Economy

Audit the Fed threatens the secrecy of the Federal Reserve Bank

Senator Ron Paul, author of the legislation called Federal Reserve Transparency Act of 2012 (HR459) that will subject Ben Bernanke and the privately-owned Federal Reserve Bank to a monetary audit policy has seen much support from his peers on Capitol Hill. The House of Representatives passed 327 – 98 on a vote last week …

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British bank chief admits to £2.4m fraud

Jessica Harper Lloyds TSB banking fraud

Jessica Harper, a former boss for UK bank Lloyds TSB, has admitted a £2.4million fraud over a four year period, while being in charge of fraud and security for digital banking. Harper’s job was to prevent fraud at Lloyds Banking Group. But she has now attended Southwark crown court, in …

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It’s a matter of trust

Part 1 “All the world is made of faith, and trust, and pixie dust.” ― J.M. Barrie – Peter Pan         “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.” – Lord Acton Who do you trust? Do …

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On this day in 2016

For a presidential election taking place when the US debt/GDP has for the first time in 70 years crossed above 100%, in which over 50 million Americans collect food stamps and disability, in which M2 just crossed $10 trillion, in which total US debt is about to pass $16 trillion, …

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JP Morgan silver probe dead in the water, CFTC sides with the bankers

crash jp morgan buy silver

Two weeks after Bart Chilton, a member of the U.S. Commodity Futures Trading Commission, said that “I am hopeful and expect the silver investigation to conclude in the not-too-distant future, hopefully in September or October…It has already taken far too long,” the probe by the CFTC into silver price manipulation is coming …

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The Fed’s gold is being audited… by the US Treasury

NY fed gold

When we started reading the LA Times article reporting that “the federal government has quietly been completing an audit of U.S. gold stored at the New York Fed” we couldn’t help but wonder when the gotcha moment would appear. It was about 15 paragraphs in that we stumbled upon what we were waiting for: …

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Knight Capital says trading glitch cost it $440 Million

Knight Capital

$10 million a minute. That’s about how much the trading problem that set off turmoil on the stock market on Wednesday morning is already costing the trading firm. The Knight Capital Group announced on Thursday that it lost $440 million when it sold all the stocks it accidentally bought Wednesday morning because …

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High-frequency trading out of control on Wall Street

hft

Wednesday morning’s stock snafu had a familiar ring to it — mysterious volume in trades that simply could not have been made by a human comes surging out of nowhere, causing brief but acute market mayhem. By now, many players on trading floors have gotten used to the disruptions that …

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4 Bankers sentenced to death…is this the new trend?

banker government people

Four people have been sentenced to death for their roles in Iran’s biggest-ever bank fraud scandal. Two other defendants received life sentences, while 33 more will spend up to 25 years in jail, the chief prosecutor was quoted as saying. The scandal involved forged documents reportedly used by an investment company …

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