Bank





Banks rigged Foreign Exchange Market
- the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "the corruption of currency dealers - was laid bare !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "when regulators imposed US$ 4.1bn of fines - on six banks !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "for rigging - the foreign exchange markets !!!!!!!!!!!!"

 

 

 

 

 

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  • "regulators said they had found - a "free for all culture" rife !"

 

 

 

 

_________________________________________

  • "on trading floors which allowed the markets to be rigged - for five years !"

 

 

 

 

 

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  • "the fines imposed on JP Morgan - Citibank - HSBC - UBS - and Royal Bank of Scotland !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "are records for the Financial Conduct Authority, FCA - smashing the penalties imposed for Libor rigging !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "a second regulator, the Office of the Comptroller of the Currency - also imposed separate fines !!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "on JP Morgan - Citibank - and Bank of America !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • Andrea Leadsom, Treasury Minister:  "it’s completely disgusting - I think taxpayers will be horrified !!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "I don’t know if corruption - is a strong enough word for it !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "traders at different banks formed tight-knit groups - in which information was shared about client activity !!!!!!"

 

 

 

 

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  • "including using code names - to identify clients without naming them !!!!!!"

 

 

 

 


 

 

 

 

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the US Stock Markets are rigged
- Reuters: LINK ¤ REUTERS

_________________________________________

 

  • "the US stock markets are rigged - in favor of high-speed electronic trading firms !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "high-frequency trading, HFT - was carried out by sophisticated computer programs !"

 

 

 

 

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  • "to send gobs of orders - into the market !"

 

 

 

 

 

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  • "executing a small portion of them when opportunities arise - to capitalize on price imbalances !"

 

 

 

 

_________________________________________

  • "these firms were using their speed advantage - to profit at the expense of other market participants !"

 

 

 

 

 

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  • Michael Lewis, author of the book "Flash Boys":  "they were able to identify your desire - to buy shares of a company !"

 

 

 

 

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  • "and buy them in front of you - and sell them back to you - at a higher price !"

 

 

 

 

 

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  • "this speed advantage that the faster traders had - was milliseconds !"

 

 

 

 

_________________________________________

  • "those milliseconds could be valuable - making it possible to send around 10,000 orders in the blink of an eye !"

 

 

 

 

 

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  • "Brad Katsuyama, former head trader - for the Royal Bank of Canada:  !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "when he sent a large stock order to the market - it would only be partially filled !"

 

 

 

 

 

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  • "and then he would have to pay a higher price - for the rest of the order !"

 

 

 

 

 

_________________________________________

  • "his orders traveled along fiber optic lines and hit the closest exchange first - where high frequency traders got a glimpse !"

 

 

 

 

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  • "and then used their speed advantage to beat him - to the other public exchanges !"

 

 

 

 

 

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  • "HFT algorithms could then buy the shares - Katsuyama wanted !"

 

 

 

 

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  • "and then sell them to him - at a slightly higher price !!!!!!!!!!!!"

 

 

 

 


 

 

 

 

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high-Frequency Traders - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "high-frequency traders have shelled out US$ 300m - to lay a fibreoptic cable between two towns !"

 

 

 

 

_________________________________________

  • "and for what ?!"

 

 

 

 

 

_________________________________________

  • "so that the time taken to send a signal could be reduced from 17 milliseconds - to 13 milliseconds !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "this is called high-frequency trading - HFT !"

 

 

 

 

 

_________________________________________

  • "it submits almost 99% - of the orders on US stock markets !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "and buy and sell shares - in milliseconds !!!!!!"

 

 

 

 

_________________________________________

  • "they are not really "traders" in any normal sense of the term - but software algorithms !"

 

 

 

 

 

_________________________________________

  • "the high-frequency traders really amount to an unconscionable tax - on the ordinary investor !!!!!!!!!!!!!!!!!!"

 

 

 

 




 

 

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Banks fined € 1.7bn over Benchmark Interest Rate Rigging - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "the already battered reputation of banks - takes an expensive new hit !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "when the European Commission slaps a record1.7bn fine - on six firms !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "the banks involved are JP Morgan - Citigroup - Deutsche Bank - UBS - and RBS !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "for colluding to fix - key interest rate benchmarks !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "( Euribor - Libor ! )"

 

 

 

 

 

_________________________________________

  • Joaquín Almunia, the European Commissioner:  "this will not be - the end of the story !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "for the manipulation - of benchmarks !!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "the EU Commission is determined to fight - and sanction this behaviour !!!!!!!!!!!!!!!!!!"

