Massive Bank and High Profile Resignations Across the World

[Sabrina]

Quote from Pete above: I have just come across this on American Kabuki and it did resonate most strongly with me. I apologise, if you have already seen this or feel that it is not relevant to this thread, I just felt compelled to share it here.

I also wondered if you were aware of the 2012portal.org conference

London, UK
Portal Conference

February 15th -17th, 2013

Hoxton Gallery, 12-18 Hoxton Street, London N1 6NG

see you there!

...........................................................

Pete I just noticed this today - thanks. I got drawn to it as well. Reckon it might be quite something to go to. So perhaps we might get a bunch of Avalonians together at it? Sab.

[Sabrina]

Queen Beatrix of the Netherlands to resign today (28 Jan)

The official resignation hasn't been announced yet, but they were trailing it on BBC Radio 4 in the UK tonight. And it's on this Dutch forum below. She is a member of the Bilderberg group and has been in Singapore according to this news item:

MOSCOW, January 25 (RIA Novosti) - Dutch Queen Beatrix responded to a letter by the mother of Russian opposition activist Alexander Dolmatov, in which she asked the queen for an independent investigation into her son’s death at a Dutch deportation center, the NOS channel said on Friday.
The queen, who is currently on a visit to Singapore, said she was informed about Dolmatov’s death and called it “a great tragedy.





http://prince.org/msg/100/392802

My beloved Queen quits
OMG!


Our queen of the Netherlands announced she will give a speech on tv & radio in one hour.

She probably will pass her crown to her son, Prince Willem-Alexander.


I love queen Beatrix so much. She has been my queen throughout my life and I'm so sad she that she might not be queen anymore soon.

She has served the Dutch people all her life and she did it with so much grace and elegancy.
There is no queen who is as dignified, intelligent, diplomatic and wonderful as the Dutch queen.

Bilderberg Connection

http://gpdhome.typepad.com/royalblog...nferences.html
(from May 2012)

Queen Beatrix marks golden jubilee of participation in Bilderberg conferences

Secret world government or just a gathering of a selected group influencial people from North America and Europe? The annual Bilderberg Conference has its detractors and its fans. One of the latter is Queen Beatrix of the Netherlands who will be attending the meeting in Chantilly, Virginia, this week, together with Dutch Prime Minister Mark Rutte the Government Information Service confirmed Tuesday.


Queen Beatrix has a long standing relation with the conferences. The first one was held in 1954 at the Bilderberg hotel in Oosterbeek near Arnhem in the Netherlands. Beatrix' late father Prince Bernhard was one of the organisers, much to the chagrin of his wife the late Queen Juliana of the Netherlands.

She asked government to disassociate the Prince from the by invitation only gathering of people from government and politics, finance, industry, labour, education and communications. The meeting is closed to the public, the only way attendants can speak freely about any topic. Prime ministers, ministers, CEO's, and others could not do so if press of public were following the discussions.

Beatrix as heir to the Dutch throne in 1962 was the first woman to attend the conference (except for secretaries, preferably 'nice girls' ), but did so only as an 'observer'. Only in 1963, now exactly 50 years ago, she was officially invited, and she has hardly missed a meeting. In 2008 for instance she came to Chantilly with her eldest son Prince Willem-Alexander.

Spain's queen Sofia is also a regular, as is Belgium's Prince Philip. The year's meeting, which is drawing protestors to Chantilly, will be held 31 May to June 3. © GPD; Photo by © RPE

[Operator]

I didn't want to start a new thread on this and I see you already added a post ...

What's interesting to add:

She felt this is "the right moment" ... She will celebrate her 75th birthday this year and apparently the Dutch kingdom officially exists 200 years.

What she didn't mention about a "good moment" (and it took a while before I noticed) is that she will abdicate from the throne
on April 30th ... i.e. she was queen for exactly 33 (!) years.

[KiwiElf]

Exclusive - Bank probes find manipulation in Singapore's offshore FX market - source

By Rachel Armstrong

http://www.reuters.com/article/2013/...le+Feedfetcher

SINGAPORE | Sun Jan 27, 2013 7:40pm EST

(Reuters) - Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries.

The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set.

The probes found evidence showing that traders from several banks communicated with each other over electronic messaging about what rates they were going to submit for the local banking association's fixings for non-deliverable foreign exchange forwards (NDFs), aiming to benefit their trading books.

"Traders were talking to traders, saying: 'I need you to help me today, I need to fix low,'" said the bank source, who asked not to be identified due to the confidential nature of the reviews.

NDFs are derivatives that let companies and investors hedge or speculate on emerging market currencies when exchange controls make it difficult for foreigners to participate directly in the spot market.

The contracts are settled in dollars, so there is no exchange of the underlying currency, but they can affect spot exchange rates.

The Monetary Authority of Singapore ordered banks that help set local interbank lending rates and NDF rates to review the fixing process last year as U.S. and British regulators cracked down on manipulation of the London interbank offered rate (Libor), a benchmark used to set interest rates for around $600 trillion worth of securities.

The investigations into Libor led to fines of $1.5 billion for UBS AG and $451 million for Barclays Plc for rate rigging. Regulatory probes stemming from the Libor cases in the United States and Britain have also revealed evidence of attempted manipulation of benchmark interbank lending rates in Tokyo, Hong Kong and Australia.

Banking watchdogs in Britain and elsewhere in Europe have begun trying to reform the way Libor and other interbank rates are set, to try to ensure the numbers can't be manipulated.

The Singapore bank probes show that the focus is now turning to other benchmarks, amid concern that they too were manipulated.

The biggest banks in the Asian NDF markets include UBS, JPMorgan Chase & Co, DBS Group Holdings Ltd and HSBC Holdings Plc.

The source did not make specific comments about possible wrongdoing by individual banks or traders and Reuters has no independent evidence of such wrongdoing.

UBS, JPMorgan, DBS and HSBC declined to comment. Reuters also contacted the other 14 banks involved in setting NDF rates. Twelve said they had no comment while two did not respond to repeated telephone and e-mail requests for comment.

