Jul 22

Ongoing Greece Deposit Run Forces ECB To Boost Greek ELA Ceiling Yet Again (ZeroHedge, July 22, 2015):

Despite the imploring of Greek bankers for Greeks to “take your money out of your chests and houses – which are not safe in any case – and deposit at banks,” it appears the Greek bank deposit run continues. As The ECB just announced another €900 million increase in Emergency Liquidity Assistance, strongly suggesting that in the 2 days since the last increase, banks are once again insolvent facing a liquidity crunch as the “banks are trustworthy” propaganda falls on very deaf Greek ears.

Tags: , , , , ,

Jul 22

Define Irony: Greek Banks Refuse To Buy ESM Bonds To Fund Greek Bailout (ZeroHedge, July 21, 2015):

In the latest example of what happens when circular funding schemes begin to trip over each other, National Bank of Greece has refused to participate in an auction for paper issued by the bailout fund which is set to recapitalize the Greek banking sector.

Tags: , , , , , , , ,

Jul 21


Greeks Laugh As Bankers Beg Depositors To Return Money (ZeroHedge, July 21, 2015):

Banks Union appeals to Greeks to return their money to banks (Keep Talking Greece, July 20, 2015):

President of Greek Banks Association Louka Katseli appealed at the citizens to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.

Katseli, a former PASOK Minister, appealed to citizens to return their deposits  to the banks “now that the banks are open” after a three-week holiday and capital controls.

“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.”

“There will be no need to “haircut” deposits in the future if we all act responsibly,” she added -cheerfully I suppose.

Katseli’s appeal triggered laughter among Greeks and one stressed with hint to capital controls “Oh yes! I will bring my money back to the bank and get it back 60 by 60 euro.”

Another one noted “Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”

Continue reading »

Tags: , , , , ,

Jul 18


All Hail Our Banking Overlords! (Peak Prosperity, July 18, 2015):

You really have to be paying attention to see what’s truly going on these days. The keepers of the system, that is the banking elites, now openly control everything — though you’d never know that by listening to the media.

Consider this:

Eurozone backs €7bn bridging loan

Jul 16, 2105

Eurozone ministers have agreed to give Greece a €7bn (£5bn) bridging loan from an EU-wide fund to keep its finances afloat until a bailout is approved.

The loan is expected to be confirmed on Friday by all EU member states.

In another development, the European Central Bank (ECB) agreed to increase emergency funding to Greece for the first time since it was frozen in June.

The decisions were made after Greek MPs passed tough reforms as part of a eurozone bailout deal.

How generous of the finance ministers of all those EU member states to agree to a “bridge loan” that will help Greece “keep its finances afloat”. This should provide the people of Greece with a bit of breathing room, right? Maybe access to their bank accounts (finally!), perhaps?

No, not at all. Here’s what the entirety of the “”loan”” will go towards instead:

The bridging loan means Greece will be able to repay debts to the ECB and IMF on Monday.

Ummmm…that “money” will not ever go anywhere near Greece. Continue reading »

Tags: , , , ,

Jul 17

Greek Banks Will Not Re-Open Monday Even As Loan To Repay ECB Approved (ZeroHedge, July 17, 2015):

The timing could not be worse from a visual perspective but within minutes of the Eurogroup confirming that they approved the €7.16 billion bridge loan (which will merely be recycled back to The ECB to ensure the appearance of normalcy continues), local reports note that the Greek finance ministry says banks will not re-open on Monday (as promised).

The elites get their money… Continue reading »

Tags: , , , , , ,

Jul 16

To Big To Jail

“Bank Lives Matter” – Obama Administration Makes Another Move to Protect Profits of Criminal Mega Banks (Liberty Blitzkrieg, July 16, 2015):

Three top Democrats are accusing the Department of Housing and Urban Development of quietly removing a key clause in its requirements for taxpayer-guaranteed mortgage insurance in order to spare two banks recently convicted of federal crimes from being frozen out of the lucrative market.HUD’s action is the latest in a series of steps by federal agencies to eliminate real-world consequences for serial financial felons, even as the Obama administration has touted its efforts to hold banks accountable.

– From the Intercept article: Obama Administration Finds New Way to Let Criminal Banks Avoid Consequences

Two days ago, I highlighted a feel-good story about how officials in Santa Cruz County decided to take mega bank criminality into their own hands by voting to cease business relationships with five criminal TBTF mega banks. Here’s an excerpt from the post, Santa Cruz County Votes to Cease Doing Business with Five TBTF Mega Banks: Continue reading »

Tags: , , , , , ,

Jul 16

Deutsche Bank Stunner: An Inside Look At Former CEO’s Role In Liborgate (ZeroHedge, July 16, 2015):

“Mr. Jain created an environment by the physical and functional restructuring of the business GFFX division in the year 2005, involving also a change in the seating order of the trading floor in London which he initiated in which conflicts of interest between traders and submitters arose or were strengthened. There is suspicion that Mr. Jain might have knowingly made incorrect statements in his IBOR related Interview with the Deutsche Bundesbank.”



