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Thread: Massive Bank and High Profile Resignations Across the World

  1. Link to Post #281
    Avalon Member DreamsInDigital's Avatar
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    Default Re: Massive Bank and High Profile Resignations Across the World

    Mainstream Source talks about Goldman Sachs Resignation. It's starting to break the Mainstream!

    Exec: Goldman officials called clients 'muppets'
    By CHRISTINA REXRODE AP Business Writer The Associated Press
    Wednesday, March 14, 2012 9:17 AM EDT

    NEW YORK (AP) — An executive resigning from Goldman Sachs, the powerful investment bank, said in a blistering essay that the company had lost its "moral fiber" and said managing directors there referred to clients as "muppets."

    Greg Smith, an executive director at Goldman, said the company needs to "weed out the morally bankrupt people" and suggested the erosion of Goldman's culture threatened its survival after 143 years.

    Smith wrote that he attended sales meetings in which helping clients make money was not part of the discussion.

    "If you were an alien from Mars and sat in on one of these meetings, you would believe that a client's success or progress was not part of the thought process at all," he wrote.

    The essay was published Wednesday on the Op-Ed page of The New York Times. It quickly became popular online and was among the topics "trending" on Twitter, the social network.

    In a statement, Goldman Sachs said it disagreed with Smith's assessment.

    "In our view, we will only be successful if our clients are successful," the statement said. "This fundamental truth lies at the heart of how we conduct ourselves."

    Goldman declined to say whether it knew about the essay before it was published.

    Goldman is one of the most influential companies on Wall Street and has been called the New York Yankees of finance. Its alumni have advised presidents and run other major companies.

    Among its former CEOs are Henry Paulson, who left the company to join the administration of George W. Bush and pushed for the $700 billion bank bailout during the 2008 financial crisis, and Jon Corzine, the former governor of New Jersey.

    Smith wrote that there are easy paths to becoming a leader at Goldman, including persuading clients to invest in products the company wants to get rid or will bring the most profit to Goldman.

    Another way, he said, is to "find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym."

    Smith was identified by the Times as head of the company's United States equity derivatives business in Europe, the Middle East and Africa.


    Copyright 2012 The Associated Press.
    http://charter.net/news/read.php?rip...org%3E&ps=1018
    "Ignoring the evidence is simply another way of ignoring the truth."
    "Reality is always hard to accept whenever it is unpleasant. Our minds play tricks and tell us it just cannot be. Instead of accepting the truth as it is when it disturbs us, we try to deny its existence."

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  3. Link to Post #282
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    Default Re: Massive Bank and High Profile Resignations Across the World

    Interesting indeed. This is spreading literally in all major networks. AP, huffington post, CNN, BBC and I'm sure there are more to follow. Given that all this institutions releases only info approved from the cabalists, it means two things. Either that the situation has gone out of control, or that they decided to finally move on with their global financial collapse plan.

    The linguistics of the letter are very intriguing. Note:

    ''If you were an alien from Mars and sat in on one of these meetings, you would believe that a client’s success or progress was not part of the thought process at all"
    ''It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids?''

    You can find the whole letter of resignation here:
    http://www.nytimes.com/2012/03/14/op...1&pagewanted=2

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  5. Link to Post #283
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    Default Re: Massive Bank and High Profile Resignations Across the World

    Facebook Resignation Site today:

    3/14/12 (USA) Goldman Sachs executive director Greg Smith resigns
    http://tinyurl.com/7r8hz6v


    3/14/12 (CHINA) Non-exec director of New China Life Insurance Co. Guocang Huan resigns
    http://tinyurl.com/8xh2j7t


    3/14/12 (UK) Chief executive of spread-betting group WorldSpreads Conor Foley resigns
    http://tinyurl.com/7rmzseu

    ¤=[Post Update]=¤

    http://www.reportingproject.net/occr...for-corruption

    Albania: Former Minister And Deputy Indicted For Corruption
    MONDAY, 12 MARCH 2012 16:22
    Albania’s former economy minister Dritan Prifti and his deputy Leonard Beqiri have been indicted for corruption, the court announced Thursday.

    Prosecutors found a video of Prifti on his computer showing him and Beqiri dividing up €69,000 between them.

    The video was discovered during an investigation into former deputy PM Ilir Meta, who was featured in a video where he discussed secret illegal deals.. In a controversial ruling which raised alarms among the opposition and in Brussels, Albania’s Supreme Court acquitted him in January, citing insufficient evidence.

