Wow. If they don't get shut down, I hope we find out why, it will be good for plenty of threads in the corruption subforum. It's also...

Yet another possible black swan in the... Hm... interesting.

I had to look up what a group of swans is called, and I find that there's a number of answers: fanfare, bevy, lamentation, herd, game, team, wedge, ballet.

Ok then. Take your pick. Lamentation is mine.

"Yet another possible black swan in the lamentation."

Fits terribly well.

I doubt if they were the only one.

I haven't even read the ticker yet and I agree with the title. They should have been shut down for many reasons.

Now I've read it and I still think the charter should be revoked. I would not allow any Swiss bank to have a charter from here on.

Reading the linked article, it sounds more like a conspiracy between borrowers and lenders.

Now that the business model for those types of resorts has failed due to the economy, the borrowers play victims.

If laws were broken then they should be punished, but it is clear that the borrowers were not victims but co-conspirators that now want to use the courts to profit from their own misjudgment and failure.

They are just like inner city sub prime people, paler and in nicer suits. And the banks don't differ much either.

Don't forget that UBS also appears to be guilty of selling CDOs that they knew were going to lose their "investment grade" ratings from Moody's, which a bank employee referred to as "vomit". These banks should be shut down and prosecuted under the RICO act.

http://www.stamfordadvocate.com/ci_13318....

Tx, already tickered that one.

We all know nothing will happen to these banks, that is where the elite have the loot hidden.

haahahah, shut down their hidding spots? what? never!




Show me one decision that was made for the benefit of the people? JUST ONE.

Keep up the "CORRUPTION" tickers. Its time to call a spade a spade no mincing words.

Quote:

but it is clear that the borrowers were not victims but co-conspirators

No doubt but you know something, when you have the dream of owning a house and someone approaches you and says "I can get you your dream, just sign on the dotted line" Im willing many people are going to sign away and they did. These people have now had to suffer because they have lost their homes. I just wish these banks would of had to suffer the consequences that is what annoys the **** out of me. They get the big profits on the front (And pay little to no taxes not to mention) and they get taxpayer bailouts of the back.

TJ,

Perhaps you are right, that would make them dreaming co-conspirators.

Way I look at it the banks and bankers should get what they have coming, including massive claw backs. But the co-conspirators were not victims, even if they now claim they were blinded by a dream, or even if they were.

Perhaps there are some true victims of circumstance among the middle class that was forced out of their own neighborhoods by the sub prime invasion. They had to take unaffordable loans on property they could not afford, and to the extent that it was driven by seeking safe schools for their children rather then profit in appreciation, they would be victims.

But the one entity responsible, where it all originated from, is government policy.

Many bank "branches" in the Caymans consist solely of a plaque on a wall. It's not just the Swiss banks that do it. The bankers have never met a loophole they couldn't drive a bus through.

...and not a word in the MSM - when the headlines should be screaming this in large bold faced type. Not just in the 'Cayman Net News'!

If it pleases the Genesis forum court, I'd now like to be sentenced to disappear.

SKY - Plaque is right - just a shingle, anywhere, inside or out with permission to hang it there...

Funny you should say this, I had contract to do some hardware upgrades at a bank. So I would go office to office and do my thing. I did everyone from the secretary to the VP.

Anyway, when you go into someones office or cubicle and go about your stuff, if they stay you make pleasent chit chat with them.


One guy I was yapping to (durring the profit years), I said you guys had a great year! He immidiately, went into company line mode about costs and risk and that it was just par.

I said, well you know there is ways to move money around from one institution to another, using laws that defer showing profit from the books... banks in the islands are good for that sort of thing. Well, he blushed, and told me that his job discription was to do exactly that.

What I am saying, is if they were doing this to defer profits during the good times, just imagine the deferment of loss.

no1 - Imagine that your investment account just "failed" so you personally sell or unload your investment for pennies on the dollar... and then it turns out that "stuff" "floated out" elsewhere and your investment in fact was worth lots of money? A few smarty pants buy it back for pennies, collapse it into a private company... Things that make you go hmm... it isn't always about losses so much as it is who gets distributed the losses.

