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Thread: Financial crisis coming

   
   
       
  1. #121
    Join Date
    Oct 2008
    Posts
    13,385

    Banks must come clean

    This is a necessary first step. Currently, investors are shooting in the dark and end up being sitting ducks. Since Jan 07, the bank CEOs and the Fed Chairman, Ben Bernanke, have been making soothing noises to lure the investors to continue keeping their money in the banks while they knew fully well that the banks were in deep poo.

    Banks Must Come Clean

    by Jeremy Siegel, Ph.D.
    March 3, 2009, 12:00AM

    Bank CEOs get no respect. When CEO Vikram Pandit of Citigroup decided to suspend dividends on preferred shares in response to calls to build up common equity, Citi's shares collapsed. When Bank of America CEO Ken Lewis categorically states that his bank needs no more government help, investors dump the stock.

    The truth of the matter is that investors are rightfully fed up with the rose-colored view of the world that financial CEOs have presented over the past year. Didn't the heads of Bear Stearns, Lehman, and AIG all claim that their firms were "fully solvent" just days before they collapsed?

    In order for the banks to regain investors' confidence, they must divulge all their assets and liabilities and present a realistic assessment of how much they are worth. And these valuations must be corroborated with outside experts, not just with governmental supervisors and bank management, as the new Capital Assessment Program envisions.

    More…
    py

  2. #122
    Join Date
    Oct 2008
    Posts
    13,385

    Re: Govts Raiding Safe Deposit Boxes - The fallout!

    Quote Originally Posted by pywong
    Post 48: 7 Jun 08
    This is extremely serious and approaching the level of Roosevelt seizing the American's private gold holdings in 1933. It shows how desperate govts are these days to lay their hands on money.
    .........

    London:

    Police have seized a potential £1 billion “treasure trove” of cash, drugs and guns in an unprecedented raid on concrete vaults holding 7,000 safety deposit boxes.

    It is believed that a top tier of criminal masterminds may have rented out “the majority” of the boxes.

    http://www.telegraph.co.uk/news/ukne...-and-guns.html

    [size=14pt]
    The truth is now out. The UK Govt will have to pay big-time to get out of this mess.


    The raid that rocked the Met: Why gun and drugs op on 6,717 safety deposit boxes could cost taxpayer a fortune

    More than 500 officers smashed their way into thousands of safety-deposit boxes to retrieve guns, drugs and millions of pounds of criminal assets. At least, that's what was supposed to happen. Adrian Levy and Cathy Scott-Clark investigate


    By ADRIAN LEVY and CATHY SCOTT-CLARK

    Last updated at 11:23 PM on 24th October 2009

    An officer uses an angle grinder to open lockers containing safety-deposit boxes during Operation Rize

    Operation Rize: An officer uses an angle grinder to open lockers containing safety-deposit boxes

    The Finchley Road is one of the busiest thoroughfares heading out of London. It leads traffic north past Lord's Cricket Ground and the multimillion-pound houses of some of the country's richest hedge-fund managers all the way to the M1. At three in the afternoon it's always pretty slow going, but on this particular summer Monday the traffic was almost at a standstill.

    Read more: http://www.dailymail.co.uk/home/mosl...#ixzz0VCsMvyNd
    py

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