    An American technology expert hired by the court to determine the authenticity of the Meta video uncovered footage of Prfti and Beqiri.

    All three men deny the allegations against them.
    Oh my ears and whiskers, how late it's getting!

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  7. Link to Post #284
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    Default Re: Massive Bank and High Profile Resignations Across the World

    http://www.abovetopsecret.com/forum/thread818860/pg1

    Interesting resignations' graph on ATS.
    Oh my ears and whiskers, how late it's getting!

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    Default Re: Massive Bank and High Profile Resignations Across the World

    http://www.standardmedia.co.ke/Insid...00054099&cid=4
    Kenya 15 March
    House wants Governor probed, bank bosses to quit

    By David Ochami

    Parliament adopted an investigative report on fall of the shilling whose recommendations show Central Bank Governor whose name members voted to expunge is not out of the woods yet.

    The report though amended last week, allegedly with help of corruption in the corridors of the House, to take away Njuguna Ndung’u’s personal responsibility as the chief regulator, however still bears far-reaching recommendations that still places Governor on a spot.

    With the passage of the report a fresh probe of foreign currency dealings and large scale borrowing from CBK by 12 leading banks last year has been set motion. This means Prof Ndung’u and CBK could still be on the crosshairs of the Ethics and Anti-Corruption Commission and the Auditor General. These are the institutions Parliament asked to investigate CBK’s foreign currency dealings and its operations of the Discount Window through which commercial banks borrowed Sh600 billion during the year the shilling weakened to a record low.
    Oh my ears and whiskers, how late it's getting!

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  11. Link to Post #286
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    Default Re: Massive Bank and High Profile Resignations Across the World

    http://www.smartcompany.com.au/finan...ttliebsen.html

    The resignation letter that should change globlal finance: Gottliebsen
    Thursday, 15 March 2012 07:00
    Robert Gottliebsen
    The letter to the New York Times by former Goldman Sachs executive director Greg Smith, who was head of the United States equity derivatives business of Goldman in Europe, the Middle East and Africa, will do incalculable damage to the global firm.

    I commend the full letter to readers because it shows what can happen – or can be perceived to happen – in a company that becomes totally profit driven. I will not try and summarise the damning allegations. The ramifications will be wide.

    Every chief financial officer who bought a Goldman Sachs financial product in the last few years will have to justify that purchase to their board and explain that their company was not a “muppet”. Every Goldman Sachs client will read the Smith letter and ask themselves whether their experience duplicated the cavalier way Greg Smith says Goldman treated many of its clients.

    A great many, probably a clear majority, of Goldman Sachs clients will say they were not “muppets” and were very satisfied with their experience. But the doubt will linger and every time a Goldman product is recommended to a board the CFO will have to justify the use of the firm. In most cases that will be no problem but winning business becomes harder.

    Moreover we saw just how Goldman Sachs works in the sub prime and European mess so anyone who deals with Goldman Sachs could have any illusions that this was a benign firm. Indeed one US commentator suggests there is nothing new in the Greg Smith letter – it's just Goldman Sachs being Goldman Sachs.

    But the Greg Smith letter goes much deeper.

    Although there were many higher-up people in Goldman Sachs than Greg Smith and no doubt he had an axe or two to grind, his clients had a total asset base of more than a trillion dollars and he was a key figure in the recruitment of US MBA graduates where Goldman Sachs is the fourth favoured MBA destination for US MBA’s (Google, McKinsey and Apple are the top three).

    MBA’s are the lifeblood of firms like Goldman Sachs and if the firm moves down the recruitment ladder its long-term future will be damaged.

    In many ways the deepest blows to Goldman were these remarks:

    “When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fibre represents the single most serious threat to its long-run survival.”

    I suspect we will see a vigorous attack on the credibility of Smith, and some of the mud may be justified, but sweeping the issue under the carpet will not solve it. Careful internal examination is required.

    Some US commentators say the only way to restore faith in Goldman after such a letter is for Lloyd Blankfein to step down and a new person to set about restoring the firm's image. Alternatively Goldman may say that it will continue being Goldman, because although it makes money, so does its clients.

    In today’s world where accountability is so high on the agenda that second course would be a dangerous path for the giant US investment banks, but I suspect it is the one it will take.

