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"City of London hits back at...Geithner over 'light touch' remarks"
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Topic: "City of London hits back at...Geithner over 'light touch' remarks" (Read 1566 times)
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
"City of London hits back at...Geithner over 'light touch' remarks"
«
on:
June 08, 2011, 05:57:33 AM »
City of London hits back at US Treasury Secretary Geithner over 'light touch' remarks
US Treasury Secretary Timothy Geithner has come under attack for singling out the UK for criticism over its regulatory system in the run up to the financial crisis.
Quote
A raft of trade associations, senior lawyers and other City figures have rounded on Mr Geithner's comments that the UK's "light touch" system should provide a "cautionary note" to the rest of the world.
"US Secretary Geithner's comments do not appear to take any account of the fact that the [Securities and Exchange Commission, the US regulator], arguably, was an equally tragic failure - and by a regulatory authority that was notably "heavy touch" but also in some areas 'no touch'," said Anthony Belchambers, chief executive of the Futures & Options Association.
Michael McKee, financial services regulation partner at law firm DLA Piper, said it was easy to make the UK regulation "the fall guy".
"[Mr Geithner] was at the New York Federal Reserve and was in the middle of all this and now he is at the Treasury," said Mr McKee. "The US has decided it needs to put on a hair shirt and is nervous about the growth of rival financial centres."
read more here -
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8562205/City-of-London-hits-back-at-US-Treasury-Secretary-Geithner-over-light-touch-remarks.html
There are some nagging thoughts...
AmSouth bank was fined over $50 million dollars for failing to identify a customer running some kind of Ponzi scheme.
How would any bank know the intent of all those transactions? How is it at drug cartels/gangs launder money and our 'banking' system can't turn them in?
How is it that the Fed, the Treasury, and all those regulatory agencies failed to recognize the Ponzi schemes called 'derivatives'? And, Congress and Obama just keep giving them more authority over our economy? The ability to bankrupt the nation?
How is it that Congress and Obama fail to recognize and fix the Ponzi scheme known as Social Security, Medicare, Medicaid, and government pensions?
Why did Congress and Obama make good on the autoworkers/union Ponzi scheme like retirement/welfare/benefit schemes? Meanwhile, cheating millions of Americans on unfunded Social Security and Medicare schemes?
Why is it that no one holds the Fed, Treasury, and all their bail out buddies accountable for recognizing Ponzi schemes?
How much do dictators, foreign governments have stashed away at big private banks, investment banks in the US? Anyone asking about those wheelings and dealings?
I have to wonder if the only reason America starts all these wars is to get the bankers out of trouble with scary dictators and less than friendly governments.
Why should Americans lose everything, go in to bankruptcy as a nation and pay off the gambling debts of big investment banks, global bankers, and corporate welfare recipients?
None of this seems to benefit Main Street. It's all about making the bankers richer, and throwing Main Street to the curb.
It seems to me 'our' financial system has been looted by folks running all kinds of Ponzi schemes and gambling enterprises, and none of them go to jail because the 'government' can't prove 'intent'.
At the same time, the folks in government seem to be part of the job rotation between the big global banks, investment banks, and other government financial agencies.
Meanwhile, private banks like AmSouth are held accountable for failing to 'recognize' a Ponzi scheme run by a client (from deposits, etc.), for some reason, the little folks are supposed to recognize these thing.
Why aren't the Fed, Treasury, Congress, White House, and other agencies help accountable for failing to identify Ponzi schemes?
It seems to me that if you pretend to be ignorant of the Ponzi scheme, you can continue to run it and loot/destroy everyone's future.
just my humble opinions
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: "City of London hits back at...Geithner over 'light touch' remarks"
«
Reply #1 on:
June 08, 2011, 06:19:31 AM »
"Geithner triggers backlash on regulation"
Quote
Tim Geithner’s warning that the world could face another global financial crisis unless Asia adopts US regulations on derivatives transactions triggered a largely critical response in the region.
This warning from the same folks that didn't see/identify the problem in the first place? Ignored warnings? Career financial/government job rotation?
Quote
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email
ftsales.support@ft.com
to buy additional rights or use this link to reference the article -
http://www.ft.com/cms/s/0/38e6dd84-911f-11e0-9668-00144feab49a.html#ixzz1Og6lSFrA
The Hong Kong Monetary Authority said it endorsed the view that international harmonisation and co-operation were important for global financial stability, but argued that banking supervision in the Chinese territory was already more stringent than international standards.
I seem to recall that in China, when someone destroys something of value, like a company making tainted products, they are quickly convicted of crimes and seem to get capital punishment, or kill themselves prior to conviction. In the US, the government just seems to send more money! Writes an endless number of blank checks! Let's Main Street take the poverty hit, all to prop up gambling and other financial debts.
Quote
“We see enormous growth in the [Asia] region and firms are making huge investments to take advantage of that growth; Singapore may well be the winner,” says John Damgard, president of the US Futures Industry Association, which represents banks and brokers in derivatives markets.
Maybe this is where all the QE1, QE2, and QE3 is really going? To fill the pockets of big banks and brokers? Nothing for Main Street but debt!!!!
read more here -
http://www.ft.com/cms/s/0/38e6dd84-911f-11e0-9668-00144feab49a.html?ftcamp=rss#axzz1Og2HIlCx
just my humble opinions
just my humble opinions
Logged
All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: "City of London hits back at...Geithner over 'light touch' remarks"
«
Reply #2 on:
June 08, 2011, 06:22:26 AM »
"Geithner’s outburst ignores staggering regulation failures"
Quote
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email
ftsales.support@ft.com
to buy additional rights or use this link to reference the article -
http://www.ft.com/cms/s/0/126c890a-9166-11e0-b1ea-00144feab49a.html#ixzz1Og80Q8AZ
On the other hand, the staggering failure of the US regulators to catch Bernard Madoff, when every conceivable risk warning was there for them to see, stands out as one of the great failure of regulation of our time.
No doubt Tim Geithner has in mind the collapse of Lloyds Banking Group and Royal Bank of Scotland, but not, of course, Lehman Brothers.
The US is a jurisdiction that has frequently been slow to implement internationally agreed regulatory standards. Let us hope that we can expect a better performance from the Americans in the future.
read more here -
http://www.ft.com/intl/cms/s/0/126c890a-9166-11e0-b1ea-00144feab49a.html#axzz1Og2HIlCx
How much money did Libya lose as a customer of Goldman Sachs investment bank? What other customers lost big? How were the losses made up? Who paid in the end?
I would imagine that Goldman doesn't have a printing press and the money had to come from somewhere....
Logged
All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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