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Posts tagged ‘UBS’

The Banking Elite are Not Only Stealing Our Wealth, But They Are Also Stealing Our Minds

by smartknowledgeu

In the past several years, people worldwide are slowly beginning to shed the web
of deceit woven by the banking elite and learning that many topics that were
mocked by the mainstream media as conspiracy theories of the tin-foil hat
community have now been proven to be true beyond a shadow of a doubt. First
there was the myth that bankers were upstanding members of the community that
contributed positively to society. Then in 2009, one of their own, Paul Volcker,
in a rare momentary lapse of sanity, stated “I wish someone would give me
one shred of neutral evidence that financial innovation has led to economic
growth — one shred of evidence.”
He then followed up this declaration by
stating that the most positive contribution bankers had produced for society in
the past 20 years was the ATM machine. Of course since that time, we have
learned that Wachovia Bank laundered $378,400,000,000 of drug cartel money,
HSBC Bank failed to monitor £38,000,000,000,000 of money with
potentially dirty criminal ties
, United Bank of Switzerland illegally manipulated LIBOR interest
rates on a regular basis for purposes of profiteering
, and though they have
yet to be prosecuted, JP Morgan bank, Goldman Sachs bank, & ScotiaMocatta
bank are all regularly accused of manipulating gold and silver prices on nearly
a daily basis by many veteran gold and silver traders.

full article at source: http://www.zerohedge.com/contributed/2013-01-03/banking-elite-are-not-only-stealing-our-wealth-they-are-also-stealing-our-min

Why the global political class lies in fear of the LIBOR scandal?

 By John Ward at the slog reports:

A couple of Torygraph journalists were exchanging tweets this morning about Bob Diamond’s cockup being “only the start” of the LIBOR scandal. It could well be that the time has come for some noisy skeletons to walk out of the Westminster cupboard.

An international investigation into the alleged 2008 Libor manipulation scandal has been necessary pretty much right from the start. Without wishing to seem too obvious here, that’s because what happened was internationally arranged. On April 12th 2011, The Slog reported that Vienna-based asset management concern FTC Capital GmbH – and two funds it operates in Luxembourg and Gibraltar – announced their intention to sue twelve major investment banks. FTC accused the banks of conspiring to artificially depress Libor, and limit trade in Libor-based derivatives from 2006 to 2009. The defendants as listed in the suit were Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co, Lloyds Banking Group Plc, Norinchukin Bank, Royal Bank of Scotland Group Plc, UBS AG and WestLB AG.

full article at source :http://hat4uk.wordpress.com/2012/06/28/exclusive-why-the-global-political-class-lies-in-fear-of-the-libor-scandal/

Libor stands for the London Inter-Bank Offered Rate and is the average cost of   borrowing for banks, calculated daily. That average is taken as official   Libor, which is used to price trillions of pounds of loans and financial   products across the world. The rate is worked out by asking banks to submit   their borrowing costs, discarding the top four and bottom four rates, and   taking the average of the rest. There are, in fact, several Libor rates   measuring the cost of borrowing for different lengths of time, of which   three-month Libor is seen as the benchmark. Just to complicate matters,   Libor is also calculated for different currencies of which Euribor, in   euros, is one.

Don’t I know Libor from somewhere?

You might remember the term from the Northern Rock crisis. Having effectively   matched the Bank of England’s base rate for years, Libor started creeping up   after the credit crunch struck. As a visible daily metric, it became the   instrument by which financial stress was measured – bringing the arcane   technical term into households a bit like “quantitative easing” today.   Stress could be seen in the cost of Libor over base rate, which peaked in   October 2008 after the collapse of Lehman Brothers at 1.68 percentage   points. In April this year, the spread was back down to just 0.56 points.

Comment:

So after almost 4 years of Bank clean ups we are still uncovering corruption and fraud coming from the banks .Irish government’s financial dealings through the equally questionable dealings at the Toxic Bank/property front is no better. a nod and a wink    seems to be the way business is done but for whose benefit? The Irish taxpayers are been forced to pay 1.5 billion Euros of the gambling debts, of faceless unsecured bondholders. Why??  With what we now know is it possible that there is a case for the Irish government to sue Barclays??

With the clueless and gutless Irish minister of Finance we are not likely to see any such action we will not even see an investigation into the possible effects of this uncovered fraud in the Libor Markets might have had on Irish mortgages and bank interest charges. As far as I can see we are still no better off the banks are still running the show!  Our own Bank fraud (Anglo Irish Bank) (and the attempt by Irish Life and Permanent to help doctor the books with a 7 billion dig out) investigation continues and to date not one person has been brought to justice! One law for the Banks and one law for the rest of us!

Deutsche Bank Profit Rises on Record Consumer Bank Earnings

By Aaron Kirchfeld -Apr 28, 2011
 
Deutsche Bank CEO Josef Ackermann

Josef Ackermann, chief executive officer of Deutsche Bank AG. Photographer: Hannelore Foerster/Bloomberg

Deutsche Bank AG (DBK), Germany’s biggest bank, reported a 17 percent increase in first-quarter profit, exceeding analyst estimates on record earnings at the consumer- banking and asset-management units.

