Archive for ‘Banking and Money’

Hedge funds helped wreck Puerto Rico

Hedge funds helped wreck Puerto Rico by Aengus mac Og.
It’s another symptom of the way things are within this corrupt and untethered political and economic system.
Puerto Rico as we know is not one of the wealthiest places in the world and is slowly but surely going bankrupt. I hear today that US hedge[…]

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HOW HEDGE “VULTURES” CAN SEIZE CONTROL OF THE CO-OP BANK

How the Hedge “Vulture” Funds can Seize Control of the Co-op Bank
by Sean Boyle
The recapitalisation plan gives the “vultures” 45% of equity and the option to buy another 25% of equity for £125 million. Exercising this free generous option would give the “vultures” 45% + 25% = 70% ownership of the Co-op Banking[…]

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BANK OF ENGLAND RESOLUTION TO STOP VULTURES ASSET STRIPPING

Bank of England Resolution to Stop Vultures Asset Stripping
by Sean Boyle of the Economics Working Group
Co-op Bank Policy Proposal
Previously both the Co-op Group board and Co-op Banking board are to be congratulated for their ethical and responsible action in ensuring that the Co-op’s leading brand insurance and asset management businesses were only[…]

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ECONOMICS WG MEETING. ‘SAVAGE MONEY’ BY ANDY CONIO.

Dear Friends
I have been asked to speak again to my paper on Debt ‘Savage Money’ this Friday.
I’m very happy to discuss the issues raised in more detail. Will you please read the paper and come with questions and answers so that we can answer the problems posed by the paper together. None of[…]

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CO-OPERATIVE BANK VULTURES: SOMALI PIRATES “RESCUE” OIL TANKER

Somali Pirates “Rescue” Oil Tanker
by Sean Boyle
Describing the Co-op Bank “recapitalisation” plan as a “rescue” is like saying Somali pirates have “rescued” an oil tanker from the Persian Gulf.
In many ways the UK’s Co-op Bank is neither fish nor fowl: not mutual yet owned by the mutually owned Co-op Group; the Co-op[…]

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CO-OP BANK: MUTUAL OR BUST

Since the appalling news of a Co-op Bank takeover by US hedge “vulture” funds (Aurelius Capital and Silver Point Capital) a growing body of Co-op members and bank customers are rallying to restore co-operative control and underpin the bank’s commitment to ethical investment.
Background
The future of the Co-op Bank has been in doubt since[…]

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Occupy Tour of Mayfair: Shadow banking and where the financial meltdown started

This Saturday join the Occupy Tour of Mayfair, where the hedge fund managers
You will know it as the most expensive spot on the Monopoly board. But did you know that this upmarket area of west London has the highest concentration of hedge funds and private equity firms in Europe?
This tour takes you into[…]

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Germany is destroying the Euro!!

It is depressingly ironic that this year is the 60th anniversary of the 1953 London Debts Agreement conference, and Alexis Tsipras, leader of the Greek Syriza Party, is suggesting a similar conference is needed again. In 1953 West German debt was written down by some 60%, and they were given 30 years to pay; today[…]

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London Occupy Economics Working Group (EWG) budget response – “a missed opportunity”

The current financial crises (Eurozone, US and UK public and private sector debt, banks’ insolvency) were precipitated by the sub-prime mortgage crisis of 2008 which was the culmination of a housing fuelled, economic boom in the US, UK and Europe (particularly Spain and Ireland). Rising house prices fuelled an explosion in consumer credit and private[…]

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