http://finance.yahoo.com/news/Court-upholds-Vatican-bank-apf-701521899.html?x=0&sec=topStories&pos=7&asset=&ccode=
Not even the Vatican is above the law.
So why is Wells Fargo? They got busted for laundering drug money and only copped a fine, not a seizure.
Because in America the rich are above the law.
A Rome court has upheld the seizure of euro23 million ($33 million) from a Vatican bank account, and the Holy See says it is surprised by the ruling.
The seizure last month was based on alleged violations of Italy's laws against money laundering
Showing posts with label Italy. Show all posts
Showing posts with label Italy. Show all posts
Wednesday, October 20, 2010
Wednesday, August 4, 2010
Reckless Europe beats reckless America at property bubbles
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100007092/reckless-europe-beats-reckless-america-at-property-bubbles/
I think Ambrose has underestimated the US inventory, or he just hasn't figured out that the banks have it well hid off their balance sheets, but that's beside the point. The point is how many countries that he points out who all coincidentally had the same type of bubble at the same time.
What a convenient coincidence, or is it? It would seem to me that the same type of banking model practice has been put to extensive use world wide, and world wide it blew up into their face.
Can you see the outline of a plot here, that was FED fortified?
Or else the world got stupid all at the same time.
The we didn't know excuse just doesn't wash anymore
This was an intentional take down.
Once and for all, let us nail the lie that the global credit crisis was basically a US sub-prime property bubble that went wrong, and that Europe was merely an innocent bystander hit by shrapnel.
This is the property bubble chart on Page 12 of the IMF’s latest report (Article IV) on France.
As you can see, France had the most extreme price rises from 1997 to 2009, followed by Spain and Italy some way below.
The Anglo-Saxons were more moderate. The US bubble was tame by comparison (measured by price: inventory overhang is another matter) and has largely corrected. This the American way, a short sharp purge. The Club Med bubbles have not corrected, by a long shot.
I think Ambrose has underestimated the US inventory, or he just hasn't figured out that the banks have it well hid off their balance sheets, but that's beside the point. The point is how many countries that he points out who all coincidentally had the same type of bubble at the same time.
What a convenient coincidence, or is it? It would seem to me that the same type of banking model practice has been put to extensive use world wide, and world wide it blew up into their face.
Can you see the outline of a plot here, that was FED fortified?
Or else the world got stupid all at the same time.
The we didn't know excuse just doesn't wash anymore
This was an intentional take down.
Once and for all, let us nail the lie that the global credit crisis was basically a US sub-prime property bubble that went wrong, and that Europe was merely an innocent bystander hit by shrapnel.
This is the property bubble chart on Page 12 of the IMF’s latest report (Article IV) on France.
As you can see, France had the most extreme price rises from 1997 to 2009, followed by Spain and Italy some way below.
The Anglo-Saxons were more moderate. The US bubble was tame by comparison (measured by price: inventory overhang is another matter) and has largely corrected. This the American way, a short sharp purge. The Club Med bubbles have not corrected, by a long shot.
Tuesday, May 25, 2010
Clarke and Dawe ask the million dollar questions
http://www.abc.net.au/news/video/2010/05/20/2905304.htm
John Clarke and Bryan Dawe calculate the cost of the European debt crisis
You wanna bet Germany already got wind of these facts?
And you thought you were the only one thinking about how they were going to pay the bailout back.
Keeping Pace With the Global Economy
http://www.minyanville.com/businessmarkets/articles/todd-harrison-random-thoughts-bkx-global/5/25/2010/id/28467
John Clarke and Bryan Dawe calculate the cost of the European debt crisis
You wanna bet Germany already got wind of these facts?
And you thought you were the only one thinking about how they were going to pay the bailout back.
Keeping Pace With the Global Economy
http://www.minyanville.com/businessmarkets/articles/todd-harrison-random-thoughts-bkx-global/5/25/2010/id/28467
Sunday, April 25, 2010
Fight the Derivatives Cancer with a Wall Street Sales Tax, Plus Bans on Hedge Funds, Credit Default Swaps, and Synthetic CDOs
http://tarpley.net/2010/04/25/fight-the-derivatives-cancer-with-a-wall-street-sales-tax-plus-bans-on-hedge-funds-credit-default-swaps-and-synthetic-cdos/
As a country that wishes to maintain our sovereignty we can no longer afford to overlook our own downfall, because it's plainly staring us in the face.
The games of speculation that the rich play behind the curtain place no value on human life. It's all only about the numbers in dollar signs and they create those numbers anyway they can and use our lives to do with as well as to bail them out when they fail. They only live because "WE" let them.
It's time to end this game before it ends all of us. As "the world's people", "WE" owe it to our selves.