DISCIPLINARY ACTION

Under the NDF rate-setting process, organized by the Association of Banks in Singapore (ABS), banks submit their reading of the spot price for the Indonesian rupiah, Malaysian ringgit and Vietnamese dong every working day at 11:00 a.m. (10 p.m. ET).

A settlement rate for NDF contracts due to expire is then calculated by taking the average of the submissions, excluding the highest and lowest quarters of contributions from the banks.

While the exclusion of the rates at the top and the bottom of the range is meant to ensure that one bank cannot try to improperly skew the rate, the concern is that collusion by traders at multiple banks could influence the result.

There are 18 banks on the panel for the rupiah, 15 for the ringgit and 12 for the dong.

The Monetary Authority of Singapore told banks in the city state last July to review the way they set interbank lending rates, in the wake of the Libor scandal.

As bank officials pored over documents and communications, they came across evidence that raised alarm bells over activities in the NDF markets as well, spurring an extension of the reviews to those markets in September, the source said.

In Singapore, benchmark rates for both interbank lending and certain NDFs are set by panels of banks organized by the ABS. Thomson Reuters, parent company of Reuters News, calculates and distributes the spot reference rates for the rupiah, ringgit and dong NDF markets on behalf of the ABS, as well as other interbank lending and currency rates. "Thomson Reuters supports any measures that create more robust benchmarks for the market and we fully cooperate with regulators, authorities and benchmark sponsors' investigations as required," a Thomson Reuters spokeswoman said.

In December, the Monetary Authority of Singapore issued a statement setting out the banks' obligations under the reviews, although it has not made clear whether it would take action of its own based on the results.

"The banks have to immediately report any irregularities they uncover to MAS, and have to take appropriate disciplinary action against staff involved in such irregularities," the statement said.

"The reviews are ongoing, and it is premature to speculate on the outcome of these reviews at this stage."

The central bank provided no further comment when asked by Reuters about the probes' findings.

The source said most banks had submitted their reviews to the authorities at the end of last year but did not say what disciplinary actions if any were planned for banks or traders who tried to manipulate rates.

The MAS said last year that it was working with the ABS to review the way NDF rates and the city state's benchmark lending rates are set. The association declined to comment for this story.

Banks dealing in over-the-counter products in Singapore such as NDFs follow a code-of-conduct set by the Singapore Foreign Exchange Market Committee, known as The Blue Book.

That includes a requirement that: "dealers and brokers shall not engage in manipulative or deceptive conduct or any form of conduct which would give other users of the market a false or misleading impression as to prevailing market conditions."

MARKET THINS OUT

Trading volumes in the NDF markets are much smaller than for derivatives linked to Libor, although they are hefty enough to effect spot rates for the underlying emerging market currencies.

For the Indonesian rupiah, the biggest market fixed in Singapore, daily turnover is estimated between $700 million and $1.3 billion, according to an HSBC report. Since NDFs are traded over the counter, there is no fixed data on volumes.

Traders say even a small movement in an NDF fixing could have a big impact on a bank's trading book if it had a large number of contracts expiring.

Many of the traders involved were junior and did not appear to think they were doing anything wrong, said the source.

The NDF market in Singapore developed after the Asian financial crisis, when capital fled the region causing several area currencies including the rupiah to slump in value. NDFs gave banks a way around controls that governments subsequently imposed on their currencies to curb those capital flows.

Of the 40 to 50 NDF traders based in Singapore, roughly half had either been put on leave, including those suspended while their activities in the market were under investigation, or left their jobs during the Singapore probes, the source said. It was not clear how many may have been or will be reinstated after the probes' completion.

"A lot of banks are stuck, traders are suspended or have left, so the market is seeing around half its usual volume," the source said.

Flows in Indonesian rupiah and Malaysian ringgit NDFs have been thin since the last quarter of 2012 according to Thomson Reuters IFR Markets, although volumes in ringgit NDFs picked up at the start of this year.

The action by U.S. authorities last month against UBS for its part in the Libor scandal included a criminal charge against the Swiss bank's Japanese subsidiary for yen Libor manipulation.

The charge sheet by the Commodities Futures Trading Commission against the bank also revealed other markets in Asia where problems emerged.

"Through its internal investigation, UBS identified evidence of similar misconduct involving submissions for at least the Hong Kong Interbank Offered Rate ("HIBOR"), the Singapore Interbank Offered Rate ("SIBOR"), the Singapore Swap Offer Rate ("SOR") and the Australian Bank Bill Swap Rate ("BBSW")," a footnote in the charge sheet read.

The Hong Kong Monetary Authority said in December that it was looking into the findings on Hibor.

The Australian Securities and Investments Commission declined to comment on the BBSW.

(Reporting by Rachel Armstrong; Editing by Michael Flaherty and Edmund Klamann)

[Sabrina]

http://www.aljazeera.com/news/europe...217801108.html

28 Jan Ireland

Irish town resists bailout conditions

Blaming banks for economic crisis, community in the south unwilling to accept terms for national debt restructuring.

The European Central Bank has rejected Ireland's proposals to restructure some of the country's huge debts.

The government wants to avoid paying tens of billions of dollars over the next decade to underwrite a failed bank.

But one community in southern Ireland is unwilling to accept the terms of the bailout, blaming the government and banks for the economic crisis.

Al Jazeera's Laurence Lee reports from the town of Ballyhea.

See TV coverage at link. Not something I've seen covered in UK press...

¤=[Post Update]=¤

http://online.wsj.com/article/SB1000...368102278.html

28 Jan Iceland

Iceland Wins Case On Deposit Guarantees

By CHARLES DUXBURY in Stockholm and CHARLES FORELLE in London

Iceland won a sweeping victory in a court fight over its responsibilities to foreign depositors in Icelandic bank Landsbanki, which failed in 2008.

The court of the European Free Trade Association on Monday said Iceland didn't breach European Economic Area directives on deposit guarantees by not compensating U.K. and Dutch depositors in Landsbanki's online savings accounts, known as Icesave accounts.


