and another.... http://en.wikipedia.org/wiki/Category:Finance_fraud
Problem is......most of this "stuff" is of such a "technical" sort that the ordinary person doesn't know to deal with it.... On Wednesday, April 10, 2013 11:02:35 AM UTC-4, nominal9 wrote: > > http://www.fraudaid.com/dictionary-of-financial-scam-terms/ > > Here's a website that caught my fancy.... looks like it could be useful as > a primer.... > > On Friday, April 5, 2013 5:53:31 PM UTC-4, archytas wrote: >> >> It's simpler than we might suppose Nom. There are a number of cash >> systems in which to lose money - the hawala systems - various names - >> 'ching' around Hongkong. I put cash in here and can collect (less >> commission) more or less anywhere. In the banks I might put the money >> in here, send it to Cayman and from there New York - the banks are >> bent on such transfers and someone in NY would recode the Cayman money >> before sending it to you. One technique is to starburst cash to >> hundreds of points. Somewhere the stuff has to go through a blocked >> point that can send the cops a 'none of your business' ticket due to >> jurisdiction failure. I might buy US property (your estate agents are >> not subject to money-laundering legislation) and hen borrow on that >> property. I might even set up a false legal claim against you, pay >> the fees and call off the case, recollecting the cash from the bent >> lawyers. You might buy a load of gizmos from me, but I buy with bent >> money, ship to you and then collect the cash you raise - all less >> commissions of course. Simple smuggling is still very common. >> People with Swiss bank accounts are now running scared. They take out >> the cash in Zurich and get it smuggled back to them as gold through >> the drug-running monetary system. I doubt you or I would trust >> druggies to carry $50 dollars of our money - which rather suggests >> these rich are in league with organised crime - otherwise no trust to >> do this stuff. >> >> I could crack any of these schemes as a cop - much as we used to use >> test purchase scams to catch drug-dealers - but most of them are legal >> or 'protected'. In a typical transfer pricing scam we send our >> profits abroad where all the money is "lost" in non-existent >> management costs - the cash stays offshore but we claim a tax loss >> here (UK or US). This is theft. Given the use of offshore like this >> is claimed to reduce costs I doubt any jury would not convict for >> theft - but no judge would let them hear the real story - the >> management would claim to operate in Delaware. >> McKinsey just estimated $32 trillion are held in this system. I >> suspect secret services know about all of it and have a vested >> interest in not exposing it via criminal trials. This may be about to >> change as they erase the tracks to their involvement. >> >> On shorting I also suspect the simple explanation it is done through >> insider knowledge rather than the claimed alpha intelligence. >> >> On Apr 4, 3:47 pm, nominal9 <nomin...@yahoo.com> wrote: >> > http://en.wikipedia.org/wiki/Short_%28finance%29 >> > I basically get the notion of "selling short"......but, there too, >> there is >> > a paper trail (identity of scam and scammers). Ultimately, it gets to a >> > question of an outside "third party" being asked to pay the >> > difference.....that's the scam....(you know that as well as [better] >> than >> > I).....If "some" folks care to gamble... they should do it with their >> own >> > money.... or shares....and pay their own difference... or be "punished" >> if >> > they renege....I mean, that's the "ideal" form of the deal, isn't >> it?.... >> > Banks or money reservoirs should be regulated to that effect....Where's >> the >> > "flaw" in the "ideal", I ask you? >> > >> > >> > >> > >> > >> > >> > >> > On Thursday, April 4, 2013 10:17:49 AM UTC-4, nominal9 wrote: >> > >> > > I like your scam scenario explanation.... it sounds "verisimilar" >> (one of >> > > those big words I like to show off with every now and then... heck, >> if I >> > > had to learn it, I might as well use it, right?). >> > >> > > You know that I am "specific naive" when it comes to financial terms >> and >> > > "instruments"... but can you explain to me why it is that the actual >> > > "thieves" and scammers get (identity) lost in the "shell game", >> doesn't >> > > each piece of debt paper or transaction (is supposed to) have a name >> on it? >> > >> > > On Wednesday, April 3, 2013 5:20:17 PM UTC-4, archytas wrote: >> > >> > >> That's about the half of it Nom. We might know more about how >> Cyprus >> > >> was looted by the end of next week and who is really paying. I >> > >> predict the hot money will turn out to have gone in the months >> before, >> > >> the take over of Cyprus banks in Greece (done in all haste >> preventing >> > >> due diligence before the crash and leaving bad Greek debt in Cyprus) >> > >> may prove to have been an unload of RHD by foreign banks. British >> > >> banks have unloaded half their exposure to Greece in the last three >> > >> years - raising questions about who bought the magic beans and at >> what >> > >> price (if they had to sell low - I guess hey must as you and I would >> > >> have been smart enough not to buy the RHD - then where are the >> write- >> > >> offs) and whether any investment packages they were in were sold >> > >> honestly. I'm inclined to think Cyprus is no accident and the >> > >> banksters may be able to manipulate such crashes. Whilst w wouldn't >> > >> buy the magic beans from each other (scared of giants as we are), I >> > >> suspect the deal runs more like this: >> > >> > >> Neil: Nom - I have an offer you can't refuse. >> > >> Nom. Screw you limey. >> > >> Neil. Peace brother, we'll both make a killing. Switch to the >> > >> scambler (no typo) phone. Buy as much eu periphery rocking horse >> shit >> > >> as you can find. You should get it at 10 cents on the dollar. I'll >> > >> give you 80 for it all. >> > >> Nom. Good deal for me, what's your cut? >> > >> Neil. We'll go 50:50 on the net after we pay off Pedro. >> > >> Nom. What's Pedro got to do with this? >> > >> Neil. He runs the Spanish bank buying the rocking horse shit. When >> > >> Spain goes down the toilet holding all the losses he'll throw in the >> > >> incompetence joker while we sort him with a new identity and a sack >> of >> > >> cash to soothe his conscience over the small matter of bankrupting >> his >> > >> fellow countrymen. >> > >> Nom. I love these crimes where no one gets hurt. How much will the >> EU >> > >> and depositor bail in be on this one? >> > >> Neil. $250 billion. We'll go short on Spain. Italy, Luxembourg and >> > >> the Netherlands to pick up on the death-throes of the EU >> > >> > >> The actual fraud network will be a bit more complex and our secret >> > >> services will be involved. Do you know where Dr. No's island is? >> > >> > >> On Mar 27, 5:28 pm, nominal9 <nomin...@yahoo.com> wrote: >> > >> >http://www.bbc.co.uk/news/business-21948429 >> > >> > >> > Major UK banks must raise a total of £25bn in extra capital by the >> end >> > >> of >> > >> > 2013 to guard against potential losses, the Bank of England (BoE) >> has >> > >> said. >> > >> > >> > In a statement< >> > >>http://www.bankofengland.co.uk/publications/Pages/news/2013/013.aspx>, >> >> > >> > the BoE's Financial Policy Committee (FPC) said only some banks >> need to >> > >> > raise the cash, but did not name them. >> > >> > >> > It said banks could face losses of about £50bn over the next three >> > >> years, >> > >> > relating to bad loans and fines. >> > >> > >> > The order is the first from the FPC, the new financial stability >> > >> regulator. >> > >> > >> > It said UK banks and building societies could lose billions of >> pounds >> > >> over >> > >> > the next three years relating to "high-risk" loans in the UK >> commercial >> > >> > property sector and vulnerable eurozone economies. >> > >> > >> > They may also lose money through fines, and require extra capital >> to >> > >> > support a "more prudent approach to risk". >> > >> > >> > Some banks already have enough capital to cover these costs, the >> FPC >> > >> said, >> > >> > but others are short. >> > >> > >> > Yet more money may need to be raised after the end of 2013, the >> FPC >> > >> warned, >> > >> > so that banks conform to incoming "Basel III" accords on banking >> > >> regulation. >> > >> > Shares mixed >> > >> > >> > No new government money will be required. Banks are likely to >> raise the >> > >> > funds by issuing more bonds or selling shares. >> > >> > >> > But BBC business editor Robert Peston says in the short term the >> need >> > >> to >> > >> > raise cash will be bad news for investors, including taxpayers who >> > >> still >> > >> > own big stakes in two banks - Royal Bank of Scotland and Lloyds. >> > >> > >> > If these banks are among those that need to raise more capital, it >> may >> > >> > delay plans to sell the stakes back to private investors. >> > >> > >> > In a statement RBS insisted it had "a strong capital position". >> > >> > >> > "We will continue to work with our regulators to ensure RBS >> remains at >> > >> the >> > >> > forefront of international capital standards," it said. >> > >> > >> > However, by midday RBS shares were down 3%. >> > >> > >> > Other bank shares reflected a mixed response to the FPC's >> announcement. >> > >> > Shares in Lloyds were up more than 1.6%, while HSBC and Barclays >> were >> > >> both >> > >> > down by about 0.5%. >> > >> > >> > The British Bankers' Association, the banking trade body, >> described the >> > >> > FPC's report as "the latest step in an ongoing discussion between >> the >> > >> UK's >> > >> > banks and their regulators" about the levels of capital they >> should be >> > >> > holding. >> > >> > >> > It said raising capital levels needed to be done in such a way as >> to >> > >> > support growth. >> > >> > Sustaining lending >> > >> > >> > The FPC said capital raising measures were also designed to ensure >> that >> > >> > banks were able to continue lending to businesses and each other, >> > >> should >> > >> > another banking crisis hit. >> > >> > >> > The extra capital was needed "to ensure sufficient capacity to >> absorb >> > >> > losses and sustain lending", the FPC said. >> > >> > >> > The FPC has overall responsibility for financial regulation in the >> UK >> > >> and >> > >> > is part of a new order of regulation designed to keep the banks >> under >> > >> > closer scrutiny. >> > >> > >> > It will oversee two new financial watchdogs: the Prudential >> Regulation >> > >> > Authority (PRA), which will take over responsibility for >> supervising >> > >> the >> > >> > safety and soundness of individual financial firms, and the >> Financial >> > >> > Conduct Authority (FCA), which will be tasked with protecting >> consumers >> > >> and >> > >> > making sure that workers in the financial services sector comply >> with >> > >> rules. >> > >> > >> > The new watchdogs will replace the Financial Services Authority >> (FSA), >> > >> > which is set to close next week. >> > >> > >> > On Tuesday, March 26, 2013 11:18:57 AM UTC-4, nominal9 wrote: >> > >> > >> > > Bail-Ins instead of Bail-Outs....there you go.... >> > >> > >> > > somebody's finally thinking.... contrary logic.... >> > >> > >> > > HAR HAR HAR HAR. >> > >> > >> > > I like it.... >> > >> > >> > > the U.S. should go back and "bail in" the Wall Street banks and >> > >> trading >> > >> > > firms..... >> > >> > >> > > >> http://www.reuters.com/article/2013/03/26/eurozone-banks-bailouts-idU... >> > >> > >> > > Cyprus rescue marks "game-changer" for Europe's banks >> > >> > >> > > - >> > >> > > - inShare >> > >> > > - Share this >> > >> > > - >> > >> > > - Email >> > >> > > - Print >> > >> > >> > > Related News >> > >> > >> > > - Global shares, euro checked by Cyprus bailout nerves< >> > >> >> http://www.reuters.com/article/2013/03/26/us-markets-global-idUSBRE88...> >> >> > >> > >> > > 9:17am EDT >> > >> > > - WRAPUP 10-Cyprus leader hails bailout, but banks stay >> closed< >> > >> >> http://www.reuters.com/article/2013/03/25/eurozone-cyprus-idUSL5N0CH0...> >> >> > >> > >> > > Mon, Mar 25 2013 >> > >> > > - Shares, euro retreat as Cyprus deal stirs unease< >> > >> >> http://www.reuters.com/article/2013/03/25/us-markets-global-idUSBRE88...> >> >> > >> > >> > > Mon, Mar 25 2013 >> > >> > > - Analysis: Cyprus rescue raises new questions about euro's >> > >> long-term >> > >> > > survival< >> > >> >> http://www.reuters.com/article/2013/03/25/us-eurozone-cyprus-contagio...> >> >> > >> > >> > > Mon, Mar 25 2013 >> > >> > > - Cyprus and EU agree draft proposal to rescue banks< >> > >> >> http://www.reuters.com/article/2013/03/24/us-cyprus-parliament-idUSBR...> >> >> > >> > >> > > Sun, Mar 24 2013 >> > >> > >> > > Analysis & Opinion >> > >> > >> > > - One-off or precedent?< >> > >>http://blogs.reuters.com/macroscope/2013/03/26/one-off-or-precedent/> >> >> > >> > > - The Dijsselbloem Principle< >> > >> >> http://blogs.reuters.com/felix-salmon/2013/03/25/the-dijsselbloem-pri...> >> >> > >> > >> > > Related Topics >> > >> > >> > > - Investing and Taxes Simplified »< >> > >>http://www.reuters.com/subjects/investing-simplified> >> > >> > > - Financials » <http://www.reuters.com/sectors/financials> >> > >> > >> > > By Steve Slater >> > >> > >> > > LONDON, March 26 | Tue Mar 26, 2013 10:13am EDT >> > >> > >> > > (Reuters) - If the bailout of Cyprus is a template for European >> > >> rescue >> > >> > > deals it marks a "game-changer" for banks that >> > >> > ... >> > >> > read more » >> > -- You received this message because you are subscribed to the Google Groups "Epistemology" group. 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