http://www.youtube.com/watch?v=v3rfgkTAlho
shadow banking system derivatives to swallow the global economy
http://www.youtube.com/watch?v=XHFWDIqFb7A&feature=related
http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe
Excerpt:
the lax London-based unregulated and unsupervised system which has allowed such unprecedented, leveraged monsters as AIG, Lehman and now as it turns out MF Global, to flourish until they end up imploding and threatening the world's entire financial system, and ii) an implicit construct embedded within the shadow banking model which permitted the heaping of leverage upon leverage upon leverage, probably more so than any structured finance product in the past (up to and including synthetic CDO cubeds), and certainly on par with the AIG cataclysm which saw $2.7 trillion of CDS notional sold with virtually zero margin.
http://www.zerohedge.com/news/has-imploding-european-shadow-banking-system-forced-bundesbank-prepare-plan-b
Excerpt:
http://peureport.blogspot.com/2011/10/carlyles-daniello-playing-hard-to-get.html
Excerpt:
The Fall 2008 financial implosion was a team effort between big banks and shadow bankers like Carlyle. But why would The Carlyle Group hire Lehman's former mouthpiece? Whitestone worked for George Herbert Walker, cousin of the Bush boys, one a former U.S. President and the other ex-Florida Governor.
http://ewallstreeter.com/ecb-confirms-shadow-banking-system-in-europe-in-tatters-4981/#
Excerpt:
ECB Confirms Shadow Banking System In Europe In Tatters
8:50am - December 7, 2011
Yesterday we reported that the freeze in the Europe repo, asset backed paper and money markets is a broad indication that the shadow banking system - the primary conduit to broader disintermediated financial stability or in this case distress - on the continent has now locked up.
Excerpt:
Wednesday, March 18, 2009
AIG and the Shadow Banking Industry
As promised a few days ago, I am going to spend some time talking today about the shadow banking industry. The current fire storm surrounding AIG about Federal monies lent to AIG and payments that AIG made to other banks and bonuses paid to individuals, is very much at the heart of the shadow banking industry problem.
http://www.cjr.org/the_audit/more_shades_of_enron_in_nyts_l.php
Excerpt:
That piece ran after Enron—in 2002.
I’m not sure why the Times doesn’t mention Ernst & Young, Lehman’s accountant. It seems like they’ll have yet another problem on their hands here.
We’ve noted that the shadow-banking system has pretty much fallen off the regulatory-reform radar. With today’s Lehman story and Friday’s fantastic ProPublica piece on Magnetar, that ought to change.
These stories show the press leading, which is great to see.
http://www.thepeoplesview.net/2011/02/financial-crisis-inquiry-commission.html
Excerpt:
More than 30 years of deregulation and reliance on self-regulation by financial institutions, championed by former Federal Reserve chairman Alan Greenspan and others, supported by successive administrations and Congresses, and actively pushed by the powerful financial industry at every turn, had stripped away key safeguards, which could have helped avoid catastrophe. This approach had opened up gaps in oversight of critical areas with trillions of dollars at risk, such as the shadow banking system and over-the-counter derivatives markets. In addition, the government permitted financial firms to pick their preferred regulators in what became a race to the weakest supervisor.
Excerpt:
Thursday, October 20, 2011
“Much of the shadow banking sector, a major contributor to the economic crisis, was also only possible because of tax haven secrecy.”
The Netherlands is one of the world's best tax havens for multinational companies. Boeing, US Steel, Walt Disney, Johnny Walker, the Rolling Stones and U2: they all have one thing in common. They don't come from the Netherlands but they pay taxes here. The Dutch treasury earns milions of euros from these multinationals seeking a safe haven to avoid paying higher taxes in their own country.
Addicted to tax havens:
The secret life of the FTSE 100
October 2011
Addicted to tax havens:
The secret life of the FTSE 100
October 2011
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