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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThird prominent banker found dead in six days
Third prominent banker found dead in six dayshttp://www.housingwire.com/articles/28796-third-prominent-banker-found-dead-in-six-days
Bloomberg is reporting this morning that former Federal Reserve economist Mike Dueker was found dead in an apparent suicide near Tacoma, Washington.
Dueker, 50, a chief economist at Russell Investments, had been missing since Jan. 29 and was reportedly having troubles at work.
Normally HousingWire wouldnt cover deaths in the industry, but whats strange is that Dueker is the third prominent banker found dead since Sunday.
On Sunday, William Broeksmit, 58, former senior manager for Deutsche Bank, was found hanging in his home, also an apparent suicide.
On Tuesday, Gabriel Magee, 39, vice president at JPMorgan Chase & Cos (JPM) London headquarters, apparently jumped to his death from a building in the Canary Wharf area.
Very odd. Makes one wonder if they knew something we are about to find out.
Jefferson23
(30,099 posts)WillyT
(72,631 posts)bananas
(27,509 posts)calimary
(81,240 posts)Wonder if this is a signpost of some sort...
Needs to be watched. Now if jamie dimon does it too...
loudsue
(14,087 posts)We could only wish.
Aerows
(39,961 posts)can join him.
pipoman
(16,038 posts)Cleita
(75,480 posts)Their means of suicide have also been popular methods of assassins that could be interpreted as suicide. I always thought if I wanted to kill myself because my deeds were catching up with me, I would drink poison or blow my brains out and write a suicide letter explaining it all that I put in the mail first to arrive somewhere that can't be compromised.
bluestate10
(10,942 posts)and make it look like you killed yourself. Just a reminder.
Depression is a tough nut that strikes everyone, even the fabulously rich. If it hits one at wrong time, a suicide or mass killing/suicide can be the result. There are times when all of us have "blue" days, for some people those blue days lead to their deaths.
Aerows
(39,961 posts)that have been officially called "suicide" that make no sense. Two bullets to the back of the head. "Oh, that's obviously suicide!"
freebrew
(1,917 posts)I've always wondered about Ken Lay and others like him.
Very convenient death and now he's off the hook for $$$$$$$$.
rwsanders
(2,599 posts)calimary
(81,240 posts)His "departure" was just AWFULLY convenient. Came at an INCREDIBLY convenient time when he about to start facing all sorts of serious legal and criminal shit. Seemed VERY fishy to me... how timely his "death" came. Hmmmmm... one helluva way to beat the rap, 'eh?
GoneFishin
(5,217 posts)loudsue
(14,087 posts)You know that was too convenient, for him AND for his old friends, the bush mafia.
RainDog
(28,784 posts)but I wouldn't be surprised if he were living in some out-of-the-way place...
because, yeah, I'm that cynical.
90-percent
(6,829 posts)It's very easy to picture Kenny Boy lounging on a tropical beach with an umbrella drink in his hand enjoying the good life he gave himself by wrecking the lives of so many others.
-90% Jimmy
Squinch
(50,949 posts)the thread was locked because they were not breaking news. But as I said to Onlooker, here's what I've noticed:
HSBC recently limited the size of withdrawals that can be made from its accounts. They say it is because they want to "protect" the account holders. It seems a clear sign of liquidity problems, and HSBC was one of the first dominoes in the 2008 crisis.
At the same time, the Chinese central bank is telling its lenders to improve their liquidity, because of the recent reliance an unhealthy, huge amounts of debt to fuel growth. This is just another way of saying "bubble."
Yep. Something is coming. And it ain't going to be good.
All these things taken together are significant.
My guess: very bad Chinese financial instruments, of a quality like the worthless US housing bubble derivatives, have circulated and multiplied in the world market, and that bubble is about to burst. And if it is what is fueling Chinese growth, it is going to be big.
dixiegrrrrl
(60,010 posts)I have posted about HSBC and the next day about China banks, but folks seem to laugh it off.
You know all those toxic bonds were being sold someplace. China also seems to have a lot of phony paper out also.
I am waiting for another bank to declare a limit on withdrawals..it is sorta a version of a "bail-in".
My guess would be BOA.
RKP5637
(67,108 posts)truedelphi
(32,324 posts)ellie
(6,929 posts)I wonder if that is the same Tyler Durden who used to post here at DU, but then it is a great name and I don't blame anyone for using it.
RainDog
(28,784 posts)The bank, Europes largest, agreed to pay a $1.25 billion forfeiture and $665 million in civil penalties under the settlement, prosecutors announced in December. At a hearing the same month, Gleeson told prosecutors there had been publicized criticism of the agreement, which lets the bank and management avoid further criminal proceedings over the charges.
Gleeson said he will continue supervising implementation of the deal, under which the bank agreed not to contest criminal charges of failing to maintain an effective anti-money-laundering program, failing to conduct due diligence, and violating the Trading With the Enemy Act and the International Emergency Economic Powers Act.
Lack of proper controls allowed the Sinaloa drug cartel in Mexico and the Norte del Valle cartel in Colombia to move more than $881 million through HSBCs U.S. unit from 2006 to 2010, the government alleged in the case. The bank also cut resources for its anti-money-laundering programs to cut costs and increase profits, the government said in court filings.
Gangster Bankers: Too Big to Jail: How HSBC hooked up with drug traffickers and terrorists. And got away with it
The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine $1.9 billion, or about five weeks' profit but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses.
