Hanover Finance freezes $554 million

getNFCookie(newsflashid); What gets me about the collapse of all major Finance institutions of the last year is the ear deafening silence from National. Run by bankers I would have thought they would have something to say about the collapses. Something like,” We need for these institutions to behave responsibly for example.” It is after all […]

G. Edward Griffin on the Federal Reserve of New York

Just in case you missed this excellent Expose from G. Edward Griffin about the real nature of the Federal Reserve of New York and the Federal reserve system worldwide. John Key was one of only four advisors to the NY Federal Reserve from 1999 until March 2001. G. Edward Griffin is the writer of a […]

Interview with an investment banker

Just in case you missed it. Investment bankers bet and speculate. In other words they are making money with money. When the banking world was about to collapse because the bet on packets of junk bonds, and were about to be caught out on it they changed their tack. They now bet and speculate on […]

Credit Default Swaps: Evolving Financial Meltdown and Derivative Disaster Du Jour

When the smartest guys in the room designed their credit default swaps, they forgot to ask one thing – what if the parties on the other side of the bet don’t have the money to pay up? Credit default swaps (CDS) are insurance-like contracts that are sold as protection against default on loans, but CDS are […]

The systematic failure of an entire industry

BREAKING NEWS: Lombard Finance & Investments Ltd has suspended all payments of capital and interest to investors. “It is clear from recent events that this is a systematic failure of an entire industry, and from our perspective a moratorium is now the only responsible course of action,” said chief executive Michael Reeves.The finance company will […]

The Federal Reserve gets the key to the safe.

Thomas Jefferson, declared, “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” […]

New Crisis, Old Isms

The Federal Reserve Bank’s decision last week to address the housing crisis by extending $200 billion of taxpayer-financed credit to Wall Street banks was met with a stunned reaction typical of surprising events. But really, the move was the expression of longstanding isms that routinely package corruption as sound public policy. Some background: During the […]

Are our banks safe?

queueing at Northern Rock branches in a desperate bid to recover their savings sent shockwaves around a financial world already reeling from the sub-prime and credit crisis.The safety of money New Zealanders have in their bank accounts, and to lesser extent the wealth they have accumulated in their homes, are a couple of things they […]

The Worst Conditions for the U.S. Economy Since the Great Depression

Mortimer Zuckerman, co-founder of Boston Properties Inc., the largest U.S. office real estate investment trust, said the U.S. economy is in a recession and there’s no sign of a recovery. “We are looking at the worst set of macroeconomic conditions since the Great Depression,” Zuckerman said in an interview with Bloomberg Television. Yesterday, the dollar […]

Dollar Gives Up More Ground As Market Digests Bear News

cnnad_createAd(“654903″,”http://ads.cnn.com/html.ng/site=cnn_money&cnn_money_pagetype=article&cnn_money_position=220x200_ctr&cnn_money_rollup=markets_and_stocks&cnn_money_section=quigo&params.styles=fs”,”200″,”220″); The dollar gave up more ground Friday, undermined by cool inflation data and weakness on Wall Street as the market digests news of Bear Stearns Cos.’ bailout. Data showed U.S. consumer inflation moderated in February, opening the door for the Federal Reserve to keep cutting interest rates at its meeting next week to support […]

Dollar Declines on Speculation Fed Rescue Package Won’t Succeed

March 12 (Bloomberg) — The dollar fell against the euro and the yen on speculation the Federal Reserve’s plan to provide funds to banks won’t be enough to break the gridlock in money- market lending and stem credit losses. “Read the need for such new measures as being a symptom of what ails the world […]

ING suspends NZ funds’ payouts because of turmoil

The New Zealand arm of Dutch financial group ING said on Wednesday it was suspending withdrawals from two investment funds worth $521 million because of the global credit market turmoil. It said the funds – the diversified yield and regular income – invested largely in credit securities, which had been hard hit by the subprime […]

Central banks make $250bn move to ease the credit crisis

Central banks make $250bn move to ease the credit crisisJoint action by US, UK, Europe and Canada; Dow Jones surges on news By Stephen Foley in New York Wednesday, 12 March 2008 Central banks around the world made a second co-ordinated attempt to ease the credit crisis, three months after their first efforts failed to […]

Derivatives the new ‘ticking bomb’

ARROYO GRANDE, Calif. (MarketWatch) — “Charlie and I believe Berkshire should be a fortress of financial strength” wrote Warren Buffett. That was five years before the subprime-credit meltdown. “We try to be alert to any sort of mega-catastrophe risk, and that posture may make us unduly appreciative about the burgeoning quantities of long-term derivatives contracts […]