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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

What goes around, comes around: a tale of repayments

The much discussed fine that was looming for HSBC after the bank engaged in business from sanctioned Iran and Mexican drug cartels hit the record amount of $1.92bn. As part of the verdict, HSBC has to increase its internal operational controls and keep a clean slate for the next five years. On the record, it says the bank violated the Bank Secrecy Act, the Trading with the Enemy Act and other US money laundering laws. read article

Northern Rock Asset Management, which is the very bank that collapsed and got nationalized in 2008 and got renamed as the aforementioned following the restructuring, said it would repay £270m of outstanding interest payments to its former customers. Well, thanks, Northern Rock, but there’s still that outstanding bill of £19.6bn in government fundingread article

Other firms that received bailouts are doing even better: The US Treasury is about to sell its last chunk if AIG shares. Although the price for the offering wasn’t disclosed, it could amount to more than $7.6bn at a share price of $32.50. In September, the US Treasury reported profits amounting to more than $150m from the re-sale of AIG holdings. The bailout of the insurer continues to be criticized from Ben Bernanke as well as President Obama. read article

Bernanke and the rest of the Fed are kicking of their last round of policy meetings before year-end. Meetings will take place today and tomorrow. According to a Bloomberg survey, the Fed is expected to announce additional monthly asset purchases worth $45bn. $40bn alone, would be dedicated to the purchase of mortgage bonds. read article

The most exciting news out of Europe are that Mario Montiwho just announced to step down and lead Italy faster to the next general election that expected, may well run for his current position again. This time, however, he would be elected, not appointed. It seems like a lot of effort to make a point for the sake of principle, but I guess if an Italian politician wants to do things right, one should just let them go for it. read articleSo long.

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One Response

  1. princess1960 says:

    thank you
    to day i see is all deal
    not intristing ..

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