    This article first appeared on Business Spectator
    Oh my ears and whiskers, how late it's getting!

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    Default Re: Massive Bank and High Profile Resignations Across the World

    The Board of the Company announces that it has agreed with Mr. Klaus Nyborg that his resignation from the position of Executive Director and the Chief Executive Officer of the Company will take effect on 15 March 2012.
    Pacific Basin Shipping Limited
    Hong Kong

    ¤=[Post Update]=¤

    http://www.naharnet.com/stories/en/3...3-members-quit

    Resignations Hit Syrian National Council as 3 Members Quit

    The Syrian opposition suffered on Wednesday a setback on the political front with resignations from the Syrian National Council (SNC), an umbrella movement of anti-regime groups.

    The opposition, which is heavily outgunned by the regime and has called for its fighters to be armed in the defense of civilians, was hit by resignations from SNC ranks.

    Haitham al-Maleh, Kamal al-Labwani and Catherine al-Talli announced on their Facebook pages were they quitting due to "differences" and the "inefficiency" of the SNC, an opposition coalition of Islamists, liberals and nationalists.
    Oh my ears and whiskers, how late it's getting!

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    Default Re: Massive Bank and High Profile Resignations Across the World

    First resignation in Prime Minister Passos Coelho’s government
    Portugal 12 March
    Secretary of State for Energy Henrique Gomes resigns.The National Press reports that the resignation came about due to the differences between the secretary of state and the government about the so-called ‘rents’ paid by the Portuguese utility EDP – Energias de Portugal – a form of compensation paid by the Government for the use of its backup power plants, used as a last resource in case of power shortages.
    Oh my ears and whiskers, how late it's getting!

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  17. Link to Post #289
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    Default Re: Massive Bank and High Profile Resignations Across the World

    (see letter thread 272 from former Goldman Sachs employee)
    Going to run and run this one...

    Goldman Sachs responds to former exec
    @CNNMoneyMarkets March 14, 2012: 4:57 PM ET

    http://money.cnn.com/2012/03/14/mark...ment/index.htm

    NEW YORK (CNNMoney) -- Goldman Sachs CEO Lloyd Blankfein and President Gary Cohn responded to Greg Smith's public resignation on Wednesday in a letter to the firm's employees.
    The letter is reproduced below in its entirety:
    Our Response to Today's New York Times Op-Ed

    By now, many of you have read the submission in today's New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.

    In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.

    While I expect you find the words you read today foreign from your own day-to-day experiences, we wanted to remind you what we, as a firm -- individually and collectively -- think about Goldman Sachs and our client-driven culture.

    First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do.
    And, what do our people think about how we interact with our clients? Across the firm at all levels, 89 percent of you said that that the firm provides exceptional service to them. For the group of nearly 12,000 vice presidents, of which the author of today's commentary was, that number was similarly high.

    Anyone who feels otherwise has available to him or her a mechanism for anonymously expressing their concerns. We are not aware that the writer of the opinion piece expressed misgivings through this avenue, however, if an individual expresses issues, we examine them carefully and we will be doing so in this case.

    Our firm has had its share of challenges during and after the financial crisis, but your pride in Goldman Sachs is clear. You've not only told us, you have told external surveys.

    Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides. The firm was the highest placed financial services company for the third consecutive year and was the only one in its peer group to make the top 25.

    We are far from perfect, but where the firm has seen a problem, we've responded to it seriously and substantively. And we have demonstrated that fact.

    It is unfortunate that all of you who worked so hard through a difficult environment over the last few years now have to respond to this. But, our response is best demonstrated in how we really work with and help our clients through our commitment to their long-term interests. That priority has distinguished us in the past, through the financial crisis and today.
    Thank you.
    Lloyd C. Blankfein
    Gary D. Cohn[COLOR="red"]

    ¤=[Post Update]=¤

    http://money.cnn.com/2012/03/13/news...fraud/?iid=EAL

    Mortgage execs charged with accounting fraud
    By James O'Toole @CNNMoney March 13, 2012:

    NEW YORK (CNNMoney) -- The Securities and Exchange Commission announced charges Tuesday against three senior executives from the now-defunct Thornburg Mortgage, accusing them of fraudulently overstating the company's income by over $400 million ahead of its bankruptcy.

