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New scandal involving JPMorgan Chase
22 February 2014, 00:03
http://voiceofrussia.com/news/2014_02_22/New-scandal-involving-JPMorgan-Chase-1923/
Photo: EPA
PMorgan Chase is embroiled in another scandal involving top mainland officials and jobs for well-connected individuals. China Insurance Regulatory Commission chairman Xiang Junbo had asked JPMorgan chief executive Jamie Dimon to do him a "favour" by hiring a young job applicant, a family friend of Xiang, who now worked at the bank. The Voice of Russia talked to Stanislav Korsakov, market strategist at IND Capital.
Speaking about the ongoing investigation and the JPMorgan-Chase case – are we talking about a high profile case? Is it really exceptional?
Yes, it is a high profile case because western financial institutions usually do their best to protect from prosecution the people who are bringing in lucrative contracts in markets especially if those people are connected with important political decision makers. Actually the situation is without precedent. For the first time relatives of high ranking Chinese official are involved in such a scandal and are being targeted although indirectly by the US investigators. It should be understood that this whole situation most likely has nothing to do with justice of fairness. In the beginning of merchant international banking banks have used such political connections to get deals done so most likely this whole investigation is the pure political instrument designed to give the US an edge in diplomatic negotiations with China. So more or less this is a blackmail tool.
The US regulators are not currently investigating JPMorgan's practices for signs of bribery, may that change?
Yes, this may change depending on the behavior of the targeted Chinese officials. If they appear in the US then the charges will be dropped. If they don't this whole scandal will likely escalate and then the investigation will switch to proving that JPMorgan bribed those officials. Right now it seems that this is a purely political decision.
Some experts are saying that this is an example of difficulties foreign firms face in doing business in China. The problem for the foreign firms is that local practices may be different from and at times in conflict with the legal and ethical rules under which they are required to operate. Do you agree with that?
Yes and no. It is more complicated than simply stating that there is a problem in China. It is not so black and white. The problem is that there is always a difference between the real rules of the market and the formal legal rules of this market. In each instance the difference between those two sets of rules may or may not amount to bribery. It is always a judgement call based on perception of events in the absence of any other measurement. This is true everywhere in the world, not only in China, it is true in the US, it is true in the UK, it is true in Europe. This is not an Asian issue, this is not a problem specific to an emerging market. For instance a foreign bank operating in the US will have to find and use political connections because otherwise it will not have any success. It is absolutely the same in China. The forms of paying for those political connections may be different in various countries but the essence is always the same. Money buys power. In China a foreign bank hires relatives of political decision makers, in the US a foreign bank pays lobbyists and donates money to political campaigns. The forms of bribery are different but the essence is the same.
What might be the consequence of this case on the banks' global practices?
I think there will be no consequences. Because finding the right people with political connections then paying those people to use their connections to get lucrative deals or preferential treatments has always been the third method of operations practiced by the global companies especially if we are talking about financial institutions like JPMorgan. The best known similar scandal was the scandal involving Marc Rich in the 1990es. Rich was a legendary commodities speculator who use his financial company and his political connections to trade oil with countries which were under international embargoes and sanctions. When he got caught the scandal was tremendous in scale. He was convicted but in the end Marc Rich got a pardon from president Bill Clinton on the last day of Clinton’s term in office. So nothing will change because nothing ever changes in this industry because of its political connections. It has been true for Marc Rich, it remains true for JPMorgan .
Voice of Russia
Exxon CEO Joins Lawsuit Against Fracking Project Because It Will Devalue His $5 Million Property
By Rebecca Leber
ThinkProgress | February 21, 2014 3:03 pm
http://ecowatch.com/2014/02/21/exxon-ceo-joins-lawsuit-concerned-fracking-devalues-property/
As ExxonMobil’s CEO, it’s Rex Tillerson’s job to promote the hydraulic fracturing enabling the recent oil and gas boom, and fight regulatory oversight. The oil company is the biggest natural gas producer in the U.S., relying on the controversial drilling technology to extract it.
