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Posts tagged ‘Insurance’

The Super-priority Status of Derivatives

by Ellen Brown

The big risk behind all this is the massive $230 trillion derivatives boondoggle managed by US banks. Derivatives are sold as a kind of insurance for managing profits and risk; but as Satyajit Das points out in Extreme Money, they actually increase risk to the system as a whole.

In the US after the Glass-Steagall Act was implemented in 1933, a bank could not gamble with depositor funds for its own account; but in 1999, that barrier was removed. Recent congressional investigations have revealed that in the biggest derivative banks, JPMorgan and Bank of America, massive commingling has occurred between their depository arms and their unregulated and highly vulnerable derivatives arms. Under both the Dodd Frank Act and the 2005 Bankruptcy Act, derivative claims have super-priority over all other claims, secured and unsecured, insured and uninsured. In a major derivatives fiasco, derivative claimants could well grab all the collateral, leaving other claimants, public and private, holding the bag.

The tab for the 2008 bailout was $700 billion in taxpayer funds, and that was just to start. Another $700 billion disaster could easily wipe out all the money in the FDIC insurance fund, which has only about $25 billion in it.  Both JPMorgan and Bank of America have over $1 trillion in deposits, and total deposits covered by FDIC insurance are about $9 trillion. According to an article on Bloomberg in November 2011, Bank of America’s holding company then had almost $75 trillion in derivatives, and 71% were held in its depository arm; while J.P. Morgan had $79 trillion in derivatives, and 99% were in its depository arm. Those whole mega-sums are not actually at risk, but the cash calculated to be at risk from derivatives from all sources is at least $12 trillion; and JPM is the biggest player, with 30% of the market.

full article at source: http://webofdebt.wordpress.com/2013/04/09/winner-takes-all-the-super-priority-status-of-derivatives/#more-5620

Bankl of Ireland increase of 300% on the premium for life insurance to 640 euro per month !

Sent in to us to-day

Bank of Ireland is engaged in cherry picking in the life insurance market! Ageism is alive and well in this Irish government backed toxic and corrupt Bank. How many more Banks are engaged in this despicable practice and what can we, as consumers do about it? This of course rules me out of ever buying a property as I would not be able to afford a mortgage with these insurance costs! An increase of 300% on the premium is just outrageous!For the past 15 years I have had this term life policy with Bank of Ireland I was at the time running a business and this policy was required by the bank as collateral. I have in fact paid off all loans about 8 years ago and I decided to continue with this policy as I had no other life insurance. I am healthy and have no medical problems and I have never smoked a cigarette in my life. The life cover is about to run out next month and I received this correspondence in the post to-day.

Basically the policy is now worthless .I was told it had a value of 2300 euro about 8 months ago but when I asked to-day I was told it had a value of just 120 Euros. I am also informed if I wish to continue with the policy I will have to pay 300% more premium and that will only take me up to 2017 (5 years from now) My current premium is 219 euro per month and these gangsters are now blackmailing me into paying them 640 Euros per month .Effectively I have to take on a new, never-ending mortgage for the privilege of insuring my life. Or you could take it another “we don’t want your business “You are too old” you might die and we will have to pay out!

This is a state backed swindle and robbery, but who gives a shit??

Who can the State sue for the cost of the Quinn Insurance financial scandal?

By Namawinelake

Minister for Finance Michael Noonan may not be Father of the Dail – that’s Enda Kenny’s badge – but Michael is the most politically experienced by reference to the roles he has held over the decades. And back in 1982-1986, Michael was the justice minister during the time when the first two insurance bailouts in the State took place, that of the PMPA in 1984, and that of the Insurance Corporation of Ireland in 1985, so the present scandal unfolding in Quinn Insurance – or Quinn Direct as the public generally know it – shouldn’t be brand new ground for the veteran Minister Noonan

full article at source: https://mail.google.com/mail/?shva=1#inbox/139104f68a3fe31a

Lloyd’s withdraw its money from European banks

from Mike Larson at Money and Markets:

 

“Banks could be taken down,”says Lloyd’s finance director.

