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Something is seriously wrong in South Korea’s banking sector — with the people and the numbers.
South Korean regulators have unveiled corrupt and illegal financial practices used by bankers to prop up their weak banks, promptly placing many top South Korean bankers in the federal spotlight, Bloomberg reported. That scrutiny has lead to a rash of suicides. There have been at least four. The 2008 rupture of the global credit bubble, severely softened South Korean real [...] “The big banks are buying up what they call fixed income instruments (bonds and other debt backed paper) and at the same time offering CDS insurance on the same. Just like they bought and sold protection on mortgages…” This is a fairly good description of why the policies of Bush and Obama have failed to effect an economic recovery. The policy of ‘saving the banks’ first and foremost, and of stuffing them [...] by John Downs , Euro Pacific Capital As a mortgage broker during the manic years of the housing boom, I witnessed reckless financial practices on a wide scale. As a result, I was not surprised by the “robo-signing” mess that now threatens the mortgage sector. Unfortunately, the scandal is only a small tip of the iceberg that threatens to take down the entire US banking system. The “too big to [...] UK passenger traffic in August is down from last year: UK austerity measures with government cuts now risking 40,000 police officer jobs: UK Postal services to be privatised, with debate on massive job losses and increases in postal charges: Deutsche Bank tried to raise $11.4 Billion: There are announcements at very regular intervals, most days now about further cuts and austerity measures. Another item added on the BBC website about cuts in UK fire fighters, [...] |
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