Tag Archives: White Shoe Boys

Cyprus Central Bank Governor resigns with $250K golden parachute

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“One of the main criticisms directed against Demetriades has been how, under his watch, the now defunct Laiki Bank accumulated around €9.5 billion in emergency liquidity aid, only to buckle and fail when the ECB threatened to pull assistance.  ‘How much independence can a central banker have when, from his statements, it appears he was serving other expediencies instead of his country’s interest,’ President Nicos Anastasiades said last year.  For the state to get its €10 billion in bailout funds last March, the president said, it was told to privatise state companies, seize deposits, make painful cuts, and raise taxes.”

http://cyprus-mail.com/2014/03/10/cbc-governor-panicos-demetriades-resigns/

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CEOs behind new exchange system talk Bitcoin

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“Atlas ATS CEO Shawn Sloves and Preseus Telecom CEO Jock Percy explain why they are bullish on Bitcoin.”

http://video.foxbusiness.com/v/3335109592001/ceos-behind-new-exchange-system-talk-bitcoin/

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Perseus, Atlas Launch Global High-Frequency Bitcoin Trading Platform

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“High-speed telecommunications provider Perseus Telecom and digital currency trading platform Atlas ATS formally launched Wednesday a globally integrated bitcoin exchange system in New York, Hong Kong and Singapore to facilitate trading in the digital currency by high-frequency trading firms and other large financial institutions.  The two firms’ collaboration, first reported last month by The Wall Street Journal, marks a milestone in the evolution of bitcoin out of a retail-oriented, loosely regulated low-tech environment to one that is open to the high-volume and strictly regulated activities of Wall Street.”

http://online.wsj.com/news/articles/SB10001424052702303795904579433222564439410

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Bullion Bitcoin to Launch Professional Gold-Bitcoin Exchange

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“A new exchange for trading gold bullion and bitcoin is set to open on 21st February.  The Bullion Bitcoin exchange, based in London, will allow sophisticated investors, as defined by the UK financial regulator, to trade gold bullion and bitcoin. The exchange will not be open to retail investors.  Access to the exchange will be restricted to sophisticated investors, high net-worth individuals and professional clients, as defined by the Financial Conduct Authority, the financial services regulator in the United Kingdom. Traders on the exchange will also have to put up a minimum subscription of 1kg of gold (about $41,000).”

http://www.coindesk.com/bullion-bitcoin-launch-gold-bitcoin-exchange/

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The “Institutional Investor” Housing Bubble Just Burst

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“Metro areas with big drops in institutional investor share from a year ago included Cape Coral-Fort Myers Fla. (down 70 percent), Memphis, Tenn., (down 64 percent), Tucson, Ariz., (down 59 percent), Tampa, Fla., (down 48 percent), and Jacksonville, Fla., (down 21 percent).  Institutional investors are still hoping there is some last minute cash to be made in some remaining markets.  Counter to the national trend, 23 of the 101 metros analyzed in the report posted year-over-year gains in institutional investor share, including Atlanta (up 9 percent), Austin, Texas, (up 162 percent), Denver (up 21 percent), Cincinnati (up 83 percent), Dallas (up 30 percent), and Raleigh, N.C. (up 15 percent).”

http://www.zerohedge.com/news/2014-02-27/institutional-investor-housing-bubble-just-burst

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Barton Biggs: Global investment guru noted for later pessimism [2012]

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“For over 40 years Barton Biggs was the most innovative and successful investment manager on Wall Street, He was also the first ‘global investment strategist’, and one of the first to invest in ’emerging economies’. In his seventies, however, he became an extreme pessimist, foreseeing the possibility of the collapse of civilisation.  Although he did not forecast the meltdown of late 2008 he did call the bottom of the post-crash trough in May 2009. But by then he had become an ultra-pessimist. In another book, Wealth, War and Wisdom, he suggested investors should take survivalist measures against the possibility that ‘law and order temporarily completely breaks down’.”

http://www.independent.co.uk/news/obituaries/barton-biggs-global-investment-guru-noted-for-his-later-pessimism-7976699.html

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Gold Fix Study Shows Signs of Decade of Bank Manipulation

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“The London gold fix, the benchmark used by miners, jewelers and central banks to value the metal, may have been manipulated for a decade by the banks setting it, researchers say.  The paper is the first to raise the possibility that the five banks overseeing the century-old rate — Barclays Plc, Deutsche Bank AG (DBK), Bank of Nova Scotia (BNS), HSBC Holdings Plc (HSBA) and Societe Generale SA (GLE) — may have been actively working together to manipulate the benchmark. Authorities around the world, already investigating the manipulation of benchmarks from interest rates to foreign exchange, are examining the $20 trillion gold market for signs of wrongdoing.”

http://www.bloomberg.com/news/2014-02-28/gold-fix-study-shows-signs-of-decade-of-bank-manipulation.html

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Ponzi Pandemic: 500+ Schemes Totaling $50+ Billion in ‘Madoff Era’

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“The Ponzi Database, which was recently published at Ponzitracker.com, represents the first single comprehensive source to provide a window into the financial scourge that has inflicted irreparable damage on an investing public over the past six years.  The significant sample size also allows for a truly birds-eye view at just how widespread Ponzi schemes have become.  Indeed, in the six-year span from 2008 to 2013, Madoff’s scheme was only one of over 500 Ponzi schemes that collectively involved over $50 billion.  That’s billion with a ‘B.’ On average, a Ponzi scheme was uncovered or busted every four days in that six-year period.”

http://www.forbes.com/sites/jordanmaglich/2014/02/12/a-ponzi-pandemic-500-ponzi-schemes-totaling-50-billion-in-madoff-era/

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JPMorgan Report Slams Bitcoin as ‘Vastly Inferior’ to Fiat Currency

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“A new report by US-based multinational financial services company JPMorgan issued a sharp critique of bitcoin and other digital currencies.  The eight-page report, authored by the company’s head of global FX strategy, John Normand, aimed to present the ‘risks and opportunities’ posed by bitcoin.  However, throughout the text, Normand puts much of his focus on the former category.  Most notably, Normand suggests that bitcoin is ‘vastly inferior to fiat currencies’ on several counts, and that it is unlikely to ever be afforded the status of legal tender by world governments. The later quality, Normand says, casts the most doubt on bitcoin’s future.”

http://www.coindesk.com/jpmorgan-report-bitcoin-inferior-fiat-currency/

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How to Protect Yourself From the Next MF Global

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“The details of the bankruptcy eventually exposed that the company engaged in excessive leverage as well as various fraudulent maneuvers. Nonetheless, the practice known as rehypothecation was at the heart of the broker’s demise… and it was and still is legal.  A groundswell of concern surfaced and left investors to question not just the soundness of their personal broker, but the regulations that underpin the entire industry.  Heightened liquidity and leverage risks are the new normal for today’s investor. These risks also apply to brokerage firms. The good news is that a way around these uncertainties is available to every investor: the Direct Registration System (DRS).”

http://www.internationalman.com/articles/the-drs-going-direct

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