asterisk2a + moralhazard   43

The Dangers of Being a Social Progress Parasite - YouTube
contributing 2 society & community. even if its just Social Media. along the same line of Durianrider "what are you doing?" // "there are not enough strong stern moral souls in the world. the absence of courage create bullies (power vacuum). courage 2 speak abt things now than 2 be enslaved later (medical profession who gives u pills with deadly side-effects & cut u open at the first chance like there is no other option). we are all in debt 2 past freedom fighters & have to repay that debt in continuing to fight. the bullies will never stop, greed will never be satisfied. nothing will happen until social collapse. they will not stop, stop at anything to make us stop talking 2 each other abt these things bc there is 'disapproval' in the air (peer pressure, outcast, weirdo, hippie, peer group). shying away from essential topics bc of this being uncomfortable. we are done. [only thing u own: thoughts, emotions, health. - all compromised] & Autonomy bit.ly/1GO0OeD & youtu.be/csIW4W_DYX4
social  change  progressive  sociology  psychology  Carnism  Speciesism  evolution  Vegan  morality  ethics  moral  beliefs  moralhazard  moral  dilemma  ethical  beliefs  ethical  killing  ethical  machine  deforestation  climate  change  climate  crisis  austerity  democracy  fairness  GFC  bank  bailout  Political  Correctness  global  warming  Generationengerechtigkeit  crony  capitalism  capitalism  comfort  discomfort  migration  immigration  Jim  Crow  post-racial  America  Sozialpolitik  child  poverty  community  activists  activism  humanity  selfish  gene  humanitarian  crisis  human  decency  human  rights  human  being  human  progress  bullying  abuse  of  power  regulators  lobbyist  lobby  Lobbying  Career  Politicians  No  Representation  cowardice  civil  courage  Zivilcourage  courage  Alternativlos  TINA  free  speech  freedom  of  press  Fear  avoidance  peer  pressure  peer  group  approval  Polarisation  Positioning  western  society  Greed  society  civic  society  western  lifestyle  liberty  feminism  feminist  Suffragettes  corporate  state  corporate  media  manufactured  consent  propaganda  populism  vested  interest  interest  groups  Super  Rich  1%  Wall  Street  shareholder  value  shared  economic  interest  profit  maximisation  status  anxiety  zombie  con 
october 2015 by asterisk2a
'Super-gonorrhoea' outbreak in Leeds - BBC News
&! GPs are prescribing antibiotics that no longer work for people with gonorrhoea, raising the chances that drug-resistant forms of the sexually transmitted disease will spread. - bit.ly/1Ln8Gth //&! bit.ly/1Mg8XwF //&! bbc.in/1iVQhZs //&! The epic challenges of the post-antibiotic age will take the debate beyond the well-worn issues of obesity and old age - bit.ly/1NNaH3K - Health and Social Care Act (austerity) put sexual health services into councils hand, out of GP's purview, and thus councils have to decide what to cut ... sexual health services. unable to reach to minorities and marginalised. And its not integrated into NHS services, thus ongoing treatment and side effects and oversight is putting on friction! And puts patients health & good outcome at risk (becomes a chronic disease, untreatable, has to be managed: Super-gonorrhoea. // &! "therefore it would be impossible to design a public health system when the population is so feckless and immature." #sick-population
post-antibiotic  era  antibiotics  antibiotic  resistance  STD  STI  NHS  Gonorrhoea  public  health  chronic  diseases  chronic  low-grade  inflammation  sick  population  cancer  substance  abuse  addiction  alcohol  abuse  drug  abuse  food  industry  public  health  policy  health  care  budget  health  care  spending  health  crisis  Standard  American  Diet  Western  pattern  dieting  premature  ageing  obesity  epidemic  sedentary  lifestyle  lifestyle  carnism  omnivore  Vegan  public  debate  chem  sex  chemsex  chem-sex  social  discrimination  discrimination  fat  shaming  public  awareness  public  interest  public  discourse  lobbyist  lobby  Lobbying  pharmaceutical  industry  pharma  big  pharma  democracy  No  Representation  nanny  state  Sugar  Sugar  Tax  processed  food  Desert  junk  food  food  poverty  fast  food  shared  economic  interest  profit  maximisation  shareholder  value  Wall  Street  moral  dilemma  moralhazard  moral  beliefs  ethical  machine  ethical  beliefs  Gini  coefficient  inequality 
september 2015 by asterisk2a
Obese people and drug users who refuse treatment could have benefits cut | Society | The Guardian
A nanny state for those that cost the state (directly, and now), because it fits their message 'only work pays'! what a double standard. what a intellectual dishonesty and cynicism. And again putting it like it is a 'lifestyle choice' being addicted and or obese. That one chose consciously, in order not to 'work.' // if people work, and are overweight, have diabetes, obese, high blood pressure, take statins, runing their liver long-term with alcohol abuse (functioning alcoholic, drug user) etc etc - costing the NHS especially long-term (sick population) - it is ok, but if they don't work. it's not ok. // after all, substance abuse, in majority of cases has a mental health (history) & social environment (nurture) component to it. Much complexity to it. And cutting services to actually help & prevent people going down the route of abuse doesn't help. Cutting A, putting it back in B. // &! bit.ly/1JACXDU - UK proposals to strip obese claimants of benefits 'flawed and unethical'
