
Bush was a founding member of the Bank [UBC]… The Bank was set up by Harriman and Bush father-brother to provide a U.S. Bank for the Thyssen, more powerful industrial family of the Germany.
At the end of the 1930s, Brown Brothers Harriman, who claimed to be the largest bank of private investment in the world, and UBC had bought and transported millions of dollars of gold, fuel, steel, coal, and bills the Treasury of the United States to the Germany, both food and the financing of the construction of Hitler – the war.
Between 1931 and 1933, UBC bought gold over 8 m $, of which $ 3 million was shipped abroad. According to documents seen by the Guardian, after UBC was set up it transferred $ 2 million accounts of BBH and between 1924 and 1940, the assets of UBC hovered around $ 3 million, falling to 1 million dollars only on a few occasions.
UBC was caught red-handed for operating a shell company American for the Thyssen family, eight months after America had entered into war and that it was the Bank that had financed in part the rise of Hitler to power.
Indeed, banks often finance on both sides of the war :
(Le San Francisco Chronicle also of documents as the major donors Rockefeller, Carnegie, and also financed nazi eugenics programs Harriman ..). but thats another story for another day.)
After all, wars are the fastest medium for banks of create more than debt … and thus making more profit . No wonder they love war.
The Federal Reserve and other central banks have also help to trigger wars in funding . Thomas Jefferson and the father of free-market capitalism, Adam Smith, both emphasized that the wars of financing by banks has led tomore – and more – wars.
America and apparently considers economic rivalry is a basis for the war , and used the army to contain the growing China economic influence .
Investor multi-billionaire Hugo Salinas Price says :
What happened to Mr. Kadhafi [Libya], many are speculating the real reason why he was ousted was that it planned an all-African currency to trade . Is the same thing that happened to him what has happened to Saddam because the United States does not want competing currency solid out there vs the dollar . You know Gaddafi spoke of a Golddinar.
Editor of CNBC John Carney noted :
Is this the first time that a revolutionary group creates a Central Bank while it is still in the middle of the fight against entrenched political power? It seems to indicate how extraordinarily powerful central bankers have become in our time.
Robert Wenzel Economic Policy Journal believes the Center Bank initiative shows that foreign powers can have a strong influence on the rebels.
This would suggest that we have a little more of a ragtag group of rebels run everywhere and that it influences are quite sophisticated. « I’ve never heard talk of a Central Bank is created within a few weeks of a popular uprising » wrote Wenzel.
Indeed, many claim that recent wars have really been putting on all countries into the fold of the Central Bank of the West , and the wars against the countries of the Middle East are really force them to the dollar and central banks private .
The American military the most decorated of the story says that war is a racket , and noted :
Let us not forget the bankers who funded the great war. If someone had the cream of the profits it was the bankers.
The major banks were also launder money for terrorists . It used large bank who rang the alarm on money laundering banks for terrorists and the drug cartels said that the banking giant is still helping terrorists, saying :
The public needs to know that money is always channelled through HSBC to directly buy guns and bullets to kill our soldiers…… terrorist banks financing affects every American.
It also has says :
It is revolting that our banks are still finance the terror on the 2013 11/9.
And see this .
According to the BBC and other sources, Prescott Bush, JP Morgan and of other major funders have also financed a coup d’etat against president Franklin Roosevelt in an attempt – essentially – to implement the fascism in the United States show this , this , this , and this .
Kevin Zeese writes :
Americans are recognizing the link between the military-industrial complex and the Wall Street oligarchs – free dating at the beginning of the modern American empire. banks have always benefited from the war because the debt created by banks results in the result of the ongoing war for the large finance; and because that wars have been used to open the country to the interests of business and banking in the United States. Secretary of State, William Jennings Bryan wrote: « large banking interests were deeply interested in the war due to the large potential for big profits. »
Many historians recognize today that the hidden history of the United States entered the first world war to protect investors from the United States. commercial interests of the United States have invested heavily in European alliesbefore the war: « in 1915, the American neutrality has been criticised as bankers and merchants began to loan money and offer credits to the warring parties, if the central powers have been much less. » Between 1915 and April 1917, the Allies received 85 times the amount ready to the Germany. « The total amount of dollars loaned to all borrowers Allied during this period was $2,581,300,000. Bankers have seen that if the Germany won, their loans to the European allies would not be refunded. The United States at the time, banker JP Morgan and his associates have done everything to push the United States into the war on the side of England and the France. Morgan said: « . » We agreed that we should do everything that was legally in our power to help the Allies win the war as soon as possible »President Woodrow Wilson, who has campaigned by saying that it would hold the United States out of the war, seems to have entered into war to protect investments of American banks in Europe.