People may have outrage fatigue about Wall Street, and more stories about billionaire greedheads getting away with more stealing often cease to amaze. But the HSBC case went miles beyond the usual paper-pushing, keypad-punching sort-of crime, committed by geeks in ties, normally associated with Wall Street. In this case, the bank literally got away with murder well, aiding and abetting it, anyway.
For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years people so totally evil, jokes former New York Attorney General Eliot Spitzer, that "they make the guys on Wall Street look good." The bank also moved money for organizations linked to Al Qaeda and Hezbollah, and for Russian gangsters; helped countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states, aided countless common tax cheats in hiding their cash.
"They violated every goddamn law in the book," says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act. "They took every imaginable form of illegal and illicit business."
(great read)
RainDog
(28,784 posts)DEA Negotiated With Mexican Drug Cartel
Agents of the U.S. Drug Enforcement Administration and Justice Department officials have met in secret with members of Mexican drug cartels in exchange for information on rival drug organizations, a new extensive investigative report by Mexico's El Universal newspaper startlingly concludes.
According to the report, U.S. agents held more than 50 secret meetings with cartel operatives on Mexican territory between 2000 and 2012 -- without informing Mexican authorities.
El Universal writes:
Without the presence of Mexican authorities, as bilateral agreements stipulate, without informing the Mexican government, the agents of the DEA met with members of the cartels in Mexican territory, to obtain information about their rivals and at the same time and establish at the same time a network of informants of narco-traffickers, who signed cooperation agreements, subject to results, so that they can obtain future benefits, including charges being dropped in the United States.
Several of the documents were related to the Chicago trial of Jesus Vicente Zambada-Niebla, the son of Sinaloa leader Ismael "El Mayo" Zambada.
As Business Insider noted in 2012, Zambada-Niebla alleged while in detention in Chicago that the U.S. government struck a deal with Mexico's Sinaloa cartel to finance and arm the drug traffickers in exchange for information. Zambada-Niebla was arrested after having met with DEA officials, and believed that the alleged deal implied he was immune from arrest or prosecution.
Reminds me of this... October 03, 2011
Emails show top Justice Department officials knew of ATF gun program
In the emails that the department turned over to congressional investigators, Justice Department officials last October discussed both the Fast and Furious gun-trafficking surveillance operation in Phoenix and a separate investigation from 2006 and 2007 called Operation Wide Receiver. In Wide Receiver, which took place in Tucson, firearms also were acquired by illegal straw purchasers and lost in Mexico, the emails say.
This could be another one of arms for information deals. Maybe HSBC laundered the money for these transactions.
Eleanors38
(18,318 posts)a few yrs back, including speculation that arms shipments were favoring one cartel over the other. Allegedly, this was coordinated by the DEA, BATF, & CIA.
RainDog
(28,784 posts)I avoid the gunegon entirely. I won't even serve on a gungeon jury.
Of course, police, including international ones, use informants all the time. But when they are trying to play one cartel off the other, without the knowledge of the nation where this is taking place...
dixiegrrrrl
(60,010 posts)by limiting withdrawals, saying it was because customers may be doing something illegal with the money!
and THEN they changed their minds, after a HUGE public backlash.
So, they say it is a "rule" that customers withdrawals be limited, but they then break this sudden new "rule" after LOTS of complaints.
fooling no one.
TexasTowelie
(112,167 posts)European Banks Face 5.5% Capital Hurdle in EBA Stress Test
http://www.bloomberg.com/news/2014-01-31/european-banks-face-5-5-capital-requirement-in-eba-stress-test.html
It's conjecture, but it's possible that some shake-up is imminent.
BlueStreak
(8,377 posts)on Wall Street the past couple of weeks.
Ikonoklast
(23,973 posts)The real estate bubble in China is stupendous, has not been addressed by the Chinese one bit, and has a massive overhang worldwide.
sendero
(28,552 posts).... in another thread, HSBC rescinded the limits almost immediately and claimed it was a misunderstanding.
I SERIOUSLY DOUBT any bank is going to limit withdrawals as a matter of policy - that would be tantamount to ASKING for a run.
Squinch
(50,949 posts)sendero
(28,552 posts).... (as an actual corporate policy) - some doofus at a branch minsinterpreted something or did something unilaterally.
Believe me, bankers know they cannot touch that third rail, such a move would be pure desperation and counterproductive.
As for the 3 dead bankers, well I share the feeling that some coincidences stretch one's credulity.
Squinch
(50,949 posts)sendero
(28,552 posts)..... http://dealbook.nytimes.com/2014/01/26/hsbc-apologizes-after-cash-withdrawal-issue-in-britain/?_php=true&_type=blogs&_r=0
The key phase being that "it was never intended to be mandatory to provide such evidence to make the withdrawal".
In other words, they were supposed to ask but not to require.
In my own bank in the US, I have been told upon asking for large sums that I have to call ahead a day before because they don't keep that much cash on hand.
I honestly think that banks understand that they cannot, without some legal basis, refuse a withdrawal. Before the internet, a bank might get away with that for a time, now that time would be a matter of days at best.
Baitball Blogger
(46,705 posts)rhett o rick
(55,981 posts)down the road, but sooner or later, it has to crash. And all the kings horses and all the kings me will be focked.
Baitball Blogger
(46,705 posts)of time.
Don't know why people would off themselves over it.
rhett o rick
(55,981 posts)dawn frenzy adams
(429 posts)It's could be the inability to face living without the luxurious lifestyle.
