The Banker
Craig-James Moncur
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BIS
+ Iain Davis for good measure
Banks
Controlling The Cognitive Map
Over 3 million views
Renegade Inc
Ross Ashcroft on Keiser Report
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The same “structures” that bankrupted us are now hailed as saviours.
Mistakes Were Made, but Not by Me
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The reshaping of our cognitive map continues. Now we are joyously getting out of capital controls (in some years), ensuring happy foreign investors and repayments of debt (which mysteriously appeared on the state’s balance sheet in the meltdown).
A Marshall Plan for the Banks (just as the original) – to hell with the public in general and striking nurses and public workers in particular.
Not to big to jail
The Supreme Court Verdict in the Al-Thani case:
“The market manipulation is said meticulously planned, committed by a focused intent and unusually reckless and disregarded.”
The Supreme Court says that the breach of the defendants regarded enormous amounts and their conduct constituted serious breach of trust to the public at large and lead to catastrophic financial loss. Furthermore, the market manipulation directed “against the public and financial markets in the country as a whole and the damage that resulted directly and indirectly, can not be measured in money.”
- Sigurður Einarsson 4 years
- Hreiðar Már Sigurðsson 5 1/2 years
- Magnús Guðmundsson 4 1/2 years
- Ólafur Ólafsson 4 1/2 years
Minister attacks civil servant to deflect blame
The corruption flourishes, many European countries have successfully bought tax-haven information, – but we can’t. – And it’s all Humphrey’s fault.
To our Brothers in Arms, amnesty is our first concern.
One, Two, Many
Among the 10 costliest banking crises, – the cost to the Nation 748 billion, or 2.4 million per man, woman and child.
It is ‘chilling’ to see the players in this financial and moral crash state that it’s the cost of investigating the reasons for it, and trying to get the banksters behind bars, – that constitutes the extravagant costs.
When Your Number is Big
Human Inability To Grasp Very Large Numbers Abused By Politicians And The Fed
The Essential Exponential! For the Future of Our Planet
Innumeracy: Mathematical Illiteracy and Its Consequences
How to Lie with Statistics
Systemic Banking Crises Database
Thank you very much
Costliest Banking Crises Since 1970
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And the filth is ready for apology, – from us -.
Shallow Democracy
Our Celtic ancestry is obviously more than just a joke a bout one letter.
However, could their “criminal class” so effortlessly “dis” a national referendum?
No More Rabbits
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Barkley’s, supposedly the largest of “super-entities” in the world, gets it’s CEO fired by King, the invisible central bank cartel (Amschel Moses of Bankfurt would smile), – no drivel about shareholders there.
But banks have to be private, proving the Religious Credo, a “Cato” mayor has succeeded in providing Californians with free Tb, and others like him, the rest of the country with a rotting infrastructure, including no electricity.
It’s not the money, it’s the credit, stupid.
From Jackson & Lincoln to Victoria
Are fraudsters, usually screaming about “inflation” and “sound banking” – after thousands of egregious mistakes – loosing ground?
Austerity still?
The Lost Science of Money
The Creature from Jekyll Island
Captured Government’s Increasing Irrelevance
Debt The First 5,000 Years
Airbrush Fraud out of our Crises
Defective By Design
The Money Club
Gross negligence
Is Negligence a Subjective Evaluation?
“The accused is in this matter convicted for having with gross negligence failed to hold cabinet meetings on important administrative matters as prescribed in Article 17 of the Constitution, although he must have been clear of the danger, which loomed over the banking system and thus to state security, as specified above, with the consequence that those issues were not discussed at cabinet level”
“The conduct of the accused to fail to comply to the instructions of Article 17. in the Constitution to hold cabinet meetings on crucial policy issues, described above, was not only a breach of form, but it contributed to, that, on ministerial level no political strategy was adopted to deal with the complex problems that the accused had to be aware of in February, 2008. If such a policy had been formulated, and it followed in an orderly manner, including the Central Bank and Financial Supervisory Authority, it can be argued that it was feasible to reduce the damage left by the fall of the banks in October 2008. Furthermore, it is likely that the government had then been better prepared to evaluate the request from Glitnir bank for financial suport at the end of September 2008 such as to enable resolution to the problems of that bank in a more judicious manner than was the case. ”
“Accused, Geir Hilmar Haarde, is not rendered punishment in this case.”
National Court Judgment (IS – pdf)
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The benefits from disconnecting the government (Win-win). In early 2008 insiders had ample opportunity to run with their money. No formal input was from other ministers (finance, banking etc), – thus other ministers “escaped” responsibility.
There is still no word on the reserve that went missing.
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The Billion Dollar Gram (figures can be hard, 140 Northern Rock’s ?)
