Sweden’s ‘Cash Rebellion’ Fears “We Have No Weapon Fight Back…If Putin Invades”

Sweden’s ‘Cash Rebellion’ Fears “We Have No Weapon Fight Back…If Putin Invades”:

For the last two years we have documented the rapid ascent of Sweden’s cashless society as government’s demands for ever greater control over “you, the people’s” money combined with the ‘ease-of-use’ narrative has left many stores no longer accepting cash at all  and even sparked anxiety among Swedish authorities  that:

“If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure” for handling cash.

Last year, the amount of cash in circulation in Sweden dropped to the lowest level since 1990 and is more than 40 percent below its 2007 peak. The declines in 2016 and 2017 were the biggest on record.

But the pace at which cash is vanishing has authorities worried.

“One may get into a negative spiral which can threaten the cash infrastructure,” Mats Dillen, the head of the parliamentary review, said.

“It’s those types of issues we are looking more closely at.”

Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers.

Read moreSweden’s ‘Cash Rebellion’ Fears “We Have No Weapon Fight Back…If Putin Invades”

World’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason

World’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason:

For a prisoner exchange between Switzerland and Spain? 

Hervé Falciani, the French-Italian former HSBC employee who blew the whistle on HSBC and 130,000 global tax evaders in 2008, has been arrested in Madrid on Tuesday in response to an arrest warrant issued by Switzerland for breaking the country’s bank secrecy laws.

He lives in France, which rarely extradites its own citizens. But when Spanish authorities learned that he was in town to speak at a conference ominously titled, “When Telling the Truth is Heroic,” they made their move. If he is extradited to Switzerland he could face up to five years in prison.

Read moreWorld’s Most Wanted Bank Whistleblower Was Just Arrested, for the Worst Possible Reason

Citigroup Enforces Gun Control Restrictions On Customers

Citigroup Enforces Gun Control Restrictions On Customers:

Seemingly following Andrew Ross Sorkin’s suggestions, and echoing the virtue-signaling from Dick’s Sporting Goods et al., megabank Citigroup is setting restrictions on the sale of firearms by its business customers.

As a reminder, Andrew Ross Sorkin wrote in the NY Times that banks could control guns, if Washington won’t.

Liberty Blitzkrieg’s Mike Krieger exclaimed that even in today’s world replete with plutocrat public relations masquerading as journalism, it’s rare to encounter an article simultaneously pandering, authoritarian, childish and dumb. Nevertheless, I found one, and it was unsurprisingly published in The New York Times.

The title of the piece more or less says it all, How Banks Could Control Gun Sales if Washington Won’t, but let’s go ahead and examine some of the author’s suggestions in greater detail. For instance:

Read moreCitigroup Enforces Gun Control Restrictions On Customers

Three Merrill Insiders To Split $83 Million In Largest-Ever Whistleblower Award

Three Merrill Insiders To Split $83 Million In Largest-Ever Whistleblower Award:

Who needs to work when you can just expose your boss’ criminal ways and retire with the “whistelblower” proceeds?

That’s the question three former Merrill Lynch insiders will ask themselves after their tips led to both a successful enforcement against parent company Bank of America in a $415 million settlement for engaging in complex transactions which allowed the bank to reduce the amount of client funds that had to be set aside in reserve accounts and – more importantly – the largest ever whistleblower award amounting to $83 million.

Two of the recipients will split a $50 million award, while a third person will receive $33 million for a tip in the same case.

The previous record was $30 million in 2014 – all done under an award provision under the post-crisis Dodd-Frank law. 

Read moreThree Merrill Insiders To Split $83 Million In Largest-Ever Whistleblower Award

Banks Are Finally Raising Deposit Rates 2 Years After First Fed Hike

Banks Are Finally Raising Deposit Rates 2 Years After First Fed Hike:

For more than a year now, big banks have been shafting their customers by refusing to raise interest rates on deposits and products like CDs – opting instead to use the added income to pad their bottom lines after nearly a decade of rock-bottom rates.

This has been great for shareholders, who will indirectly reap the benefits of cheap financing costs and rising profits. Until recently, JP Morgan Chase & Co. had raised its average deposit rate by a paltry 0.21 percentage points, despite the fact that interest rates have risen by 1.25% since the cycle began. A sixth rate hike is widely expected when the Fed meets later this week.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Goldman CEO Blankfein Set To Leave, WSJ Reports

Only that his God is symbolized by this sign…

…another rat is leaving the sinking ship.