Karl i think you know this site :

Bank loan performance :

http://www.wlmlab.com/main.asp

I just send them an e-mail

*******************************

hello and i am very sorry for my poor english... I am french...

I have the raw data from the FEDERAL RESERVE for delinquency and charge off...
It is a little tricky to get them because they are buried in an XML file in their download program...

So I am happy to give you them (and some charts I made), if you don't have them...


http://dl.free.fr/vkOshUyQx

But it is very surprising figures don't match between the FDIC and the FED !!!!
Things are much much more worse from a FED look....

Just look at the file and you will see how large is the difference :
According to your site all banks delinquencies (30+ and more all loans) for 2009Q2 is 258,001,669,000
I have from the FED 2009Q2 : 408,823,000,000

Total loan portfolio is : 7,451,582,530,000
I have from the FED : 6,647,120,000,000

You will have also in my file the charge off ;-) from a FED look...

You can check the accuracy of raw data with the FED official statement there (they only give the % and not the raw data) :

http://www.federalreserve.gov/releases/c....

In fact the raw data I have downloaded (in their tricky xml) are correct because :

408,823,000,000 / 6,647,120,000,000 = 0.0615 ;-)

Have you an idea why there is such a difference between the FED and the FDIC ?
IS SOME ONE COOKING THE BOOKS ?

Best regards

Philippe

****************************

Do you have any idea why is there so much difference between the FED figures and the FDIC figures ? Am I missing something or someone is cooking the books when data are released to the FDIC ?

Why do you ask?

The losses always eventually go to the taxpayer, whether bailouts or tax credits.

The deferred losses are bad and criminal because they allow for huge unearned bonuses to individuals, but the losses already happened and the burden is on the taxpayer either way, whether called bailouts or tax credits.

What makes the fraud systemic is that the basic system is fraudulent as conceived even in the best of times. If the concept of tax losses were eliminated it would change the way banks and other corporations approach business for the better.

Quote:

Senior officials of Credit Suisse, Switzerland’s second largest bank, are facing claims that they pocketed millions of dollars by dishing out loans that were impossible to repay.

This is confusing. Who were they robbing> Credit Suisse itself (since it dished out a lot of cash on bad loans, and won't be getting it back)?

Quote:

federal bankruptcy judge Ralph B. Kirscher described in May this year as a case of “naked greed” that “shocks the conscience of this court.”

Why the emphasis on abstract, envious-crowd-pleasing "naked greed" over a more concrete terms such as "theft" or "fraud"? Given all the courts have been completely indifferent to lately, I smell a rat when it claims it's "shocked" by the gambling going on in the Cafe Americana casino, and suspect there's something else going on behind the scenes.

(The last part of the ticker deals with tax-evasion. These two "corruption" tickers are an interesting contrast: The first, "OUTRAGE: TYING IT ALL TOGETHER", makes an air-tight case that the government is almost (if not completely) irredeemably corrupt and stealing everything not nailed down while also not paying the same taxes it expects of the little people. Nothing to argue with there. The other, "Credit Suisse", targets the general concept of foreign entities seeking to profit by helping Americans spirit their property out of the clutches of a system recognized as being corrupt in the prior ticker. Irreconcilable differences loom.)

Credit Suisse is small potatoes. If you really want to root out the corruption, you have to go to the head of the hydra, the Bank for International Settlements in Basel.

Again, it has long been known the depth of corruption in the Swiss Banking system, from laundering Nazi wealth to Drug money. Yet you think revoking the charter for Credit Suisse does anything? They'll reincorporate under another name and do the same thing.

Your not gonna starve the beast this way. You have to go to the SOURCE of the power and money, the BIS.

RE

Reverse, comparing Nazi loot to "drug money" is as apples and oranges; the first is laundering theft, the other is nothingburger (since drugs aren't illegal everywhere).

Quote:

Your not gonna starve the beast this way. You have to go to the SOURCE of the power and money, the BIS.

Do you really want the UN to oversee world banking?



Be careful what you wish for.

Beezle - blasphemy!

Isn't it obvious that someone has to? There has to be some sort of body that is detached from the opiate, "money", itself (good luck finding that someone).



(don't get high on your own suply has never rung truer)

Someone seems to have forgotten "THE RULE OF LAW"