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Banks, behaving badly
blacksheep
post Posted: Oct 19 2019, 11:47 AM
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In Reply To: blacksheep's post @ Oct 17 2019, 07:11 PM

QUOTE
Former Credit Suisse banker Andres Pearse on Thursday for the first time directly implicated an executive of the Russian bank VTB in the fraudulent scheme commonly known as the scandal of Mozambique’s “hidden debts”.

The term refers to the scheme whereby, in 2013 and 2014, three security-linked Mozambican companies, with no business record whatsoever, obtained over two billion dollars in loans from Credit Suisse and VTB. The loans were only possible because the Mozambican government of the day granted illegal loan guarantees, in violation of the budget law.

American prosecutors have been pursuing the case, because some of the money laundered passed through US banks, and because US investors were defrauded when they purchased chunks of the debts. The US investigators concluded that at least 200 million dollars of the loan money was spent on bribes and kickbacks.

https://clubofmozambique.com/news/pearse-im...-report-144840/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 17 2019, 07:11 PM
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Posts: 6,570
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Bankers behaving badly - in this case

Ex-Credit Suisse banker says he hid $45 million worth of bribes
QUOTE
Pearse tells Brooklyn jury other bankers also accepted bribes
Banker says son of former Mozambican president got $50 million
Former Credit Suisse Group AG banker Andrew Pearse told a jury in Brooklyn, New York, that he pocketed at least $45 million in illicit payments for his role in the arrangement of loans worth $2 billion to companies in Mozambique.

Pearse, 49, who had pleaded guilty to conspiracy, testified that at least four other Credit Suisse bankers also took millions of dollars in bribes from shipbuilder Privinvest Group.

“They all played a role in ensuring the bank made the loans,” Pearse testified Wednesday. “They provided the bank with false information about Privinvest.”

Pearse is a key witness against Jean Boustani, a Privinvest salesman described by prosecutors as the “mastermind” of a scheme to defraud U.S. investors. Prosecutors allege Mozambican government officials, corporate executives and investment bankers stole about $200 million in loan proceeds.


read more - https://clubofmozambique.com/news/ex-credit...-bribes-144606/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 8 2019, 11:49 AM
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Posts: 6,570
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Liberal and Labor leadership lying about bank interest rates
QUOTE
These are dismal days for Australian politics on a number of fronts.

A quick example is that the Prime Minister, Treasurer, Opposition Leader and Shadow Treasurer apparently have no idea of how the Australian financial system works – or are happy to routinely mislead and lie.

As predictable as stories about Christmas “killer toys”, the pollies fell over themselves to declare the banks should pass on the latest Reserve Bank’s interest rate cuts in full.

“They never learn. They honestly never learn and it’s disappointing,” said Prime Minister Scott Morrison, indicating either he’s never known, or worse.

The banks were putting profits before customers, former banker Josh Frydenberg proclaimed, faking outrage.


QUOTE
As this RBA graph shows, most of the money banks lend comes from domestic depositors.

That’s a desirable thing, as we discovered during the GFC when foreign borrowings made up a bigger percentage of funding and threatened to be flighty.

As this RBA graph shows, most of the money banks lend comes from domestic depositors.

That’s a desirable thing, as we discovered during the GFC when foreign borrowings made up a bigger percentage of funding and threatened to be flighty.


continue reading - https://thenewdaily.com.au/money/2019/10/07...interest-rates/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 4 2019, 11:35 AM
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Posts: 6,570
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CBA faces criminal charges over CommInsure scandal

QUOTE
Australia's largest bank is facing 87 criminal charges over unscrupulous practices in its life insurance arm — the first major bank to face criminal charges following the banking royal commission.

Commonwealth Bank's insurance arm CommInsure has been charged with 'hawking' for offering to sell insurance products through unsolicited phone calls.

The Australian Securities and Investments Commission (ASIC), alleges CommInsure did not comply with all of the hawking exceptions in section 992A(3) of the Corporations Act.

CommInsure has been sold by CBA, but the bank is liable because it owned the insurance arm at the time.

The maximum fine is about $1.8 million, ASIC said.