CFLDem
(2,083 posts)than to climb up it.
nikto
(3,284 posts)Of actually having to work for a living.
Gotta' be terrifying to an elite.
notadmblnd
(23,720 posts)Learning how to be poor and get by is almost an art and I know people who are experts at being poor and they could get rich being consultants if there were ever a market for it.
RKP5637
(67,108 posts)becomes readily apparent, eventually, it caves in on itself as the big fish start eating each other. With safeguards and integrity it could work, but those have been dismantled over the years, as we know, and now the ugliness of the system is resting on rotten piers.
tblue37
(65,340 posts)valerief
(53,235 posts)BlueStreak
(8,377 posts)No Vested Interest
(5,166 posts)Fantastic Anarchist
(7,309 posts)2pooped2pop
(5,420 posts)nikto
(3,284 posts)The 3-shot suicides are the ones you can really trust.
I feel terrible for laughing at this.
nikto
(3,284 posts)But the fact that the circumstances/juxtaposition are suspicious, and that our elites live and do
their lofty dealings behind an opaque wall (even as The People are scrutinized
by the NSA), gives one a sense of "dark humor" about unusual events like these deaths,
and what they could possibly mean.
Ours is a conspiracy-theory laden society, because so many big events are, basically, secret.
We The People are basically, out-of-the-loop.
"Graveyard humor" is entirely appropriate in this situation.
rgbecker
(4,831 posts)Oh Wait, that's legitimate rape!
RainDog
(28,784 posts)nikto
(3,284 posts)They always get away.
dixiegrrrrl
(60,010 posts)They either knew too much and were prevented from testifying
or
they are really suicides who saw an end to thier lifestyle coming.....some people cannot deal with living like us "little people"
or
they were not able to imagine going to jail for the fraud.
Altho being arrested for bank fraud does not seem likely after all these years of Holder covering for them.
ChisolmTrailDem
(9,463 posts)These suicides may portend that coming collapse...
RKP5637
(67,108 posts)next event was just postponed by all of the patches and band-aids on a flawed system run by more and more hucksters each day.
ChisolmTrailDem
(9,463 posts)there has been no incentive to stop doing their dirty deeds. So, on top of the problem still floating around out there, there has been more chicanery added in the years since the Sep '08 "crash" ... I put crash in quotes because it was supposed to crash, but was propped up by a very weak shoring. If it had really crashed, we would still be dealing with the consequences today. Now when it finally does crash, it's going to be even worse than it was then.
Fantastic Anarchist
(7,309 posts)We'll have some minor dips so they can get their bailouts first.
Then, when it all comes crashing down, they'll be behind their wall living it up. These (Opening Post) are the people who either didn't have that foresight, or are two low on the totem pole to be included on the inside of that wall.
TexasTowelie
(112,167 posts)WillyT
(72,631 posts)Mike Dueker, 50, was the chief economist at Russell Investments
He was found dead at the side of a highway in Washington State after jumping over a fence
The economist was having problems at work and had been an employee at the reserve bank from 1991 to 2008
He had published dozens of research papers over the past two decades
His death is the third death in six days in apparent suicides in the world of finance
Gabriel Magee, a 39-year-old JP Morgan bank executive, died on Tuesday
The American threw himself off the top of the bank's London headquarters
His parents Bill and Nell Magee say they will travel from New Mexico to Britain to demand answers and collect their son's belongings
Last Sunday, former Deutsche Bank senior manager, William 'Bill' Broeksmit, 58, was found hanging in his South Kensington, London home
Both deaths have been ruled non-suspicious by the Metropolitan Police
By DAILY MAIL REPORTER
PUBLISHED: 10:26 EST, 1 February 2014 | UPDATED: 11:02 EST, 1 February 2014
Link: http://www.dailymail.co.uk/news/article-2550025/Chief-economists-apparent-suicide-latest-series-bizarre-deaths-financial-world-week.html
valerief
(53,235 posts)tblue37
(65,340 posts)RKP5637
(67,108 posts)JDPriestly
(57,936 posts)valerief
(53,235 posts)secrets are being protected or
secrets will be revealed.
Coincidence? Those things don't happen to the 1%.
adieu
(1,009 posts)there were two who jumped from that building.
ChisolmTrailDem
(9,463 posts)eventually and that that eventually is nearing.
Just speculation at this point, but maybe they see the writing on the wall and, if that's the case, then it's probably going to be bad, as it is being predicted it will be.
You see, all those derivatives are still out there. The non-solution in 2008 was a kicking of the can down the road. Welp, the end of the road may just be getting here. Note the stock market decline in the past 10 days or so...
TexasTowelie
(112,167 posts)BobbyBoring
(1,965 posts)The dollar "Value" of credit default swaps and other exotic instruments far exceed the entire global economy. There's not enough money in the world to pay them off and they will need to be paid off SOON.
The bad news is 2 fold. First, they take priority over everything else. Second, the money we have in banks doesn't belong to us. We are "Unsecured creditors".
My advice is don't have any money in big banks, not even in safe deposit boxes. When the shit hits the fan, they will be a limit on with drawls. It will be $0.00
ChisolmTrailDem
(9,463 posts)another location to deposit the money on my rechargeable debit card, which is backed by a smaller bank. I am now pulling up my bills in another tab and paying them right now before anything bad happens to my money.