double  standard  David  Cameron  George  Osborne  obesity  epidemic  overweight  obesity  alcohol  abuse  alcoholism  addiction  budget2015  austerity  neoliberalism  neoliberal  ideology  dogma  Toff  Privileged  child  poverty  poverty  trap  food  poverty  poverty  DWP  Iain  Duncan  Smith  sick  population  welfare  state  Public  Services  Social  Services  tension  cohesion  NHS  health  policy  health  PR  relations  spin  doctor  populism  propaganda  nanny  state  manufactured  consent  Career  Politicians  No  Representation  mental  health  mental  illness  Perspective  complexity  prevention  corporate  state  corporate  media  ethics  ethical  beliefs  moral  beliefs  morality  moralhazard  ethical  intrinsic  motivation  identity 
july 2015 by asterisk2a
Staatsverschuldung als Problem der Generationengerechtigkeit | Lars P. Feld | SWR Tele-Akademie - YouTube
henry paulson and tim geithner said they are in a moral hazard. put it the way to either nationalise (aka the end of American Dream, Failure part of capitalism) or bailout (gov loans and co like TARP). Rather the moral hazard was to either put current and future unborn generation in debt servitude they had nothing to do with and keep criminals private with all its benefits. Or really give a warning shot a privatise banks and end the profligacy of crony capitalism and Wall Streets shareholder value creation only and profit maximisation - without consequences. // and Europe looks towards USA and did the same; made banks whole again (because they were really - TBTF - and would pushed some EU countries into Great Depression/Insolvency. especially France & Belgium where bank liabilities were too big for public balance sheet) and took some of the debt onto its public balance sheet (and gave bailout loans) to be served by current & future unborn generation.
Generationengerechtigkeit  austerity  bailout  sovereign  debt  crisis  economic  history  Failure  zombie  banks  toobigtofail  TBTF  too  big  to  jail  Wall  Street  crony  capitalism  capitalism  fiscal  policy  academia  academic  moralhazard  morality  American  Dream  GFC  policy  folly  policy  error  World  Bank  IBS  IMF  liberal  economic  reform  neoliberal  neoliberalism  PIIGSFB  PIGS  Greece  Grexit  UK  fiscal  sovereignty  Pact  Schuldenbremse  Career  Politicians  No  Representation  democracy  banking  crisis  history  henrypaulson  timgeithner  benbernanke  Ben  Bernanke  Makers  lobbyist  lobby  Lobbying  ideology  dogma  populism  fairness  manufactured  consent  propaganda  financialcrisis  FinancialCrisisInquiryCommission  media  conglomerate  corporate  state  European  Union  fiscal  transferunion  European  Eurobond  currency  Agenda  2010  hartz-iv  Stability  and  Growth  Pact  generational  conflict  social  tension  social  cohesion  Verteilungskonflikt 
july 2015 by asterisk2a
Who Will Pay? Austerity vs. Bailouts | Greece, Europe and The Euro! - YouTube
have to be held accountable >> bankers! but have not, just transfered private debt/losses onto public balance sheet which no has to paid down by the weakest of society and collectively by less public investment for the future (output gap/lower productivity) ie into infrastructure and education // stealing from the young // policy making by comfort and trinkets - George Osborne // moral hazard - the options they choose - paulson geithner summers and co made the tbtf and jail even worse! instead should have chosen partial privatization // sold off our future for keeping the gangsters "private" - get out of jail free card for what reason? because it would be not American? American means to be WALL STREET crony capitalistic greed with tax evasion and lobbying to the tunes of millions - your judge - that judges on you whether you get a free out of jail card?! // who will suffer in the end? the public and the weakest of society and unborn! period. long-term. // &! youtu.be/EmHYeGI0b_U
Grexit  UK  Greece  PIGS  austerity  bailout  crony  capitalism  capitalism  Wall  Street  social  cohesion  social  tension  generational  contract  pension  obligation  Career  Politicians  No  Representation  generationy  Millennials  fairness  TBTF  too  big  to  jail  toobigtofail  economic  model  economic-thought  philosophy  sociology  Gesellschaft  Free  Lunch  Student  Maintenance  Grant  social  mobility  income  mobility  Gini  coefficient  education  policy  Higher  vocational  education  infrastructure  infrastructure  investment  public  interest  public  investment  STEM  productive  investment  productivity  output  gap  greed  Schuldenbremse  Fiscal  Pact  morality  moralhazard  GFC  recovery  lost  decade  lost  generation  short-term  thinking  short-term  view  Failure  American  Dream  sovereign  debt  crisis  democracy  corporate  state  manufactured  consent  populism  propaganda  Lügenpresse  banking  crisis  trust  trustagent  distrust  zombie  banks  PIIGSFB  PIIGS  shadow  banking  financial  repression  financial  literacy  FinancialCrisisResponsibilityFee  FinancialCrisisInquiryCommission  tobin-tax  financialtransactionfee  transactiontax  lobbyist  lobby  Lobbying  poverty  trap  child  poverty  poverty  welfare  state  Services  Services  sustainable  economic  sustai 
