Economic News

Swiss banks urge U.S. tax dodgers to come clean to beat deadline

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Politico - 12/16/13, Rachael Blade

The UBS logo is shown. | AP Photo

The U.S. started its crackdown when it raked in $780 in a settlement with UBS. | AP Photo
 

Swiss banks are quietly warning wealthy U.S. clients with secret accounts to come clean with the tax man in the next two weeks — or risk jail time, according to several letters obtained by POLITICO.

The letters come ahead of a New Year’s Eve deadline the U.S. government set for about 300 Swiss banks to take deals protecting them from prosecution. In exchange for confessing and shelling out mountains of Americans’ account information, they’ll get immunity. It is a new twist to the traditional bank-client relationship.

More: Politico.com

 

UK, US govts hand in hand with bankers committing financial crimes

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RT.com - 12/13/13
 

http://cdn.rt.com/files/opinionpost/21/7f/90/00/banksers-financial-crimes-prosecute-criminals.si.jpg

Iceland is a great example of a country which had the courage to prosecute bankers, and that’s largely because it’s not controlled by the Federal Reserve and the Bank of England, Max Keiser, financial analyst and host of the Keiser Report on RT, says.

Four former bank bosses in Iceland have been jailed for financial fraud. They were accused of hiding the fact that a Qatari investor bought into the firm [Kaupthing Bank], with money lent illegally by the bank itself. It went bust in 2008, helping to cripple Iceland's economy.

Video and more: RT.com

 

JP Morgan facing $2bn fine for involvement in Madoff ponzi scheme

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The Guardian - 12/12/13, Dominic Rushe

JP Morgan Chase is said to be close to a huge deal with the US government.

JP Morgan Chase is said to be close to a huge deal with the US government. Photograph: Spencer Platt/Getty Images
 

JP Morgan Chase, the biggest bank in the US, is facing another multi-billion dollar fine, this time deriving from its involvement with notorious Ponzi scheme fraudster Bernard Madoff.

The bank has tentatively agreed to pay $2bn to settle allegations it failed to inform US authorities of the jailed fraudsters suspicious activity, according to people familiar with negotiations. A settlement deal with the Justice Department could come as early as next week. The bank declined to comment.

Big Banks Are Being Hit With Cyberattacks “Every Minute Of Every Day”

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RINF - Michael Snyder, 12/06/13
 

At this point, the attacks have become so frequent that there is literally no break between them.  According to the Telegraph, major financial institutions are continually under assault, and the total number of attacks is constantly increasing…

Every minute, of every hour, of every day, a major financial institution is under attack.

Threats range from teenagers in their bedrooms engaging in adolescent “hacktivism”, to sophisticated criminal gangs and state-sponsored terrorists attempting everything from extortion to industrial espionage. Though the details of these crimes remain scant, cyber security experts are clear that behind-the-scenes online attacks have already had far reaching consequences for banks and the financial markets.

Cobra and Alexandra Meadors Transcription for December 3, 2013

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microphone 1 199x300 Cobra and Alexandra Meadors Transcription for December 3, 2013Galactic Connection on BBS Radio
Mp3 from “Alexandra’s Interviews” section from Galactic Connection web site (http://galacticconnection.com/alexandras-interviews/)
 
Direct link: http://www.bbsradio.com/syncf/Galactic_Connection/Galactic_Connection_2013-12-03.mp3
 
Cobra and Alexandra Meadors for December 3, 2013
Good afternoon, everybody.  Today is December 3, 2013, and you are listening to Alexandra Meadors of GalacticConnection.com, and I have with me today Cobra, who is our regularly scheduled guest each month to review all of the things that are going on around the world, in the month of November.  So, Cobra, thank you for coming on to my show today, I appreciate it, how are you doin’?
 

Troika austerity measures erode human rights: EU rights official

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Press TV - 12/04/13, CAH/SS
 

Europe’s main human rights body says austerity measures imposed by international creditors have weakened human rights of citizens. (File photo)

Europe’s main human rights body says austerity measures imposed by international creditors have weakened human rights of citizens. (File photo)
 
Europe’s top human rights official says austerity measures imposed by the so-called troika of international lenders on member states of the European union have weakened the social and economic rights of people.
 
In addition, the Commissioner said the public spending cuts and selective tax increases aimed at curbing public deficits have not achieved their stated goals.

More: PressTV.ir

 

EU fines banks over rate-rigging

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BBC - 12/04/13

European Commission vice-president Joaquin Almunia describes the rate-rigging as "appalling examples of misconduct"
 

The European Commission has fined eight banks - including RBS - a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates.

The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.

Video and more: BBC.co.uk

 

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