The most successful in history, sailor Smedley Butler , describes the struggle for American banks in most of the wars he fought in. He said: « I spent 33 years and four months of active military service and during that period I spent most of my time as a man of high muscle’s range for big business, for Wall Street and the bankers. In short, I was a Racketeer, a gangster for capitalism. I helped make the Mexico and especially Tampico danger for American oil interests in 1914. I helped Haiti and Cuba are a decent place for boys National City Bank of revenue po I helped in the rape of half a dozen Central American republics for the benefit of Wall Street.J’ have helped purify Nicaragua for the International Bank House of Brown Brothers in 1902-1912. I brought light to the Dominican Republic for American sugar interests in 1916. I helped make Honduras right for 1903 American fruit companies. In China in 1927 I helped to ensure that Standard Oil continued its way unhindered.In hindsight, I would have given Al Capone a few tips. The best he could do was to operate her racket in three districts. I have operated on three continents ‘. »
In Confessions of an economic Hitman , John Perkins describes how the loans of the World Bank and the IMF are used to generate profits for businesses and the American saddle countries with huge debts that allow the United States to control them. It is not surprising that former civilian and military leaders, like Robert McNamara, Paul Wolfowitz, and went to the head of the World Bank. The debt of these countries in international banks ensures that they are controlled by the United States, where pressure them to join the « coalition of the willing » which contributed to invade the Iraq or allowing US military bases on their land. If countries refuse to ‘honour’ of their debts, the CIA or the Department of Defense made respect the political will of the United States by beatings or military action.
More and more people are indeed to see the link between the company and militarism banksterism…
Meet the mysterious firm that prepares to depart Blythe Masters unemployed
Was it a month ago when it was revealed that of physical goods infamous JPMorgan group, undermined by both perpetual precious metal handling charges and legal costs recently with FERC to $410 million that it had manipulated the electricity markets, was in exclusive negotiations to be sold to Marcuria group based in Geneva. It also revealed that Blythe Masters, head of products of JPMorgan, « probably won’t join Nancy in the case. » « .Of course, we have all learned the next day that Ms. Masters – an affirmation of manipulator – commodity market and soon to be unemployed, had wanted scandalously join the CFTC trading commission as an adviser, a decision that quickly reversed following an epic outcry on the internet. It’s all good news, but one thing remained uncertain: but who is this mysterious company based in Switzerland that prepares to depart Blythe unemployed?
Today, courtesy of Bloomberg we have the answer: Mercuria is a solid independent business monster, with turnover exceeding a stunning $100 billion last year, which began less than a decade ago by Marco Dunand and Daniel Jaeggi, who owns 15% of the share capital of the company. So it should probably not surprising that the company where two traders honed their business skills is, drum roll, Goldman Sachs.
Dunand and Jaeggi met studies of Economics at the University of Geneva at the end of the 1970s . Their friendship was galvanized a few years later, working for the dealer in grain Cargill Inc. and shares an apartment during a training course in Minneapolis. Business and the culture of Mercuria strategy reflected the professional careers of its founders, who spent most of their early career in investment banks.
They left Cargill in 1987 to unit J. Aron of Goldman Sachs in London.They are stayed until 1994, then joined Phibro for a period of five years when it was controlled by Salomon Brothers.
This experience has defined as strategies of trading of Dunand and Jaeggi who moved from Phibro starting Sempra European and Asian business negotiation in 1999 before founding Mercuria in 2004.
Without a dominant position in each region or the goods, the company sought bottlenecks and imbalances on niche markets and positions to earn money derivatives trading from glimpses of its physical exchanges using. In his debut, he took advantage by opening a trade route delivery of Russian crude to China in Gdansk in Poland.
Mercuria is also different in tone. At its headquarters in Geneva its shopping street, traders and executives collared open shirts, sweatshirts and jeans, a contrast with the policies of shirt-and-tie at the most established businesses.
