Search Results for: gfc

Australia’s economy goes 25 years without a recession

australia-economy-gdp-recession

By Filip Karinja Australia’s second quarter gross domestic product results have been released showing that the economy grew by 3.3%, making it the strongest growth experienced since the June quarter in 2012. This is now the 100th quarter that Australia has gone without technically experiencing a recession, closing in on the …

Read More »

Vietnamese banker sentenced to death for fraud

Vietnam money

A Vietnamese former banker and his business associate have been sentenced to death for their part in the embezzlement of $25 million, state media has reported. The pair were among 11 defendants in the nine-day trial in Ho Chi Minh City, state media reported on Saturday, in a case that …

Read More »

JPMorgan’s epic fail on Twitter #AskJPM

jp morgan

JPMorgan canceled a question-and-answer session on Twitter Wednesday after receiving a barrage of critical questions skewering the multinational banking company for legal problems, foreclosure practices, and other ethical transgressions. Starting at least since last week, JPMorgan, the investment and services portion of financial behemoth JPMorgan Chase & Co, asked followers …

Read More »

Australian fitness club fined under ridiculous carbon tax law

Genesis fitness club carbon tax fine Australia

A FITNESS club has become the first Australian business to pay a fine for making a false claim about the carbon tax. GFC Berwick, trading as Genesis Fitness Club, paid $6600 to the Australian Competition and Consumer Commission (ACCC) as penalty for sending a letter to its members in April …

Read More »

Australia’s looming private debt crisis

Money Australia

As household debt has boomed exponentially over the last two decades, the savings of the household sector has plunged. Australia’s private debt dynamics have been thoroughly explored elsewhere, but less well understood is the country’s position relative to the OECD and BRIC nations. Thankfully, the Bank for International Settlements (BIS) …

Read More »

Australian property market to crash 30-50%

australian housing bubble

The expert who predicted the global financial crisis has a dire warning for Australia’s property markets. Melbourne, Sydney, Brisbane and Perth are on the verge of the most violent property collapse since the great depression, economist guru Harry Dent has said. Speaking exclusively with 7News, the author, economist and property …

Read More »

Deutsche Bank is finished, Lehman Brothers 2.0

Deutsche Bank

Deutsche Bank bosses face a formidable task to drag its shares off a 30-year low, with reassurances about its capital levels doing little to improve investor confidence and few other options on the table to trigger a recovery. Germany’s flagship lender has trailed its rivals in bouncing back from the …

Read More »

Top level bankers now being openly murdered

Benedict Philippens

In the beginning it was banker suicides. Then about two weeks ago, suicides were replaced by outright murders after the execution-style killing of the CEO of a bank in otherwise sleepy (and tax evasive) Lichtenstein by a disgruntled client. Then on Friday news hit of another execution-type murder in just …

Read More »

Banks may start charging for deposits

Bank deposit

The Fed’s Catch 22 just got catchier. While most attention in the recently released FOMC minutes fell on the return of the taper as a possibility even as soon as December (making the November payrolls report the most important ever, ever, until the next one at least), a less discussed issue was the …

Read More »

G20 meetings to cost Australian tax payers $500 million

Army helicopter Brisbane G20

Australia will spend over $500 million hosting this year’s G20 meetings. In the world of ordinary taxpayers that is a lot of money that could otherwise be spent in the nation’s schools, hospitals or other worthwhile public purposes. So what are the benefits of the G20 and can the world’s …

Read More »

JP Morgan bankruptcy lawyer killed in hit & run

Joseph Giampapa

The banker suicide saga has just reached a new level as a top level JP Morgan attorney has been exterminated in a hit & run incident involving a minivan. JPM attorney Joseph Giampapa was killed over the weekend when he was struck by a minivan in a hit and run incident. Giampapa …

Read More »

This time had better be different: Australian Housing Prices and the Banks

In last week’s post I showed that there is a debt-financed, government-sponsored bubble in Australian house prices (click here and here for earlier installments on the same topic). This week I’ll consider what the bursting of this bubble could mean for the banks that have financed it. Figure 1 Betting the House For two decades after …

Read More »

12th banker commits suicide, former JP Morgan employee

Kenneth Bellando

A New York City investment banker is dead after allegedly jumping from his apartment building, continuing an alarming streak of suicides that has descended upon the financial world. The latest death occurred on March 12, when 28-year-old Kenneth Bellando was found on the sidewalk outside his six-story Manhattan apartment building. …

Read More »

JP Morgan executive is 5th banker to die within 2 weeks

JP Morgan

Two weeks after the suicide of a JP Morgan banker who jumped to his death from the top of a building, another of the firm’s employees has died, with 37-year-old Ryan Henry Crane becoming the 5th banker fatality in just the last few weeks alone. Crane was an Executive Director …

Read More »

JPMorgan CEO Jamie Dimon gets 74% payrise; to $20 million

Jamie Dimon

It was only a year ago that JPMorgan CEO Jamie Dimon was getting his pay docked by millions of dollars. Now, though, the company is giving their chief executive a raise. Despite the fact that JPMorgan was hit with $20 billion worth of fines during 2013, Dimon will receive $1.5 …

Read More »

Another ex-CEO banker found dead along with wife and daughter

ABN Amro

A mere two weeks since former JPMorgan banker, Kenneth Bellando jumped to his death, Bloomberg reports that the former CEO of Dutch Bank ABN Amro (and his wife and daughter) were found dead at their home after a possible “family tragedy.” This expands the dismal list of senior financial services executive deaths to …

Read More »

Why banks are no longer needed

Bank icons

What else can we do with the $1.25 trillion we’ll save by eliminating these obsolete financial middleman parasites? A lot. Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite?  Financial sector profits now …

Read More »

7th top level banker ‘commits suicide’

JP Morgan Hong Kong

Yet another banker has committed suicide, with a JP Morgan forex trader leaping to his death from the top of the firm’s Chater House headquarters in Hong Kong. Over the past few weeks at least seven bankers have died under mysterious circumstances, including another JP Morgan senior manager who jumped …

Read More »

Obama stops NSA spying on IMF and World Bank

International Monetary Fund Headquarters

International Monetary Fund Headquarters in Washington, DC. US President Barack Obama has called on the National Security Agency to halt spying on the headquarters of the International Monetary Fund and World Bank in conjunction with a review of surveillance activities, Reuters reported. A US official told the news agency that …

Read More »