 

 

 

 




 

 

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JP Morgan Chase: record US$ 13bn Settlement over toxic Mortgages - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "JP Morgan Chase agreed a record US$ 13bn settlement - with regulators !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "the fine is the biggest civil settlement - with any single company !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "JP Morgan acknowledged it made serious misrepresentations - to the public !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "about numerous transactions relating to - residential mortgage-backed securities !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "JP Morgan also paid US$ 4.5bn - to settle allegations !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "it has mis-sold mortgage bonds - to pension funds and other institutional investors !!!!!!!!!!!!!!!!!!"

 

 

 

 

 




 

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Derivatives Trading Activities - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "JP Morgan has agreed to pay US$ 920m in penalties - to regulators !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "over the practices that led to its - US$ 6.2bn London losses !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "regulators found unsafe and unsound practices - related to derivatives trading activities !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________
  • "inadequate oversight - and governance !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "inadequate risk management - inadequate control over pricing of trades !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "and inadequate development - and implementation of models used by the bank !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Goldman Sachs Trader - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "in an email to his girlfriend - the Goldman Sachs trader Fabrice Tourre writes:  !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "the whole building is about to collapse - any time now !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "but that "Fabulous Fab" - would survive !"

 

 

 

 

 

_________________________________________

  • "the regulator contends that Tourre misled investors - in a Goldman Sachs fund called Abacus !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "that invested in complex mortgage-backed assets - known as collateralized debt obligations, CDOs !"

 

 

 

 

 

_________________________________________

  • "they failed to disclose that Paulson & Co - the hedge fund run by John Paulson !"

 

 

 

 

_________________________________________

  • "was involved in picking mortgage securities - tied to the investment !"

 

 

 

 

 

_________________________________________

  • "and was also - betting against it !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "investors lost - more than US$ 1bn !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 






 

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Banks agree US$ 18.5bn Settlements - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "Bank of America agreed to pay US$ 10bn - to Fannie Mae !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "to settle claims that Bank of America sold Fannie Mae - bad loans for 10 years !!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "in another, unrelated settlement - 10 banks and financial institutions !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "including Bank of America - JP Morgan Chase - and Wells Fargo !!!!!!!!!!!!!!!!!!”

 

 

 

 

 

_________________________________________

  • "agreed to settle claims of foreclosure abuses - for US$ 8.5bn !!!!!!!!!!!!”

 

 

 

 

 

 

 

 

 

______________________________________________________________________________

UBS charged over Libor - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "UBS was fined US$ 1.4bn by global regulators - for manipulating the key rate !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "at least 45 individuals including traders - managers, and senior managers !!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "were involved in, or aware of - the practice of attempting to influence submissions !!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "a UBS trader agreeing with a counterpart - that he would attempt !"

 

 

 

 

_________________________________________

  • "to manipulate UBS's submissions - in "small drops"  !"

 

 

 

 

 

_________________________________________

  • "in order to avoid - arousing suspicion !"

 

 

 

 

_________________________________________

  • "he offered to "return the favour" - and entered into illicit transactions - in order to reward his counterparts !"

 

 

 

 

 

 

 

 

 

______________________________________________________________________________

UBS 'rogue' Trader
- the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "a "rogue" UBS employee - helped lose US$ 2.3bn !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "by trading huge sums - in off-the-book deals !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "Adoboli said the bank's bosses had placed him under enormous pressure - to increase profits !"

 

 

 

 

_________________________________________

  • "and spoke of a prevailing - culture !"

 

 

 

 

 

_________________________________________

  • "in which even relatively junior traders - such as himself !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "were given minimal oversight - and tacitly urged !"

 

 

 

 

 

_________________________________________

  • "to make money - by whatever means necessary !"

 

 

 

 

 

 

 

 

 

______________________________________________________________________________

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GOLDMAN SACHS
- Wikipedia EN: LINK ¤ GOLDMAN SACHS

_________________________________________

 

  • "Goldman Sachs Group, Inc. - is an investment bank"

 

 

 

 

_________________________________________
  • "Goldman Sachs was able to profit from the collapse - in subprime mortgage bonds !"

 

 

 

 

_________________________________________

  • "by short-selling - subprime mortgage-backed securities !"

 

 

 

 

 

_________________________________________

  • "it made a profit - of US$ 4 billion !"

 

 

 

 

_________________________________________

  • "by "betting" on a collapse - in the sub-prime market !"

