Daily Archives: May 25, 2014

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Credit Suisse : chief executive says no plans to quit

Credit Suisse : chief executive says no plans to quit

Credit Suisse’s Chief Executive Brady Dougan told a Swiss Sunday newspaper he has no plans to step down and his bank would not need a capital increase despite a $2.5 billion deal with U.S. authorities over a tax dispute.

Swiss lawmakers have been among those calling for Dougan and other executives to resign to allow the bank to make a fresh start after its settlement with U.S. authorities over charges it helped Americans to evade taxes.

Asked in an interview with Sonntagsblick if he had thought about leaving the bank, Dougan said: “No. I have been working nearly 25 years for this bank, I’m committed to Credit Suisse, its customers, its staff, its shareholders.”

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Iranian billionaire executed over $2.6B bank fraud

Iranian billionaire executed over $2.6B bank fraud

Now this is how Iran handles banker fraud….Take note US government..

A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country’s 1979 Islamic Revolution, was executed Saturday, state television reported.

Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran’s Supreme Court upheld his death sentence.

Khosravi’s lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that his client was put to death without any notice.

“I had not been informed about execution of my client,” Riahi said. “All the assets of my client are at the disposal of the prosecutor’s office.”

State officials did not immediately comment on Riahi’s claim.

The fraud involved using forged documents to get credit at one of Iran’s top financial institutions, Bank Saderat, to purchase assets including state-

owned companies like major steel producer Khuzestan Steel Co.

Khosravi’s business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.

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Tim Geithner’s Selective Memory

Tim Geithner’s Selective Memory

By Al Lewis 

Former Treasury Secretary Timothy Geithner is the latest character from the 2008 financial collapse to go on a book tour.

His new tome: “Stress Test.”

Mr. Geithner’s predecessor, Hank Paulson, did the same thing years ago.

Former Federal Reserve Chairman Ben Bernanke recently bagged a book deal, too. He reportedly got $1 million. He’s also giving speeches for $250,000 a pop.

These so-called public servants are getting millions to explain what they did to our futures. They desperately want the average person to understand that if they had not bailed out the very people who made fortunes causing the financial crisis, our economy would be worse.

Mr. Geithner takes pride in explaining that the $700 billion rescue he oversaw–known as the Troubled Asset Relief Program–has been repaid at a hefty profit to the U.S. taxpayer.

He ignores how TARP was paid back: The Fed lowered interest rates to nearly zero and injected trillions of dollars into the financial system. The Fed also allowed several TARP recipients to become commercial banks and borrow at this historically low rate. Why hold on to high-interest-rate TARP funds when you can bag zero-interest-rate federal funds?

Mr. Geithner was part of the team that fixed an economy riddled with shell games by deploying new shell games. The system, flush with funny money, has indeed stabilized. The stock market trades at new highs. And yet Americans seem condemned to an epoch of sluggish economic growth, low-paying jobs and enduring fears that the next crash is going to be worse.

The Fed, meanwhile, has no idea how to get out of the position it is in. It must eventually remove the trillions of dollars it injected into the financial system. And it will have to raise interest rates without shocking a debt-based economy.

So America is perhaps halfway through a lost decade, and Mr. Geithner is doing a victory dance.

He is now a managing partner at the buyout firm Warburg Pincus, where he’ll make millions doing deals in the low-interest-rate economy he championed.

This is a guy who didn’t pay all of his taxes until he learned he was being considered for Treasury Secretary. This is a guy who served as president of the Federal Reserve Bank of New York from 2003 to 2009 and failed to see the biggest crisis since the Great Depression coming.

Reviewers say “Stress Test” is worth reading for its richness in behind-the-scenes detail, but they note that it’s Mr. Geithner’s self-serving version of events.

Felix Salmon, senior editor of Fusion, calls Mr. Geithner an “unreliable narrator.”

He notes pages where Mr. Geithner brags of pushing back against bankers for their unprecedented financial risk-taking in a 2004 speech. Mr. Salmon pulled up the speech and found that Mr. Geithner had done no such thing.

“Geithner wasn’t warning his audience about the risks of shadow banking, ” Mr. Salmon writes, “he was extolling it.”

Sheila Bair, who served as chair of the Federal Deposit Insurance Corp. during the crisis, also couldn’t help but scoff in a review of Geithner’s book that she wrote for Fortune.

“He is reflecting the unspoken views of many on Wall Street where he is now employed,” she writes. “The system is still unstable, there will be another crisis, and yes, they will need to be bailed out again.”

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Local Veteran Gets Mortgage Free House

Local Veteran Gets Mortgage Free House

Check the title to make sure it is clean…

Thomson, GA –    Memorial Day is a time to reflect on the sacrifice of the men and women who protect our country. One Veteran was given a special “thank you” for his service.  News Channel Six’s Dee Griffin is here to tell us about he was honored. 

     For two years, Bank of America has joined various organizations to give more than a thousand mortgage free houses across the country. 
They have given 75 in Georgia alone. The newest recipient was awarded his keys today in Thomson. For him, Operation Homefront was the best mission he has ever accomplished. 

     Surrounded by family and friends Mike McKinney stands on the porch of a house unlike any other on its block. The brown brick structure, trimmed in white is a symbol of unwavering hope and the fulfillment of dreams for the Army veteran. Dreams that came true with the handing over of keys and the first steps into his home. New Homeowner Mike McKinney says, “Since I was a kid I was like ‘I can’t wait to just get in my own house and do my own thing like whatever I wanted to do.”

    Now he’s able to do that after becoming one of more than a thousand people across the country who have received mortgage free homes through a program with Bank of America and its partnership with various organizations. Bank of America’s representative Ora Parish says,  “We’ve committed over 22 million dollars so far through the project and we will continue that commitment as we refurbish these homes and make them available.”