The urgent problem raised by all this is the $1.5 quadrillion derivatives bubble. The financial crisis which struck the United States and the world in September and October 2008 was in fact a world a derivatives panic. This panic marked the first phase of a world economic depression caused by derivatives speculation. The second phase of this depression, which is now beginning, can also be attributed in large part to derivatives, since derivatives are the main tool being used in the speculative attacks on Greece, Spain, Portugal, Italy, Ireland, and other nations, building up towards a chaotic collapse of the euro.
Derivatives are the Cause of the World Depression of Our Time
Far from being some arcane or marginal activity, financial derivatives have come to represent the principal business of the financier oligarchy in Wall Street, the City of London, Frankfurt, and other money centers. A concerted effort has been made by politicians and the news media to hide and camouflage the central role played by derivative speculation in the economic disasters of recent years. Journalists and public relations types have done everything possible to avoid even mentioning derivatives, coining phrases like “toxic assets,” “exotic instruments,” and – most notably – “troubled assets,” as in Troubled Assets Relief Program or TARP, aka the monstrous $800 billion bailout of Wall Street speculators which was enacted in October 2008 with the support of Bush, Henry Paulson, John McCain, Sarah Palin, and the Obama Democrats.
As a country that wishes to maintain our sovereignty we can no longer afford to overlook our own downfall, because it's plainly staring us in the face.
The games of speculation that the rich play behind the curtain place no value on human life. It's all only about the numbers in dollar signs and they create those numbers anyway they can and use our lives to do with as well as to bail them out when they fail. They only live because "WE" let them.
It's time to end this game before it ends all of us. As "the world's people", "WE" owe it to our selves.
The urgent problem raised by all this is the $1.5 quadrillion derivatives bubble. The financial crisis which struck the United States and the world in September and October 2008 was in fact a world a derivatives panic. This panic marked the first phase of a world economic depression caused by derivatives speculation. The second phase of this depression, which is now beginning, can also be attributed in large part to derivatives, since derivatives are the main tool being used in the speculative attacks on Greece, Spain, Portugal, Italy, Ireland, and other nations, building up towards a chaotic collapse of the euro.
Derivatives are the Cause of the World Depression of Our Time
Far from being some arcane or marginal activity, financial derivatives have come to represent the principal business of the financier oligarchy in Wall Street, the City of London, Frankfurt, and other money centers. A concerted effort has been made by politicians and the news media to hide and camouflage the central role played by derivative speculation in the economic disasters of recent years. Journalists and public relations types have done everything possible to avoid even mentioning derivatives, coining phrases like “toxic assets,” “exotic instruments,” and – most notably – “troubled assets,” as in Troubled Assets Relief Program or TARP, aka the monstrous $800 billion bailout of Wall Street speculators which was enacted in October 2008 with the support of Bush, Henry Paulson, John McCain, Sarah Palin, and the Obama Democrats.
Wednesday, March 17, 2010
EU warns 5 major eurozone nations on budgets
http://finance.yahoo.com/news/EU-warns-5-major-eurozone-apf-380714428.html?x=0&sec=topStories&pos=7&asset=&ccode=
We're all going down together kids.
But hey the banks survived.
The European Union on Wednesday warned Germany, France, Spain, Italy and the Netherlands that they are relying too much on a strong economic recovery to meet debt reduction targets.
European Commission reports say that the five largest nations that use the euro have "rather optimistic" growth forecasts in their programs to cut budget deficits to the EU limit of 3 percent of gross domestic product.
It said budget figures could be worse than they expect if growth remains slow.
We're all going down together kids.
But hey the banks survived.
The European Union on Wednesday warned Germany, France, Spain, Italy and the Netherlands that they are relying too much on a strong economic recovery to meet debt reduction targets.
European Commission reports say that the five largest nations that use the euro have "rather optimistic" growth forecasts in their programs to cut budget deficits to the EU limit of 3 percent of gross domestic product.
It said budget figures could be worse than they expect if growth remains slow.
Wednesday, February 24, 2010
Google execs charged in Italian court, held responsible for controversial video submission
http://thehill.com/blogs/hillicon-valley/technology/83405-google-execs-charged-in-italian-court-held-responsible-for-controversial-video-submission
While I don't agree with the judge's decision in this particular case, I commend him for having his own mind of sound reasoning, rather than succumbing to the influence of prior precedents set, that corporations are all seen as non-human entities and no one person or persons can be personally held responsible for unlawful acts committed under the name of the corporation. If a corporate entity is caught in an unlawful act, whether it be fraud or the concealment of known information that contributes to the death or multiple deaths of others, it is always only given a fine, that it pays off and then proceeds back to business as usual. No human from the corporation is ever held responsible for the crime or crimes committed.