And it's the same process every pay day. I leave my self as brief a window in a smaller bank as I possible and have done so since the lead-up to the 2008 crash-that-wasn't-a-crash-because-it-was-postponed-to-wrest-even-more-cash-from-the-middle-class-but-will-still-happen-eventually...er...crash!
Indeed, it would've been a "crash" in 2008. Now it's sure to be a complete collapse of the financial system. A look at how the richest 1% are positioning themselves both financially and physically, like on a yacht at sea (or friendly foreign port) or with the purchase of land and the building of fortresses and down-right bug-out preps, will give one the only clue they need as to what is coming. Nevermind a rash of finance suicides - after all, with every winner in high finance, there are many losers.
Gman
(24,780 posts)Things about to happen.
OldRedneck
(1,397 posts). . . as for me, I'm heartbroken.
mindwalker_i
(4,407 posts)Haz a sad.
certainot
(9,090 posts)marions ghost
(19,841 posts)when they don't see a good future for themselves.
Mnemosyne
(21,363 posts)jsr
(7,712 posts)VanillaRhapsody
(21,115 posts).as if they see their fortunes disappearing altogether...they don't even know how to live "like us"....much less how to even get "food stamps" in the first place..this is what TRULY scares the bejesus out of them....they don't know how to make "beans and rice" or boxed macaroni...or god forbid canned Spam or Ramen noodles!
RKP5637
(67,108 posts)2naSalit
(86,598 posts)could be connected to the changing of the guard at the fed...
too
At any rate, these aren't passing the smell test for me.
Spitfire of ATJ
(32,723 posts)Greedy evil people have never been known to murder for money.
Dopers_Greed
(2,640 posts)Most bankers are sociopaths, and though some are indeed human, I doubt they simply had a recent attack of conscience.
Maybe they know something? I wouldn't put it past the top bank villains to off people.
blkmusclmachine
(16,149 posts)defacto7
(13,485 posts)nothing new here. Whether it's suicide, murder, fear of coming economic collapse or an approaching asteroid, we knew the economic pyramid would find it's end. If not now, then later, but it will happen or is happening because we missed the boat when it could have been stopped or slowed. On the contrary, it was made seriously worse. My hope is they just knew justice was on its way. That's a nasty way to put it, but the other possibilities are far worse.
The ghost of Vince Foster pushed him.
alittlelark
(18,890 posts)almost always the logical solution......
ie- FOLLOW THE $$$
RKP5637
(67,108 posts)NuclearDem
(16,184 posts)MrMickeysMom
(20,453 posts)The simplest explanation is generally the best when you have two competing theories that make exactly the same predictions.
So, the simpler one is the better.
If bankers die, it's probably a simple explanation
The don't take care of themselves. And, if we all get fucked by the bankers, it doesn't mean we were have been going steady with them.
Investors should have concern
cause Wall Street has been lying a lot to us. And, you can bank on THAT.
NuclearDem
(16,184 posts)Though "simplest" isn't necessarily the best word to use. It's the explanation that makes the fewest assumptions, and doesn't multiply entities beyond necessity.
Which is the difference between a "simple" explanation like "Goddidit" and natural selection: fewer assumptions made with for latter, therefore the better by Occam's razor.
ReRe
(10,597 posts)... watch it tomorrow. Also, we need to tune in to Thom Hartmann, as he is predicting that everything's going to crash in 2016. I'm sure these banker deaths will pique his interest.
CrispyQ
(36,462 posts)If it's a replay of last time, we'll get a repub president & once again, both parties will work together to save the banksters.
AlbertCat
(17,505 posts)"Four percent, or 4.6 million U.S. households, had net assets of at least $1 million in 1998, according to the study commissioned by the Consumer Federation of America and Providian Financial, a bank card provider." (That's a while ago....but I bet there are more now)
http://abcnews.go.com/Business/story?id=87939
Now BILLIONAIRES are another story. 442...according to Forbes.
http://en.wikipedia.org/wiki/List_of_countries_by_the_number_of_US_dollar_billionaires
ReRe
(10,597 posts)... I don't believe it. BUT, if it does, it will be the last time it happens. There may be a powerful few who hate democracy, but there are many many many more who love it.
When what little democracy we have is ripped away, people will unite to bring it back. This I believe.
The Second Stone
(2,900 posts)Just sayin.
RainDog
(28,784 posts)A century and a half later, it appears not much has changed. With its strong on-the-ground presence in many of the various ex-colonial territories in Asia and Africa, and its rich history of cross-cultural moral flexibility, HSBC has a very different international footprint than other Too Big to Fail banks like Wells Fargo or Bank of America. While the American banking behemoths mainly gorged themselves on the toxic residential-mortgage trade that caused the 2008 financial bubble, HSBC took a slightly different path, turning itself into the destination bank for domestic and international scoundrels of every possible persuasion.
Three-time losers doing life in California prisons for street felonies might be surprised to learn that the no-jail settlement Lanny Breuer worked out for HSBC was already the bank's third strike. In fact, as a mortifying 334-page report issued by the Senate Permanent Subcommittee on Investigations last summer made plain, HSBC ignored a truly awesome quantity of official warnings.