Unsurprisingly, some of the employees key in the last two years that the company has expanded at a breakneck pace and added some 570 people, bringing his total to 1 200, were Goldman: « hires are Houston-based Shameek Konar, a former Executive Director with Goldman Sachs Group Inc., which is the development of the investment firm Chief Officer who oversees Mercuriaincluding JPMorgan negotiations. Victoria Attwood Scott, head of compliance Mercuria, joined also by Goldman Sachs. « We are not at all surprising that the diaspora made Goldman evidence once more JPMorgan Chase just how it’s done.
So just how big is Mercuria now? Well, it is almost one of the largest independent commodity traders in the world:
Mercuria exchanged 182 million tonnes of oil or equivalent in 2012, according to its website. Vitol, the world’s largest independent oil trader, managed 261 million and traded Trafigura 102.8 million tonnes of oil and products. Brent crude increased by 3.5% this year in a fourth advance annual. It slipped 0.3% in 2013 and is down 2.6 percent this year to about $ 108 a barrel.
With more merchants trying to gain an advantage of owning companies that produce, store or deal with raw materials, nested Mercuria step. Now has interests in a coal mine in the Indonesia, oil and gas fields in a factory of biodiesel in Germany, the Argentina and the storage of oil in China. In June, it invested $50 million in a Romanian gas producer.
The JPMorgan unit employs 600 and represents a range of assets assembled over decades by companies including Bear Stearns Cos. and RBS Sempra, the Bank has bought during a start to binge acquisition in 2008.
They understand the power of negotiation on both sides of the Atlantic, active physics extending over 40 locations in North America, a book of oil with a contract of supply and specimens with the largest refinery on the coast is 6 million barrels of storage in the Canadian oil sands, gas and leases, United States and Henry Bath & Sons Ltd., a metal-220 years warehouse operator based in Liverpool, England.
In other words, the old boys are on point be reassembled, but this time even more away from the supervision of the American clueless, corrupt and incompetent regulators. And the monopoly of the physical commodity of the big banks finally not emptied, long after his exposure here and elsewhere more than two years ago, it is logical that ancient traders of JPM and Goldman reincarnated exactly monopoly in a territory as far from the « supervision » U.S. and Fed as possible. Also, which means that no matter who in the hope that the physical commodity large storage scam is about to end, shouldn’t hold their breath.
In regards to the main question of what happens to manipulator of the favorite goods from all over the world, « it was not determined if Blythe Masters, who has headed the unit of JPMorgan since 2006 and orchestrated the buying frenzy, would join Nancy, a Senior Executive of Mercuria said. » « .Which means the answer is a resounding no: after all, who needs excess-baggage to have a manipulator to edge which was caught (because space products everyone manipulates the thing, is, however, not to get caught).
Finally, with the ‘trade’ of natural raw materials, which include of course gold and money, the value recovered from midtown Manhattan to sleep in Geneva, the who, if anything, is the end of the game?
Tuesday, April 15, 2014
« We are in great danger »: banker describes how the mega-banks destroyed America
« Power has only been more consolidated, » warns against the veteran Nomi Prins of Goldman Sachs in an interview at the show
Lloyd Blankfein and Jamie Dimon testify before House Financial Services Committee on Capitol Hill, 11 February 2009 (Credit: Reuters/Larry Downing)
«It is no longer important who sits in the White House « , former CEO of Goldman Sachs Nomi Prins writes in his new book » » bankers of all presidents: hidden Alliances that animate American power .»» « Presidents is even more trying to win the support of banker for policies favorable to the population, and bankers exploitation insensitive to the needs of national economies. » There is no counterbalance their power. »
Prins, who has also worked for Bear Stearns, Lehman Brothers and Chase Manhattan Bank, is now researcher at think tank demos and member of the Advisory Board of the federal reserve Senator Bernie Sanders. Salon spoke with Prins a century of presidential approval with bankers; Defense of Barney Frank of the power of the big banks; and how ‘breaking the alliances’ before he does ‘breaking us.’ A summary of our conversation follows.
It is no secret that the big banks play an important role in the development of American banking policy. Your book argues that they play a major role in all sorts of areas, such as foreign policy. How broad, deep and consistent is the role of the banks in the development of policies in the United States?
Throughout the century that I have reviewed, that began with the panic of 1907… what I found in accessing the archives of each president is because many events and periods, including bankers were in communication constant [with the White House] – not only on economic and financial policy and trade policy extension, but also on aspects of the world war, the second world war, or the cold war, in terms of expansion that America is being performed as a superpower in the worldon political, sustained by the financial expansion of the banking community.
And in what direction, which moved political? How these policies become different than they would have without the influence of the bankers’?
