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Geeks for Greeks - solving the Greek Debt Crisis

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Yanis Varoufakis, has resigned. In one of his last pronouncements as Greek Finance Minister, Varoufakis said the idea that Greece could print Drachmas was a fallacy. He is reported as having said "we destroyed all the presses."

While he might be right in one respect, that of printing actual Drachma notes, he's fundamentally wrong in another. There is an option that would fix much of the crisis - although it's one that would cause the EU to have a major fit.

BIScom Subsection:

Cryptocurrencies

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Banking: UK Home Loans guarantee scheme - an accident waiting to happen

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Pay attention: when I told you in 2006 that all the signs were present for a US housing crisis that would engulf the world in a financial crisis, you didn't listen. When I told you in 2007 that the crisis was happening and organised a conference to discuss strategies to prepare for and manage it, you didn't listen and you didn't come to the conference. If you were invited as a speaker, you denied there was a problem and declined to speak.

So, listen now: ...

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Insurance: Crash the car then take out insurance and make a claim? That'll be Californians dreaming, then.

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After the fact insurance is nothing new - but it's supposed to be taken out with the consent of the insurance company. California is suffering from a glut of frauds where motor crashes take place, insurance is then taken out and a claim made under the policy. That's not right, say the authorities.

BIScom Subsection:

Retail Insurance

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Insurance: California District Attorneys settle with title insurance company

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Fidelity National Financial Inc, is a Florida-based title insurance company. District attorneys in California alleged that the company used a software system that "facilitated illegal secret payments to brokers for business referrals to title insurers and other providers."

BIScom Subsection:

Retail Insurance

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Enforcement: SEC settles with principal of Tiger funds

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Sung Kook (Bill) HWANG has entered into an agreement - without admitting or denying the allegations - with the USA's Securities and Exchange Commission over the activities of two private funds: Tiger Asia Fund, L.P., and Tiger Asia Overseas Fund, Ltd.

BIScom Subsection:

Enforcement

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Banking: No more foreign bank branches in Indonesia, if new Bill is passed

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The Jakarta Post reports that it has seen a copy of a draft banking Bill which has been "specifically developed to target foreign banks operating here," it says.

BIScom Subsection:

Retail banking

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Enforcement: SEC issues procedings against 70 year old woman alleging prime bank investment fraud

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The USA's Securities and Investment Commission has commenced administrative (i.e. civil) proceedings against Linda Dianne Alexander, a 70 year old living in California, alleging that she has conducted a prime bank investment fraud since 2004 - and in doing so was offering securities despite being unregistered or associated with a registered broker-dealer.

BIScom Subsection:

Risk Management

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Securities: Co-operation between USA, Singapore and Malaysian regulators results in USA penalty for Malaysian adviser

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The Securities and Exchange Commission today sued AMMB Consultant Sendirian Berhad (AMC), a Malaysian investment adviser, alleging that for more than a decade, AMC charged a U.S. registered fund for advisory services that it did not request and that AMC did not provide. The total cost to the company in the USA? USD3,125,000.

BIScom Subsection:

Investment and institutional securities

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Commodities: US Regulator CFTC imposes USD200 million penalty on Barclays. But that's just the start...

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The US Commodity Futures Trading Commission has imposed an agreed penalty of USD200 million on Barclays PLC, Barclays Bank PLC and Barclays Capital, Inc for attempting to manipulate LIBOR and Euribor rates and making false reports to obscure its financial position during the global financial crisis. But there have also been settlements with the US Department of Justice and the UK's Financial Services Authority. The total of fines and penalties is substantial. And other banks may be in the firing line, too.

BIScom Subsection:

Regulation

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Securities: USA - SEC stops USD100 million Ponzi scheme

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The Securities and Exchange Commission obtained, on 25 June 2012, a temporary restraining order and asset freeze against Wayne L. Palmer and his firm, National Note of Utah, LC alleging that he operated a real estate-based Ponzi scheme that bilked USD100 million from investors nationwide. Yet banks continued dealing with him.

BIScom Subsection:

Risk Management

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