In April 2003, with 9/11 still fresh in the minds of American regulators, the Federal Reserve sent HSBC's American subsidiary a cease-and-desist letter, ordering it to clean up its act and make a better effort to keep criminals and terrorists from opening accounts at its bank. One of the bank's bigger customers, for instance, was Saudi Arabia's Al Rajhi bank, which had been linked by the CIA and other government agencies to terrorism. According to a document cited in a Senate report, one of the bank's founders, Sulaiman bin Abdul Aziz Al Rajhi, was among 20 early financiers of Al Qaeda, a member of what Osama bin Laden himself apparently called the "Golden Chain." In 2003, the CIA wrote a confidential report about the bank, describing Al Rajhi as a "conduit for extremist finance." In the report, details of which leaked to the public by 2007, the agency noted that Sulaiman Al Rajhi consciously worked to help Islamic "charities" hide their true nature, ordering the bank's board to "explore financial instruments that would allow the bank's charitable contributions to avoid official Saudi scrutiny." (The bank has denied any role in financing extremists.)
Read more: http://www.rollingstone.com/politics/news/gangster-bankers-too-big-to-jail-20130214#ixzz2sEnuWVe5
Follow us: @rollingstone on Twitter | RollingStone on Facebook
Warpy
(111,255 posts)are getting more than a little rickety.
Kablooie
(18,634 posts)About to be arrested for some heinous crime or were jilted by a lover.
If they were losing their fortunes or about to be arrested we would probably have heard something about it by now.
So I guess they were all being jilted.
Or a fourth possibility, the "suicides" were actually hits done for someone who wants these guys out of the way, either directly or as a warning to others.
Hmmm.
Ponder, ponder ponder.
Egalitarian Thug
(12,448 posts)Scootaloo
(25,699 posts)Same thing I call them anywhere else, though
obxhead
(8,434 posts)Loaded Liberal Dem
(230 posts)Scootaloo
(25,699 posts)Buns_of_Fire
(17,175 posts)It's a shame Intrade.com is no longer handling "Prediction Markets" while they're reworking things to conform to US Government regulations.
I'm not advocating anything illegal, but the thought of the Blankfeins and Dimons and Kochs of the world (and their Boards of Directors) being deathly afraid to leave their gated and walled compounds gives me a nice warm 'n' fuzzy feeling.
nikto
(3,284 posts)BEST THREAD I'VE READ IN WEEKS
nikto
(3,284 posts)A big crash could destroy pensions in this country.
Unless I'm wrong.
Somebody, please tell me I'm wrong.
Ichingcarpenter
(36,988 posts)Strange moves with one of world largest banks
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=4425022
Death of banksters the same week
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=4425150
RainDog
(28,784 posts)HSBC dumps small businesses for international profiles
Banking giant HSBC is dumping some of its small business clients in favour of those with more internationally-oriented profiles.
Linda Bryan is the owner of a small pharmacy in White Rock, B.C., who has been banking with HSBC for 17 years. Recently, she received a letter from the bank informing her she has 60 days to transition to another financial institution.
"We will be closing the accounts listed above, along with all additional business accounts associated with this relationship," reads the HSBC letter addressed to Bryan.
She says she was stunned.
http://www.cbc.ca/news/canada/british-columbia/hsbc-dumps-small-businesses-for-international-profiles-1.2515068
HSBC Said to Plan Sale of Swiss Private Banking Assets in Geneva
HSBC Holdings Plc (HSBA), Europes largest bank, is planning to sell parts of its Swiss private bank as some foreign lenders retreat amid a crackdown on bank secrecy and rising regulatory scrutiny, four people with knowledge of the situation said.
HSBC is selling a largely Geneva-based business with about $15 billion in assets under management, according to three of the people, who asked not to be identified because talks are private. Documents for the business, which includes wealthy clients in France, have been sent to potential buyers and it may be sold in parts, though no sale is guaranteed, they said.
http://www.businessweek.com/news/2014-01-31/hsbc-said-to-plan-sale-of-swiss-private-banking-assets-in-geneva
Bad HSBC Policy Raises Specter of Bank Run
NEW YORK (TheStreet) -- The term "bank run" conjures up all kind of bogeyman images, and right now it's rearing its ugly head in the U.K.
That doesn't mean a bank run is imminent here in the U.S., but in the age of global digital media, what's happening in England has American bankers thinking the once unthinkable.
The story starts in London, where customers of HSBC complained last week they couldn't withdraw large sums of money from local bank branches without asking for what amounts to a "permission slip."
According to the British Broadcasting Co., customers were being told by bank staffers they could not withdraw more than 5,000 in British pounds (or $8,253 in U.S. dollars) without having a "good reason" for making the withdrawal.
HSBC admits the policy was in place, but has reversed course on making customers explain why they need to withdrawal the money:
"We ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for.
http://www.thestreet.com/story/12276141/1/bad-hsbc-policy-raises-specter-of-bank-run.html
HSBC is slashing its variable rate to the lowest among the retail banks
THE nation's billion-dollar home loan war has intensified with HSBC slashing its variable rate to the lowest among the retail banks.
The cutting of their variable rate loan by 0.59 of a percentage point to 4.75 per cent days ahead of the Reserve Bank of Australia's first monthly meeting next Tuesday has signalled that the mortgage war is on.
The rate is the lowest of any branch-based retail bank.
http://www.news.com.au/finance/business/hsbc-is-slashing-its-variable-rate-to-the-lowest-among-the-retail-banks/story-fnkjidjt-1226813222718
shaayecanaan
(6,068 posts)According to federal law, I can't withdraw 10 000 aud in cash from the bank without notifying the federal police and explaining why. Nothing particularly radical about that kind of policy.
A run on the banks is a different kettle of fish now. Banks hardly have any fucking deposits these days. The money they lend is conjured out of nothing in central banks. Even if we all wanted to withdraw our money tomorrow, they could easily fire up the printing presses and crank out a few billion dollars more.