It was more a question of each group, in Government and the financial community, working together to push the same policies.
Thus, for example, at the beginning of the first world war, Woodrow Wilson had adopted initially a policy of neutrality. But the Morgan Bank, who was the most powerful Bank at the time, and which wound up financing more than 75 percent of the funding for Allied during the war… pushed Wilson non-neutrality as soon as it could, because of their desire to participate on one side of the war.
Now, across this war, for example, was National City Bank, which, although they worked with Morgan in the financing, the French and the British have also a problem of working with funding from certain things on the German side, as did hunt…
When Eisenhower became President… to the United States was undergoing this expansion by providing, under its doctrine, military aid and support to countries [in] the alleged threat of being taken over by communism… What the bankers did, it was that they open the hubs, in such areas as Cuba, in the areas of Beirut and Lebanon, where the United States also wanted to gain a stronghold in their struggle of the cold war against the Soviet Union. And therefore the juxtaposition of finances and foreign policy were well aligned.
If in the 1970s, it has become less aligned, because if America’s foreign policy in terms of expanding initiatives, bankers are oil, and they have made an extreme effort to activate the relations in the Middle East, which the U.S. Government followed. For example, in Saudi Arabia and so on, they get access to oil money and then recycle in the debt of America Latin and other forms of lending around the world. If this situation has led the American Government.
You note that banks played an important role in supporting the two initial passage of the Glass-Steagall and decades later, the repeal of the Glass-Steagall Act… You write that the power of the President « declined compared to the bankers, the period post-Nixon. » How do you explain these movements?
The banking community – especially Chase, led by David Rockefeller – expanded very aggressively in the Middle East to be involved in the recycling of petro-dollars. He also became a change in the alignment of working with presidents [of] goals plus interest public and national interest, and it became much more of a private goal club. And then they have this pool any money, and that was a promoter to move aggressively and not necessarily need to be fully aligned with public policies, support or have it.
But then, to the 1980s and 1990s, they – because they aggressively now recycled this oil money in the debt of Latin America and visited account that they were facing a third world Latin America debt crisis – they are returned to the U.S. Government and Reagan and George [h.] W. bush and told him: ‘ you know, we have a problem: we now need your support, we need you to support the World Bank; We need you to support the IMF; Need you back us, because we do not want to lose the money we recycled just very aggressively.
Then they broke back, and then they have also done – because they got this support from the Government and this third world debt rescue plan, they realized it was time to sort of pushing forward aspects of the regulation which was also linked to their dismantling.
What we see in the history, is that whenever there are times where of bankers have lost money, they want to regroup and find a way in which they can earn money again. And if the regulations are in the path, then regulations must be dismantled.
And thus through the administration of George Bush I, there was enormous pressure to dismantle the aspects of the Glass-Steagall Act and which resulted in the repeal complete Act, Glass-Steagall under Clinton. And the suite of that was – no obstacles to global activity, speculation is mixed with the increase in the business and the complexity of the financial security and offers – we found in the crisis of 2008.
Your book argues that the nature of the proximity of presidents with bankers has changed, becoming less rooted in personal relationships. Is this kind of more difficult to recognize or uproot comfort?
One of the things that is very noticeable for the first 60 years of the 20th century was the friendliness, social activities that the Chairmen and the bankers have shared family ties, the yachting Co…
Joseph Kennedy, who under the FDR, became the first head of the SEC, has become the U.K. Ambassador and had this gala in London where his daughter Kathleen was presented to the company there. And young son Kennedy hung out with David Rockefeller, and the two established a relationship later on, through which Rockefeller tried to push Kennedy to support the expansion of private Latin America capital…
LBJ would invite bankers to his ranch just to pass the time. Eisenhower wrote these letters glowing in some of his friends to the Morgan Bank on how he needed them and how happy and thankful he was that they were on his side, etc…
As the decades continued, as protected these families and people are coming in the wealthy institutions… they were less aligned to that past social grace, family ties and decorum, and it became much more one each for his own… It’s actually much more functional than the notion of hanging out and enjoying each other’s company and sharing the same ideas…
In the last decades of the couple, rather than just individuals connecting each other, very directly, through visits to the White House or the letters and etc, they are supplemented by lobbyists, lawyers and all kinds of hundreds of relationships between people, that pull all sorts of levers in Washington, to the impact of the policies that are beneficial to the banking community.