Rex Tillerson is ExxonMobil’s CEO. Photo credit: Wikipedia Commons
The exception is when Tillerson’s $5 million property value might be harmed. Tillerson has joined a lawsuit that cites fracking’s consequences in order to block the construction of a 160-foot water tower next to his and his wife’s Texas home.
The Wall Street Journal reports the tower would supply water to a nearby fracking site, and the plaintiffs argue the project would cause too much noise and traffic from hauling the water from the tower to the drilling site. The water tower, owned by Cross Timbers Water Supply Corporation, “will sell water to oil and gas explorers for fracing [sic] shale formations leading to traffic with heavy trucks on FM 407, creating a noise nuisance and traffic hazards,” the suit says.
Though Tillerson’s name is on the lawsuit, a lawyer representing him said his concern is about the devaluation of his property, not fracking specifically.
When he is acting as Exxon CEO, not a homeowner, Tillerson has lashed out at fracking critics and proponents of regulation. “This type of dysfunctional regulation is holding back the American economic recovery, growth and global competitiveness,” he said in 2012. Natural gas production “is an old technology just being applied, integrated with some new technologies,” he said in another interview. “So the risks are very manageable.”
In shale regions, less wealthy residents have protested fracking development for impacts more consequential than noise, including water contamination and cancer risk. Exxon’s oil and gas operations and the resulting spills not only sinks property values, but the spills have leveled homes and destroyed regions.
Exxon, which pays Tillerson a total $40.3 million, is staying out of the legal tangle. A company spokesperson told the Wall Street Journal it “has no involvement in the legal matter.” $XOM
SEC's Aguilar sees cyber-threat risk to 'transfer agents'
By Sarah N. Lynch
WASHINGTON Fri Feb 21, 2014 3:28pm GMT
http://uk.reuters.com/article/2014/02/21/us-usa-sec-cyber-idUKBREA1K16T20140221
Securities and Exchange Commission (SEC) Commissioner Luis Aguilar answers a reporter's question during the Reuters Global Financial Regulation Summit in Washington April 29, 2009.
Credit: Reuters/Molly Riley
(Reuters) - The U.S. Securities and Exchange Commission should consider updating its rules to protect against technology failures or cyber attacks of "transfer agent" firms charged with maintaining millions of shareholder accounts, SEC Democratic Commissioner Luis Aguilar said Friday.
Transfer agents are critical gatekeepers in U.S. markets, though they do not often receive much public attention.
They are used by public companies and mutual funds to help track changes in stock ownership, and they also offer a line of defense to help protect against fraudulent acts such as selling unregistered shares in public markets.
"A technological failure or processing glitch by a transfer agent could have serious consequences, including the loss of shareholder information," said Aguilar, who made his pitch for additional reforms at the Practicing Law Institute's "SEC Speaks" annual conference.
"There is also the omnipresent threat of a cyber-attack which, in the case of transfer agents, could result in the misappropriation of confidential shareholder information."
There are roughly 460 transfer agents registered with the SEC, and as of the end of 2012, they maintained over 276 million shareholder accounts, according to SEC data.
Aguilar's comments about cybersecurity and technology failures come on the heels of several high-profile breaches at retailers including Target Corp and Neiman Marcus.
Those cyberattacks have helped reignite a long-running debate among lawmakers and regulators in Washington over how such threats should be disclosed, and who should bear the costs of consumer losses.
The SEC in 2011 issued informal staff-level guidance for public companies to use when considering whether to disclose cyber attacks and their impact on the company's finances.
But some critics are now questioning whether that is enough, or whether the SEC can do more to strengthen the guidance.
Earlier this month, the SEC announced it would hold a roundtable at Aguilar's request to discuss cybersecurity matters and how public companies and financial firms can prepare for and respond to threats.
Separately, the SEC is currently working to finalize another rule that targets exchanges and certain "dark pool" trading venues to strengthen them against technology failures.
That rule, known as "Reg SCI", followed high-profile technology snafus in recent years, including the botched initial public offering of Facebook by exchange operator Nasdaq OMX and the near-collapse of Knight Capital, now part of KCG Holdings, after it suffered a $461 million trading error.