 

 

 

 

 

_________________________________________
  • "the Fed had loaned Goldman - a total of US$ 589 billion !"

 

 

 

 

 

 

 

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Goldman Sachs - Source Watch: LINK ¤ SOURCE WATCH

_________________________________________

 

  • "under pressure - from investment banks !"

 

 

 

 

_________________________________________

  • "the Securities and Exchange Commission had removed the 12 to 1 debt - to net capital ratio !"

 

 

 

 

 

_________________________________________

  • "they could use their own risk models - to determine their capital requirements !"

 

 

 

 

_________________________________________

  • "they were freed to leverage - to extremely risky levels !"

 

 

 

 

 

_________________________________________

  • "in some cases reaching a ratio of - 40 to 1 !!!!!!"

 

 

 

 

 

_________________________________________

  • "this deregulation left the investment banks - fatally undercapitalized !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 


 

 

 

 

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the nasty Culture of Goldman Sachs - the Guardian: LINK ¤ the GUARDIAN

_________________________________________

 

  • "Goldman Sachs director quits - morally bankrupt bank !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "Goldman Sachs suffers another severe blow - to its reputation !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "one of its bankers, the executive director Greg Smith - announces his resignation !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "by declaring his employer - Goldman Sachs - "morally bankrupt"  !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • Greg Smith:  "it makes me ill - how callously people at the bank !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "talk about ripping - their clients off !"

 

 

 

 

 

_________________________________________

  • "over the last 12 months I have seen five different managing directors - refer to their own clients !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "as "muppets" - sometimes over internal email !"

 

 

 

 

 

_________________________________________

  • "the fast track to a promotion involved persuading clients - to invest in stocks or other products !"

 

 

 

 

_________________________________________

  • "that we were trying - to get rid of !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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JP MORGAN CHASE - Wikipedia EN: LINK ¤ JP MORGAN CHASE

_________________________________________

 

  • "JPMorgan Chase & Co. - is an investment bank"

 

 

 

 

_________________________________________

  • "the derivatives team at JPMorgan was the pioneer - in the invention of credit derivatives !"

 

 

 

 

_________________________________________

  • "such as the - credit default swap !"

 

 

 



 

 

 

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BANK of AMERICA - Wikipedia EN: LINK ¤ BANK of AMERICA

_________________________________________

 

  • "Bank of America Corporation, BofA - is a bank"

 

 

 

 

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  • "Bank of America received US$ 20 billion - in the federal bailout through TARP !"

 

 

 

 

_________________________________________
  • "and a guarantee of US$ 118 billion - in potential losses !"

 

 

 

 

 

 

 

 

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CITIGROUP - Wikipedia EN: LINK ¤ CITIGROUP

_________________________________________

 

  • "Citigroup Inc., Citi - is a bank"

 

 

 

 

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  • "2009, Citigroup announced that the government - would take a 36% equity stake in the company !"

 

 

 

 

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  • "by converting US$ 25 billion in emergency aid - into common stock with a credit line of US$ 45 billion !"

 

 

 

 

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  • "to prevent the bankruptcy !"

 

 

 


 

 

 

 

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WELLS FARGO - Wikipedia EN: LINK ¤ WELLS FARGO

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  • "Wells Fargo & Company - is a bank"

 

 

 

 

 

 

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HSBC - Wikipedia EN: LINK ¤ HSBC

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  • "HSBC Holdings plc - is a bank"

 

 

 

 

 

 

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UBS
- Wikipedia EN: LINK ¤ UBS

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  • "UBS Group AG - is an investment bank"

 

 

 

 

 

 

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DEUTSCHE BANK - Wikipedia EN: LINK ¤ DEUTSCHE BANK

_________________________________________

 

  • "Deutsche Bank AG - is a bank"

 

 

 

 

_________________________________________
  • "the Senate Wall Street Report:  "Deutsche Bank was a "case study" of investment banking - involvement in the mortgage bubble !!!!!!!!!!!!"

 

 

 

 

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  • "it concluded that even as the market was collapsing - and its top global CDO trader was deriding the CDO market !!!!!!!!!!!!"

 

 

 

 

 

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  • "and betting against - some of the mortgage bonds !"

 

 

 

 

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  • "Deutsche Bank continued to churn out bad CDO products - to investors !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "Deutsche Bank put risky assets into the CDO - which its own traders thought was a bad bond !!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the CDO was then aggressively marketed - as a good product !"

 

 

 

 

 

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  • "by 2009 the entire CDO was almost worthless - and the investors had lost most of their money !!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "Gregg Lippman, head of CDO trading of Deutsche Bank - was betting against the CDO market !"

