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"Too big to ...", Continuing the "new era" thread

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Re: "Too big to ...", Continuing the "new era" thread

Postby SouthernLion » Thu Sep 29, 2016 3:49 pm

Anyone following the serious issues surrounding Deutsche Bank? DB of course is a monster in Europe and holds oodles of bad oil paper, plus has served as the trash bin for most of Europe's terrible sovereign banking issues (Greece, Italy, etc.). There are more than a few whispers of "Lehman" surrounding DB these days as its share price has gone from over 50 to 11.50 over the past three years. Expect to hear the name more and more in the coming weeks.
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Re: "Too big to ...", Continuing the "new era" thread

Postby psu_dad » Thu Sep 29, 2016 6:49 pm

I'm sure Greece and Italy will make good on their loans. :?

As I understand it, the countries in the EU are historically not inclined to bail out banks. Maybe we should bail them out.
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Re: "Too big to ...", Continuing the "new era" thread

Postby SouthernLion » Thu Sep 29, 2016 7:00 pm

Germany will bail them out, there's no doubt in my mind. If DB is allowed to fail the entire EU would stand to unravel financially, and really what else is there to it but finance? Failure would have A. Merkel crawling through the mud (which I admit would be enjoyable) but we won't be granted that spectacle. Grab the popcorn, though, there are more EU Sh!tShow follies to come.
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Thu Sep 29, 2016 8:11 pm

I not convinced they would rescue DB for bad oil investments. But, bad sovereign bank investments is another story.
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Thu Sep 29, 2016 8:17 pm

Btw, the run on DB has already started. Their counter parties are already pulling out. They are in serious trouble here. Collateral calls by counter parties is what took down Lehman.

This may be over fast.
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Fri Sep 30, 2016 7:51 am

It keeps getting better for Wells Fargo

First, there are laws that protect service men and women who have been deployed. There are certain things financial institutions can not do. For example, you can't repossess the car of a member of the armed forces who is behind on faces but has been deployed. Apparently, Wells Fargo may not have gotten the message.

413 repos over 7 years is not a huge number in the scheme of things, and it is possible, I suppose, that this was not intentional. But, who cares? And, is anyone inclined to give Wells the benefit of the doubt? I'm sure not.

Congress also seems really pissed off that Wells may have retaliated against whistle blowers.

The last line of that article: The lawmaker also suggested Wells Fargo could be prosecuted under the Racketeer Influenced and Corrupt Organizations Act, the statute known as RICO that has been applied against FIFA as well as members of the Mafia.

I've been saying this since the story broke. This is racketeering. There should be criminal charges filed against their executives, the same way they did against the heads of the mafia.

I'll be legitimately shocked if anyone in government actually pushes for criminal prosecutions for their executives, but the anger over this is mounting. Past scandals were much easier to sweep under the rug because the crimes were not only difficult for the average person to understand, but how ordinary people were impacted was a lot more opaque. Even though this event impacted far fewer people than, say, the LIBOR scandal (which impacted tens of millions), the direct impact is much more easily understood. The public anger may actually sustain this time.

We will see.
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Re: "Too big to ...", Continuing the "new era" thread

Postby psu_dad » Fri Sep 30, 2016 11:18 am

This is racketeering. There should be criminal charges filed against their executives, the same way they did against the heads of the mafia.

It's not just the mafia. I seem to recall a few years ago that the Feds indicted several executives of a health care provider that was allegedly using bribes/kickbacks to obtain government contracts. And I seem to recall they used RICO against FIFA executives.

Why they don't use RICO against large U.S. financial entities and throw their executives in PMITA federal prison is a mystery. I suspect it's because these entities have the foresight to pay congressmen and future presidents <cough> for "protection".
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Tue Oct 25, 2016 12:52 pm

Soldiers Struggling to Repay Enlistment Bonuses Issued in Error

I've read a few stories now where the CANG and lawmakers saying they can't figure out how not to go after these guys. Maybe we should pretend they are banks that defrauded investors so it's easier to figure out how to bail them out.

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F*cking
Believable
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Wed Oct 26, 2016 4:57 pm

Secretary of Defense Ash Carter has suspended all efforts to recover reenlistment bonuses from members and former members of the CA National Guard.

I'll take "Colossal Goat F*cks" for $500, Alex. Unless there was outright fraud by the individual, seeking to collect money from members of the military, the majority of which who served in combat as a result of their reenlistment, because the government screwed up the process of determining eligibility is unconscionable. I'm glad someone with the authority to do something put a stop to it.
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Re: "Too big to ...", Continuing the "new era" thread

Postby psu_dad » Wed Oct 26, 2016 6:53 pm

I haven't followed this closely, but I doubt it would even matter if fraud was involved. This is one of those situations in which perception is all that matters. And the perception wasn't good. Someone in the WH made a phone call and said "End this. Now.".
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