The EFTA Surveillance Authority, or ESA, which brought the case against Iceland, had claimed that Iceland should have made sure U.K. and Dutch savers who lost money on Icesave got repaid from deposit insurance.

U.K. and Dutch authorities compensated their own savers.

The directive, part of EU rules to which Iceland subscribes, "does not lay down an obligation on the State and its authorities to ensure compensation if a deposit-guarantee scheme is unable to cope with its obligations in the event of a systemic crisis," the ruling said.

The ruling of the EFTA Court is final and can't be appealed. The ruling may have ramifications throughout the European Union. Iceland isn't a member of the EU, but it is part of the larger EEA, a group of countries that agree to follow the EU's common-market rules.

The EFTA Court's judgment doesn't bind the EU's highest court, the European Court of Justice, but it does establish a precedent for jurisprudence in the wider EU system.

The EFTA Court sets up a vexing question: If deposit-guarantee programs don't protect everyone, are they really effective?

That issue was raised by the European Commission, the EU's executive arm, which joined the case against Iceland. European deposit-guarantee programs, if they have any funds at all, hold a tiny fraction of the insured deposits in the system. Their typical use is providing insurance in case a small number of banks collapse—not to bail out a whole system's worth of depositors.

In the U.S., the Federal Deposit Insurance Corp. holds just over 1% of insured deposits—but the FDIC is backed by the credit of the U.S. government.

Because its banks opened Internet arms seeking deposits from foreigners, Iceland had an unusually high proportion of foreign depositors in the system. In the euro zone, Cyprus—which is currently negotiating an EU bailout—has plenty as well. Of its €70 billion ($94 billion) in deposits that don't come from other banks, nearly 40% come from outside Cyprus. Germany has argued in bailout talks that some bank depositors in Cyprus shouldn't get all their money back.

Iceland didn't force losses on domestic depositors. In the windup of the banks, the authorities put domestic deposits and assets into new "good" banks and left foreign deposits in the insolvent banks. The EFTA Surveillance Authority argued that Iceland violated nondiscrimination rules by treating domestic depositors differently. The court agreed with Iceland that the transfer didn't break the rules.

The EU's common-market rules require that every country establish a deposit-guarantee program that provides a minimum level of compensation to savers in case of a bank failure. Iceland's banking collapse took down all the island's major banks, and its deposit-guarantee fund didn't have nearly enough money to pay out insurance.

At the core of the Icesave case is the question of exactly what a country must do in such a total failure. Iceland said its obligation was simply to make sure a reasonable guarantee plan existed. The U.K. said a country is obliged to make sure insured depositors are actually paid.

The Icelandic government expressed "considerable satisfaction" that the country's stance had prevailed in the Icesave case. "The EFTA Court ruling brings to a close an important stage in a long saga," the foreign ministry said in a statement.

By compensating their depositors, the U.K. and the Netherlands received priority claims on the assets of the failed Landsbanki.Iceland's foreign ministry said it expects those assets will be enough to pay all the British and Dutch claims.

A spokesman for the commission, Stefaan De Rynck, said the commission would "maintain its interpretation" of the deposit-guarantee requirements in the 27 member states of the EU, where Mr. De Rynck says the guarantees must "also apply in the event of a systemic crisis." It is unclear how an EU court would react. The commission's stance leaves a rift between the EU countries and the three EFTA countries—Iceland, Norway and Liechtenstein—on what are supposed to be common rules.

U.K. authorities said they were still considering their response, while Dutch authorities said they were disappointed by the ruling and would study its consequences.

The Icesave affair has been an acrimonious backdrop to Iceland's relatively successful attempt to recover its economic footing in the aftermath of 2008. The Icelandic government has twice, after stormy negotiations, reached repayment deals with the British and Dutch governments. Twice, the Icelandic people rejected them in referendums.

The British shelled out £2.35 billion ($3.7 billion), and the Dutch €1.32 billion ($1.8 billion), to repay their depositors in Landsbanki shortly after it collapsed. They asked Iceland for the money back, plus interest. The principal alone amounts to about $17,000 per Icelander.

As it became clearer that Landsbanki's assets would cover most, if not all, of the balance, the impact of the dispute faded. But the governments were still at odds over interest and other terms.

The EFTA Court's ruling doesn't directly impact the repayment—though it is possible that the court, if it had found Iceland at fault for breaching deposit-guarantee rules, might have opened Iceland up for damages.

Eirikur Bergmann, a political scientist at Bifrost University in Iceland, said U.K. and Dutch authorities had been pushing Iceland to pay the interest on the compensation already paid out to the British and Dutch depositors.

"That is completely dismissed," Prof. Bergmann noted. He added that the fact that the ESA was being forced to pay all Iceland court costs indicates what a vindication this ruling is for Iceland. "The ruling marks the end of a torturous debate lasting almost four years," he said.

[centreoflight]

Posted by Sabrina (here)
Quote from Pete above: I have just come across this on American Kabuki and it did resonate most strongly with me. I apologise, if you have already seen this or feel that it is not relevant to this thread, I just felt compelled to share it here.

I also wondered if you were aware of the 2012portal.org conference

London, UK
Portal Conference

February 15th -17th, 2013

Hoxton Gallery, 12-18 Hoxton Street, London N1 6NG

see you there!

...........................................................

Pete I just noticed this today - thanks. I got drawn to it as well. Reckon it might be quite something to go to. So perhaps we might get a bunch of Avalonians together at it? Sab.

Beloveds,
I am actually in the UK and meditating about going there.
George

[Sabrina]

Posted by centreoflight (here)

Posted by Sabrina (here)
Quote from Pete above: I have just come across this on American Kabuki and it did resonate most strongly with me. I apologise, if you have already seen this or feel that it is not relevant to this thread, I just felt compelled to share it here.

I also wondered if you were aware of the 2012portal.org conference

London, UK
Portal Conference

February 15th -17th, 2013

Hoxton Gallery, 12-18 Hoxton Street, London N1 6NG

see you there!

...........................................................