july 2015 by asterisk2a
Dad bod to Dancing Man: The ethical minefield of body fat - BBC News
So why has accepting human difference morphed again into normalising the unhealthy? So how do we pick our way through this ethical minefield? Clearly some people have medical conditions which lead them to gain weight and human bodies also change with age too.
beauty  sickness  beauty  standard  beauty  industry  fat  shaming  obesity  epidemic  obesity  ethics  moralhazard  moral  beliefs  moral  dilemma  ethical  beliefs  ethical  public  health  public  health  policy  chronic  low-grade  inflammation  chronic  diseases  western  lifestyle  western  society  pattern  diet  American  western  diet 
may 2015 by asterisk2a
Sovaldi: Warum eine Pille 700 Euro kosten darf - SPIEGEL ONLINE
>> do we have to subsidize medical research more, and in return limit the prices of those new discoveries? // after all Hepatitis C isn't as WIDE spread as the common cold. // what price is fair, in view of $$$ put into research and testing for this pill?
big  pharma  pharmaceutical  industry  pharma  oligopol  oligopoly  medical  research  subsidies  subsidizing  post-antibiotic  era  Hepatitis  C  capitalism  crony  capitalism  moral  beliefs  moralhazard  ethical  machine  ethical  beliefs  corporate  governance  Philosophy 
august 2014 by asterisk2a
Carmen Reinhart: "No Doubt. Our Pensions Are Screwed." | Zero Hedge
Only when inflation picks up, which is ultimately going to happen, will it become obvious that central banks have become subservient to governments." [...] Nations "seldom just grow themselves out of debt," as so many believe is possible, "you need a combination of austerity, so that you don't add further to the pile of debt, and higher inflation, which is effectively a subtle form of taxation," with the consequence that people are going to lose their savings. Reinhart succinctly summarizes, "no doubt, our pensions are screwed." [...] http://www.spiegel.de/international/business/interview-with-harvard-economist-carmen-reinhart-on-financial-repression-a-893213.html / http://www.spiegel.de/international/europe/how-central-banks-are-threatening-the-savings-of-normal-germans-a-860021.html
monetization  unemployment  monetary  policy  deposit  haircut  modern  monetary  theory  transferring-wealth  reflation  academia  zombie  banks  New  Normal  BOE  carmenreinhart  banking  crisis  deflation  BOJ  deposit  levy  creditcrisis  QE  2013  moralhazard  debt  monetisation  debt  bubble  creditcrunch  bail-in  austerity  greatdepression  zombie  consumer  deleveraging  inflation  centralbanks  debt  monetization  balance  sheet  recession  GFC  debt  jubilee  haircut  unintended  consequences  Troika  negative  real  interest  rate  ECB  debt  restructuring  bank  crisis  Abenomics  greatrecession  debtoverhang  Fed  economic  history  financial  repression  sovereign  debt  crisis  ZIRP  bailout 
april 2013 by asterisk2a
danah boyd | apophenia » why I’m quitting Mendeley (and why my employer has nothing to do with it)
> Knowledge that is not proprietary - got to be free. < >> "Elsevier’s practices make me deeply deeply angry. While academic publishing as a whole is pretty flawed, Elsevier takes the most insidious practices further at each and every turn, always at the expense of those of us who are trying to produce, publish, and distribute research." + http://thecostofknowledge.com/
academics  knowledge  ethics  StudentLoans  formal  education  studentship  education  SOPA  academia  moral  dilemma  Student  Loan  Bubble  education  Aaron  Swartz  ethic  university  academic  publishing  Elsevier  moralhazard  scholarship  ethical  beliefs  higher  education  Mendeley  Danah  Boyd  library  Cost  of  studentdebt  universities 
april 2013 by asterisk2a
FraudBytes: Justice Department Admits They're Soft on Fraud
+ http://www.ritholtz.com/blog/2013/03/failure-to-prosecute-fraud-causes-economic-downturns/ " I am concerned that the size of some of these institutions [banks] becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy" --- In fact, failing to prosecute criminal fraud has been destabilizing the economy since at least 2007 … and will cause huge crashes in the future. [...] Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future.
justice  GFC  ethics  fraud  josephstiglitz  white-collar  worker  NINJA  loans  white-collar  crime  Law  &  barackobama  ponzischeme  banking  crisis  criminal  fraud  George  Akerlof  subprime  bank  crisis  lostdecade  greatrecession  moralhazard  trust  economic  history  mortgage  fraud  confidence  trustagent  white-collar  fraud  USA  greatdepression  DoJ  economics  toobigtofail  presidency 
march 2013 by asterisk2a
Arztprämien: Operieren für den Profit - YouTube
Doctors have variable bonuses in their employment contracts - more operations, more bonus. Will lead to incidents where operations where not in the interest of the health & quality of life of the patient. Because any operation does have risk. And choosing alternative treatment, no scalpel, has not those risk - but there is no bonus payments there.
Unbelievable.
Germany  ethics  moralhazard  moral  medical  care  healthcare  capitalism 
october 2012 by asterisk2a
Born Bankrupt: State of UK economy, part1/2 (24Aug12) - YouTube
Generational Theft. In-front of our eyes. Decline in-front of our eyes. Decline is subliminal.

