Why the hurry to implement a bailin/out over the weekend.?All top financial authorities have been praising how well the recovery goes and all the stress tests trotted out are ticketyboo. I mean these kind wouldn't lie,would they?.I'guess you have your dopes out there who will gleefully dote on every word of their fiscal pop stars,and never question their legimatcy. Just as an appetizer,just ask Jean -Claude junker when he says that "Some Time you have to lie"-hey,I think he is tellin the truth about lieing.Top Work Luxemburger. Or even ol Bernie Madoff reckons "gods work" ain't all that flash,especially when the rats turn on ya! Nope,when I see some real justice ,I might believe the garbage goings as financial information /fact.Time instead of "fines"-just like the rest of us. Still I guess they rely on the present situation that the majority just want someone else to "take care of it". Profits to all.BMD
globaleconomicanalysis.blogspot.com/.../jean-claude-juncker-luxembourg-... May 7, 2011 - Jean-Claude Juncker, Luxembourg PM and Head Euro-Zone Finance ... "When it becomes serious, you have to lie," Juncker, who as the ...
Madoff said JPMorgan executives knew of his fraud: lawsuit By Jonathan Stempel NEW YORK | Thu Feb 20, 2014 3:36pm EST SHARE THIS ARTICLE By Jonathan Stempel
NEW YORK (Reuters) - Two senior officials at JPMorgan Chase & Co and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, a new lawsuit said, suggesting that bank leaders had "direct knowledge" of his Ponzi scheme.
EU Struggles to Streamline Bank-Failure Plan for Weekends By Jim Brunsden Feb 21, 2014 9:27 PM ET 0 Comments Email Print Facebook Twitter Google+ LinkedIn Save Related Nowotny Sees Low Rates If Inflation Not Above 2% As European Union lawmakers race to create a bank-failure agency so it can take action outside market hours, they’re battling to streamline a German-backed plan that may need the weekend to last four days.
As originally proposed by Michel Barnier, the EU’s financial-services chief, the Single Resolution Mechanism could resolve a bank over a weekend, the European Commission said in a document obtained by Bloomberg News. This “cannot be guaranteed” by a plan subsequently designed by finance ministers, under which deliberations begun at 5 p.m. on a Friday could drag on until 1 a.m. the following Wednesday.
The European Central Bank, which assumes full oversight of euro-area lenders in November, insists that the authority must be able to move fast. ECB Vice President Vitor Constancio said on Feb. 18 that if the new agency “cannot take decisions in 24 hours,” supervisors might hesitate to send banks to resolution.
In talks with the European Parliament on a final version of the SRM bill, EU member states will have to compromise on the decision-making rules for the agency to be workable, said Sven Giegold, a German member of the assembly. As it stands, the ministers’ plan would only work “if they extend the weekend for stock exchanges till Wednesday,” he said.
The planned resolution authority, backed by a 55 billion-euro ($75 billion) industry-financed fund for covering the costs of saving or shuttering lenders, is a key part of an EU project to prevent future financial crises by pooling responsibility for banks. The legislation to establish it must be approved by national governments and the parliament.