Goldman CEO Blankfein Set To Leave, WSJ Reports:

God’s work is done…

The Wall Street Journal reports that Lloyd Blankfein is preparing to step down as Goldman Sachs chief executive as soon as the end of the year, capping a more than 12-year run that would make him one of the longest-serving bosses on Wall Street.

The timing of any moves could still change, and the 63-year-old Mr. Blankfein is firmly in control of his exit, the people said.

The current thinking, though, is that he will retire ahead of or early in Goldman’s 150th anniversary year in 2019, a fitting send-off for the history buff.

Mr. Blankfein has often joked he will die at his desk, and his enthusiasm for the job has led many within the firm to believe he might outlast another set of would-be successors.

While the firm’s co-presidents, Harvey Schwartz and David Solomon, are leading candidates to replace the 63-year-old CEO, one can’t help but wonder about the timeliness of Gary Cohn’s White House exit.

Read moreGoldman CEO Blankfein Set To Leave, WSJ Reports

Rothschild Passing Dynasty on to 7th Generation, Marking 200 Years of Banker Family Rule

Rothschild Passing Dynasty on to 7th Generation, Marking 200 Years of Banker Family Rule:

Rothschild & Co. is ensuring that the business will stay in the family for a seventh generation as the current chairman prepares to hand his seat down to his son.

The Rothschild banking empire will ensure that its control continues to stay within the family for a seventh generation as David de Rothschild, 75, is set to hand the role of chairman over to his son, Alexandre de Rothschild, 37, in June.

The banking dynasty has been passed between generations for the last 200 years. It was started by Mayer Amschel Rothschild as a French railway company, and five of his sons went on to establish banking businesses across Europe. Financial Times reported that the investment bank is currently pushing to “diversify from its core French and British advisory business to help it ride out less buoyant periods in Europe’s mergers and acquisitions market.”

Read moreRothschild Passing Dynasty on to 7th Generation, Marking 200 Years of Banker Family Rule

“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”

“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”:

The construction & services giant collapsed even as KPMG signed off on its financial statements; now they deny any responsibility.

The Big Four accountancy firms — PricewaterhouseCoopers, Ernst & Young, KPMG, and Deloitte — reported combined annual revenues of $134 billion in 2017. In the global audit arena, they are virtually unassailable. In the US, the Big Four audit 497 of the S&P 500 companies. In the UK, they audit 99 of the FTSE 100 companies. In Spain there’s not a single firm listed on the IBEX 35 whose accounts are not audited by one of the Big Four.

But what are the Big Four firms actually good for?

Read more“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”

Bank Run Feared After ECB Unexpectedly Pulls Plug On Latvia Largest Private Bank

Bank Run Feared After ECB Unexpectedly Pulls Plug On Latvia Largest Private Bank:

Last week we reported that as part of a rapidly deteriorating banking crisis in Latvia, which culminated with the detention of central bank head Ilmars Rimsevics on suspicion of accepting a bribe of more than €100,000 (which prompted both the prime minister and president to demand his resignation, something he has so far refused to do), the European Central Bank froze all payments by Latvia’s largest private bank, ABLV, following U.S. accusations the bank laundered billions in illicit funds, including for companies connected to North Korea’s banned ballistic-missile program.

Then overnight the Latvian banking crisis escalated when in a statement released early Saturday, the ECB said ABLV Bank’s liquidity had deteriorated significantly, making it unlikely to pay its debts and declaring it “failing or likely to fail.” As a result, Latvia’s third largest bank will be wound up under local laws after the European Central Bank

Following the ECB’s decision, which also included the bank’s subsidiary in Luxembourg, the WSJ reported that Europe’s banking resolution authority decided the banks didn’t represent a systemic risk for their countries or the region and should be wound up by local authorities rather than be “bailed in” under EU rules.

And so, on Saturday ABLV said it would be liquidated. In four days, the bank claimed, it had raised enough capital to meet all its depositors’ demands and keep functioning, however “Due to political considerations the bank was not given a chance to do it,” it said in a statement.

Read moreBank Run Feared After ECB Unexpectedly Pulls Plug On Latvia Largest Private Bank