Ichingcarpenter
(36,988 posts)not the US .....it still says something is going on with one of the world's largest banks whose tenacles are everywhere.
RainDog
(28,784 posts)HSBC Holdings Plc (HSBA), Europes largest bank, is planning to sell parts of its Swiss private bank as some foreign lenders retreat amid a crackdown on bank secrecy and rising regulatory scrutiny, four people with knowledge of the situation said.
HSBC is selling a largely Geneva-based business with about $15 billion in assets under management, according to three of the people, who asked not to be identified because talks are private. Documents for the business, which includes wealthy clients in France, have been sent to potential buyers and it may be sold in parts, though no sale is guaranteed, they said.
http://www.businessweek.com/news/2014-01-31/hsbc-said-to-plan-sale-of-swiss-private-banking-assets-in-geneva
Translation: We know the guy's on a terrorist list, but his accounts are in a place the Americans can't search, so screw them.
Remember, this was in 2008 five years after HSBC had first been caught doing this sort of thing. And even four years after that, when being grilled by Michigan Sen. Carl Levin in July 2012, an HSBC executive refused to absolutely say that the bank would inform the government if Makhlouf or another OFAC-listed name popped up in its system saying only that it would "do everything we can."
The Senate exchange highlighted an extremely frustrating dynamic government investigators have had to face with Too Big to Jail megabanks: The same thing that makes them so attractive to shady customers their ability to instantaneously move money around the world to places like the Cayman Islands and Switzerland makes it easy for them to play dumb with regulators by hiding behind secrecy laws.
Read more: http://www.rollingstone.com/politics/news/gangster-bankers-too-big-to-jail-20130214page=2#ixzz2sFYTaXFW
Ichingcarpenter
(36,988 posts)Even though its unrelated to HSBC
But I found the three banker suicide in the past week some what coincidenta
to something going on in the banking system.
A third banker has committed suicide within the space of a week, once again prompting speculation that some kind of financial collapse could be just around the corner.
Mike Dueker, the chief economist at Russell Investments, was found dead at the side of a highway that leads to the Tacoma Narrows Bridge in Washington state, according to the Pierce County Sheriffs Department. He was 50, reports Bloomberg.
Dueker fell down a 50 foot embankment in what police are describing as a suicide. He was reported missing on January 29 by friends, who said he had been having problems at work.
Duekers apparent suicide follows those of London banking executives Gabriel Magee and Bill Broeksmit.
Magee, a 39-year-old senior manager at JP Morgans European headquarters, jumped 500ft from the top of the banks headquarters in central London on Tuesday, landing on an adjacent 9 story roof.
Maybe its just a coincidence but sometimes its Synchronicity which is the experience of two or more events as meaningfully related, where they are unlikely to be causally related
nikto
(3,284 posts)In fact, right at this moment...
"Many miles away, something crawls to the surface
Of a dark Scottish loch..."
dixiegrrrrl
(60,010 posts)Cops are pretty quick to call that a suicide.
At least when the mob killed off people, they left the bloody bodies lying around with no doubts about type of death.
This is starting to sound a lot like that rash of deaths of micro-biologists a few years ago, all were labled suicides or accidents,
even the ones with very very questionable deaths.
KoKo
(84,711 posts)And, I remember the micro-biologists deaths.
malaise
(268,987 posts)Posted a different version of that pic above, without his friend's poster. Love that!!
Jump without your golden parachute!
merrily
(45,251 posts)nikto
(3,284 posts)With help from Bigfoot.
merrily
(45,251 posts)I never trusted Elvis's ghost.
SunSeeker
(51,550 posts)leftyohiolib
(5,917 posts)democratisphere
(17,235 posts)It appears something is going very wrong.
RKP5637
(67,108 posts)Petrushka
(3,709 posts)Thanks for the link!
JEFF9K
(1,935 posts)Kelvin Mace
(17,469 posts)But, I would ask a more detailed question of the suicide rate of bankers who handle in excess of a billion dollars.
My banker is doing fine, but the whole bank she works for is only worth about $100 million.
valerief
(53,235 posts)sofa king
(10,857 posts)It's winter time, when the suicide rate spikes and the world suicide rate among all bankers is certainly more than three a weekend. So there are no conclusions to be drawn from those three events without additional information being brought to the table.
There is a very important next component which must be added to these stories in order to suggest something is actually afoot: they must all be interpersonally and organizationally related to one another. I'm sure there are journalists on that case, but until we get a status report on what, if any, connections there are between these dead bankers, I am disinclined to suspect something yet.
WovenGems
(776 posts)Do we have a "no murder" assassin at work?
gerogie2
(450 posts)Most likely it is because of depression many times associated with financial troubles. Twenty years ago there was a lawyer talk show host on KGO San Francisco radio that one day jumped to his death of the Golden Gate bridge. It later came out that he had been selling fake sports memorabilia and was about to be found out.
niyad
(113,302 posts)I wonder that it never occurred to these thieves and thugs that they are not completely invulnerable.
lonestarnot
(77,097 posts)flamingdem
(39,313 posts)And the rest of the mafioso banksters, maybe this time they really will have something to complain about!
santamargarita
(3,170 posts)When banksters start doing this, they get dead and we get fucked.
L0oniX
(31,493 posts)AnneD
(15,774 posts)I am surprised we don't see more of this.