 

 

 

 

 

_________________________________________

  • "Gregg Lippman called the CDO market a - "ponzi scheme"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 




 

 

 

 

 

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Investment Banking
- Wikipedia EN: LINK ¤ INVESTMENT BANKING

_________________________________________

 

  • "the financial credit crisis - led to the notable collapse of several banks !!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the crisis led to questioning of the business model - of the investment bank !!!!!!!!!!!!"

 

 

 

 

 

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  • "without the regulation - imposed on it by Glass-Steagall ! - ( which separated commercial banks - and investment banks !!!!!!!!!!!! )"

 

 

 

 

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  • "seeking long-term - was replaced by lower standards - and short-term !!!!!!!!!!!!"

 

 

 

 

 

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  • "the TARP Oversight Report found that the bailout - tended to encourage risky behavior !!!!!!"

 

 




 

 

 

 

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Lehman Brothers
- Wikipedia EN: LINK ¤ LEHMAN BROTHERS

_________________________________________

 

  • "Lehman Brothers Holdings Inc. - was a financial services firm !"

 

 

 

 

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  • "before declaring bankruptcy - in 2008 !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "Lehman faced an unprecedented loss - to the continuing subprime mortgage crisis !!!!!!!!!!!!"

 

 

 

 

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  • "it's loss was a result of having held on - to large positions !"

 

 

 

 

 

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  • "Lehman executives regularly used cosmetic accounting gimmicks - at the end of each quarter !!!!!!!!!!!!"

 

 

 

 

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  • "to make its finances appear less shaky - than they really were !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "Lehman Brothers Holdings announced it would file - for Chapter 11 bankruptcy protection !!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "citing bank debt of - US$ 613 billion !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 


 

 

 

 

 

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the US Subprime Mortgage Crisis - Wikipedia EN: LINK ¤ SUBPRIME MORTAGE CRISIS

_________________________________________

 

  • "the United States subprime mortgage crisis was a nationwide - financial crisis !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "a series of factors caused the financial system - to become increasingly fragile !!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "the important role played by financial institutions - such as investment banks and hedge funds !"

 

 

 

 

 

_________________________________________

  • "these entities were not subject to the same regulations - as depository banking !"

 

 

 

 

_________________________________________

  • "there were complex, off-balance sheet derivatives - and securitizations !"

 

 

 

 

 

_________________________________________

  • "there was a risk-taking culture - of investment banking !"

 

 

 

 

_________________________________________

  • "derivatives such as CDS were unregulated - or barely regulated !"

 

 

 

 

 

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  • "by the end of 2007 - the largest five investment banks !!!!!!!!!!!!"

 

 

 

 

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  • "had over US$ 4 trillion - in debt !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "with high ratios of debt - to equity !!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "meaning only a small decline in the value of their assets - would render them insolvent !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 


 

 

 

 

 

 

 

 

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GRAMEEN BANK - Microfinance: LINK ¤ GRAMEEN BANK

_________________________________________

 

  • "the Grameen Bank, by Muhammad Yunus - provides affordable micro-loans !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "to financially empower - low-income entrepreneurs !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "Grameen Bank, GB - provides credit to the poorest !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "it serves as a catalyst in the over all development - of socio-economic conditions of the poor !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "it is a banking system based on mutual trust - accountability - participation - and creativity !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "microcredit programmesextend small loans !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "to poor people - for self-employment projects !!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "that generate income - allowing them to care for themselves - and their families !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "so that lasting peace - can be achieved !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 


 

 

 

 

 

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Grameen Bank - Wikipedia EN: LINK ¤ GRAMEEN BANK

_________________________________________

 

  • "the Grameen Bank is a Nobel Peace Prize-winning - microfinance organization !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "and community development bank - founded by Muhammad Yunus !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "it makes small loans - known as microcredit, or "grameencredit" - without requiring collateral !!!!!!!!!!!!!!!!!!"

 

 

 

 

_________________________________________

  • "the name Grameen is derived from the word "gram" - which means "rural" or "village" in the Bengali language !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the overwhelming majority - 97% - of its borrowers are women !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "the Grameen Bank has distributed - BDT 1.437 trillion - US$ 20.92 billion - in loans !!!!!!!!!!!!!!!!!!"

 

 

 

 

 

_________________________________________

  • "out of which BDT 1.317 trillion - US$ 19.02 billion - has been repaid !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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BANK
- Wikipedia EN: LINK ¤ BANK

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