Tag Archives: European

European, US Banks To Face $70Bn Bill For ‘Misbehavior’ – Morgan Stanley – 14 January 2015

RT logoMorgan Stanley researchers have found that together European and US banks will have to find $70 billion by the end of 2016, most of it for litigation related to mis-selling of US mortgages and foreign exchange trading.

Among European lenders, British banks Barclays and the Royal Bank of Scotland (RBS) are expected to be among the hardest hit, explains Reuters referring to the Morgan Stanley report.

European banks have already coughed up $104 billion over the past five years, much of it in compensation and fines for bad practice, including the mis-selling of insurance in the UK, and the mis-selling of mortgages and the manipulation of benchmark interest rates in the US.

READ MORE: Goldman Sachs, HSBC, BASF sued in first US metals price manipulation case

US banks have already paid out far more than those in Europe. Five American banks have forked out $128 billion and will have to find another $18 billion.

Read the full story at: www.rt.com / link to original article

Common Dreams Staff – European, US Austerity Drive Is Suicidal: Nobel Economist Stiglitz – 27 April 2012

The Occupy movement has been very successful in bringing those ideas to the forefront of political discussion.’

Europe is headed down the same path that most Republicans — and many Democrats — are suggesting for the US: reductions in the public sector, cuts in benefits, slashing investments in infrastructure and education. Continue reading

European banks brace for Greek default | euronews, world news

 

 

 

European banks brace for Greek default | euronews, world news. via Euronews.net

EUROPEAN BANKS BECOME FRIGHTENED TO LEND

The self-fulfilling prophecy is on its way. The European Banks don’t trust each other and are therefore heading to a new Banking Crisis, which will lead to a worldwide deepening crisis. The Banks are afraid:  the effects of the debts are becoming clear. Banks don’t know  which banks are holding the debt of the American Mortgages. Also the  bonds of the weak European countries are not helpful. The banks are questioning each other if they get back what they lend other banks. I for instance applaud this system failure. A new system is needed. The old one is already obsolete a long time. Events follow each other quickly in the last couple of months. The last convulsions of the system are seen now.

I see also the downwards spiral of other figures in a lot of countries, jobs down, production down, spending consumers down, housing markets down, and so on. It seems to me that that also indicates the total system failure. Spending nor cut downs and savings will help. They don’t wanna accept the end of the ruling of private banking and excessive greed and ultimate capitalism.

Love and Light,

Lucas