Daily Archives: November 28, 2012

Barclays has ‘disciplined’ 13, fired five over Libor scandal

The bank is attempting to rebuild its reputation after being fined a record £290m in June for manipulating the London interbank offered rate (Libor), used used to fix the cost of borrowing on mortgages, loans and derivatives worth more than $450 trillion (£281 trillion) globally.

After launching its own investigation, Barclays “terminated” five of 13 people disciplined, Rich Ricci, head of Barclays’ investment banking arm, told a parliamentary committee hearing.

However, he said that many others who would have been involved had already moved on to “other institutions”.

Read on.

Bank of Japan Posts Whopping ¥233 Billion Loss As Its Soaring Balance Sheet Hits Record ¥156 Trillion


But… but… a central bank can never lose money. Bzzzz, wrong. As it just so happens, the world’s most tragicomic farce of a central bank, and one which is about to officially lost its (faux) “independence” and become a branch of the Japanese government if the up and coming PM Abe has his way, the Bank of Japan, just reported that in the quarter ended September 30, the Japanese central bank reported an operating loss of ¥183.4 billionand a net loss of ¥232.9 billion. As a comparison, the loss in the same period in 2011 was “only” 91 billion. This is a harbinger of the total collapse that is the utterly meaningless capital tranche of all central banks will go through before the terminal phase of the global Keynesian experiment is finally completed.  But in the meantime, enjoy this chart of the Bank of Japan’s balance sheet returning back to a record ¥156… trillion.

Here is the BOJ press release:

Looking at the situation of assets and liabilities at the end of the first half of fiscal 2012, compared with the end of the previous fiscal year increased by 12 trillion yen 2,317 billion (+8.9%), total assets are 149 trillion yen 9,208 billion, mainly government bonds was. In addition, compared with the end of the previous fiscal year increased by 12 trillion yen 3,019 billion (+9.1%), total debt was 4,410 billion to ¥ 14.7 trillion center (current account) deposits.

And is as follows: take a closer look at these changes in the assets and liabilities of the Bank of Japan. First, looking at the part of the asset, from the fact that government bonds, etc., etc. The amount of the purchase exceeds the amount of redemption, and 102 trillion yen 8,593 billion, more than 18 trillion yen 4,922 billion of the previous fiscal year end (Tasu21.9%). On the other hand, due to a decrease in funding due to funds-supplying operations against pooled collateral, and 34 trillion yen 4,435 billion, less than 8 trillion yen 4,959 billion the prior year end loans, (▲ 19.8%). The balance of assets purchased by the Fund “such as asset purchases”, to ¥ 61 trillion 7,729 billion.

Then, looking at the part of the debt, primarily due to funding through the Fund “such as asset purchases”, and ¥ 43 trillion 9,683 billion, more than 9 trillion yen 3,278 billion end of the prior year current account, (+26. 9%). During this time, the 80 trillion yen 9,287 billion, and more than 2 trillion yen 45.8 billion the prior year end balance of ticket issuance, the Bank of Japan (+2.6%).


A man in the process of eviction for nonpayment of rent in Navarra commits suicide

Translated in English:

A man of 59 who was in the process of eviction for nonpayment of rent has committed suicide Wednesday in the town of Santesteban, in northern Navarra. The man, whose identity was not provided, was just over 4,200 euros of rent to the owner of the apartment where he lived with his girlfriend. In addition, in 2004 the son of this man committed suicide by burning to bonzo after an argument with his girlfriend.

The Court of First Instance No. 4 had already decreed that it could proceed to eviction for non-payment, which could make effective from today, as sources have stated.

Meanwhile, sources of the Provincial Police, which has taken over the case, have indicated that investigates the death of this man, whose causes have not revealed, and investigate whether it can be related to a process of eviction. these police sources has not revealed the identity of the deceased and other details Santesteban residence in a town of over 1,500 inhabitants located in the valley of the River Bidasoa.