Deutsche Bank rose as much as 4.4 percent in Frankfurt trading after saying net income climbed to 2.1 billion euros ($3.1 billion), the second-highest quarterly result ever and more than the 1.8 billion-euro average estimate of 11 analysts surveyed by Bloomberg.

Chief Executive Officer Josef Ackermann is counting on acquisitions such as Deutsche Postbank AG (DPB) and gains at the investment bank to boost operating pretax profit to 10 billion euros this year. UBS AG (UBSN) and Credit Suisse Group AG, Switzerland’s largest banks, as well as Barclays Plc (BARC) of the U.K., had declines in net income as investment-banking revenue fell.

“Retail banking and asset management were very good, helped by the acquisitions,” said Christian Hamann, a Hamburg- based analyst at Hamburger Sparkasse, with a “hold” rating on the stock. “Now I can almost imagine that the full-year target is reachable if the environment remains relatively good.”

Pretax profit at the corporate and investment bank, led by Anshu Jain, decreased 12 percent to 2.3 billion euros, a smaller decline than analysts estimated. Sales and trading revenue slid 3 percent, compared with an average 20 percent drop at U.S. competitors Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), Citigroup Inc., Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS), according to Bloomberg data.

‘Successful Start’

Deutsche Bank gained 1.79 euros to 43.59 euros by 9:31 a.m., giving it a market value of about 40.5 billion euros. The Bloomberg Europe Banks and Financial Services Index of 48 stocks rose 0.5 percent today.

Ackermann bought Bonn-based consumer lender Postbank, private-wealth manager Sal. Oppenheim and ABN Amro Holding NV’s commercial-banking operations in the Netherlands in the last two years to reduce dependence on the securities unit. The goal is to cut earnings from corporate banking and securities to less than 60 percent of the total by 2013 from 71 percent in 2009.

“Deutsche Bank has made a successful start to the year,” Ackermann, 63, said in today’s statement. “We will continue to invest in our franchise and are confident that we will deliver on our ambitious target.”

Deutsche Bank’s pretax profit from the operating businesses totaled 3.5 billion euros in the quarter, providing more than a third of its full-year target, the bank said.

Sales and Trading

At the investment bank, sales and trading revenue from debt and other products fell 4 percent to 3.6 billion euros, while equity-trading revenue was unchanged at 943 million euros.

Jain, 48, who took over the corporate and investment bank in July, has been trying to boost cooperation between the finance, trading and transaction units and curb costs by eliminating overlaps. He set up new global and German executive committees for the division, and is expanding equities and commodities to cut reliance on fixed-income trading.

Transaction banking pretax profit more than doubled to 257 million euros in the quarter, helped by the acquisition of the ABN Amro units.

Earnings at the consumer banking unit rose more than fourfold to a record 788 million euros. The acquisition of Postbank last year, which doubled customers to about 29 million, contributed 221 million euros. Deutsche Bank also booked a gain of 236 million euros related to its stake in Huaxia Bank Co. of China.

Rising Revenue

Asset and wealth management, which was reorganized last year and bolstered by the purchase of Sal. Oppenheim, returned to profit, earning 190 million euros in the quarter.

Deutsche Bank’s net revenue climbed about 16 percent to 10.5 billion euros. Net revenue at the six largest U.S. lenders fell 13.3 percent in the first quarter from a year earlier, according to data compiled by Bloomberg.

The bank completed its biggest-ever share sale in October to buy the rest of Postbank and boost reserves ahead of tougher regulatory requirements. Deutsche Bank’s core Tier 1 capital ratio, a measure of financial strength that excludes certain hybrid instruments, rose to 9.6 percent at the end of March from 8.7 percent at the end of 2010.

Ninety European lenders will be expected to maintain a core Tier 1 capital ratio of at least 5 percent under the most adverse scenario in the current round of European Union banking stress tests. Results are scheduled to be published in June.

Provisions for bad loans rose 42 percent to 373 million euros in the quarter because of the Postbank acquisition. Non- interest expenses climbed 19 percent to 7.1 billion euros in the quarter related to acquisitions and higher compensation costs.

To contact the reporter on this story: Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net

Comment:

When you take away all the spin what you’re left with, is the real truth, Deutsche Bank are making the Irish Taxpayers pay for their gambling debts! They are no better than Anglo Irish Bank. But they have one thing that Anglo did not have and that is the protection of the German Government as they are perceived to be “Too Big to Fail”. They lent to corrupt Irish Banks and broke their own rules .Their rules for due diligence were tossed aside and the ran with the heard for the fast buck .When things went wrong they instigated the flight of capital from the Irish Banks and then convinced the Irish Government to take on these gambling bets effectively nationalizing  their bad debts, They blackmailed the weak Irish Government into taking out a lone(Irish Bailout) to pay back their private loans that they gave to the, by now, bankrupt Irish corrupt banks. So today they can report glowing first quarter results thanks to the gutless Irish Finance Minister, the stupid and compliant Irish taxpayers who have swallowed hook line and sinker the entire con job! Of course the Irish will eventually default and  Detusche Banks shares are being set up for another big fall

Suckers: one born every minute!   

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