SidDithers
(44,228 posts)Sid
Brigid
(17,621 posts)And you have a career on basic cable TV!
Tom Ripley
(4,945 posts)SidDithers
(44,228 posts)according to the CDC (2010 data)
http://www.cdc.gov/violenceprevention/pdf/suicide-datasheet-a.pdf
What are the chances that 3 "prominent" bankers would be among those 600-700 suicides in any 6 day period?
Sid
heaven05
(18,124 posts)and I bet it only hurts us 99%ers, badly. Just a hunch .
tclambert
(11,085 posts)Someone punishing bankers for being, you know, bankers.
Germany, London, and Tacoma seems like too big a geographic range, though.
Kelvin Mace
(17,469 posts)Besides, these guys are small potatoes, compared to say, Jamie Dimon.
Laelth
(32,017 posts)Anyone know? I haven't had a tetanus shot lately, so I am reticent to venture into their online lairs.
-Laelth
Holly_Hobby
(3,033 posts)Consulates and the Vatican in chaos as HSBC tells them to find another bank
By Joanne Hart, Financial Mail On Sunday
PUBLISHED: 16:42 EST, 3 August 2013 | UPDATED: 02:58 EST, 5 August 2013
Diplomats in London have been thrown into chaos after Britains biggest bank, HSBC, sacked them as customers and gave them 60 days to move their accounts.
Their situation has been made far worse because other banks have been closing ranks and refusing to take their business.
More than 40 embassies, consulates and High Commissions have been affected. Even the Vatican has been given its marching orders.
The Popes representative office in Britain, the Apostolic Nunciature, has banked with HSBC for many years but was told to find another bank. One diplomatic source said he believed HSBC feared being exposed to embassies after it was fined $2billion (£1.32billion) by US authorities last year.
http://www.thisismoney.co.uk/money/news/article-2384003/Consulates-Vatican-chaos-HSBC-tells-bank.html
5 days after the above...Pope Francis strengthens Vatican law against money laundering and terrorism financing:
Pope Francis intensified the fight against corruption in the Vatican on Thursday, strengthening the law to counter money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.
The short Motu Proprio, a decree of Franciss own initiative, strengthens the supervision of financial transactions in response to a recommendation of the Moneyval Committee, the European watchdog which carried out a review of the Vatican bank last year.
The decree is just the latest in a series of bold moves on the part of the pontiff to clean up the institutions murky financial image.
...
What has been hailed as a potential revolution by many religious watchers began with the appointment mid-June of one of the popes trusted allies to oversee management of the Institute for Religious Works (IOR) as the bank is known.
...
http://www.rawstory.com/rs/2013/08/08/pope-francis-strengthens-vatican-law-against-money-laundering-terrorism-financing/
Kelvin Mace
(17,469 posts)which suddenly got very nervous about government accounts would be in need of very close criminal investigation.
dixiegrrrrl
(60,010 posts)This is very interesting. Very very very.
It SOUNDS as if HSBC is saying they will not handle the vatican bank business if the vatican won't let them do dirty deeds.
Holly_Hobby
(3,033 posts)Holly_Hobby
(3,033 posts)removed protection for the criminals in the church:
http://www.vatican.va/holy_father/francesco/motu_proprio/documents/papa-francesco-motu-proprio_20130711_organi-giudiziari_en.html
I can't help but think this is all related somehow.
Jesus Malverde
(10,274 posts)The suicide at JPM offices was dramatic, I'm not sure the IT guy was "prominent".
Browksmit was retired.
Dueker is interesting as it's happening as the fed chairman and policy changes. The article says he was having work trouble...
Considering how many people work in banking or have worked in banking...I'm not sure it's statistically significant.
Kelvin Mace
(17,469 posts)Could just be a cluster.
dorkzilla
(5,141 posts)The first person I heard tell about this trio was an Alex Jones devotee, and I'm not going to think anything other than it was a coincidence until there is some other evidence that suggests otherwise.
If three barbers committed suicide in a week, I'm not likely to think that they knew something, some dark and terrible secret, maybe about hair that was going to make humans go bald suddenly? I mean we're a lot less hairy than our ancestors...it's all gotta fall out sometime.
Marr
(20,317 posts)DeSwiss
(27,137 posts)K&R
JNelson6563
(28,151 posts)lark
(23,099 posts)Maybe their deaths were "arranged" to keep us from knowing the truth? That seems more likely to me, though this is just a guessing game at this point.
Squinch
(50,949 posts)ruined all their customers and they can't face the fallout. That's what seemed to cause the suicides in 2008.
polichick
(37,152 posts)Ichingcarpenter
(36,988 posts)Last edited Mon Feb 3, 2014, 03:52 PM - Edit history (1)
Duekers apparent suicide was the fourth among financial experts in a week.
A 58-year-old former senior executive at Deutsche Bank AG, William Broeksmit, was found dead on January 26 in his home after an apparent suicide in South Kensington in central London.
The next day, January 27, Tata Motors managing director Karl Slym, 51, was found dead on the fourth floor of the Shangri-La hotel in Bangkok. Police said he could have committed suicide. Mr. Slym was staying on a 22th floor with his wife, and was attending a board meeting in the Thai capital.