Pete I just noticed this today - thanks. I got drawn to it as well. Reckon it might be quite something to go to. So perhaps we might get a bunch of Avalonians together at it? Sab.

Beloveds,
I am actually in the UK and meditating about going there.
George

Hi George - hope I can see you there - I'm doing the same thing!

¤=[Post Update]=¤

Iceland President at Davos: Let the Banks Go Bankrupt

(28 Jan)

Iceland President Olafur Ragnar Grimsson on how letting the banks fail led to a remarkable recovery of the country's economy.

Source: https://youtube.com/watch?v=DDexDNn6vSM

[Limor Wolf]

Israel central bank chief Stanley Fischer resigns

On the Israeli headlines - Stanley Fischer, The chief of the Banks of Israel and an advisor to the prime minister is resigning two years prior to his second term as governor was set to finish. Now, my personal note - Stanley Fischer is one of three people (that I know of) between Israeli leaders that is a direct Iluminati guy, he was brought from the US especially for this part, is a member of a secret society (just like Nethanyahu and Peres), was a member of the CFR, regularly attends Bilderberg meetings, and generally set to construct a lot of the financial evil agendas of the NWO in the country. This person is sophistcated and very close to the ones who are pulling the strings, take a close look at him, feel his presence and you can sense some other things about him that I will refrain from mentioning. suffice to say, however, he is not a native.





http://www.timesofisrael.com/stanley...f-israel-head/

http://www.thejc.com/news/israel-new...ischer-resigns

http://theyreal.com/surprise-surpris...imf-candidate/

http://www.conspiracyarchive.com/Commentary/Fischer.htm

[KiwiElf]

Germany treads cautiously with bank reform
Reuters January 31, 2013, 5:16 am

http://nz.news.yahoo.com/a/-/world/1...h-bank-reform/

By Matthias Sobolewski and Noah Barkin

BERLIN (Reuters) - Germany plans a modest reform of its banking sector that would put a cap on risky activities but not lead to the breakup of banks or significantly impair big institutions like flagship lender Deutsche Bank, according to a draft law seen by Reuters.

The 64-page bill from the finance ministry, which will be up for cabinet approval early next month, comes four months after an EU advisory group led by Finnish central banker Erkki Liikanen unveiled reform proposals to shield taxpayers and savers from bank collapses.

Mirroring a core recommendation of the Liikanen group, Germany would compel lenders to separate risky trading activities, but only when assets associated with them exceed 100 billion euros or 20 percent of the balance sheet.

That means a very limited number of institutions in Germany may be affected. The country's biggest banks, including Deutsche, say they are no longer engaged in the pure proprietary trading the law is designed to limit.

"The separation of risky trading activities from client business can secure the solvency of institutions and lead to a stabilisation of financial markets," the draft reads.

According to the document, lenders would be allowed to continue to trade on behalf of clients, conduct treasury activities and engage in market-making -- where financial institutions quote prices at which they will buy or sell securities.

Direct lending and the provision of guarantees to hedge funds and private equity funds would be forbidden for retail banks, as would high-frequency trading.

The new rules would come into force in January 2014, but banks would be given until the middle of next year to identify which of their activities fall into the risky category, and another year to separate the activities.

"It all comes down to the definition of proprietary trading. That is the real issue and we can expect more fighting over this," said Konrad Becker, an analyst at Merck Finck.

"Though even if Deutsche Bank has to separate out some activities, it will not hit them hard," he added, describing the impact as "very, very superficial".

OPPOSITIION CRITICISM

German Chancellor Angela Merkel faces a battle for re-election this year and the centre-left opposition is hoping to portray her as soft on the bankers many blame for years of financial turmoil.

The Social Democrats (SPD), led by former finance minister and chancellor candidate Peer Steinbrueck, unveiled tougher proposals last year that would force banks to split their retail and investment banking units, as well as set up their own sector-wide rescue fund.

Lothar Binding, a finance expert for the SPD in parliament, described the government's proposals as a mere "placebo". His Greens counterpart Gerhard Schick said Merkel's coalition was putting the interests of banks above those of ordinary citizens.

The proposals drafted by Wolfgang Schaeuble's ministry must be approved by the Bundestag lower house of parliament to become law, but must not go through the Bundesrat upper house, where the opposition has a blocking majority.

The steps are similar to those unveiled by French President Francois Hollande's government in December, and will come as a relief to big German banks, which lobbied actively to prevent more radical measures.

Based on estimates from experts, the risky trading ceiling set out in the draft law could affect up to three German institutions -- Deutsche Bank, Commerzbank und Landesbank LBBW.

But much will depend on how risky activities are defined.

Jan Krahnen, director of the Center for Financial Studies at Goethe-University in Frankfurt and a member of the Liikanen group, criticised the draft law's focus on proprietary trading, saying it was difficult for regulators to distinguish this from other non-proprietary activities.

Michael Kemmer, head of German banking association BdB, chastised the government for coming up with proposals before a European Commission study on the impact of the Liikanen recommendations has been completed.

"Until now there is no proof that separating trading activities increases the stability of financial markets," Kemmer said. "There is therefore no need for this rushed legislative initiative," Kemmer said.

(Additional reporting by Philipp Halstrick, Arno Schuetze and Alexander Huebner in Frankfurt; Writing by Noah Barkin)

[Daozen]

Israel central bank chief Stanley Fischer resigns

This person is sophistcated and very close to the ones who are pulling the strings,

take a close look at him, feel his presence and you can sense some other things about him that I will refrain from mentioning.

We are 'getting used to' big resignations, but I think this one's bigger than others. May it continue. I don't consent to having the finances of this planet run by an unnacountable elite.

[Sabrina]

http://divinecosmos.com/start-here/d...ew-russian-doc

Mozart has posted this new blog by David Wilcock as a new thread as well. There's more on the Russian REN TV documentary with a translation, and new info. on India:

30 Jan

Disclosure Now: NEW 3-HR Russian Documentary Blasts Financial Tyranny!

On January 30, 2013, top Russian network REN-TV aired "Shadow Gold"--ANOTHER three-hour documentary blasting Financial Tyranny. See it here NOW, before it is officially translated!