    Thornburg filed for bankruptcy in May of 2009, felled by heavy losses associated with the subprime mortgage crisis. At the time, it was the seventh-largest bankruptcy in U.S. history, with over $36 billion in assets, and had been the second-largest independent mortgage company in the U.S. after Countrywide.

    As the company's financial situation deteriorated, the SEC alleges that former Thornburg CEO Larry Goldstone, chief financial officer Clarence Simmons, and chief accounting officer Jane Starrett conspired to falsely record a profit in the company's 2007 annual report.
    Oh my ears and whiskers, how late it's getting!

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  19. Link to Post #290
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    Default Re: Massive Bank and High Profile Resignations Across the World

    WEDNESDAY, MARCH 14, 2012
    Matt Stoller: MF Global, MBS, and the Goldman Resignation
    Matt Stoller is a fellow at the Roosevelt Institute. You can follow him on twitter at http://www.twitter.com/matthewstoller

    Matt Taibbi has a good piece on the important and public resignation of a former Goldman executive, Greg Smith.

    The essence of Smith’s piece is devastating. He points to one simple, specific problem in the company: the fact that Goldman routinely screws its own clients.

    Paul Volcker has already referred to Smith’s op-ed, blaming Goldman for the change in the culture of Wall Street. Taibbi argues that having an insider come out and blast the culture of Goldman is “the endgame for reforming Wall Street.”

    It was never going to happen by having the government sweep through and impose a wave of draconian new regulations, although a more vigorous enforcement of existing laws might have helped. Nor could the Occupy protests or even a monster wave of civil lawsuits hope to really change the screw-your-clients, screw-everybody, grab-what-you-can culture of the modern financial services industry.

    Real change was always going to have to come from within Wall Street itself, and the surest way for that to happen is for the managers of pension funds and union retirement funds and other institutional investors to see that the Goldmans of the world aren’t just arrogant sleazebags, they’re also not terribly good at managing your money.

    There’s a lot to like about this method of thinking. As Tom Ferguson routinely points out, it is changes in the coalition of elites that are necessary (though often not sufficient) for changes in political economy. That said, I don’t think it’s right to argue that the policy choices made by the Bush and then the Obama administration around foreclosures, bailouts, and banking regulations were marginal.

    It’s important to recognize that Tim Geithner’s policy architecture mattered deeply, that Barack Obama and Shaun Donovan have pursued certain policies with aggressiveness and sharpness, and that the consequences of those policies are not small. Moreover, the entire housing finance space is a deeply co-mingled Wall Street – government structure designed ostensibly to house Americans and create a channel for investment and savings as well as macroeconomic regulation. Just saying that change will have to come from Wall Street misses this angle, as well as the political corruption that has been part of the space since the 1970s.

    Smith is a brave and courageous soul, and it’s great that he’s speaking out as aggressively as he is. Hopefully this will prompt investors, many of whom know they are getting ripped off, to organize against the power of these large banks. We see, with Goldman, with MBS investors and Shaun Donovan, and with MF Global, the powerlessness of the investor community.

    Bloomberg bankruptcy columnist Bill Rochelle and Bloomberg anchor Lee Pacchia talked about this last week regarding MF Global, as the Bankruptcy Trustees are causing profound anger among investors who have lost money. This is not something that can be fixed by investors taking their business “elsewhere” – there is no elsewhere.

    This is a political problem, and investors better get wise to whose ox will be gored if they don’t fix it.
    Oh my ears and whiskers, how late it's getting!

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    Default Re: Massive Bank and High Profile Resignations Across the World

    And the Daily Mash parody on the Goldman Sachs letter...

    http://www.thedailymash.co.uk/news/s...-201203145007/

    Why I am leaving the Empire, by Darth Vader
    14-03-12
    TODAY is my last day at the Empire.

    'I no longer have the pride, or the belief'
    After almost 12 years, first as a summer intern, then in the Death Star and now in London, I believe I have worked here long enough to understand the trajectory of its culture, its people and its massive, genocidal space machines. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

    To put the problem in the simplest terms, throttling people with your mind continues to be sidelined in the way the firm operates and thinks about making people dead.

    The Empire is one of the galaxy's largest and most important oppressive regimes and it is too integral to galactic murder to continue to act this way. The firm has veered so far from the place I joined right out of Yoda College that I can no longer in good conscience point menacingly and say that I identify with what it stands for.