Society's Contract, is broken. Society (baby boomers) is also bankrupt ethically and morally. Who are they to say what ought to be dome about the state of 'the system'!?

Part 2: http://www.youtube.com/watch?v=LQVyBo8HMsc

Book: Jilted Generation, Ed Howker (Author)
history  political  theory  book  generational  contract  generational  change  GeorgeOsborne  nickclegg  davidcameron  2012  moralhazard  moral  ethics  society  demographics  demography  fiscal  policy  policy  folly  policy  error  political  economy  politics  accountability  governance  lostgeneration  lostdecade  babyboomers  GordonBrown  tonyblair  UK  debt  bubble  debtoverhang  greatrecession  GFC 
august 2012 by asterisk2a
BBC tells stars to dodge tax: Workers face the ultimatum, go off the books or face the sack | Mail Online
"A corporation source acknowledged that some workers were effectively being forced to comply with the legal tax dodge.

[...] A top celebrity agent said the BBC used the practice to avoid paying national insurance, pension contributions and other benefits due to regular staff. The agent said many presenters ended up paying more tax than if they were on staff contracts."

Not Cool, ... BBC highest paid (incl Paxman) use legal work-around to reduce tax bill and insurance contributions.
While at the same time coming down hard on, arguably more crummy, tax practises like tax havens.

But if I remember well, Newsnight DID report on UCAS CEO who uses as well a services company to reduce tax bill and insurance contributions. As others do as well ...

Read more: http://www.dailymail.co.uk/news/article-2177433/BBC-tells-stars-dodge-tax-Workers-face-ultimatum-books-face-sack.html#ixzz21TSMc8Sy
transparency  taxation  taxevasion  moralhazard  ethnics  double-standard  corporate  governance  BBC 
july 2012 by asterisk2a
Simon Johnson: The Federal Reserve and the Libor Scandal - NYTimes.com
Bernanke on banking scandals: “I think the real issue is too big to fail,” correct, but the market cannot fix this

http://graphics8.nytimes.com/packages/pdf/business/Geithner-Memo-080601.pdf
This New York Fed memo stands out as a model of clear thinking about the deep governance problems that allowed Libor to become rigged.
At the same time, the timing and content of the memo raises troubling questions regarding the Fed’s own involvement in the Libor scandal – both then and now.

http://online.wsj.com/public/resources/documents/enfbarclaysorder062712.pdf

According to the recent order against and settlement with Barclays by the Commodity Futures Trading Commission, the Libor “market” had by 2005 become a hotbed of collusion and price-fixing

