In the United States promised to end the era of corporate scandals and to proclaim the beginning of a new era of ethical behavior, fair transactions, and work to serve the people. Sharks as the financial market and everyday reinforced the view that it is the international financial oligarchy, and not governments of sovereign countries, oversees all levels of government.
«Pointsman» Wall Street
Vchem essence of the reform? The major participants in financial markets threatened a little finger, and a few smaller players sacrificed. Public attention is attracted to soap opera, played the major bankers, which tells about the offenders and incurred penalties. A behind the scenes show the heads of central banks increase the control over the financial market. It may be that this is not a revolution, but certainly do not reform. Take, for example, praise the settlement agreement of the authorities to pay fines amounting to $ 1.4 billion, which was announced on 28 April 2003 The agreement concluded between the federal authorities, the authorities of individual states, market institutions and Intelligent ten largest firms on Wall Street.
It would seem that all is well. But this is not the exposure of such activities of financial firms - all of the analysts was clear that they were engaged in fraud forecasts for attracting investment. All these companies were involved in fomenting the financial bubble in the stock market. In another case - the supervisory authorities take no action to protect savers, although he knew that the bubble should burst. Their silence calmed suspicions arising from the public, contributing to luring new customers for the «lohotronschikov».
When the bubble finally burst, the authorities found two «pointsman» - Analyst Henry Blodzheta (Henry Blodget) from Merill Lynch and Company Grabmena Jack (Jack Grubman) from Salomon Smith Barney. They were fined a few million dollars, and are banned from professional activity in the stock market before the end of life. That is the reform!
The new reformers and the old mob
Reform is also much talk in the world of accounting. The development of new standards for dealing with past and present leaders of the U.S. Fed. But it seems that they are concerned not so much to increase the transparency of companies, but the persistence of current positions tolstosumov. For example, former Fed chairman Paul Volcker (Paul Volcker) is now the Chairman of the Board of Trustees of the International Accounting Standards Committee (International Accounting Standards Committee, IASC), which tries to develop a new global accounting standards. This Volcker during the scandal with the Enron took the lead firm Arthur Andersen, that the whole truth about the activities of the latter did not pay out. Another senior official of the Federal Reserve, permanent president of the Federal Reserve Bank of New York William Makdana (William McDonough), is going to have to take the chair the new Office for Supervision of public reporting companies (Public Company Accounting Oversight Board, PCAOB).
Makdana was the main actor in the support of the infamous Long-Term Capital Management (LTCM). And who appointed him to head the PCAOB? None other than William Donaldson (William Donaldson), SEC chairman in February 2003. Donaldson was co-founder of investment bank Donaldson, Lufkin & Jehrette (DLJ). DLJ is closely connected with some people, administering the assets of Enron, WorldCom and the like. In addition to large companies that public opinion associates on Wall Street, there is also a network of closely interconnected with each other private commercial banks, insurance companies, whose influence on the financial world is not so clearly evident in his eyes. These financial oligarchs is the highest level of organized crime in the world. They appoint to senior posts in the financial world right people for themselves, to hide the ends in water. They replace some other assets, as of now, they are profitable. And no reform will not make them honest people.
«Pointsman» Wall Street
Vchem essence of the reform? The major participants in financial markets threatened a little finger, and a few smaller players sacrificed. Public attention is attracted to soap opera, played the major bankers, which tells about the offenders and incurred penalties. A behind the scenes show the heads of central banks increase the control over the financial market. It may be that this is not a revolution, but certainly do not reform. Take, for example, praise the settlement agreement of the authorities to pay fines amounting to $ 1.4 billion, which was announced on 28 April 2003 The agreement concluded between the federal authorities, the authorities of individual states, market institutions and Intelligent ten largest firms on Wall Street.
It would seem that all is well. But this is not the exposure of such activities of financial firms - all of the analysts was clear that they were engaged in fraud forecasts for attracting investment. All these companies were involved in fomenting the financial bubble in the stock market. In another case - the supervisory authorities take no action to protect savers, although he knew that the bubble should burst. Their silence calmed suspicions arising from the public, contributing to luring new customers for the «lohotronschikov».
When the bubble finally burst, the authorities found two «pointsman» - Analyst Henry Blodzheta (Henry Blodget) from Merill Lynch and Company Grabmena Jack (Jack Grubman) from Salomon Smith Barney. They were fined a few million dollars, and are banned from professional activity in the stock market before the end of life. That is the reform!
The new reformers and the old mob
Reform is also much talk in the world of accounting. The development of new standards for dealing with past and present leaders of the U.S. Fed. But it seems that they are concerned not so much to increase the transparency of companies, but the persistence of current positions tolstosumov. For example, former Fed chairman Paul Volcker (Paul Volcker) is now the Chairman of the Board of Trustees of the International Accounting Standards Committee (International Accounting Standards Committee, IASC), which tries to develop a new global accounting standards. This Volcker during the scandal with the Enron took the lead firm Arthur Andersen, that the whole truth about the activities of the latter did not pay out. Another senior official of the Federal Reserve, permanent president of the Federal Reserve Bank of New York William Makdana (William McDonough), is going to have to take the chair the new Office for Supervision of public reporting companies (Public Company Accounting Oversight Board, PCAOB).
Makdana was the main actor in the support of the infamous Long-Term Capital Management (LTCM). And who appointed him to head the PCAOB? None other than William Donaldson (William Donaldson), SEC chairman in February 2003. Donaldson was co-founder of investment bank Donaldson, Lufkin & Jehrette (DLJ). DLJ is closely connected with some people, administering the assets of Enron, WorldCom and the like. In addition to large companies that public opinion associates on Wall Street, there is also a network of closely interconnected with each other private commercial banks, insurance companies, whose influence on the financial world is not so clearly evident in his eyes. These financial oligarchs is the highest level of organized crime in the world. They appoint to senior posts in the financial world right people for themselves, to hide the ends in water. They replace some other assets, as of now, they are profitable. And no reform will not make them honest people.
John Hoefle (EIR)
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