This movement creates a more sustainable basis for the approval between politicians and bankers, as they become more mainly a structural approval rather than [as] a personal licence?
Yes… In the beginning, it was deeply personal and structural. And between the period of the great depression in the 1960s, he also served to empower each other, in addition to political and financial power American in the world. Whereas subsequently, the relationship that has been modified and differs from less personal in more functional and more structural, it has not changed the fact that the Government and bankers believe the same thing and believe that a strong – « competitive » is the word that has been used frequently in the 1980s and 1990s-… banking structure in the United States has led to a stronger position of America on the international scene as well. And the idea of, you know, personal humility or serve the public interest was not a factor, as it had been when those who have personal relationships more tightened before this period.
So bankers today… by nature of all these decades of comfortable also personal property as well as the structural relationships, as well as the complexity of the financial markets in general, have reached a position that they do not share power both presidents and the Government, because they wield power more, under capital control so and so much a part of the national and international economy.
You are a veteran of the Bank. You document in your book, passing by the Obama administration, the number of persons with substantial banking experience who will be travelling to political positions. Gets argues that these are people who have the expertise to do the job. What do you think of this?
The corridor between Washington and Wall Street has long been accomplished by bankers. The slight difference in the past was that they also occupied positions not only in the Treasury and regulators, but they served in the Department of defense and various offices of both safety.
The idea that only the bankers can understand how to regulate banks and have some sort of an inherent need to do so, was this illusion that led to the crisis that we have seen. The reality is if someone goes to Washington and realizes that they can get out of Washington [later], make millions of dollars by earning a position in a Bank as Robert Rubin made… we have seen in many cases that allowing [banks] is the route chosen…
Now, I have not offered a position in Washington. I’ve been critical of Wall Street, since I left, in large part because of practices that they were developing when I was working in the banking sector. But the voice like mine is not really looked to Washington, because it is not a genuine commitment to reform the banking sector and protect taxpayers and financial markets in general…
Some people will read your book and say that when you give the Government a major role in the regulation of banks and other industries, regulatory capture by the likes of JPMorgan Chase, at the expense of smaller banks and clients, is simply unavoidable, and therefore the best alternative is to deregulate. What do you think of this argument?
Well, we have really not a field of highly regulated banks. We have a lot of rules, but we do not have the same type of regulation that we had in the 1930s, which separated the money positive trading speculative and investment, as a result of the great depression.
We do not have an environment where what is presented as the reform in Washington – for example, Dodd-Frank Act – is particularly effective. It has not reduced the magnitude of complex securities, it has not reduced the co-dependency, the risk of co of derivatives with each of these large establishments between them. Even, stress for this co-dependency tests are not part of the main banks of the federal reserve stress tests. They look at other aspects, as if there is a defect in a customer in a Bank, it is their only stress test for a massive co-dependency of risks that relate these banks.
So we’re not really in good regulatory position, there really isn’t much that you can deregulate more.
So I would say that we [had] a more stable financial system, greater equality of wealth and the country’s economy, of the 1930s to the 1960s and banks were still able to make money, and America was still able to expand quite aggressively, in a much more rigorous regulatory platform. So the question is: what’s best for America? The idea of stabilizing the system by having more regulation which is very structured, as opposed to hundreds of pages of rules with gaps, which is what we have now, [and] versus having regulation non-structured…
It is more secure and better economically to make very clear regulations – you know, to get out the lobbyists out lawyers, to make very, very clear: your institutions may not have these two organs, period. « Sell you a part, » not « certain proprietary trading is excluded… » No, as long as you make deposits, you can also use them for speculation, what you call.
Barney Frank argued for me last year, ‘ If you look at recent years, banks have very little power politics, in the lawmaking, that we have, we did run into political power of smaller banks and credit unions. » Any time in our legislation, there is a difference in the way that the institutions have been treated according to size, won small. » Why do you disagree?
Because for the most part, smaller had to cease their activities or have been supported, and the concentration of positive assets continued to move towards the big banks. Each the FDIC report shows how the largest banks got larger. If smaller banks may have small victories along the way, but the reality is that if you have a small collection of supermarket banks that dominate on the property, on deposits, insurance policies, on money market funds, compared to the negotiation, on clients who have all that perpetuate some of these activities beyond the banks themselves, so it’s difficult to oppose that everyone really won in this equation.
