How stupid can they get?
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How stupid can they get?
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And who is (not) going to jail this time???
After a five-year investigation, the European Commission has fined three major banks €485 million for rigging the crucial Euro Interbank Offered Rate (Euribor).
The Commission said on Wednesday they were part of a seven bank cartel that colluded on setting the euro interest rate instead of competing with each other between September 2005 and May 2008.
JPMorgan was fined €337 million and Credit Agricole €114 million for five-month involvement in the conspiracy. HSBC got a €33 million penalty for its one-month participation.
Back in the summer we wrote about an IMF report that flagged Deutsche Bank as the “most important net contributor to systemic risks” (see “‘Deutsche Bank Poses The Greatest Risk To The Global Financial System’: IMF“). Those who read our site frequently were likely not terribly surprised by the IMF’s conclusion.
Among the G-SIBs, Deutsche Bank appears to be the most important net contributor to systemic risks, followed by HSBC and Credit Suisse. In turn, Commerzbank, while an important player in Germany, does not appear to be a contributor to systemic risks globally. In general, Commerzbank tends to be the recipient of inward spillover from U.S. and European G-SIBs. The relative importance of Deutsche Bank underscores the importance of risk management, intense supervision of G-SIBs and the close monitoring of their cross-border exposures, as well as rapidly completing capacity to implement the new resolution regime.
That said, we suspect the latest ranking of global systemically important banks (G-SIBs) by the Financial Stability Board may be a bit more surprising to our readers, among others, as it features two of America’s largest banks right at the very top.
Preparing the people for what is coming.
When was the biggest market crash of all time (23% in one day)? – in an October, just after a Shemitah (a little less than 3 weeks after) – It was Black Monday in 1987.
Continue to prepare for the greatest financial collapse in world history.
The technical analysis team at HSBC is warning recent stock market moves look eerily similar to just before 1987’s ‘Black Monday’, which saw the largest one-day market crash in history.
On October 19, 1987, the Dow Jones Industrial Average which comprises the 30 large US publicly traded companies, lost 22.6 percent of its value.
— Bloomberg Markets (@markets) October 12, 2016
In a note to clients released Wednesday, Murray Gunn, the head of technical analysis for HSBC, said he was on red alert for an imminent sell-off in stocks in the light of the price action over the past few weeks.
HSBC is ripe for management change, if a recent survey by Autonomous Research is to be believed.
The results of a poll of 74 investors singled out Chief Executive Stuart Gulliver as the top choice for removal, according to the Financial Times. This might make sense, on the face of it, because the outlook for the U.K. bank isn’t great.
Watch the photos here:
HSBC’s main gold vault in London regularly comes under the media spotlight for a number of reasons. These reasons include: a) the HSBC London vault stores a very large amount of gold on behalf of the well-known SPDR Gold Trust (GLD); b) along with the Bank of England vaults and JP Morgan vault, the HSBC vault is one of the 3 largest gold vaults in London; c) the location of the HSBC vault in London is not publicised and so the secrecy creates intrigue; d) HSBC every so often throws out some visual or audio-visual media bait about the vault, most famously in the case of CNBC’s Bob Pisani; Despite all of the above, no one seems to have ever tried to figure out where this gold vault is actually located. Until now.
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The reason both the Democratic and Republican establishments are in full on panic mode about the rise of Donald Trump and Bernie Sanders is a deep seated fear that the plebs have finally woken up.
Democrats rail against big corporations, while Republicans rail against big government. This scheme has been used to successfully divide and conquer the public for decades while big government and big business successfully schemed to divert all wealth and power to an ever smaller minuscule segment of the population — themselves.
“In my position, as you can imagine, I’ve got a few enemies.” An anonymous tip off has contacted the DWP to suggest that Nicholas Wilson is frauding the benefits office. “They sent a letter calling me in for a compliance interview.”
The irony is that Nicholas Wilson is a whistleblower, who has been trying to expose what would be the largest bank fraud in the history of the UK, totalling over £1bn. This is made up of illegal charges imposed by HFC Bank – previously a subsidiary of HSBC, onto unsuspecting UK customer debts on high street store cards.
“Everything I do on my campaign with HSBC, it’s all about fraud and corruption and underhand dealings. I do everything up front and transparent and that’s how I have to be. I haven’t got anything up my sleeve.”