With Liberty and Justice for Some: How the Law Is Used to Destroy Equality and Protect the Powerful
Much needed:
Full Fact
FactCheck.org
Straight Statistics
Trial before the High Court of Impeachment
d.1
Geir Hilmar Haarde Prime Minister (15 June 2006 – 1 February 2009)
The witness list:
d.2
Björgvin G. Sigurðsson, Ex Minister of Business Affairs
Arnór Sighvatsson, Deputy Governor of the Central Bank
Davíð Oddsson, Ex Governor of the Central Bank
d.3
Ingimundur Friðriksson, Ex Governor of the Central Bank
Baldur Guðlaugsson, Ex Permanent Secretary, Ministry of Finance*
Bolli Þór Bollason, Ex Permanent Secretary, Prime Minister’s Office
Áslaug Árnadóttir, Ex Permanent Secretary, Ministry of Business Affairs
Jón Sigurðsson, Ex Board of Directors, Financial Supervisory Authority (FME)
Jón Þ. Sigurgeirsson, Director of International Department, Central Bank
d.4
Jón Þór Sturluson, Ex Assistant to the Minister of Business Affairs
Jónas Fr. Jónsson, Ex CEO of the Financial Supervisory Authority (FME)
Hreiðar Már Sigurðsson, Ex CEO of Kaupthing Bank
Guðjón Rúnarsson, Managing Director Icelandic Financial Services Association
Rúnar Guðmundsson, Head of Insurance Market FME
Þorsteinn Már Baldvinsson, Ex Chairman of the Board of Glitnir Bank
Jónína S. Lárusdóttir, Ex Permanent Secretary, Ministry of Business Affairs
d.5
Sigurdur Sturla Pálsson, Director of the International and Market Operations Department of the Central Bank
Tryggvi Þór Herbertsson, Ex Economic Advisor to the Prime Minister (and coauthor with Mishkin)
Sigurdur Sturla Pálsson, Director of the International and Market Operations Department of the Central Bank
Tryggvi Þór Herbertsson Ex Economic Advisor to the Prime Minister (and coauthor with Mishkin)
Vilhelm Már Þorsteinsson, Ex Head of Corporate Banking Glitnir Bank
Heimir Haraldsson, Resolution Committee of Glitnir Bank
Jóhannes Rúnar Jóhannsson, Resolution Committee of Kaupþing Bank.
Jón Guðni Ómarsson, Ex Chief Financial Officer Glitnir Bank
Kristján Óskarsson, Resolution Committee of Glitnir Bank
Lárentsínus Kristjánsson, Resolution Committee of Landsbanki Bank
Vignir Rafn Gíslason, Certified Accountant Price Waterhouse Coopers
Kristján Andri Stefánsson, Ex head of department, Prime Minister’s Office
Sylvía Kristín Ólafsdóttir, Ex head of contingency planning, Central Bank
Ossur Skarphedinsson, Ex Minister of Industry
Johanna Sigurdardottir, Ex Minister of Social Affairs
d.6
Ingibjörg Sólrún Gísladóttir, Ex Minister of Foreign Affairs
Sigurður Einarsson, Ex Chairman of the board, Kaupthing Bank
Lárus Welding, Ex CEO Glitnir Bank
Stefán Svavarsson, Chief accountant Central Bank (CBI) and member of the board, Financial Supervisory Authority (FME)
Halldór J. Kristánsson, Ex CEO Landsbanki Bank
Sigurjón Þ. Árnason, Ex CEO Landsbanki Bank
Björgólfur Guðmundsson,. Ex chairman of the board, Landsbanki Bank
d.7
Tryggvi Palsson, Ex head of financial stability, Central Bank (CBI)
Jon Thorsteinn Oddleifsson, Ex head of treasury, Landsbanki Bank
Steingrimur Sigfusson, member of Althing
Arni M Mathiesen, Ex Minister of Finance
Geir Hilmar Haarde Ex Prime Minister
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The Special Investigation Commission members and the related Parliamentary Committee members were struck from the witness list at a days notice?
* The Ex Permanent Secretary in the Ministry of Finance has now started his 2 year jail sentence for insider trading and misconduct in public office.
It will be interesting to see if the court comes to the same conclution as did The Financial Crisis Inquiry Commission in the US — that this crisis was avoidable — the result of human actions, inactions, and misjudgments. Warnings were ignored. “The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done. If we accept this notion, it will happen again.”
d.1, a pitiful picture is emerging of a Commanding Officer lacking in leadership, initiative, command, and imagination. As an Office Manager he is fine, – as a Commander he is everything but.
d.2, state officials are in unison that they lost control to a Hydra-Headed Monster no human could be expected to contest. Not that they didn’t try.
d.3, nothing could be done after 2005 – 3 whole years of did not, could not. Learned helplessness is a technical term which comes to mind.
(From the Blogosphere – Whats similar between the National Theater and the Culture House? Sure – They’ve both been showing Les Misérables)
d.4, entirely absent in this amiable family gathering are penetrating questions, such as what happened to the entire foreign-exchange reserve in the minutes before the crash?
d.5, silent lambs, pack of wolves, and the Court clerk a sleep.
d.6, did everything right, nothing wrong. Conflicting testimony? Guardians of special-, banking-, and/or public interest? – Take your pick.
d.7, the grand finale, – shit happens – multiplied by 140 Northern Rock’s. In the Culture House the twin masks of the National Theater were replaced by The Mask of Sanity.
d.8, State prosecutor: Numerous warning signs and a mounting threat to the state, but did everything at the precedence of the banks.
d.9, Defense: All points in the prosecution evidence are deficient. The responsibility was with the Central bank.
What causes suspension of judgment on a mass scale? Religious myths? Economic cults?
It is unproven, that the priesthood of this particular sect did anything but appease their god. Most of them are still true believers. They have not found that their view of the world, their beloved ideology, was not right. That it was and is not working. Now they are eager to repeat it – only better, truer – convinced of a better outcome.
In their weakness our best and the brightest committed an heinous crime, they reminded us of who, what, and how we are, of our own perpetual escape from freedom.
I did not know, I could not do, it’s their fault
????This Time Is Different: Eight Centuries of Financial Folly
ICB’s Recommendations