*
Fed is responsible 4 the “safety and soundness” of the financial system in the USA, THEY had to make a decision, either to let them fail (GFC) and thus the economy, the people and the world. LIBOR rigging scandal and TBTF is the aftermath et al
lobby  credibility  society  double-standard  WallStreet  corporate  governance  governance  accountability  confidence  trustagent  trust  2012  2008  bailout  BBA  misconduct  fraud  barclays  CFTC  MervynKing  timgeithner  PaulTucker  BOJ  ECB  BOE  Fed  NYFed  bank  crisis  banking  crisis  greatrecession  moral  moralhazard  GFC  toobigtofail  LIBOR  rigging  scandal  benbernake 
july 2012 by asterisk2a
Spanien-Krise: Mogelpackung vor dem Bundestag - SPIEGEL ONLINE
eines der vertracktesten Probleme in der Euro-Krise geknackt worden sei: die Verwobenheit zwischen Staaten und ihren Banken. Indem Spanien seine Banken rettete, geriet der Staat selbst in Schwierigkeiten. Genau das war vor einigen Jahren auch das Problem in Irland. Der irische Staat hatte kein Schuldenproblem, bis er auf deutschen Druck anfing, mit Milliardenaufwand seine Banken zu retten [ to assume their debt obligations ].
angelamerkel  ange  Germany  ESM  2012  banking  crisis  GFC  bank  crisis  sovereign  debt  crisis  bailout  moralhazard  Spain  Ireland 
july 2012 by asterisk2a
BBC News - What are the options for reforming the banks?
LIBOR rigging scandal might have been the last straw that broke the camels back. The "Tobacco Moment" of banks.

UK politics and voters now more than willing to separate banks (deposit and traditional lending business - from investment banking, M&A;, prop trading, etc) and end the 'gambling culture' inside with the risk of need of bailing out if everything hits the fan. And return more to the basics of lending and credit.
reputation  confidence  trustagent  trust  Glass–Steagall  moralhazard  society  banking  greatrecession  GFC  bank  crisis  banking  crisis  regulation  reform  UK  LIBOR  rigging  scandal  VickersReport 
july 2012 by asterisk2a
David Bagley: HSBC chief quits in front of U.S. Senate committee as bank is accused | Mail Online
The head of compliance at HSBC resigned in front of a US Senate subcommittee today after it emerged the bank had exposed the US to billions of dollars worth of money laundering, drug trafficking, and terrorist financing.

The revelations are another blow to the reputation of the banking industry following the current scandal over the manipulation of the Libor inter-bank lending rate.

Stepping down: David Bagley quit his post before the Homeland Security and Governmental Affairs subcommittee in Washington today

An explosive report claims a 'pervasively polluted' culture at HSBC led it to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran, the Cayman Islands, Saudi Arabia and Syria.

*
That banks sometimes have been looking over the issue of murky business (ethically and morally). It is no new news. But that some higher up has to quit - is a first.

http://www.bbc.co.uk/news/business-18867054
moralhazard  ethics  Willful  ignorance  misconduct  accountability  trustagent  trust  HSBC  oligopol  drug  cartel  banking  crisis  bank  crisis  banking 
july 2012 by asterisk2a
US-Studie: Weltweit sinkt Glaube an Kapitalismus und Marktwirtschaft - SPIEGEL ONLINE
Lediglich rund jeder zehnte Europäer oder Japaner glaubt zudem noch, dass es seinen Nachkommen leichtfallen werde, größeren Wohlstand oder besseren Verdienst zu erreichen.

Enttäuschte Bürger rund um den Globus verlieren in der Krise auch den Glauben an ihre Regierungen: In 16 der 21 an der Pew-Studie beteiligten Staaten macht die Mehrheit der Befragten ihre Politiker maßgeblich für die aktuelle wirtschaftliche Misere verantwortlich.
Germany  Japan  austerity  sovereign  debt  crisis  accountability  democracy  moralhazard  bailout  policy  folly  policy  error  lostdecade  lostgeneration  society  confidence  2008  2012  UK  USA  PIIGS  greatrecession  GFC  banking  crisis  bank  crisis  Politics  trustagent  trust  capitalism 
july 2012 by asterisk2a
Euro Bank Supervisor Faces Hurdles - WSJ.com
Setting up a powerful euro-zone banking supervisor, a significant move toward closer economic union within the 17-nation currency bloc, was a German condition for its agreement to allow the bloc's bailout fund to recapitalize banks without first lending the money to their host government.

Bypassing governments is meant to help Spain, where worries have mounted that Madrid is becoming overloaded with debt as it tries to shore up its struggling banks.

"There is a pressure to move ahead relatively quickly," said one senior finance official from a euro-zone country. He added that even under the best of circumstances, getting the supervisor up and running would take nine to 12 months.

* Well, they just have 6 months.
moralhazard  European  Bank  Supervision  politics  toobigtofail  sovereign  debt  crisis  Europe  ECB  bailout  banking  crisis  crisis  PIIGS  Spain  germany  2012  EU  Bank  Supervision  EMU  Bank  Oversight  Fiscal  Pact  ESM 
july 2012 by asterisk2a
Libor scandal rocks banking - YouTube
The banking system is in the spotlight again amid rising political and public anger over the Libor scandal. Philip Augar, a former investment banker and author, and Patrick Jenkiins the FT's banking editor, discuss the case for structural and cultural reform in the banking sector with analysis editor Frederick Studemann.
fraud  misconduct  Willful  ignorance  moralhazard  toobigtofail  shareholder  corporate  governance  greed  capitalism  greatrecession  GFC  2012  banking  crisis  FSA  regulation  bank  crisis  BBA 
july 2012 by asterisk2a
Why the EU summit decisions may destabilise government bond markets | vox
!! Only the ECB can stabilise bond markets !!