An Italian court on Wednesday sentenced three Google executives to six months in prison because of a controversial video played repeatedly on its website.
Italian authorities requested the search engine giant, also the owner of Google Video, remove a 2006 clip in which a boy with Down syndrome is being bullied at school.
Google promptly complied and helped law enforcement officials locate the video's filmers. But a group that represents Down syndrome patients ultimately said that was not enough and took the tech firm to court on the grounds it infringed on Italian privacy laws. Google argued in response that it should not be held responsible for videos posted by others on its website, just as the Post Office is not held responsible for hate mail it delivers unwittingly.
But a Milan judge disagreed. He sentenced three of the four Google executives named in the case to jail time, he told Reuters on Wednesday
While I don't agree with the judge's decision in this particular case, I commend him for having his own mind of sound reasoning, rather than succumbing to the influence of prior precedents set, that corporations are all seen as non-human entities and no one person or persons can be personally held responsible for unlawful acts committed under the name of the corporation. If a corporate entity is caught in an unlawful act, whether it be fraud or the concealment of known information that contributes to the death or multiple deaths of others, it is always only given a fine, that it pays off and then proceeds back to business as usual. No human from the corporation is ever held responsible for the crime or crimes committed.
An Italian court on Wednesday sentenced three Google executives to six months in prison because of a controversial video played repeatedly on its website.
Italian authorities requested the search engine giant, also the owner of Google Video, remove a 2006 clip in which a boy with Down syndrome is being bullied at school.
Google promptly complied and helped law enforcement officials locate the video's filmers. But a group that represents Down syndrome patients ultimately said that was not enough and took the tech firm to court on the grounds it infringed on Italian privacy laws. Google argued in response that it should not be held responsible for videos posted by others on its website, just as the Post Office is not held responsible for hate mail it delivers unwittingly.
But a Milan judge disagreed. He sentenced three of the four Google executives named in the case to jail time, he told Reuters on Wednesday
Thursday, February 4, 2010
Italy Seizes Bank of America, Dexia Assets Amid Probe
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWJC2mYeMKqg&pos=5
Oh look Italy doesn't want to give the Wall Street gone wild boys a bonus.
It looks like maybe they want their money back from the rigged hand the banks were dealing out.
The name of the game is called fraud, and "The World" was their casino.
It's time to give them the bonuses they really deserve, an all expense paid vacation to a penal institution.
Move over Bernie it looks like your going to have some company!
Italy’s financial police are seizing 73.3 million euros ($102 million) of assets from Bank of America Corp. and a unit of Dexia SA as part of a probe into an alleged derivatives fraud in the region of Apulia.
Police are investigating losses on derivatives linked to the sale of 870 million euros of bonds sold by the regional government in 2003 and 2004, according to an e-mail from the prosecutor’s office in Bari today. The banks misled the municipality, located in the heel of Italy, on the economic advantages of the transaction and concealed their fees, the prosecutor said.
The region, also known as Puglia, joins more than 519 Italian municipalities that face 990 million euros in derivatives losses, according to data compiled by the Bank of Italy. In Milan, prosecutors seized assets from four banks including JPMorgan Chase & Co. and UBS AG in April and requested they stand trial for alleged fraud. Hearings started this month.
“Italy, like other countries, is full of these examples,” said Dario Loiacono, a banking lawyer in Milan who isn’t involved in the case
Oh look Italy doesn't want to give the Wall Street gone wild boys a bonus.
It looks like maybe they want their money back from the rigged hand the banks were dealing out.
The name of the game is called fraud, and "The World" was their casino.
It's time to give them the bonuses they really deserve, an all expense paid vacation to a penal institution.
Move over Bernie it looks like your going to have some company!
Italy’s financial police are seizing 73.3 million euros ($102 million) of assets from Bank of America Corp. and a unit of Dexia SA as part of a probe into an alleged derivatives fraud in the region of Apulia.
Police are investigating losses on derivatives linked to the sale of 870 million euros of bonds sold by the regional government in 2003 and 2004, according to an e-mail from the prosecutor’s office in Bari today. The banks misled the municipality, located in the heel of Italy, on the economic advantages of the transaction and concealed their fees, the prosecutor said.
The region, also known as Puglia, joins more than 519 Italian municipalities that face 990 million euros in derivatives losses, according to data compiled by the Bank of Italy. In Milan, prosecutors seized assets from four banks including JPMorgan Chase & Co. and UBS AG in April and requested they stand trial for alleged fraud. Hearings started this month.
“Italy, like other countries, is full of these examples,” said Dario Loiacono, a banking lawyer in Milan who isn’t involved in the case
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