India is also picking up the Financial Tyranny investigation as well. The alliance is finally revealing itself -- and demanding justice.

[MAJOR UPDATES, Same Night -- "India Has Every Right to be Pissed Off"]



THE GREATEST SECRET OF MODERN HISTORY

The graphic you just saw at the top of this article is what all the official, on-the-books gold in the world looks like -- if you formed it into a single cube.

This was produced by Oto Godfrey as part of his ongoing efforts to illustrate Financial Tyranny with visual metaphors.

Once you see it as a cube, whose edges fit comfortably into an Olympic-sized swimming pool, it's easy to have a new perspective.


FOURTEEN AND A HALF CUBES

Is this really all the gold that has ever been pulled out of the Earth -- worldwide -- in all of recorded human history?

Apparently not. The real amount is about 14 and a half of these cubes.

The total volume -- now being hidden away by the international version of the Federal Reserve, called the BIS -- is 2,420,937.4 metric tons.

That's two million, 420 thousand, 937.4 tons of gold.

This is, quite literally, considered the greatest secret of modern history.

Not anymore. [Scroll down to the bottom for the embedded video.]

......... see article at link

include:

INDIA STEPS FORWARD

Literally on the same day that this Russian documentary came out, a major Indian news website called First Post promoted our investigation as well.

http://www.firstpost.com/topic/organ...Y-42919-1.html


article ends:

VERY POSITIVE RESULTS ARE AHEAD...

Now -- at last -- I feel that the risks I took with my own life, the failed assassinations, and the deaths of my friends and colleagues have not been in vain.

The information has been released. A full-length book, six hours of documentaries and other news spots have now emerged.

Once the truth is set free, it can never be stopped.

The sooner we inform others -- and are brave enough to stand up and spread the word -- the sooner this planet will heal.

This is only the beginning.

The first few rocks of the avalanche are falling around the Federal Reserve and their shadowy controllers.

Do you hear that sound?

It is the sound of freedom.

[Sabrina]

http://uk.reuters.com/article/2013/0...90T0X020130130

Turkish commander confirms resignation in protest over jailings

ANKARA | Wed Jan 30, Turkey

(Reuters) - Turkey's number-two naval commander said he had resigned in protest over the "shameful" jailing of hundreds of colleagues on coup plot charges, fearing he would be the next victim.

Prime Minister Tayyip Erdogan's government has detained several hundred serving and retired officers over the past few years, including as much as one fifth of Turkey's top military chiefs, on charges of conspiring to overthrow the government.

During his 10 years in power, Erdogan has brought to heel the once-supreme armed forces, which regularly interfered in politics and has carried out a string of coups in past decades.

More than 300 past and present officers were handed lengthy prison sentences in September after a 21-month trial on charges of plotting to topple Erdogan's government almost a decade ago.

Hundreds more officers are still on trial in various conspiracy cases and around 37, almost 10 percent, of the 348 generals and admirals in the Turkish armed forces are in prison, according to media reports.

"In the past few years my friends under arms, some of whom I know very closely and about whose patriotism I have never felt the slightest doubt, have been found guilty through verdicts handed down by courts in the name of the nation," said Admiral Nusret Guner, who was operational commander of the navy.

"These continuing trials, investigations and prosecutions of them ... some of whom are detained and some not, have become the biggest lesson of my life," Guner said in a farewell speech to his colleagues on Tuesday.

In his speech, excerpts of which appeared on Wednesday in the daily newspaper Vatan, Guner said he had first tried to resign on September 28 last year, a week after the convictions, but had agreed to remain until January when he was legally allowed to retire.

Guner was expected to have taken over the top naval role this August when the current admiral steps down.

"When I presented my resignation to my commander, I urged for it to be accepted immediately, or else the chances of my request being heard about would increase with every passing day," Guner said.

"And as a result a series of plots involving me could be constructed," he said.

In a statement on Monday, the military general staff announced it had accepted the retirement of Guner, but did not give a reason for the decision.

POLITICAL WITCH HUNT

Erdogan, whose ruling party has moderate Islamist roots, has received praise at home and abroad for bringing the military, which sees itself as the guardian of secularism, under civilian control.

However, the years that defendants spend in prison without conviction have raised fears that the conspiracy trials are a political witch hunt aimed at silencing opposition.

Around 100 journalists are also in jail, as well as thousands of activists, lawyers, politicians and others. Most are accused of plotting against the government or supporting outlawed Kurdish militants.

As public support for the investigations dwindles, Erdogan has moved to distance himself. On Friday he criticised the lengthy pre-trial detentions, suggesting they were sapping the army's morale and affecting its ability to fight a Kurdish insurgency.

[modwiz]

Posted by Sabrina (here)
http://uk.reuters.com/article/2013/0...90T0X020130130

Turkish commander confirms resignation in protest over jailings

ANKARA | Wed Jan 30, Turkey

(Reuters) - Turkey's number-two naval commander said he had resigned in protest over the "shameful" jailing of hundreds of colleagues on coup plot charges, fearing he would be the next victim.

Prime Minister Tayyip Erdogan's government has detained several hundred serving and retired officers over the past few years, including as much as one fifth of Turkey's top military chiefs, on charges of conspiring to overthrow the government.

During his 10 years in power, Erdogan has brought to heel the once-supreme armed forces, which regularly interfered in politics and has carried out a string of coups in past decades.

More than 300 past and present officers were handed lengthy prison sentences in September after a 21-month trial on charges of plotting to topple Erdogan's government almost a decade ago.

Hundreds more officers are still on trial in various conspiracy cases and around 37, almost 10 percent, of the 348 generals and admirals in the Turkish armed forces are in prison, according to media reports.

"In the past few years my friends under arms, some of whom I know very closely and about whose patriotism I have never felt the slightest doubt, have been found guilty through verdicts handed down by courts in the name of the nation," said Admiral Nusret Guner, who was operational commander of the navy.