The only way to stabilise the government bond markets is to involve the ECB, either indirectly by giving a banking license to the ESM so that it can draw on the resources of the ECB (see Gros and Mayer 2010), or by direct interventions by the ECB. But the European leaders were unable (unwilling) to take that necessary step to stabilise the Eurozone.

The ECB is the only institution that can prevent panic in the sovereign bond markets from pushing countries into a bad equilibrium, because as a money-creating institution it has an infinite capacity to buy government bonds. The fact that resources are infinite is key to be able to stabilise bond rates. It is the only way to gain credibility in the market.

The SMP is the wrong precedent

**
My take, I am only buying half of the analysis. Outright bond buying would need a treaty change!? Another concern is rampant inflation expectations causing local bubbles.
bailout  greatrecession  inflation  expectations  IOU  fiscal  policy  Pact  lenderoflastresort  Eurobond  PIIGS  EMU  moralhazard  politics  Economics  monetary  theory  monetary  policy  trustagent  trust  ZIRP  QE  LTRO  SMP  ECB  EFSF  ESM  sovereign  debt  crisis 
july 2012 by asterisk2a
BOE Minutes Show Tucker Aware Of Libor Fixing Claims In 2007 | ForexLive
BOE Minutes Show Tucker Aware Of Libor Fixing Claims In 2007
- Tucker Chaired Nov 2007 Meeting At Which Libor Rigging Was Discussed

Bank of England Deputy Governor Paul Tucker, long the BOE’s leading internal candidate for the top job when Mervyn King’s
term comes to an end at the middle of 2013, was fully aware from the early days of the financial crisis that market participants believed Libor was being rigged.

The minutes of a money markets group meeting chaired by Tucker himself back up what a participant recalls privately, that there were frank discussions dating back to 2007 involving Tucker about banks submitting Libor rates below actual rates.

“Several group members thought that Libor fixings had been lower than actual traded interbank rates through the period of stress.”

They add a cautionary note, saying “Libor indices need to be of the highest quality given their important role as a benchmark for corporate lending.”

**
Everything was on the table to stabilise markets.
henrypaulson  benbernake  Fed  NYFed  NorthernRock  moralhazard  Willful  ignorance  trustagent  trust  banking  crisis  bank  crisis  credicrunch  GFC  2007  2008  collusion  fraud  misconduct  BBA  BOE  bobdiamond  barclays  PaulTucker  EURIBOR  LIBOR 
july 2012 by asterisk2a
Is The Bank Of England About To Be Dragged Into Lie-borgate, And Which US Bank Is Next | ZeroHedge
was it in the nations interest to look over LIBOR manupulation?
http://www.bbc.co.uk/news/business-18665080

*
http://zerohedge.blogspot.com/2009/01/this-makes-no-sense-libor-by-bank.html

January 22, 2009 when the market was crashing every single day, when the world's central banks would do anything to halt the collapse in risk and asset prices, up to an including telling their host banks to lie about funding conditions, before the real QE1 was announced back in the middle of March, in which we made just this speculation.

*

Three and a half years later the puzzle is no more: it was all one big epic fraud, pardon, no fraud, as the CFTC and SEC settlements never admitted or denied fraud. Let's just call it benign market manipulation of a [$350-$500] trillion market.

... many have been warning for years, the biggest market manipulation fraud in history.

*

Lack of integrity left and right ...
trustagent  trust  bank  crisis  banking  crisis  banking  accountability  transparency  moralhazard  NYFed  benbernake  henrypaulson  governance  Fed  market-mechanism  market-failure  fraud  manipulation  collusion  centralbanks  BIS  GFC  Barclays  CFTC  SEC  FSA  BBA  PaulTucker  BOE  EURIBOR  LIBOR 
july 2012 by asterisk2a
The Next Economic Crisis: Student Debt - YouTube
Student debt in the US now totals over $1 trillion, more than all credit card debt combined.
debt  moralhazard  social  mobility  education  2012  debtoverhang  USA  student  loan  debt  debt  bubble  studentdebt  StudentLoans 
june 2012 by asterisk2a
BBC News - Barclays: Cameron says bank faces 'serious questions'
"Barclays was fined £290m ($450m) after an investigation into claims that several banks manipulated the Libor rate at which they lend to each other.

"The Chancellor George Osborne confirmed that HSBC, RBS, Citigroup and UBS are also under investigation.