    For more than a decade I recruited and mentored candidates, some of whom were my secret children, through our gruelling interview process. In 2006 I managed the summer intern program in detecting strange disturbances in the Force for the 80 younglings who made the cut.

    I knew it was time to leave when I realised I could no longer speak to these students inside their heads and tell them what a great place this was to work.

    How did we get here? The Empire changed the way it thought about leadership. Leadership used to be about ideas, setting an example and killing your former mentor with a light sabre. Today, if you make enough money you will be promoted into a position of influence, even if you have a disturbing lack of faith.

    What are three quick ways to become a leader? a) Execute on the firm's 'axes', which is Empire-speak for persuading your clients to invest in 'prime-quality' residential building plots on Alderaan that don't exist and have not existed since we blew it up. b) 'Hunt Elephants'. In English: get your clients - some of whom are sophisticated, and some of whom aren't - to tempt their friends to Cloud City and then betray them. c) Hand over rebel smugglers to an incredibly fat gangster.

    When I was a first-year analyst I didn't know where the bathroom was, or how to tie my shoelaces telepathically. I was taught to be concerned with learning the ropes, finding out what a protocol droid was and putting my helmet on properly
    so people could not see my badly damaged head.

    My proudest moments in life - the pod race, being lured over to the Dark Side and winning a bronze medal for mind control ping-pong at the Midi-Chlorian Games - known as the Jedi Olympics - have all come through hard work, with no shortcuts.

    The Empire today has become too much about shortcuts and not enough about remote strangulation. It just doesn’t feel right to me anymore.

    I hope this can be a wake-up call. Make killing people in terrifying and unstoppable ways the focal point of your business again. Without it you will not exist. Weed out the morally bankrupt people, no matter how much non-existent Alderaan real estate they sell. And get the culture right again, so people want to make millions of voices cry out in terror before being suddenly silenced.
    Oh my ears and whiskers, how late it's getting!

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    Default Re: Massive Bank and High Profile Resignations Across the World

    http://www.telegraph.co.uk/finance/n...step-down.html

    Tesco's UK chief Richard Brasher to step down
    The head of Tesco’s UK business is about to depart the supermarket chain, in what will be seen as a huge upset for the company.

    Richard Brasher was tonight understood to be stepping down from his role as UK chief executive at the retailer after just a year.
    A statement to the market to confirm his departure is likely tomorrow.
    Philip Clarke, who is chief executive of the whole group, will take responsibility for the UK operation following Mr Brasher’s departure.
    Tesco’s UK arm, the most important part of its business, had a disappointing Christmas.
    Oh my ears and whiskers, how late it's getting!

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    Default Re: Massive Bank and High Profile Resignations Across the World

    http://www.huffingtonpost.co.uk/2012...08.html?ref=uk

    14 March

    Former News of the World chief reporter Neville Thurlbeck has been arrested by police investigating phone hacking on suspicion of trying to intimidate a witness and encouraging or assisting an offence, according to reports.

    Scotland Yard said: "A 51-year-old man was arrested by appointment at a central London police station at approximately 16:00hrs today by officers from Operation Weeting, the MPS inquiry into the phone-hacking of voicemails."

    They added: "He is bailed to return to a south west London police station in May this year in relation to the arrest in April."

    Thurlbeck was previously arrested in April 2011. His re-arrest comes a day after Rebekah Brooks, her husband Charlie and four others were arrested and bailed by police investigating phone hacking.
    Oh my ears and whiskers, how late it's getting!

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    Default Re: Massive Bank and High Profile Resignations Across the World

    James Murdoch has denied misleading parliament but admitted he accepts his "share of responsibility" for not "uncovering wrongdoing sooner" at News International.

    The former News International executive chairman, in a letter to MPs on the culture media and sport committee said: "It has been suggested that my design to resign my role at News International reflected past knowledge of voicemail interception or other alleged criminal wrongdoing at News International. This is untrue.

    James Murdoch's letter here:

    http://www.parliament.uk/documents/c...r_12_03_12.pdf
    Oh my ears and whiskers, how late it's getting!