"These continuing trials, investigations and prosecutions of them ... some of whom are detained and some not, have become the biggest lesson of my life," Guner said in a farewell speech to his colleagues on Tuesday.

In his speech, excerpts of which appeared on Wednesday in the daily newspaper Vatan, Guner said he had first tried to resign on September 28 last year, a week after the convictions, but had agreed to remain until January when he was legally allowed to retire.

Guner was expected to have taken over the top naval role this August when the current admiral steps down.

"When I presented my resignation to my commander, I urged for it to be accepted immediately, or else the chances of my request being heard about would increase with every passing day," Guner said.

"And as a result a series of plots involving me could be constructed," he said.

In a statement on Monday, the military general staff announced it had accepted the retirement of Guner, but did not give a reason for the decision.

POLITICAL WITCH HUNT

Erdogan, whose ruling party has moderate Islamist roots, has received praise at home and abroad for bringing the military, which sees itself as the guardian of secularism, under civilian control.

However, the years that defendants spend in prison without conviction have raised fears that the conspiracy trials are a political witch hunt aimed at silencing opposition.

Around 100 journalists are also in jail, as well as thousands of activists, lawyers, politicians and others. Most are accused of plotting against the government or supporting outlawed Kurdish militants.

As public support for the investigations dwindles, Erdogan has moved to distance himself. On Friday he criticised the lengthy pre-trial detentions, suggesting they were sapping the army's morale and affecting its ability to fight a Kurdish insurgency.

I do not think this is a fight between good and bad. I think we are witnessing a war between crime families. Time for the popcorn.

[Sabrina]

Am moved to post this after watching movie of Les Mis last night and reading David Wilcock's latest today. Something is in the air ...

Source: https://youtube.com/watch?v=wuihgYRmhqc

[Sabrina]

http://www.guardian.co.uk/commentisf...ugh-tax-office

First bankers and now accountants facing the unwanted spotlight.....

1st Feb UK

Accountancy's Big Four are laughing all the way to the tax office
Accountancy giants are paid huge sums by the state while helping firms strip it of desperately needed tax revenue

Westminster is rarely a palace of pleasure, but Thursday brought the magnificent spectacle of Margaret Hodge walloping the big four accountancy firms for their role in helping companies deprive the Treasury of taxes everyone else has to pay. Four heads of tax – at PWC, Ernst & Young, Deloitte and KPMG – wriggled and obfuscated, hiding behind the polite euphemisms of their trade. Never say avoidance or, God forbid, evasion – but call it "tax planning" and "tax efficiency".

As she came at them from all sides, Hodge and the astute MPs on her public accounts committee ripped off the accountants' veil of respectability. She waved a monstrous map showing the tax avoidance device one of the four had created for a company operating with circles of subsidiaries sited in off-shore havens: "That stinks!" she said. Yet there the four sat piously deploring "complexity" in a tax system that keeps adding volumes to the code just to chase down their devilish loopholes.

When the burglar is unscrewing your window locks, would you pay him a fat fee to clean your windows while he's at it? Yet that's what the government does. Last year these four firms said they earned some £400m from the state, and they help to denude this same state of the tax that pays them. But far worse, the government has invited the burglar in to be consulted on the best kind of locks for the future. Now the old lag is in the pub selling the pin code to the locks to all his burglar friends.

That is exactly what has happened in the shocking case of the Patent Box. George Osborne brought in a new tax relief on patents in his last budget, designed to encourage companies to innovate, invest in R&D and entice foreign companies to relocate to Britain. So who did the government invite in as "lead policy adviser" to help frame this tax relief? Jonathan Bridges, senior KPMG corporate tax adviser. This new relief lets any device with a patent be taxed at just 10%, after deductions. It doesn't need to be the whole device, so if there is a patent on one small widget in a washing machine, the whole thing attracts only 10% tax. Better still, this is retrospective on anything that contains an old patent. The Treasury's own estimate is that this will cost £1.1bn a year in lost corporation tax.

Once he had done his work as a Treasury adviser, Jonathan Bridges returned to KPMG, which promptly advertised his services: "The Patent Box – What's in it for you?" Check it online to see how KPMG boasted about its tax advice to companies: "While on secondment to HMT, Jonathan Bridges also acted as lead policy adviser on tax and innovation, including the Patent Box." This is, as Hodge suggested to KPMG, a case of poacher turned gamekeeper, turned poacher again. The revolving door with government let them set the loophole that they now sell to clients. Will the loss to the Treasury be outweighed by the arrival of a burst of new companies to these shores? The Institute for Fiscal Studies (IFS) reckons losses through the loophole are likely to far exceed gains.

The same revolving door happened over the contentious controlled foreign companies rules (CFC), concerning the way companies can claim their business is in a tax haven, although the goods appear to be sold here. Challenged on Amazon, one of the accountants explained that though Amazon seemed to sell goods here, trundling delivery vans along tax-financed roads, in fact a warehouse is not a "permanent establishment" in tax law. It doesn't exist.

The 30 companies called in to help write the new CFC rules have some 3,000 subsidiaries themselves in tax havens. Would they give the government advice against its self-interest? This is the wheeze that Starbucks made famous. By claiming it needs to buy coffee beans at high price from its Swiss subsidiary, most of what should have been UK profits went to the Swiss low-tax regime, with virtually nothing paid here. HMRC plods after all this transfer pricing, but it has just 65 people in that department, while these accountancy firms each admitted to having some 50 people in their transfer pricing departments: that's 200 high-paid dodgers pursued by 65 overworked lower-paid HMRC staff.

One important delusion was nailed by the committee: there is no clear line between tax avoidance (legal) and tax evasion (criminal). "There is no black and white on this," Hodge said as the accountants writhed and protested they would never suggest clients do anything against the law. But it's not so simple. Their fiendish tax "products" can take years for a tribunal to adjudicate on, by which time the accountants will have made their fees. These complex devices must be registered – 79 cunning wheezes were registered in three years – but HMRC lacks the resources to chase them down fast. The firms admit that they strike deals with clients to share the profits from any tax savings if a device works. Hodge said she had evidence they were selling products with only a 25% chance of proving legal: while denying it, one admitted they sold products with a 50% risk of illegality.