Without warning, Lloyd’s — the world’s oldest insurance market — just announced that it has withdrawn its money from European banks.The reason? According to Lloyd’s, the banks are in danger of failing as Europe’s debt crisis continues to intensify.

The company’s Finance Director, Luke Savage, put it simply:

“If you’re worried the government itself might be at risk, then you’re certainly worried the banks could be taken down with them.”

Which European governments is Lloyd’s talking about? They’re not saying.

But it IS interesting to note that Lloyd’s didn’t just withdraw its money from Greek banks; it withdrew its money from banks all over Europe!

One thing you can be sure of, though:

When the world’s oldest insurance company …

A firm that for 323 years has made its living by accurately calculating the odds of future disasters …

When that company suddenly takes its money and runs, it’s a MASSIVE red flag for investors — a clear sign that the beginning of the end is near!

source : http://jhaines6.wordpress.com/2011/09/21/lloyds-of-london-abandons-european-banks/.

Comment :

This tells me we are about to see the lows of 2009 in the financial markets.Spair a thought for the so called investors of Bank of Ireland .They are certainly getting burned  as of today the share price is currently 06.90 cent  they paid we’re told 10 cent a share  a 30% loss so far and that only one month after their investment in the toxic bankrupt bank.

Impoverishment of the Western World

By  Daily Bell

U.S. poverty totals hit a 50-year high Census Bureau’s grim statistics show recession’s lingering effects, as young adults move back home and 1 million more Americans go without health insurance … In a grim portrait of a nation in economic turmoil, the government reported that the number of people living in poverty last year surged to 46.2 million — the most in at least half a century — as 1 million more Americans went without health insurance and household incomes fell sharply.  – Los Angeles Times

Dominant Social Theme: These things happen. No reason. Depressions spontaneously occur. They are “market mistakes.”

Free-Market Analysis: We’ve spent considerable time in the past three years (the past decade, actually), analyzing how the powers-that-be have reorganized society, especially American society, in a way that relentlessly reduces prosperity. Figures released yesterday from the US Census provide a startling illustration of just how effective elites have been. (See excerpt above.)

Why would a handful of wealthy central banking families want to impoverish the US and render its citizens penniless? Our conclusion is simple: World  government is on the way and the American culture is still resistant to the kind of hyper-regulatory corporatism that is necessary to support this kind of governance.

full article at source: http://www.thedailybell.com/2927/Deliberate-Impoverishment-of-the-Western-World

Pothole action group Wicklow

Wicklow pothole action group.

Our continuing monitoring of  local roads is again been called upon as we have received a call to visit the latest pothole to arouse the wrath of the motorists in Wicklow.

This latest report comes from Breagura/Kilboy .see map http://maps.google.ie/maps?hl=en&ll=52.924765,-6.113849&spn=0.013505,0.037637&z=15

 

The junction road surface at the beehive pub on the N11  is also in an a palling condition here are
some photos took earlier today (22.06.2011)

 

 

Wicklow pothole action group 01.06.2011

Att: Wicklow County council  

To whom it may concern,

We, the Wicklow pothole action group, were informed about this pothole yesterday I went out to day to take a photo of it and as I was driving along the R761 about 350 yards after Hunters Hotel in the direction of Newcastle I came across the pothole in question .Attached are some photos and a video clip so you can get a sense of the size it is. We wish to now pass this information on to you in the hope you will take prompt action in repairing this danger to road users and prevent damage to citizen’s vehicles.

May we offer our thanks for your prompt action in the past?

Thomas Clarke

WPAG

“I’d very much appreciate you passing on my details and of course the details of my website – http://www.potholes.ie. Like you we will pursue councils the length and breadth of the country trying to raise the issues caused by potholes and pressurise them into action.”

 

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