Aguilar said he is concerned, however, that Reg SCI as proposed does not apply to transfer agents, even though they increasingly rely on automated systems.
"Gatekeeper" firms, such as transfer agents, auditors, attorneys and board members, have been the subject of additional scrutiny by the SEC's enforcement division in the last year.
Aguilar said the division has previously brought fraud cases against transfer agents, and the SEC has also seen instances where they were duped through phony attorney letters into allowing for unregistered shares to be sold to the public.
Falling prey to fraudsters in the wake of red flags, he said, "occurs with enough regularity" that he thinks the SEC should "clarify the steps that should be taken by transfer agents" to help prevent violations.
(Reporting by Sarah N. Lynch; Editing by Nick Zieminski)
G20, B20 (Business 20) to discuss steps to boost Infrastructure investment
http://goingglobaleastmeetswest.blogspot.com/2014/02/g20-b20-business-20-to-discuss-steps-to.html
February 21, 2014
G20, B20 to discuss steps to boost infrastructure investment
Policymakers and business leaders will come together for the first proposed joint G20 and B20 roundtable discussion to identify steps to lift infrastructure investment.
The round-table to be co-chaired by Australian Treasurer J B Hockey and B20 Australia CMD of Wesfarmers Richard Goyder, would provide a opportunity for business representatives to discuss with the G20 ministers how to boost private sector investment in infrastructure.
In a statement, infrastructure and investment task force of B20 - a grouping of business leaders of G20 nations - said private sector is a key driver of economic growth and would be needed to unlock the infrastructure opportunity.
B20 has estimated that at least USD 57 trillion will be needed to finance infrastructure projects worldwide through 2030 to meet the demands of global economic growth.
"Around the world, there is no shortage of funds available for investment, but significant infrastructure needs persist. The key challenge is getting policy settings and regulatory environments right so that they enable investment and create new opportunities," Goyder said.
The flow on benefits to an economy for every USD 1 billion invested is 8,000 jobs. This represents potential to generate between 500 million and 1 billion jobs over the next two decades, the B20 said.
"Where we can, we want to act with governments to remove barriers to growth and job creation and addressing the infrastructure gap is a critical response," Goyder said.
B20 Infrastructure and Investment Taskforce Coordinating Chair and CEO of Telstra David Thodey said the B20 will work to identify and address the factors that hinder private investment.
"Many of the issues that constrain private investment in infrastructure, as well as the potential solutions, are well documented. Through the B20 process, we will identify the barriers to investment and work with government to implement solutions," he said.
G20 nations comprise rich and developing countries, including India.
http://economictimes.indiatimes.com/news/economy/policy/g20-b20-to-discuss-steps-to-boost-infrastructure-investment/articleshow/30802987.cms?
Is Yellen The Most Worthless Central Banker?
Submitted by Tyler Durden on 02/21/2014 08:30 -0500
http://www.zerohedge.com/news/2014-02-21/yellen-most-worthless-central-banker
Most people in the world believe you get what you pay for. Furthermore, the dream of a meritocratic society remains alive and well in the corporate world. As the following chart shows, however, the US (and perhaps even the world) better hope that we don't get what we pay for...
As Bloomberg's Niraj Shah notes, Mario Draghi was paid $518,264 last year, according to the ECB’s annual accounts released yesterday. That is more than twice as much as the $201,700 Janet Yellen is set to receive and the $235,400 earned by Haruhiko Kuroda. Mark Carney is paid the most of the major central bankers – earning a total of $1.46 million.
Of course, such comaprisons are absolutely idiotic when one considers the cost of living in various countries, something "1st tier" economists are completely unable to grasp when they compare wages (and minimum salaries) across nations.
