By Don Quijones: Christine Lagarde, former economy minister of France, now Managing Director of the IMF, by pledging her undivided allegiance to the dark interests of those she serves, has inflicted untold devastation on families and communities across the globe even as she’s tangled up in a sordid corruption affair in France.
Entries in Corruption (47)
The US offered the Ukraine $1 billion in aid, the EU €11 billion. The IMF is working on its aid package. All to shift losses from lenders, bondholders, hedge funds... to taxpayers. But it won’t rescue the economy. Because it's a cesspool of corruption and plundering oligarchs.
By Don Quijones: When a consortium, led by the Spanish company Sacyr, bid to expand the Panama Canal for $2 billion under budget, it was an offer Panama couldn’t refuse. What the government didn’t know at the time was how Spanish construction firms operate.
By Hilary Barnes, Euro Politico Twitting: Someone in the French government deleted 3,300 French names from a purloined list of accounts at HSBC Switzerland. Their revelation would have left the despised French "political class" red-faced and in deep trouble.
Executive Report with Southern Pulse: A pipeline explosion in Tezoyuca, Mexico, injured seven and forced the evacuation of 800 families. It was caused by a tap to steal liquefied petroleum gas. Mayor Arturo Ahumada Cruz affirmed that the pipeline is perpetually tapped.
By Don Quijones: On the surface and on the pitch, Spanish football has never been better. The national team of once-perpetual underachievers has won two European Championships and one World Cup in the last six years, a feat unmatched by any other European nation.
Apparently, it has been impossible to sell Greece any weapons at all, not even a water pistol, without bribing officials at the Defense Ministry. But it takes two to tango. And in holier-than-thou Germany, the defense industry has been all too eager to dance with Greece.
Executive Report with Southern Pulse. Turkish Prime Minister Erdogan, his party (the AKP), and the business elite attached to them have become targets of a focused corruption scandal that he may not survive. It should shake investor confidence to its core.
By Don Quijones: In most places these days, it’s probably easier to pass a camel through the eye of a needle than it is to pass a corrupt CEO of a failed bank through a wide-open prison gate. But a judge in Spain tried – and it's costing him dearly.
By Don Quijones: Two years ago, Mariano Rajoy rode a wave of public anger to victory in Spain’s general election. The man who could never win anything was suddenly gifted the closest any politician can hope to get to absolute power in an ostensibly democratic society.
Gagging Doubt: French Crackdown On French And American Bloggers Who Question Megabank Balance Sheets
France’s Financial Markets Authority slapped fines on two bloggers, Frenchman Jean-Pierre Chevallier and American Mike “Mish” Shedlock, “for having spread inexact information about the level of indebtedness” of megabank Société Générale. Instead of going after banks, bank regulators are going after bloggers! It's more convenient.
By Chriss Street: Away from the cameras and the media scrum, the first political casualty of the President’s disastrous launch of Obamacare is a bipartisan Congressional revolt against crony capitalists’ effort to pass the clandestine Trans-Pacific Partnership (TPP) treaty.
Now “trade agreements” are negotiated behind sealed doors, without public oversight, beyond the reach of Congress. The text of the Trans-Pacific Partnership is secret, but some sections were leaked. It deals with trade only on the margins. Corporate interests dominate. It mocks democracy, establishes kangaroo courts, and taxpayers are on the hook.
Dan Dicker, Oil & Energy Insider: Manipulations and fraud in the capital and commodity markets: Now four traders from my old home, the NYMEX, are suing BP, Shell, Statoil, and Vitol Group for collusion and manipulating Brent oil trades to fix reported prices.
By Don Quijones: Whatever you might read in the news these days, it’s not all doom and gloom in Spain. For a certain segment of the population, albeit quite a small one, life has never been better. They include Rodrigo Rato, the man who many blame for the biggest bankruptcy in Spanish history.
By Don Quijones: The Spanish premier Mariano Rajoy, steeped in a huge corruption scandal, took his unique brand of leadership onto the international stage, including the UN – with the most interesting results. While he was at it, he gave an interview on Bloomberg that quickly spiraled into such a disaster that he begged Bloomberg not to publish it. Oh my
By Don Quijones: If Spain and Catalonia were playing real, rather than figurative, Russian Roulette, the revolver would be loaded with two or three bullets. Now an extra one was slipped into a chamber: prize-winning economist Juan Valerde announced that Madrid may have to “bomb Barcelona” in order to put a halt to the region’s rising separatist aspirations.
By Don Quijones: Spain’s government plumbed new depths of political chicanery and incompetence this week when it openly admitted that it had tampered with evidence in the Bárcenas affair, a corruption case implicating many of its senior ministers.
Chicago CEO Club, With Rahm and Pritzkers on Board, Pushed for Chicago Bond Downgrade, Whacking Local Investors and Pension-Holders
By Yves Smith: Even more so than most cities, Chicago has had the best government money can buy. In this case, the money is willing to engage in a scorched-earth policy of crushing local investors and wrecking the city budget to achieve its end of taming unions and making Chicago even easier pickings for looting via infrastructure sales.
By Chriss Street: The FBI confirmed that a Task Force from the FBI, the IRS, the District Attorney’s Office, and the US Attorney’s Office is investigating political campaign corruption in Orange County, California. A Democrat Attorney General targeting Republican politicians in America’s most Republican county? Um, the District Attorney on the Task Force is a Republican. No, this is real.