Spain today was suddenly imploding. We should say suddenly with a bit of sarcasm, after all, we've been watching Europe put their fingers in the never ending European financial dike for years now.
The German Bundestag voted Thursday to approve the $122 billion banking bailout, but only if the Spanish government accepted full liability for the loans. “There will be no direct bank financing,” said Volker Kauder, head of the Christian Democratic delegation in the Bundestag.
Truth be told this is just another day in the adventures of Eurozone financial crises. U.S. Treasury bonds are hitting record lows as a mass exodus from Europe seeks safe assets.
U.S. Treasuries yields fell to new record lows on Monday as concern that the euro zone's debt crisis is spiraling out of control led investors to seek out the relative safety of U.S. debt.
Germany and U.K. bonds yields are also hitting record lows as the flight to safe haven continues.
HSBC is a bank. They are also a money launderer. Last week the Senate subcommittee on investigations, part of the Senate Committee on Homeland Security and Government Affairs, issued a report (pdf) and held a hearing, U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History. Contained within is a laundry list, if we can use the pun, of HSBC evil doings and how they mechanically laundry money for drug cartels, terrorists and tax evaders.
This is over a decade past 9/11 and seemingly HSBC has been operating with impunity. One of the conduits for money laundering is correspondent banking. Correspondent banking is when one financial institution provides services to another financial institution to move funds, exchange currencies, cash monetary instruments, or carry out other financial transactions. Even though in 2002, correspondent banking was recognized as a primary method to fund terrorist activities, the doors have not been shut.
Correspondent accounts continue to provide a gateway into the U.S. financial system, and wrongdoers continue to abuse that entryway.
Below is what has been done since 9/11, yet correspondent banking is alive and well.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy! Tonight we have three videos.
The newly formed Consumer Financial Protection Bureau will start to oversee the companies who generate credit reports on you. That's Experian, Equifax and TransUnion plus about 30 more.
This action can come none too soon. Unscrupulous debt collectors inaccurately report actions to credit reporting bureaus all the time, especially for Medical bills. Getting these illegal collections or inaccuracies and errors off of one's credit report is next to impossible. Credit reporting agencies simply do not respond it seems to challenges. Experian, as an example, doesn't even have a phone number! Of course you can sue them, but even small claims court is not for the faint of heart and it's not guaranteed one will win, even when being in the right.
One of the biggest problems turning up on credit reports are medical bills. Who does not know billing from Medical facilities is loaded with errors, duplicates and mistakes? Yet more and more Medical companies are turning into the sellers of debt and even bring debt collectors into the Medical practices themselves. That's sloppy, inaccurate medical debt, often for services subpar or not rendered. Literally the health care sector is in the business of selling debt, demanding loan shark interest rates, almost the minute you walk out the door from their facility.
Banks running amok. Banks losing billions. Banks busted for fraud that went on for over 20 years. Banks overcharging customers. The hits just keep on coming. One would think, at this point, the business suit would be more a symbol of jailbirds than a uniform of respectability. Yet on and on it goes and with that we overview the latest adventures in Mafia style Banksterdom.
The headlines blare JPMorgan Chase Revives Markets when they announced a $5.8 billion dollar loss on their derivatives trades.
The largest U.S. bank tried to demonstrate Friday that the worst of the problem was in the rear-view mirror, reporting a $4.96 billion profit for the second quarter, down 8.7% from a year ago.
That's almost three times larger than the originally reported $2 billion loss and that loss could climb to $7.5 billion. What does Wall Street do with this news, why reward the bank of course!
Meanwhile new investigations against JPMorgan Chase are popping up with the bank refusing to release emails about manipulating the electricity market.
Almost daily we have article plants by corporate lobbyists claiming a dire shortage in skilled labor, specifically Scientists, Technologists, Engineers and Mathematicians. These occupational areas are collectively known as STEM. Yet the Washington Post, normally a bastion of corporate drum beating propaganda and economic nonsense, called cash on the cry for more Science, Technology, Engineering and Mathematics workers. They point to the glut of PhDs in the United States, in part due to the offshore outsourcing of pharmaceutical research.
Michelle Amaral wanted to be a brain scientist to help cure diseases. She planned a traditional academic science career: PhD, university professorship and, eventually, her own lab.
But three years after earning a doctorate in neuroscience, she gave up trying to find a permanent job in her field.
Dropping her dream, she took an administrative position at her university, experiencing firsthand an economic reality that, at first look, is counterintuitive: There are too many laboratory scientists for too few jobs.
The manipulation of the LIBOR scandal just keeps growing. Ever since Barclays was busted for manipulating this key critical interbank interest rate, more outrageous details keep pouring out.
Europe wants to make such evil financial dealings criminal. Yes, that's right, already manipulating a key interest rate is being classified as not criminal by this announcement.
Europe's top regulatory official intends to propose new rules that would criminalize the manipulation of benchmarks such as Libor.
The U.K. Serious Fraud Office opened a criminal probe into the attempted rigging of interest rates that led to a record fine against Barclays Plc (BARC), adding to pressure on banks already under investigation by regulators around the globe.
Supposedly the U.S. opened a criminal probe in February 2012:
Several major global banks, including Citigroup Inc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG, have disclosed that they have been approached by authorities investigating how Libor is set.
The Central Banks went on the move. Within 45 minutes of each other, the ECB lowered interest rates, the Chinese central bank did too and the U.K. just enacted more glorified quantitative easing. BoE increased their asset purchases by £50 billion to a grand total of £350 billion.
While it appears we have a global, coordinated plan of attack by Central banks, one might also notice we have a global coordinated plan to counter an economic slowdown. In other words, by all acting in concert, this gives more confirmation that we have a global economic mini-implosion going on.
Spain today was suddenly imploding. We should say suddenly with a bit of sarcasm, after all, we've been watching Europe put their fingers in the never ending European financial dike for years now.
HSBC is a bank. They are also a money launderer. Last week the Senate 
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop. 
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy! Tonight we have three videos. 
The newly formed 
Banks running amok. Banks losing billions. Banks busted for fraud that went on for over 20 years. Banks overcharging customers. The hits just keep on coming. One would think, at this point, the business suit would be more a symbol of jailbirds than a uniform of respectability. Yet on and on it goes and with that we overview the latest adventures in Mafia style Banksterdom. 
The manipulation of the LIBOR scandal just keeps growing. Ever since 
The Central Banks went on the move. Within
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