Bank Runs Begin In Ukraine As Russia's Largest Bank Halts Lending
Submitted by Tyler Durden on 02/21/2014 08:14 -0500
http://www.zerohedge.com/news/2014-02-21/bank-runs-begin-ukraine-russia-largst-bank-halts-lending
Six months ago a "glitch" halted all ATM withdrawals, and Credit and Debit card transactions for Russia's largest bank but today, the CEO of the huge bank has no such "glitch" to blame:
http://www.zerohedge.com/news/rbs-glitch-goes-airborne-biggest-russian-bank-halts-all-credit-debit-card-operations
*SBERBANK SEES RUN ON ITS BANK MACHINES IN UKRAINE, GREF SAYS
*UKRAINE SITUATION IS PRESSURING RUBLE: SBERBANK CEO GREF
*SBERBANK HALTS LENDING IN UKRAINE, GREF SAYS
We suspect that whether an agreement is in place or not, this will continue.
New Clues in Suicide of JP Morgan Banker Add to Mystery
By Paul Joseph Watson On February 21, 2014
http://www.infowars.com/new-clues-in-suicide-of-jp-morgan-banker-add-to-mystery/
Friends of the JP Morgan banker who leapt to his death from a high rise building in Hong Kong this week, becoming the 7th financial worker to die under strange circumstances in recent weeks, suggest that he planning to return to Canada, adding to the mystery of the suicide.
33-year-old Dennis Li Junjie plunged to his death on Tuesday after jumping from the roof of Chater House, which serves as JP Morgan’s Asia headquarters. Junjie worked for JP Morgan as a back up services associate.
His suicide was blamed on ”the stressful environment of investment banking,” although its timing, just three weeks after JP Morgan senior manager Gabriel Magee jumped 500ft from the top of the bank’s headquarters in central London, and amidst a number of other strange banker deaths, has prompted speculation that something more insidious may be afoot.
Just two days before his suicide, Junjie told a friend that he planned to return to Toronto, where he had worked as an analyst at the Royal Bank of Canada.
“RIP … What happened to all the promises and plans you made? What happened to your return to Toronto? I didn’t know you were that upset! I will miss you always,” remarked the friend.
Junjie had recently bought a HK$5.5 million apartment in Hong Kong and friends commented on how he always had a smile on his face.
The fact that Junjie did not seem to be depressed and had made specific future plans suggests that his suicide was quite spontaneous and may have been in response to information he was told or had uncovered in the 48 hours preceding his death.
While such an assertion is impossible to prove, it has been suggested as a factor that could connect the spate of recent banker deaths.
Could knowledge of an impending financial crash that outstrips anything previously experienced be the explanation behind the mystery?
Grady Means, economist and advisor to Vice President Nelson Rockefeller, predicted that the 4th of March 2014 would be the date on which the economic collapse accelerated, followed by, “A run on the bank (that) will start suddenly, build quickly and snowball.”
“The doomsday clock will ring then because the U.S. economy may fully crash around that date, which will, in turn, bring down all world economies and all hope of any recovery for the foreseeable future — certainly over the course of most of our lifetimes,” wrote Means in a 2012 Washington Times editorial.
With this date fast approaching, any more mysterious banker deaths will only add to the intrigue.
US, UK, Europe, Japan Default: ‘Inevitable’ (Video)
Thursday, February 20, 2014 6:28
By Susan Duclos
http://beforeitsnews.com/economy/2014/02/us-uk-europe-japan-default-inevitable-video-2597052.html
The discussion below is chilling for anyone paying attention to the economy in the US and abroad, where we are informed that “default is inevitable” and when the list is gone through the headlined areas are specifically mentioned. The US, UK, Eurpoe and Japan are all named individually. A representative from HSBC disagrees with the terminology and chimes in saying the term “default” is too strong a concept,
The most interesting question comes from the video details:
That’s right: at a time when America’s two largest foreign creditors, China and Japan, went on a buyers strike, the entity that came to the US rescue was Belgium, which as most know is simply another name for… Europe: the continent that has just a modest amount of its own excess debt to worry about. One wonders what favors were (and are) being exchanged behind the scenes in order to preserve the semblance that “all is well”?
Exactly, what has Barack Obama promised Europe in exchange for bailing us out and helping to create the illusion that the massive upcoming collapse isn’t just around the corner?
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