All New Wilmott Jobs Board                     (g)

Wall Street Pays Bankers to Work in Government and It Doesn't Want Anyone to Know

 

An AFL-CIO investigation revealed a common Wall St practice of offering its top executives fat bonuses if they land a job in government. An AFL-CIO petition asks for a list of people who are eligible for such payments, but Citigroup has responded that this is private information.

Please read more here, here and here.

Treasury Department Seeking Survival Kits For All Bank Employees

 

Emergency masks, solar blankets to be delivered to every major bank in the U.S.

 

by Elizabeth Harrington

The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation.

The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets.

The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4.

The survival kits must come in a fanny-pack or backpack that can fit all of the items, including a 33-piece personal first aid kit with “decongestant tablets,” a variety of bandages, and medicines.

The kits must also include a “reusable solar blanket” 52 by 84 inches long, a 2,400-calorie food bar, “50 water purification tablets,” a “dust mask,” “one-size fits all poncho with hood,” a rechargeable lantern with built-in radio, and an “Air-Aid emergency mask” for protection against airborne viruses.

Survival kits will be delivered to every major bank in the United States including Bank of America, American Express Bank, BMO Financial Corp., Capitol One Financial Corporation, Citigroup, Inc., JPMorgan Chase & Company, and Wells Fargo.

Please read more here.

ZeroHedge: "Riddles" Surround 36th Dead Banker Of The Year

 

52-year-old Belgian Geert Tack - a private banker for ING who managed portfolios for wealthy individuals - was described as 'impeccable', 'sporty', 'cared-for', and 'successful' and so as Vermist reports, after disappearing a month ago, the appearance of his body off the coast of Ostend is surrounded by riddles...

 

Tack disappeared on November 5th...

 
 

Impeccable. Sporty. Cared for. Successful. Just some qualifications that are attributed to the 52-year-old from the Belgian Geert Tack Haaltert.

 

 

 

Please read more here.

ZeroHedge: Banker Suicides Continue...

 

 

Things that make you go hmmm...

 

Another Deutsche Banker & Former SEC Enforcement Attorney Commit Suicide 

by Tyler Durden

 

Back on January 26, a 58-year-old former senior executive at German investment bank behemoth Deutsche Bank, William Broeksmit, was found dead after hanging himself at his London home, and with that, set off an unprecedented series of banker suicides throughout the year which included former Fed officials and numerous JPMorgan traders.

Following a brief late summer spell in which there was little if any news of bankers taking their lives, as reported previously, the banker suicides returned with a bang when none other than the hedge fund partner of infamous former IMF head Dominique Strauss-Khan, Thierry Leyne, a French-Israeli entrepreneur, was found dead after jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. 

Just a few brief hours later the WSJ reported that yet another Deutsche Bank veteran has committed suicide, and not just anyone but the bank's associate general counsel, 41 year old Calogero "Charlie" Gambino, who was found on the morning of Oct. 20, having also hung himself by the neck from a stairway banister, which according to the New York Police Department was the cause of death. We assume that any relationship to the famous Italian family carrying that last name is purely accidental.

Please read more on ZeroHedge.com.

Financial Times: US & Britain Played Financial "War Games" This Week

 

 

 

US and UK to play financial ‘war game’

Britain and the US will stage the first transatlantic simulation of a crisis in a large bank on Monday. It is a sign of growing confidence that the authorities can now deal with the failure of large institutions.

 

All of the main players who would need to be involved in a failure of a company such as Bank of AmericaGoldman SachsBarclays or HSBC will gather in Washington DC to make sure they would know what to do, who to call and how to inform the public.

 

 

Please read more in the Financial Times.

International Business Times: JP Morgan Executive Killed Wife With Shotgun in Murder-Suicide

 

JP Morgan executive director Julian Knott blasted his wife Alita to death with a shotgun before turning the gun on himself. 

The 45-year-old, who worked for the investment bank in London until July 2010, shot his 47-year-old wife multiple times before committing suicide with the same weapon.

Please read more here.

CEPR: Bankers Could Go To Jail

 

Morning Edition had a strange piece discussing how regulators can punish banks for breaking the law. The piece focused on the various fines and regulatory measures that can be imposed as penalties when banks are found to have broken the law. Remarkably it never considered the underlying logic of the punishment and the likely deterrent effect on criminal activity.

