Search Results for: financial crisis

War criminal Tony Blair: “hanging bankers won’t help”

Tony Blair

Public anger over the financial crisis is wrong and must not lead Britain to “hang bankers at the end of the street,” Tony Blair says today. In an interview with The Daily Telegraph, the former prime minister launches a defence of the free market and liberal economic rules established by …

Read More »

Cyprus banks to remain closed until Thursday

Bank of Cyprus

The Cypriot finance minister has ordered all the country’s banks to remain closed until Thursday, the country’s central bank announced. Just hours before the announcement late Monday, the central bank said all but two country’s largest banks would open on Tuesday morning. The postponement could be a sign that the …

Read More »

New Zealand considers Cyprus-style banking failure solution

new zealand banks ANZ

New Zealand depositors could face a Cyprus-style tax on their bank accounts, as the government is planning to impose a similar strategy on its banks warns the country’s Green Party. New Zealand is facing a similar bank failure to Cyprus, is likely to adopt open bank resolution (OBR), which will …

Read More »

US and UK conducting war games for banking collapse

Money currency

Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday. Treasury Secretary Jack Lew and the UK’s Chancellor of …

Read More »

Wall Street banks are still ‘too big to fail’

Bank of America

The biggest banks still don’t have adequate bankruptcy plans to avoid precipitating another economic crisis, said U.S. regulators. Eleven of the nation’s largest banks still do not have viable bankruptcy plans that would avoid causing widespread economic damage, U.S. regulators said Tuesday in a sweeping admonition of Wall Street’s giants. The Federal …

Read More »

BRICS dumping euro amid simmering EU banking crisis

euro-set-back-a-generation__-by-eu-banking-crisis.si

People withdraw money from Bank of Cyprus ATM’s while employees gather outside the bank’s headquarters in Athens. Brussels has been forced to eat a generous slice of humble pie: A massive sell-off of the euro is underway in the wake of a persistent financial crisis, as holdings in the European …

Read More »

Credit Suisse report: Richest 1% own half of global wealth

Wealthy Yacht

The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession. According to the Credit Suisse global wealth report (pdf), a person needs just $3,650 – including the value …

Read More »

Ron Paul’s monumental last day as chairman against The Fed

BERNANKE SLAMS AUDIT THE FED Reports Reuters: Federal Reserve Chairman Ben Bernanke on Wednesday rebutted Republican lawmakers pushing a bill that would give Congress the ability to review monetary policy decisions, saying it could compromise central bank independence. Bernanke said it would be a “nightmare scenario” if politicians decided to second-guess …

Read More »

S&P to pay $1.4 billion settlement for defrauding investors

S&P Standard and Poor's

One of the world’s biggest credit rating agencies has agreed to pay United States prosecutors nearly $1.4 billion to settle claims it defrauded investors ahead of the 2008 financial crisis. Under the terms of the settlement acknowledged on Tuesday this week, Wall Street giant Standard & Poor’s will pay a …

Read More »

Goldman Sachs fined $5.1 billion over mortgage-backed securities fraud

Goldman Sachs fined 5.1 billion

Goldman Sachs said it agreed to a $5.1 billion civil settlement to resolve federal and state probes into its handling of mortgage-backed securities before the 2008 financial crisis. The proposed deal, which the Wall Street giant announced in a Thursday statement, would settle “actual and potential civil claims” by the US Justice Department and …

Read More »

Australian banks at risk

big four banks Australia

Despite yesterday’s blowout $6 billion or so profit from ANZ, it turns out all is not entirely well in Australia’s financial services industry. For the last five years, the pattern in the markets has been the same. A crisis starts at the margin, with a peripheral player, and then moves …

Read More »

The 2017 ASX Australian investor study top 10 findings

Top 10 2017 ASX Australian investor study

The 2017 ASX Australian investor study results were recently released, here are the top 10 findings from the report: 1 – 60% of Australian adults or 11.2 million people hold investments outside of their institutional superannuation fund. 2 – 37% of Australian adults or 6.9 million people hold investments that are available …

Read More »

The next banking crisis is coming

By Filip Karinja Following the global financial crisis back in 2008 you’d think the banks had solved their issues and it is business as usual. However this is not the case, something big appears to be lurking in the shadows of the banking system that could make 2008 look like …

Read More »

The whistleblower who cost JPMorgan $9 billion speaks out

JPMorgan whistleblower Alayne Fleischmann

A whistleblower whose evidence prompted one of America’s biggest banks to pay out $9 billion to avoid federal prosecution has spoken out for the first time about her battle to reveal the truth. Alayne Fleischmann was a lawyer with JP Morgan in 2006 who tried to alert her managers to …

Read More »

How to Survive Another Recession

Survive recession ahead

No one wants to think about another recession happening. But economic downturns are inevitable. Just recently, Britain and Europe went through the Brexit crisis. Britain’s decision to leave the European Union by a referendum sent financial markets into panic mode. The pound plunged, and has yet to fully recover. As …

Read More »