Category Archives: Regulations and regulators

ECB and IMF to Greece: No Escaping the Austerity Hairshirt

We warned readers who are still keen to take the Syriza “Hope is coming” slogan as something more promising that a subconscious echo of the Obama 2008 “Hope and change” campaign, that the memo that Greece signed with the Eurogroup last week did not represent a victory or a lessening of austerity. The comments by the ECB and the IMF on the reform list from Greece submitted Monday confirmed our earlier readings, that austerity is still very much on in Greece.

Bill Black: HSBC CEO – My Pay Was so Outrageous I Had to Use Tax Havens to Hide it from My Peers

This tidbit from HSBC reveals a new low in the standards of banking, which given how low those already are, amounts to an accomplishment of sorts. Perhaps we should create a Stuart Gulliver Award for other instances of creative extreme seaminess. Nominees?

The Mitt Romney Connection: How the Scammers Behind Virgin Gold Mining Corporation Bit Off More Than They Could Chew (VII)

… while FBI agents, moved from white collar fraud investigations, help search behind bushes for an Al Qaeda terrorist, hundreds of swindlers roam Utah. – Lynn Packer, utahpoliticalcapitol.com Mitt would make a good Moses. Think about it. – Former Romney campaign official By Richard Smith Let’s start in 2006, with one of The Seattle Times’ […]

Troika Not Happy with Initial Draft of Greek Reforms; Eurogroup Reported Still in the Mix (Updated)

As most readers may know, Greece and the Eurogroup ministers agreed to a memorandum last week that would replace the bailout that expires on February 28 with a four-month deal that the memo stresses is in the same framework.

But as much as the memo language was agreed by the ministers, it is not yet a done deal. And it is already looking like we might have a wild ride among the negotiators today.

Greece’s Fate in ECB’s Hands if Eurogroup Talks Fail

As most readers know well, Greece made concessions yesterday to the Eurogroup that, although contested as to how far they went, were seen as big enough concessions to win the support of Eurogroup head Jeroen Dijsselbloem and Italy. But Germany’s Wolfgang Schauble almost immediately rejected them, setting the stage for a showdown today. As we’ve discussed from the outset, the biggest bone of contention continues to be “conditionality,” otherwise known as structural reforms. Greece wants to be able to revise some measures as long as it can still meet its primary surplus target. Germany insists a deal is a deal and Greece must reaffirm all the terms of its existing agreement.

The meeting is set to start in Brussels at 3 PM local time, so we’ll know soon enough how things turn out. The two sides are making friendlier noises as of this morning, but we’ve seen these public displays of collegiality before, only to be followed by negotiation ruptures.

Two New Papers Say Big Finance Sectors Hurt Growth and Innovation

In a bit of synchronicity, two new papers confirm the long-held suspicion that Wall Street is sucking the life out of Main Street.

GXG: How the Scammers Behind Virgin Gold Mining Corporation Bit Off More Than They Could Chew (VI)

GXG Markets expels dubious broker London Capital (NZ)

Bill Black: Criminal Tax Evader HSBC’s CEO Resorts to Bank Apologist Fable of the Virgin Crisis

Bill Black shreds HSBC’s efforts to use the “I’m the CEO and I know nothing” defense for its helping clients cheat on taxes on a mass scale.

Questus: How the Scammers Behind Virgin Gold Mining Corporation Bit Off More Than They Could Chew (V)

Here’s another New Zealand FSP scam, involving a “Malaysian billionaire”, who doesn’t look genuine, and princes from Kuwait and Abu Dhabi, who do look genuine!

Outlook Darkens for Syriza and Greece

Greece’s finances look to be more precarious than previously thought, which puts Syriza in an even weaker bargaining position.

Obama, Treasury Pushing Back Against Troika Grexit Threats; Bernie Sanders Presses for Fed to Prod ECB

The Administration realizes the risk of Grexit is real and is trying to fend that off. But even if they succeed, don’t expect that to add up to much in the way of relief for Greece.

Former CFTC Commissioner Michael Greenberger: “We’re Going to be Back Where We Were in 2008”

This interview with former CFTC Commissioner Michael Greenberger provides useful detail on why financial reform proved to be so weak.

How the Scammers Behind Virgin Gold Mining Corporation Bit Off More Than They Could Chew (IV)

The last piece in our series on Virgin Gold Mining Corporation, for the moment

Wolf Richter: In Search of Cheap Labor in Tech – Behind the H1-B Visa Scenes

his post focuses on how the procedures in the H1-B visa process that are meant to protect workers from unfair competition from foreign workers and contractors are a joke. And this is one of the reasons that the calls by disconnected Beltway pundits and technocrats for American students to get more technically oriented education, most of all in STEM fields, is hopelessly misguided. Companies are more and more refusing to supply much if anything in the way of entry-level jobs, sending yeoman’s work in former white collar professions, including accounting and the law, to outsources in India. And the fix of having more specialized training is just as unrealistic. The more specialized the training, the more at risk you are that those skills will prove to be useless. That is why so many mid-career professionals fall far when they lose their perch, since if they can’t use the narrow expertise that they’ve accumulated, they have to fall back on their generalist skills, which means low-level jobs like call center work, retail, or if they are lucky, a position like an office manager in a small business.