"The scandal hit Barclays shares, which ended Thursday trading down 15.5%.

"Other banks shares fell as well, with RBS losing 11.5%, Lloyds down 3.9%, and HSBC giving up 2.6%.

"Investigators say that Barclays' traders lied to make the bank look more secure during the financial crisis and, sometimes - working with traders at other banks - to make a profit.

***
What I am still baffled about is, that not one trader has been charged with criminal behaviour and collusion. Because in the end for their 'stellar' performance, they got a bonus.
***

"The US Department of Justice also said criminal investigations into "other financial institutions and individuals" were ongoing.
CFTC  culture  toobigtofail  moralhazard  moral  justice  accountability  transparency  oversight  trust  trustagent  banking  crisis  banking  greatrecession  GFC  manipulation  2012  BBA  FSA  SEC  EURIBOR  LIBOR  barclays 
june 2012 by asterisk2a
"Which Eurobonds?" by Jeffrey Frankel | Project Syndicate
The introduction of Eurobonds – joint, aggregate eurozone liabilities – could be part of the solution, if designed properly. There is certainly demand for them in China and other major emerging countries, which are desperate for an alternative to low-yielding US government securities.
CommentsBut Germany remains opposed on moral-hazard grounds: a joint guarantee of Eurozone members’ liabilities would strengthen individual national governments’ incentive to spend beyond their means. Indeed, this version of Eurobonds would fail, both economically and politically.

But a different version has begun to gain traction in Germany. The German Council of Economic Experts has proposed a European Redemption Fund (ERF). The plan would convert into de facto 25-year Eurobonds the existing sovereign debt of member countries in excess of 60% of GDP.

[But there is still moral hazard left even with this solution .. at the 60% margin.]
PIIGS  Europe  EMU  debtoverhang  history  default  ERF  European  Redemption  Fund  moralhazard  eurobond 
june 2012 by asterisk2a
Too Big to Bail? Spain is Repeating Ireland’s Mistakes | Institute for New Economic Thinking
http://blogs.hbr.org/cs/2012/06/spain_is_now_making_irelands_m.html

“Ireland went bankrupt stopping its banks going bankrupt,” Kinsella and Blyth write. “Spain simply cannot do this even if it wanted to: the problem is too big.”

They recommend several courses of action to prevent an Ireland-style collapse on a massive scale.

***

Spain's property bust (non performing loans and outright losses) on banks (& cajas lead by corrupt politicians) balance sheet is too big to underwrite (underwrite the debt). Spain is economically not able to underwrite all losses from its banks and cajas. And or able to nationalize and inject cash via gov debt with +6% yield. And Europe won't do it either ... I guess.

But 100bn last weekend into from via EFSF/ESM ... nobody knows if it was the last or the first of many.

***

This analysis show again that PIIGS are not all the same with their problems.
2012  EMU  Europe  PIIGS  sovereign  debt  crisis  ESM  EFSF  FROB  moralhazard  cajas  NPL  property  bubble  bubble  property  bankia  Ireland  banking  Spain  bailout 
june 2012 by asterisk2a
Secret Fed Loans Helped Banks Net $13 Billion - Bloomberg
A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.

$7.77 Trillion
The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.
Fed  bailout  finance  banks  bank  2008  GFC  meltdown  TARP  disclosure  transparency  trust  TAF  TermAuctionFacility  discountwindow  FinancialCrisisInquiryCommission  history  Dodd-Frank  moralhazard  Glass-Steagall  toobigtofail  systemicrisk 
november 2011 by asterisk2a
Barofsky Says U.S. Banks Are Still `Too Big to Fail' - YouTube
Neil Barofsky, former special inspector general for the Troubled Asset Relief Program, talks about the impact of the Dodd-Frank Act on the financial industry one year after its passage. Barofsky speaks with Lisa Murphy on Bloomberg Television's "Fast Forward." (Source: Bloomberg)
Dodd-Frank  toobigtofail  TARP  bailout  capitalism  systemicrisk  discipline  USA  wallstreet  moralhazard  barofsky  lobby  lobbyist  Lobbying  JamieDimon  benbernanke  timgeithner  washington  presidency  barackobama  regulation  reform 
july 2011 by asterisk2a
European bail-outs: Pay pals | The Economist
Who's paying for the euro-area bail-out?
PORTUGAL’S bail-out means another stage in Europe’s debt crisis and another call on non-European coffers. The total €865 billion ($1.2 trillion) pot available for euro-area rescues looks enormous, more than enough to cope with Greece, Ireland and Portugal’s anticipated needs besides. Almost half of that comes from the European Financial Stability Facility, a €440 billion euro-zone fund whose major contributors are Germany, France and Italy. But the EFSF’s effective lending capacity is only €250 billion, because only six of its 17 members have a AAA credit rating. European leaders have pledged to bring the fund’s actual firepower up to €440 billion by the summer but in the meantime the IMF has more cash on hand, at €280 billion. If all that money were used (a very big if), America would end up lending indebted euro-zone nations €50 billion.
EFSF  IMF  PIIGS  bailout  2011  details  moralhazard  global  finance  banking 
april 2011 by asterisk2a
Grüner Trittin zu Merkels Griechen-Krise: "Weniger Stammtisch, mehr Helmut Kohl" - SPIEGEL ONLINE - Nachrichten - Politik
Der Staatsbankrott wäre unausweichlich. Die griechische Wirtschaft, die in Euro verschuldet ist, würde in den Ruin getrieben. Die Gläubiger müssten einen Großteil ihrer Forderungen abschreiben.
In vergleichbaren Fällen wie Argentinien 2001 und Russland 1998 mussten sie im Durchschnitt auf 73 Prozent beziehungsweise 82 Prozent ihrer Forderungen verzichten. Allein deutsche Banken halten 43 Milliarden Euro Forderungen an den 240 Milliarden Euro Auslandsschulden Griechenlands.