Another tragic incident occurred on January 28, when a 39-year-old Gabriel Magee, a JP Morgan employee, died after falling from the roof of its European headquarters in London
http://rt.com/business/russell-investments-chief-economist-dead-564/
Jesus Malverde
(10,274 posts)questionseverything
(9,654 posts)seems like lots of coincidences
dixiegrrrrl
(60,010 posts)The case of David Bird, the oil markets reporter who had worked at the Wall Street Journal for 20 years and vanished without a trace on the afternoon of January 11, has this in common with the other three tragedies: his work involves a commodities market oil which is under investigation by the U.S. Senates Permanent Subcommittee on Investigations for possible manipulation. The FBI is involved in the Bird investigation.
Bird left his Long Hill, New Jersey home on that Saturday, telling his wife he was going for a walk. An intentional disappearance is incompatible with the fact that he left the house wearing a bright red jacket and without his life-sustaining medicine he was required to take daily as a result of a liver transplant. Despite a continuous search since his disappearance by hundreds of volunteers, local law enforcement and the FBI, Bird has not been located.
http://wallstreetonparade.com/2014/02/a-rash-of-deaths-and-a-missing-reporter-%E2%80%93-with-ties-to-wall-street-investigations/
notadmblnd
(23,720 posts)nt
siligut
(12,272 posts)I don't subscribe to the WSJ, but the blurb tells us quite a bit. Maybe murder, maybe suicide, big money, as we know, has many tentacles.
mirrera
(1,764 posts)Curmudgeoness
(18,219 posts)That subject line is deceptive---they were not just "found dead", they committed suicide.
radhika
(1,008 posts)Not the same as suicide, obviously. Or single-pilot plane crashes. Still....
This microbiology link was a recurring meme post-9/11, and grew especially strong after the anthrax strain was traced to Ames Iowa lab. There are many similar articles still floating about on the web, but here's two (one from DU).
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x594709
http://whatreallyhappened.com/WRHARTICLES/deadbiologists.html
WillYourVoteBCounted
(14,622 posts)Hey Kelvin!
Long time no see.
Seriously, we already know that the banks are robbing us, and that the US DOJ is letting them,
what more is there?
Is it because the house of cards will soon collapse?
stillcool
(32,626 posts)Or a really big uh-oh. Reminds me of Enron. Seems like such small potatoes now. Crazy.
Phlem
(6,323 posts)-p
Response to Kelvin Mace (Original post)
bluestate10 This message was self-deleted by its author.
ReRe
(10,597 posts)Monday, 1-3-14, stock exchange down 326 points. Haven't listened to Thom Hartmann yet. Did he say anything today? Any more stories of bankers jumping ship?
Petrushka
(3,709 posts)Kelvin Mace
(17,469 posts)Didn't hear about the missing reporter.
Petrushka
(3,709 posts)Response to Kelvin Mace (Original post)
Name removed Message auto-removed
Godhumor
(6,437 posts)Statistics say sometimes shit clusters. Considering you're also comparing suicides across geographic zones (Different continents, in this case) it is easy to find correlation without any causation. I guarantee you that given a week of death data worldwide I could come up with a murder conspiracy in any industry.
A huge part of lens bias is that you can find what your actively seeking in a dataset. We link to think celebrity deaths happen in threes (they don't) and when one passes people begin looking for other deaths to match the theory.
The long and short is that this is nothing special. Hell, it is not even a coincidence. It is just the ebb and flow of human life.
Aerows
(39,961 posts)But this is pretty awful if true .
mstinamotorcity2
(1,451 posts)Yep it deserves a bookmark for info.
wildbilln864
(13,382 posts)Quantess
(27,630 posts)nikto
(3,284 posts)Title Company CEO under investigation kills himself with "7 or 8 shots from a nail gun"
Uh huh, sure.
nikto
(3,284 posts)Mysterious Deaths:
CIA Director William Colby
Sean Hoare ~ Murdoch Whisleblower
Deborah Jeane Palfrey ~ D.C. Madam
Mike Connell ~ Ohio Election Fraud
Paul Wellstone ~ Election, 9/11
Gary Webb ~ investigative journalist
Danny Casolaro ~ investigative journalist
Gary Caradori ~ investigating the Franklin Cover Up
Jim Hatfield ~ Bush author
Pat Tillman ~ Patriot
Dr. Bruce Ivins ~ Anthrax
Lori Klausutis ~ aide to Joe Scarborough
Beverly Eckert ~ 9/11 widow plane crash
Dr. David Kelly ~ British Weapons Inspector
Barry Jennings ~ WTC 7 Whistleblower
John O'Neill ~ worked in WTC first day
Dr. David Graham ~ 9/11 Whistleblower
JFK Jr. ~ Journalist, Potential Candidate
Mel Carnahan ~ Democratic Governor of Missouri
Col. James E. Sabow ~ Whistleblower and Marine
Col. Ted Westhusing ~ Returning home from Iraq
Nancy Schaefer ~ Georgia State Senator
Raymond Lemme ~ Election Integrity
Officer Terrance Yeakey ~ Oklahoma City Bombing
Vicki Morgan ~ Reagan era call girl
Dag Hammarskjöld ~ UN Secretary-General
Michael Hastings ~ Rolling Stone, Buzzfeed Journalist NSA
Barnaby Jack ~ Famous Hacker
Congressman George Hansen ~ tortured to death
Congressman Larry McDonald ~ died in plane
Kelvin Mace
(17,469 posts)Not as easy to kill yourself with a nail gun as you would believe, and it is a more common injury than you might believe.
What I question is the choice of it as a means of suicide. Guns are MUCH more efficient for killing yourself. Nail guns just are not as reliable, though most people don't know that.