More to come.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 7 2019, 02:28 PM
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Posts: 6,570
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'Dills': Graeme Samuel raises concerns on bank boards
QUOTE
Bank directors regarded as "dills" by their peers remain ensconced on the boards of the nation's largest financial institutions, former top regulator Graeme Samuel has claimed as he warned the sector had failed to heed the lessons of the Hayne royal commission

In a speech to be delivered on Wednesday, the former chairman of the Australian Competition and Consumer Commission (ACCC) will also criticise regulators and major accounting firms for allowing auditors to provide independent audits and lucrative consulting services, which he views as an "inherent conflict of interest."

https://www.smh.com.au/business/banking-and...52egp.html?btis



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 5 2019, 03:14 PM
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Posts: 6,570
Thanks: 2260


Little Relief In Sight For Banks
Australia | 12:07 PM

QUOTE
Australia's banking sector is under pressure amid soft loan growth, a squeeze on margins and a reinvestment burden. Brokers are not yet factoring in much of a recovery.

-Too early to be confident in a post-election rebound for the banks
-Borrowers likely to use lower interest rates to reduce existing debt
-Action to support bank share prices may be viewed favourably

By Eva Brocklehurst


read more - https://www.fnarena.com/index.php/2019/08/0...ight-for-banks/




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

sentifi.com

Share Cafe Sentifi Top themes and market attention on:


blacksheep
post Posted: Jul 24 2019, 02:30 PM
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Posts: 6,570
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Extract - Why the best performing hedge fund is selling
QUOTE
LHC is also shorting the Australian banks due to "declining return on equity in a low credit growth environment with unsustainable payout ratios".

https://www.afr.com/business/banking-and-fi...20190723-p529t2

Shortman
THE BIG FOUR BANKS (ANZ, CBA, NAB, WBC)
This graph shows the total dollar amount of all shorted shares on the big four banks, which together dominate the banking market share in Australia.
https://www.shortman.com.au/market




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Jul 11 2019, 10:48 AM
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Posts: 6,570
Thanks: 2260


APRA forces NAB, Westpac, ANZ to hold extra $500m each in capital due to culture, governance concerns
QUOTE
The financial regulator will force National Australia Bank, Westpac and ANZ Bank to each hold an extra $500 million in capital due to problems with their governance and culture.

The Australian Prudential Regulation Authority (APRA) on Thursday said it was slapping on the extra capital requirement in response to the bank's "self-assessments" of how they managed "non-financial risks
."
https://www.smh.com.au/business/banking-and...711-p5265y.html



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 24 2019, 11:53 AM
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Posts: 6,570
Thanks: 2260


Citi fires eight Hong Kong traders after review finds misconduct: sources

QUOTE
Global banks have been beefing up compliance procedures in Hong Kong, as the securities regulator in the Asian financial hub has stepped up its crackdown against failures to comply with guidelines for equities trading and underwriting functions.

Last week, the regulator banned UBS from leading IPOs in the city for a year, while fining it and rivals, including Morgan Stanley, a combined $100 million for due diligence failures on a series of stock listings.

https://www.reuters.com/article/us-citigrou...s-idUSKCN1R40AE



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 20 2019, 09:12 PM
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Posts: 6,570
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Some questions being raised by Greens senator Peter Whish-Wilson at the Senate estimates on Wednesday evening - tonight.

ASIC boss James Shipton faces questions over former Goldman Sachs role and 1MDB scandal.

ANZ also gets a mention- https://www.theguardian.com/world/2019/feb/...nd-1mdb-scandal

QUOTE
Whish-Wilson was also expected to raise questions about another Australian connection to the 1MDB scandal. Malaysian investigators have unearthed new details about irregularities with a bond sale carried out in 2009 for a precursor of 1MDB by a Malaysian bank called Am Bank, which is 24% owned by the Australian bank ANZ.

According to a recent report by Bloomberg, the 2009 bond sale arranged for TIA involved bonds being sold at a large discount to insiders which were then quickly resold – some of them on the same day – at a large profit.

Low Taek Jho, the fugitive Malaysian financier believed to be behind the 1MDB scam, was also allegedly the mastermind of the TIA scheme and reportedly profited from it to the tune of $126m.

Sarawak Report, the campaigning group that first exposed the 1MDB scandal, says Am Bank was involved in the bond sale “every bit of the way” and therefore ANZ has a case to answer about why the alleged corrupt dealing went ahead.

Clare Rewcastle Brown, of the Sarawak Report, said: “It makes [ANZ’s] position every bit as awkward as that of Goldman Sachs, which performed a similar role during the later bond issues by 1MDB leading to investigations by the FBI leading to criminal charges from Malaysia as well.”

It renewed calls for an investigaton by Asic into Am Bank’s involvement.

ANZ declined to comment.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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