Accountants are often hired as auditors by the same companies they are providing tax advice to. The big four claimed that their Chinese walls are solid, but how likely is it that an auditor will find a company cheating on its tax, when the tax advice and the auditing come from the same accountants? Transparency is the first step, says Hodge. Hiding behind "commercial confidentiality", companies shelter tax returns from public scrutiny – but exposing their regimes would frighten them into good behaviour. Starbucks may lose far more in reputational damage than it gains in tax avoiding.

There sat the four panjandrums of the prevailing tax culture, the purveyors of "everyone does it". David Cameron proclaims he will make tax avoidance the centrepiece of his G8 presidency. He's good at mood music, warning aggressive avoiders to "wake up and smell the coffee". Yet he is cutting corporation tax revenue by at least £6bn, with the IFS finding it "highly unlikely" such an enormous sum can ever be recouped by new companies stampeding into low-tax Britain. We join the tax race to the bottom, instead of obliging companies to pay the taxes that ensure the rule of law, the building of roads and the education of their staff. Meanwhile, the £1bn Patent Box tax relief goes live on 1 April – the same day that the worst of the benefit cuts kick in.

[Sabrina]

http://www.guardian.co.uk/uk/2013/fe...s-of-the-world

More on the News International/Murdoch newspaper hacking story - well only the official story on it all...

1st Feb UK

Detective to be sentenced after trying to sell information to News of the World

April Casburn is told she may face jail after being found guilty of misconduct in public office during phone-hacking investigation

A detective who was the first person to be convicted under the fresh investigations into phone hacking and alleged corruption is due to be sentenced on Friday.

Detective Chief Inspector April Casburn, 53, was found guilty last month of misconduct in public office for offering to sell information to the News of the World (NoW).

She is due to be sentenced at the Old Bailey by Mr Justice Fulford, and has been warned that a jail term is likely, despite the fact that she has recently adopted a child.

The senior counter-terrorism expert, who managed the National Terrorist Financial Investigation Unit, "sought to undermine a highly sensitive and high-profile investigation at the point of its launch", prosecutors said.

She called the NoW news desk on the morning of Saturday 11 September 2010 as she walked to the supermarket to buy breakfast.

Casburn spoke to the journalist Tim Wood about the new investigation into phone hacking, telling him that six people were under investigation including the former NoW editor Andy Coulson and reporter Sean Hoare.

She claimed she made the call because she was worried about counter-terrorism resources being wasted on the inquiry, which her colleagues saw as "a bit of a jolly".

Likening the male-dominated unit to the TV series Life on Mars, she said there was "palpable excitement" about who would get to meet celebrities such as Sienna Miller.

But the jurors rejected her explanation and took just three and a half hours to unanimously find her guilty.

Speaking after the verdict, Detective Chief Superintendent Gordon Briggs, who is overseeing the inquiries into phone hacking, corrupt payments and other privacy breaches, rejected the idea that the call was whistleblowing.

He said: "There may be occasions when putting certain information in the public domain, so-called whistleblowing, may be tolerated. This is not one of them.

"It's totally unacceptable for a serving police officer to leak confidential information to journalists for private gain. In doing so they let down the public and they let down their hard-working, honest colleagues.

"To act in that way is a gross breach of public trust."

[Sabrina]

http://www.telegraph.co.uk/finance/n...in-itself.html

1 Feb UK

Barclays investigated over claims it lent Qatar money to invest in itself

Barclays may face an investigation over allegations that it lent Qatar money to invest in itself during the financial crisis, so avoiding a government bail-out.

The bank’s fundraising efforts in 2008 are already being examined by watchdog the Financial Services Authority (FSA) and the Serious Fraud Office.

However, while it was known that Barclays was under scrutiny, the alleged loan to the Qataris represents a new element of the investigation, according to reports. How much was allegedly loaned, and to what bodies, is unclear.
Institutions can run into problems if such arrangements are not properly revealed to the authorities. Peter Hahn, formerly at investment bank Citi and now at Cass Business School, told the Financial Times: “The concept of lending money to any investor to purchase your own shares raises a series of immediate questions about disclosure and other regulatory issues.”

The controversial capital raising push in 2008, when the crisis was at its worst, had seen Barclays raise billions of pounds from investors in Qatar and Abu Dhabi, meaning that it avoided taking emergency funds from the Government.
However, existing shareholders complained the terms offered to the new investors were too attractive.

Since then, authorities around the world have been looking into the terms of such deals, which various troubled Western lenders struck with cash-rich Middle Eastern and Asian investors.

Barclays admitted last July that four of its current or former managers were being investigated by the FSA over payments linked to Qatar’s investment of more than £2bn in June 2008.

The latest developments could add to pressure on Barclays, which has already faced a £290m fine for its role in the Libor-rigging scandal.

The bank has appointed City headhunters to find three new non-executive directors, as chairman Sir David Walker looks to refresh the its board following last summer’s upheaval, when both Sir David’s predecessor Marcus Agius and the then chief executive Bob Diamond stepped down.

Qatar represents one of the world’s more active sovereign wealth funds, last year playing a pivotal role in the merger of resource giants Glencore and Xstrata due to its major stake in the latter.

Barclays would not comment on the latest allegations. A spokesman for the bank said: “There is an ongoing investigation and we cannot say anything further.”

The Qataris could not be reached for comment.

[Sabrina]

http://americankabuki.blogspot.co.uk...ferdinand.html

Last Will and Testament of Ferdinand Marcos
of The Philippines

Original document at link and also re-typed by American Kabuki. Refers to the gold under the World Trade Centre.

[Sabrina]

http://dailycurrant.com/2013/01/16/l...ounting-fraud/

(posted 16 Jan US - I haven't seen in other press)

Lehman Brothers CEO Arrested For Accounting Fraud

Former Lehman Brothers CEO Dick Fuld and three other Lehman executives were arrested today for crimes related to the collapse of the venerable investment bank in September 2008.