Even going back to 1929, after the crash, there were six major banks… Which continue to exist today. Then thousands of small banks, the banks that were community-based and oriented towards agriculture, no longer exist or have been acquired by big banks. I’m not quite sure how to look at the banking landscape, or none of the reports and see how small banks were winners.
How Barack Obama fits into the story that enable you to evaluate in your book?
First of all, Obama political economic and financial, Cabinet and advisers are mostly retreads from the Clinton administration. From the point of view of the banking community and the link with the banking community, there were strongly overlap, if a complete overlap of individuals who were all keys to the deregulation of the banking sector, and that came, or speak now of, large sums of money through the banking industry…
Policies not only lax regulation of banks, but by subsidizing their failures – promoted by the Clinton administration after the crisis of the Mexican Peso in 1994, and even before that, the Bush Administration has done with the third world debt crisis – has been extended several times under the Obama administration. His favorite banker was supposed to be – by the New York Times, Jamie Dimon. The number of visits, at which I document in the book, between the White House and the leaders of six major Wall Street banks, rose by five – to tenfold under Obama against under Bush.
Now, when he was campaigning he spoke loudly reforming Wall Street. And when the Dodd-Frank Act was signed in July 2010, he talked about it being the biggest reform since the time of FDR’s Glass-Steagall Act. But it was nothing remotely like that.
The way I look at Obama is therefore that its policies were a continuation of Clinton policies in relation to the Bank and finance, which are a continuation of the policies of George Bush and Reagan, as they were in fact shaped by banking friends of Bush at the time.
Your book ends with a call to ‘break the alliances’ before he does ‘break us.’ How could this be done?
Louis Brandeis, who wrote the book ‘The money of others’ in 1910… has said at the time that Fund trusts had to be broken off or they would break country.And metaphorically, he was right.
The fact that we have such a [mismatch] wealth, income, power today is because that, even with the Glass-Steagall Act in the meantime, the dismantling of it just created a tighter alignment with more power during more than capital, over the decades, since it has been dismantled, and this is where we are today.
So I think we’re in great danger of banks not only being too big to fail, but their leaders being too big to fail, as they take the huge subsidies they have received in recent years. We are in a much more precarious position.
How to break that, on a basis of structural reform, like FDR did… We do at least interpretation not [in] the hands of lawyers and lobbyists, but clear and concise and we at least divorce deposition and the taxpayers ‘ money in the game of finance.
We can not make really special stop talking to each other, or make Obama or whoever the next president is – Hillary Clinton or Jeb Bush or anyone who – not appoint bankers to the White House. But we can at least try and reform the system in clear. And it is not easy, and I am not optimistic, that will happen. I do not know how optimistic Louis Brandeis was going in 1910. We are more than a hundred years later, power has only been more consolidated, and collaboration among leaders in the Government and the leaders in the banking sector has made that increase the risk of moving forward.
Subprime: Bank of America will pay a record fine of $ 17 billion
This is the highest fine ever imposed on a bank in the United States. Bank of America (BofA) announced Thursday, August 21, have accepted pay 16.65 billion dollars (12.5 billion euros) to the US authorities.
Read our decryption: Bank of America, exemplary fined
This settlement agreement is designed to settle litigation real estate dating back to the crisis of subprime. BofA was prosecuted by the United States for « lying » to investors selling risky mortgage credit derivatives, which have generated billions of losses for investors who bought.
These toxic loans were linked to complex financial products RMBS (Residential Mortgage-Backed Securities ») and CDO (derivative securities backed by real estate loans).
HEAVY PRICE IN THE CRISIS FINANCIAL
In detail, BofA will pay 9.65 billion of dollars in fines, plus about 7 billion dollars of compensation for consumers, among others in the form of renegotiations of loans andaid to the construction of affordable housing for the rental, details in its release.
Agreement with authorities will be translate by a pre-tax charge (banks can deduct a portion of their taxfine) 5.3 billion dollars in its accounts for the third quarter. But that it will alsoescape prosecution of a series of government agencies and regulators.
Before the record fine, Bank of America was already the establishment who had paid the highest price to the financial crisis : the Bill amounted to more than 50 billion dollars (37.7 billion euros) paid to the US authorities and aggrieved investors.
In March, BofA had an agreement yet another 9.5 billion dollars (7.1 billion euros) with the Federal Agency for the financing of housing (FHFA), the sector regulator and supervisor of the refinancing mortgageCairo agencies Fannie Mae and Freddie Mac.