Die Folgen dieses erneuten Schocks für das fragile Bankensystem und den Bankenrettungsfonds sind leicht vorstellbar. Und weil damit sofort die nächste Spekulationswelle gegen Portugal oder Spanien befördert würde, wäre die Stabilität der Währungsunion in der gegenwärtigen Form ernsthaft gefährdet.
moralhazard  greece  PIIGS  bailout  Germany  may  2010  markets  history 
may 2010 by asterisk2a
Minting Bank Lobbyists on Capitol Hill - NYTimes.com
these people have no integrity. have no moral.
-- politics, everyone who even tips his toes into the field of politics (advisors, testimoneys, lawmakers),
should, have to take an oath that their actions and decisions and advice are only for the greater good of the american people as a whole.

--- if it can be proven that they did not so knowingly, even in doubt, they face prison terms.

... as they endanger each and every individual american in its existince and well being in on or another form.
politics  reform  regulation  regulators  lobby  lobbyist  Lobbying  financial  barneyfrank  usa  barackobama  presidency  moral  moralhazard 
april 2010 by asterisk2a
Freddie Fixed Mortgage Rate Rises For Third Week In A Row, At 2010 High: End Of QE Starting To Be Felt | zero hedge
The end of QE may not have dented stocks much, but it is sure starting to be felt in the mortgage arena. It is only a matter of time before rising mortgage rates halt additional home refinancing activity, and force homeowners to take more drastic measures, such as those prescribed by the national and enforced doctrine of Moral Hazard. It is only a matter of time before the shorts in the MBS market find their bearings again and instead of covering existing positions, press new ones

http://www.youtube.com/watch?v=xDqn4wpnI3w&playnext_from=TL&videos=FqgOFDCReqY&feature=subhttp://www.youtube.com/watch?v=xDqn4wpnI3w&playnext_from=TL&videos=FqgOFDCReqY&feature=sub
MBS  Fed  mortage  usa  2010  moralhazard 
april 2010 by asterisk2a
Reshaping the Federal Reserve | MintLife Blog | Personal Finance News & Advice
Fed assets rose 2.3 percent to $2.06 trillion” by the week ending August 19, 2009 – an increase up made almost entirely of private, mortgage-backed securities. Regardless of the merits or demerits of the Fed owning these particular securities, what matters from an institutional standpoint is that the Fed can now own private securities – a major departure from long-standing precedent.
AIG  Fed  TARP  politics  economy  lehmanbrothers  BearStearns  MBS  balancesheet  recession  2010  moralhazard 
february 2010 by asterisk2a
RGE - The Great Preventer
He and the Fed made three major mistakes when the subprime mortgage crisis began. First, he kept arguing that the housing recession would bottom out soon (it has not bottomed out even three years later). Second, he argued that the subprime problem was a contained problem when in reality it was a symptom of the biggest leverage and credit bubble in American history. Third, he argued that the collapse in the housing market would not lead to a recession, even though about one-third of jobs created in the latest economic recovery were directly or indirectly related to housing. Mr. Bernanke’s analysis was mistaken in several other important ways. He argued that monetary policy should not be used to control asset bubbles. He attributed the large United States current account deficits to a savings glut in China and emerging markets, understating the role that excessive fiscal deficits and debt accumulation by American households and the financial system played.
.
NourielRoubini  benbernanke  alangreenspan  recession  fed  monetary  policy  moralhazard  liquidity  liquidity-trap  inflation  dollar  bubble 
august 2009 by asterisk2a

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