The four bankers were apprehended at John F. Kennedy International Airport in New York where they were attempting to flee the country to escape imminent federal charges of filing false financial statements.

According to multiple sources Ferdinand Pecora - the U.S. District Attorney for the Southern District of New York - obtained a grand jury indictment last week against Fuld, former CFO Erin Callen and two lower level accounting managers.

The indictment alleged that the four knowingly deceived investors and regulators over Lehman's use of its infamous "Repo 105" accounting techniques, concealing the firm's true financial condition until it was too late.

Although this Repo 105 accounting fraud had been widely reported in the media, no arrests had been made until now. Some experts have argued that the transactions were deceitful, but not unlawful. However, according to the grand jury report clear evidence exists on violations of the Sarbanes-Oxley Act and other applicable laws.

The Greediest Guys in the Room
Word of the secret indictment was illegally leaked to Fuld and his associates over the weekend. Fearing a public trail and imprisonment, the group hatched a plan to escape to Russia - which does not have a extradition treaty with the United States.

The FBI arrested the Lehman Four on a scheduled Aeroflot flight, just minutes before it was set to take off for Moscow - where the still-wealthy Fuld and his associates thought they had arranged to live comfortably in exile.

In reality, however, the trip to Russia was part of an elaborate effort by authorities to locate Fuld and his group, who had disappeared from FBI surveillance and adopted a false identities.

Federal officials posing as corrupt Swiss real estate agents helped Fuld find and purchase a safe-house in Moscow, and then used the his financial information to trace his movements.

As one proud agent explains:
"Basically we sold him a fake house, and then lured him to it."

De Maxima Non Curat Lex
Lehman Brothers was once one of the world's largest financial firms. It collapsed spectacularly in the fall of 2008 after a series of risky bets it made on the American housing market soured and left it with insufficient capital.

Although the problems at Lehman were not vastly unlike those at other investment banks, its use of aggressive accounting methods to hide its losses were perhaps the most egregious.

Following the arrests Gregor MacGregor, an attorney for Fuld, defended his client in a written statement that lambasted the prosecutor for daring to bring such charges:
"Although Mr. Fuld recklessly bankrupted his company and brought the world to the brink of global financial collapse, we believe that technically none of that was actually illegal."

"This prosecution is nothing but a politically motivated witch hunt designed to mask the failures of our leaders in Washington. Who can blame Mr. Fuld for wanting to escape this Kangaroo Court and go someplace where the rule of law is respected and revered?"

Criticism also came from powerful banking lobby groups in Washington D.C. Tim Pawlenty, a former Minnesota governor and chairman of the Financial Services Roundtable expressed his outrage at the move:
"I don't mind being tough on crime. But I would prefer if the government stuck to prosecuting black and Latino people for drug offenses. Going after Wall Street kingpins, who heavily donate to political campaigns, seems ungrateful and in poor taste."

However, Pecora - who is expected to unveil the full indictment Friday - says his investigation is vital to American democracy:
"If we don't vigorously prosecute those criminally responsible for the greatest financial crisis since the Great Depression, how can expect to be taken seriously as a nation?"

[Sabrina]

http://www.telegraph.co.uk/finance/n...ves-bonus.html




1 Feb UK

Barclays boss Antony Jenkins waives bonus

The chief executive of Barclays has waived his bonus for 2012 admitting it would be “wrong” to be rewarded after a year of scandals - as the bank was hit with more questions over Qatar’s investment in 2008.

Antony Jenkins, who took over from Bob Diamond in August, said it was “only right” that he took responsibility for the “multiple issues of our own making besetting the bank”.

In a statement Mr Jenkins, who was in line for a bonus of around £2.75m, said: “The year just past was clearly a very difficult one for Barclays and its stakeholders, with multiple issues of our own making besetting the bank. I think it only right that I bear an appropriate degree of accountability for those matters and I have concluded that it would be wrong for me to receive a bonus for 2012 given those circumstances.”

Along with the £290m fine to settle Libor rigging, Barclays has been hit by allegations of mis-selling interest rate swaps, mis-selling payment protection insurance (PPI) and manipulating energy prices.

Mr Jenkins said he had decided to forgo his bonus “early this week” in the face of “considerable speculation about, and public interest in, the question of whether I will be awarded a bonus in respect of my performance in 2012”. He said he had announced the decision to “avoid further unnecessary public debate on this matter”.

There are currently no discussions to curb other parts of the bonus pool, the total size of which will be announced at the bank’s results on February 12.

Chris Lucas, finance director of Barclays, and Rich Ricci, head of corporate and investment banking, have already given up their 2012 bonuses. They waived them in the wake of the Libor settlement which triggered the resignation of Mr Diamond and then-chairman Marcus Agius.

Mr Jenkins’ announcement was over-shadowed by allegations that Barclays had lent Qatar money to fund its critical investment in the bank at the apex of the financial crisis.

The terms of the fundraising and the fees that were charged have been under investigation by the Financial Services Authority and the Serious Fraud Office since the summer. But fresh reports suggested that a potential loan by Barclays to Qatar may also be subject to scrutiny.

Providing financial assistance to a third party to invest in your own shares is illegal under the Companies Act 2006. Insiders said the bank’s lawyers were preparing to issue a statement on the allegations. However, by Friday afternoon, the bank said it would not expand on its earlier statement: “Both the FSA and SFO investigations are on-going, and as such we are unable to comment further.” A spokeman for Qatar also declined to comment.

Mr Jenkins move piles pressure on Antonio Horta Osorio, chief executive of Lloyds Banking Group, as the last remaining leading British bank boss in line for a 2012 bonus.

Stuart Gulliver, chief executive of HSBC, has already forfeited part of his bonus in the wake of the $1.9bn settlement over US charges for money laundering on behalf of Mexican drug cartels. Stephen Hester, chief executive of Royal Bank of Scotland, announced in the summer he would take his 2012 bonus, which could have been £2.4m on top of his £1.2m salary, amid an IT glitch. Mr Hester has waived his bonus in three out of the four years he has been at the helm of the state-controlled bank.