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  29. Link to Post #295
    Avalon Member Sabrina's Avatar
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    Default Re: Massive Bank and High Profile Resignations Across the World

    http://www.guardian.co.uk/law/2012/m...as-lubanga-icc

    Congo child army leader Thomas Lubanga found guilty of war crimes
    The international criminal court's first verdict in its 10-year history finds that children as young as nine were forced to fight in Congo

    A Congolese warlord who forced child soldiers to fight for his militia has become the first person convicted by the international criminal court since it launched almost 10 years ago. The guilty judgment against Thomas Lubanga was hailed as a legal landmark in the fight against perpetrators of war crimes and genocide around the world.

    Human rights groups said it was also a "pivotal victory" for the protection of children in conflict, but noted that questions remain over the court's reach and effectiveness
    Oh my ears and whiskers, how late it's getting!

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    Avalon Member fractal being's Avatar
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    Default Re: Massive Bank and High Profile Resignations Across the World

    You never sleep right

    You might want to add this on your list even though it's two weeks old:

    Colleagues of PM Lucas Papademos were surprised at Christos Papoutsis’ decision to resign from his position as Minister of Citizen Protection.
    http://http://www.protothema.gr/news...le/?aid=179850

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    Avalon Member Sabrina's Avatar
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    Default Re: Massive Bank and High Profile Resignations Across the World

    Quote Posted by fractal being (here)
    You never sleep right

    You might want to add this on your list even though it's two weeks old:

    Colleagues of PM Lucas Papademos were surprised at Christos Papoutsis’ decision to resign from his position as Minister of Citizen Protection.
    http://http://www.protothema.gr/news...le/?aid=179850
    Thanks - am resigning to my bed right now, then booking myself into rehab. for resignation/arrest addiction....
    Oh my ears and whiskers, how late it's getting!

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    United States Administrator ThePythonicCow's Avatar
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    Default Re: Massive Bank and High Profile Resignations Across the World

    Quote Posted by viking (here)
    Another update here...

    quote...
    It's absolutely NOT theory.

    Many of these "resignations" are commanded. These Old world Order
    controllers are being removed for their crimes against humanity.

    They are being removed by the White Dragons and White Knights and their allies, many of whom are philanthropists using their wealth to help rather than control the masses. These are people who have the BEST interests for ALL of humanity at heart. They are taking out a-moral corrupt individuals from Banking, Corporate, as well as Government and replacing them with others who are constructive to Life.
    Viking - could you provide a link and excerpt this - I trust it is copied from somewhere - it does not seem to be your words.
    My quite dormant website: pauljackson.us

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    Default Re: Massive Bank and High Profile Resignations Across the World

    Quote Posted by Sabrina (here)
    Thanks - am resigning to my bed right now, then booking myself into rehab. for resignation/arrest addiction....
    Thank-you, Sabrina, for gifting us with the fruit of your addiction .
    My quite dormant website: pauljackson.us

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    Default Re: Massive Bank and High Profile Resignations Across the World

    (more alleged corruption/dodgy deals being probed)

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

    BP alerted to 'bribery' at its tanker division
    Oil giant BP is investigating a "serious case of bribery and corruption" alleged to have been taking place in the company's tanker chartering division.


    Details of the allegations are contained in a letter written to chief executive Robert Dudley by a whistleblower describing himself only as a "BP employee".
    The letter, seen by The Daily Telegraph, purports to detail how the alleged corruption has been going on at BP for over five years. The allegation centres on the relationship between a senior BP employee and one of the company's suppliers. Both parties are named in the letter.
    Criminal investigators at the Serious Fraud Office (SFO) have also received a copy of the letter and are taking a preliminary look at it.
    and

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

    FSA (Financial services Authority/UK) called to account on interest rate swap concerns
    The chairman of the powerful Treasury Select Committee has intervened in the growing controversy over the sale of complex derivatives by investment banks to small businesses.

    Andrew Tyrie said firms had attempted to raise the issue with the FSA and he wanted the City regulator to clarify what it had uncovered.
    "I intend to write to the chairman of the FSA for an explanation of how this issue is being handled," said Mr Tyrie.
    Thousands of firms, from caravan parks to children's nurseries and fish and chip shops, have been affected.
    High street banks began selling highly profitable interest rate swap derivatives created by their investment banking arms to their small business customers over the last decade, often as a condition of securing traditional, but low margin loans. While banks collected up-front profits from the sale of the derivatives, their customers were often locked into payments far outstripping the fees forecast as interest rates fell to historic lows.
    The firms also discovered they faced unexpected exit fees of hundreds of thousands of pounds.
    Oh my ears and whiskers, how late it's getting!

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