Tags: , , , ,

Jul 15

Santa Cruz County Votes to Cease Doing Business with Five TBTF Mega Banks3

Santa Cruz County Votes to Cease Doing Business with Five TBTF Mega Banks (Liberty Blitzkrieg, July 14, 2015):

This is impressive. Very, very impressive.

It appears that Ryan Coonerty, the Supervisor of the Third District of Santa Cruz County, wrote a letter back in June to the rest of the Board of Supervisors, in which he bravely pleaded the county cease business operations with five of the TBTF Wall Street Mega Banks. Why you ask? Well, because they are criminal felons. Considering Eric Holder refused to punish them (see: Cronyism Pays – Eric “Too Big to Jail” Holder Triumphantly Returns to His Prior Corporate Law Firm Job), someone has to take a stand.

Here are a few choice excerpts from the letter: Continue reading »

Tags: , , , , ,

Jul 15


Jul 14, 2015

Description: Continue reading »

Tags: , , , , , , , , , , , , ,

Jul 14


Exclusive: The Inside Story Of How Deutsche Bank “Deals With” Whistleblowers (ZeroHedge, July 14, 2015):

Back in May we brought you “The Real Story Behind Deutsche Bank’s Latest Book Cooking Settlement,” in which we detailed the circumstances that led the bank to settle claims it mismarked its crisis-era derivatives book to the tune of at least $5 billion.

Deutsche Bank settled the issue with the SEC for the laughable sum of $55 million a few months back.

The SEC inquiry was prompted, in part, by Dr. Eric Ben-Artzi who was fired from Deutsche Bank in 2011 after expressing his concerns about the bank’s valuation methodology.

What follows is the real, play-by-play account of Ben-Artzi’s dismissal from Deutsche Bank, told in its entirety for the first time.  Continue reading »

Tags: , , ,

Jul 13


Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent (ZeroHedge, July 13, 2015):

Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the harshest lesson for the ordinary Greek population as a result of this latest crisis is that deposits are not “cash in the bank” but liabilities of insolvent financial organizations).

Starting on Wednesday that will no longer be the case. Continue reading »

Tags: , , , , ,

Jul 12

Greece May Sue Goldman Over Bank’s Role In Greek Collapse (ZeroHedge, July 12, 2015):

It’s Goldman Sachs’ world, we just happen to live in it.

That rather unfortunate, yet exceedingly accurate, characterization of the global financial and geopolitical landscape seemingly becomes more true with the passage of time and perhaps nowhere is it more evident than Europe, where the common currency experiment (which never had any hope of working without some semblance of a fiscal union) is on the brink of collapse.

Goldman Sachs European Domination

As we noted in “The Biggest Winner From The Greek Tragedy,” the losers from the disintegration of the EMU are ordinary, common, taxpaying Europeans who enjoyed a few brief years of artificial prosperity, which in retrospect was entirely due to debt, masked well by the “currency swaps” and other financial engineering concocted by banks such as Goldman Sachs, in clear violation of the Maastricht treaty which is now a long-forgotten memory of the founding ideals behind the Eurozone. Continue reading »

Tags: , , , , , ,

Jul 12

Similarities Between Chinas Stock Market Crash And 1929 Are Eerie

Similarities Between China’s Stock Market Crash and 1929 Are Eerie (David Stockman’S Contra Corner, July 10, 2015):

By David Zeiler at Money Morning

For students of history, the China stock market crash looks eerily familiar.

It’s playing out much like the Wall Street stock market crash of 1929.


In case you’ve been distracted by such things as the Greek debt crisis and a bizarre glitch that shut down the New York Stock Exchange for more than three hours Wednesday, the Chinese stock market has been in a free fall lately.

Continue reading »

Tags: , , , , , , ,

Jul 10


Greek banks to go bankrupt Monday if no debt deal – FT (RT, July 10, 2015):

As cash withdrawals from Greek banks reach €100 million a day the country’s banking system will end up bankrupt on Monday if no deal with creditors is reached over the weekend, some senior bank executives told the Financial Times (FT) on Friday.