While banks are legal institutions, ultimately it is individuals that break the law. The question that any regulator should be asking is the extent to which the penalties being imposed will discourage future law breaking. As a practical matter, the immediate victims of the measures mentioned in the piece are banks' current shareholders. Since there is often a substantial period of time between when a crime is committed and when regulators discover it and succeed in imposing a penalty, the shareholders facing the sanction will be a different group from the shareholders who benefited from the original crime. This makes little sense either from the standpoint of justice or from the standpoint of deterring criminal activity by bankers.

The imposition of large fines may cause current shareholders to demand the executives who broke the law be fired, but in many cases they will have already moved on to other jobs or retired. In the case of the fraudulent loans that were passed on in mortgage backed securities (MBS) in the housing bubble years, most of the top executives had already left their banks by the time actions were brought by the Justice Department.

In this case, they made enormous amounts of money by breaking the law. The financial crisis may have caused them to retire or leave their banks somewhat sooner than they would have preferred, but almost all of them come out as net gainers from their actions. 

The one sanction that would clearly be effective in deterring bankers from breaking the law would be putting them in jail for breaking the law.

Please read more here.

The Trading Report: Will All 50 States Raid Your Dormant Bank Accounts?

by Michael Snyder

Do you have a bank account that you don’t actively use or a safe deposit box that you have not checked on for a while?  If so, you might want to see if the government has grabbed your money.  This sounds absolutely crazy, but it is true.  All over the world, governments are shortening the time periods required before they can seize “dormant bank accounts” and “unclaimed property”...

 

For instance, the waiting period in the state of California used to be fifteen years.

Now it is just three years.

And when California grabs your money they don’t just sit around waiting for you to come and claim it.  Instead, it gets dumped directly into the general fund and spent.

If you do not believe that California does this, just check out the following information that comes directly from the official website of the California State Controller’s Office

The State acquires unclaimed property through California’s Unclaimed Property Law, which requires“holders” such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to the Controller’s Office after there has been no customer contact for three years. Often the owner forgets that the account exists, or moves and does not leave a forwarding address or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property.

And it is not just bank accounts and safe deposit boxes that are covered by California law.  The reality is that a vast array of different kinds of “unclaimed property” are covered

 

And some states are even more aggressive than the state of California in going after bank accounts.

In a recent article, Simon Black noted that the state of Georgia can go after “dormant bank accounts” after just one year of inactivity…

In fact, each of the 50 states has its own regulations pertaining to the seizure of dormant accounts. And the grand prize goes to… the great state of Georgia!

Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.

In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.

So much for setting aside money for a rainy day and having the discipline to never touch it.

As economic conditions get even worse, the temptation for governments all over the planet to grab private bank accounts is going to become even greater.

We all remember what happened in Cyprus.  When the global financial Ponzi scheme finally collapses, politicians all over the world are going to be looking for an easy way to raise cash.  And our bank accounts may be one of the first things that they decide to confiscate.

So please don’t keep all of your eggs in one basket, and check on all of your accounts in regular intervals.

In this day and age, it pays to be diligent.

Please read more here and here.

Iran Hangs Billionaire & 3 Others Over $2.6 Billion Bank Fraud

Largest fraud case since 1979 Islamic Revolution sends four scammers to the gallows, including tycoon Mahafarid Amir Khosravi.

 

A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported.

Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence.

Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that his client was put to death without any notice. 

"I had not been informed about execution of my client," Riahi said. "All the assets of my client are at the disposal of the prosecutor's office."

State officials did not immediately comment on Riahi's claim.

The fraud involved using forged documents to get credit at one of Iran's top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.

Khosravi's business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.

A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.

Please read more here.

Too Big To Fail Battle: Nassim Taleb vs. Larry Summers

 

 

 

MarketWatch

A riveting debate between “Black Swan” author Nassim Taleb and former Treasury secretary and White House adviser Larry Summers captivated the SALT hedge-fund conference in Las Vegas Thursday.

Taleb, who recently authored a paper entitled “Skin in the Game,” argued that the aftermath of the financial crisis unfairly rewarded bad actors and that the system remains dangerous.

Summers, who served as Treasury secretary under Bill Clinton and more recently as an adviser to Barack Obama, took exception and charged that Taleb was being unrealistic about the difficulties identifying the institutions that pose systemic risk.

Summers told Taleb that he was for more capital, more liquidity, living wills for banks and procedures to wind them down. “What are you for?” he challenged.

“I’m for punishment,” Taleb replied.

Well, there you have it folks. Taleb is the man!

It would be nice to see the video of this debate.

In addition, I would have loved to have had a front row seat too. LOL!

Please read more here.

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