Cash withdrawals are at a high rate despite capital controls imposed by the Greek government. If the European Central Bank (ECB) doesn’t agree to extend its emergency liquidity assistance (ELA) program, customers will be left without money by Monday, according to one of the bankers who talked to FT. Continue reading »

Tags: , , ,

Jul 10


Greek Financial Advisor Suing “Politically Motivated” ECB For Crushing Greek Banks (ZeroHedge, July 10, 2015):

The European Central Bank’s decision to reject the Bank of Greece’s request for increases in Emergency Liquidity Assistance (ELA) has, in a nutshell, crushed Greek banks for what appears to be purely political, nogitating-based motives. Greek financial advisor Alcimos (infamous for their heretical comments on the referendum) commenced proceedings before the General Court of the Court of Justice of the European Union, requesting the annulment of the ECB decisions.

The global and European economies are increasingly dominated by bureaucrats taking arbitrary decisions on capital allocation, with little regard for rules or process. The decisions of the ECB to reject the applications of the Bank of Greece for additional funding under ELA could have only been politically motivated, and therefore in clear violation of the ECB’s independence as enshrined in Article 123 TFEU. It is time for EU bureaucrats to stop acting as autocrats. Continue reading »

Tags: , , , , , , , ,

Jul 09

The Biggest Winner From The Greek Tragedy (ZeroHedge, July 7, 2015):

Long after Greece has left the Eurozone and Germany is using the Deutsche Mark as its currency, the people of the two nations, antagonized to a level unseen since World War II, will be accusing each other of benefiting more from the brief but tumultuous period of the common currency.

In reality, nobody had put a gun to Greece’s head and told it to lever up, enriching local oligarchs and corrupt politicians, taking advantage of credit that was artificially cheap only due to the common currency and an implicit monetary, if not fiscal, union. Continue reading »

Tags: , , , , , , ,

Jul 07

Caught On Tape: HSBC Bankers Recreate ISIS Beheading Execution (ZeroHedge, July 7, 2015):

HSBC just can’t seem to help itself. As The Sun reports, as part of a “team-building” exercise, six bankers filmed the fake ISIS-style beheading of an Asian colleague – while yelling ‘Allahu Akbar’. However, given that these were not C-level executives, there has been some consequences – the six bankers have been fired with HSBC noting “this is an abhorrent video and HSBC would like to apologize for any offense.”

Caught On Tape…

*  *  *

HSBC said: Continue reading »

Tags: , , , ,

Jul 06

Why Greece Matters A Lot: The Case Of Europe’s Falling Dominoes (ZeroHedge, July 6, 2015):

Over the weekend, we showed why contrary to unfounded speculation that Greece is entirely contained, there are still extensive linkages when it comes to the fallout a Grexit would reap if not directly on private commercial banks which over the years managed to offload their Greek exposure to the Europe’s taxpayers….

exposure to greek banks

… but on the sovereign economies of the Eurozone as well as the ECB, at first via the EFSF, then also via the SMP, the MRO, Target 2 and so on.

Overnight, Barclays took this analysis and also showed the absolute national euro exposure to Greece broken down by bailout program and also as a % of respective host nation’s GDP. What it found is the following: Continue reading »

Tags: , , , , , , , , ,

Jul 06

ELA Haircut vs Deposit Haircut

It Begins: ECB Hikes Greek ELA Haircuts; Full “Depositor Bail-In” Sensitivity Analysis (ZeroHedge, July 6, 2015):

Earlier today we reported that as Bloomberg correctly leaked, the ECB would keep its ELA frozen for Greek banks at its ?89 billion ceiling level last increased two weeks ago. However we did not know what the ECB would do with Greek ELA haircuts, assuming that the ECB would not dare risk contagion and the collapse of the Greek banking system by triggering a waterfall solvency rush in Greek banks if and when it boosts ELA haircuts. Turns out we were wrong, and as the ECB just announced “the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA.”

Full Press Release: Continue reading »

Tags: , , , , ,

Jul 06


‘We are going to destroy the Greek oligarchy system’ said Varoufakis. (Image credit: channel4.com)

European Banksters are afraid of Yanis Varoufakis (The Real Agenda, July 6, 2015):

The former Greek Finance Minister resigned because the Troika is not confortable with him in the room.

The Greek Finance Minister, Yanis Varoufakis, announced Monday his resignation because he believes that this can help the government to reach an agreement with the European institutions, hours after the victory of the ‘no’ in the referendum.

Varoufakis, who said he would resign if the YES won on Sunday’s referendum met on several occasions with Greek creditors as he represented the toughest wing of his government. He even accused the Troika of using “terrorism” against the Greek people. Continue reading »

Tags: , , , , , , ,