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Banker Suicides Continue

By on January 25, 2015 in Mystery, News 0
ABN AMRO4.jpg

ABN AMRO headquarters in Amsterdam.

Last year we ran stories about the unusually high number of suicides among bankers. The trend is continuing in 2015, reports ZeroHedge, with the death of a “cheerful” Dutch playboy financier making it four suicides at one bank alone, ABN Amro:

Following the deaths of 36 bankers last year, 2015 has got off to an inauspicious start with the reported suicide of Chris Van Eeghen – the 4th ABN Amro banker suicide in the last few years. As Quotenet reports, the death of Van Eghen  – the head of ABN’s corporate finance and capital markets -“startled” friends and colleagues as the 42-year-old “had a great reputation” at work, came from an “illustrious family,” and enjoyed national fame briefly as the boyfriend of a famous actress/model. As one colleague noted,

“he was always cheerful, good mood, and apparently he had everything your heart desired. He never sat in the pit, never was down, so I was extremely surprised.

… Read the rest
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Our Economy Wants You to Be In Debt—5 Things You Can Do to Take Charge

By on May 27, 2014 in News 7
PIC: Brendel (CC)

PIC: Brendel (CC)

Liz Pleasant writes at Yes! Magazine:

Last month PM Press published the Debt Resisters’ Operations Manual —also known as “the DROM.” But don’t let that menacing-sounding acronym fool you: this is a book written in plain English and filled with tips and tactics for dealing with debt.

The book has been available online since September 2012, but this publishing marks the first time the manual has been printed, bound, and sold. Don’t worry, you can still find a free copy online. But, hopefully, getting this book into stores will help its message reach more people—however ironic it might seem to buy one with a credit card.

“Everyone is a debtor so there’s no limit to the audience” said Andrew Ross, a member of the Occupy Wall Street offshoot called Strike Debt, in an interview with Guernica Magazine. Although Ross has gone public, most of the authors of the Debt Resister’s Operations Manual have chosen to remain anonymous.

… Read the rest
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Shadow Banking Industry Now Worth $76 Trillion

By on November 19, 2012 in News 1

Will unregulated, debt-based financial products destroy the world? Bloomberg reports that the funneling of capital into instruments of so-called “shadow banking” continues to balloon to unimaginably large proportions:

The shadow banking industry has grown to about $67 trillion, leading global regulators to seek more oversight of financial transactions that fall outside traditional oversight. The Financial Stability Board, a global financial policy group comprised of regulators and central bankers, found that shadow banking grew by $41 trillion between 2002 and 2011.

The size of the shadow banking system, which includes the activities of money market funds, monoline insurers and off-balance sheet investment vehicles, “can create systemic risks” and “amplify market reactions when market liquidity is scarce,” the FSB said.

Supervisors consider shadow banking activities to be those that allow banks to carry out business off balance sheets, as well as those which allow investors to bypass lenders and the functions they traditionally fulfill on the markets.

… Read the rest
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Can Debt Spark A Revolution?

By on October 30, 2012 in News 10

Via the Nation, David Graeber on rebellion against indebtedness:

The rise of [Occupy Wall Street] allowed us to start seeing the system for what it is: an enormous engine of debt extraction. Debt is how the rich extract wealth from the rest of us, at home and abroad. Internally, it has become a matter of manipulating the country’s legal structure to ensure that more and more people fall deeper and deeper into debt.

Financialization, securitization and militarization are all different aspects of the same process. And the endless multiplication, in cities across America, of gleaming bank offices—
spotless stores selling nothing while armed security guards stand by—is just the most immediate and visceral symbol for what we, as a nation, have become.

As I write, roughly three out of four Americans are in some form of debt, and a whopping one in seven is being pursued by debt collectors. There’s no way to know just what percentage of the average household’s income is now directly expropriated by the financial services industry in the form of interest payments, fees and penalties…[data] suggests it is somewhere between 15 and 20 percent.

… Read the rest
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Bankers Gone Wild

By on July 23, 2012 in News 2

Adam Smith (CC)

The erudite James Surowiecki brings his journalistic skills to the problem of a banking system that has subsumed the its own watchdogs, in The New Yorker:

In order to work well, markets need a basic level of trust. As Alan Greenspan said, in 1999, “In virtually all transactions we rely on the word of those with whom we do business.” So what happens to a market in which the most fundamental assumptions turn out to be lies? That is the question in a scandal that has roiled the banking industry all summer. The LIBOR (London Inter-bank Offered Rate) index is the most important set of numbers in the global financial system. Used as a benchmark for interest rates around the world, it’s assembled by asking a panel of big banks to estimate what it would cost them to borrow money today, if they had to. Hundreds of trillions of dollars in derivatives, corporate loans, and mortgages are pegged to these rates.

… Read the rest
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Is One Out Of Ten Wall Street Workers A Psychopath?

By on March 2, 2012 in News 30

MCDAMPS EC020With clinical psychopaths dramatically overrepresented in finance, one can only assume that mentally healthy workers must learn to imitate psychopathic behavior to remain employed. Via the Huffington Post:

One out of every 10 Wall Street employees is likely a clinical psychopath, writes the trade publication CFA Magazine. In the general population the rate is closer to one out of every 100.

Journalist Sherree DeCovny pulls together research from several psychologists for her story, which helpfully suggests that financial firms carefully screen out extreme psychopaths in hiring.

A clinical psychopath is bright and charming, writes DeCovny. He lies easily, and may have trouble feeling empathy for other people. He’s more willing to take dangerous risks…the outcomes matter less than the gambles themselves — and the chemical rush of serotonin and endorphins that accompanies them.

This is hardly the first time that mental illness has been equated with a certain capacity for professional success — especially in the financial sector, where some stock traders have actually scored higher than diagnosed psychopaths on tests that measure competitiveness and attraction to risk.

… Read the rest
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The Sexual World Of Bankers

By on May 24, 2011 in News 6

Untitled-4Strauss-Kahn And The Secret Culture Of Aggressive Sexuality In The High Pressure World Of Bankers And Banksters.

My colleague Mike Whitney asks:

“So, what are the chances that Strauss-Kahn will get a fair trial now that he’s been blasted as a serial sex offender in about 3,000 articles and in all the televised news reports?

Do you remember any Wall Street bankers being dragged off in handcuffs when they blew up the financial system and bilked people out of trillions of dollars?”

The answer to both questions is certainly Non, in French or No in English, but there’s more to the connection between Sex and Wall Street. Without commenting on the evidence in this case—which has been asserted, not proven– there is a deeper context that is being ignored.

I call it the “Testosterone Factor” in The Crime of Our Time, my book about how Wall Street criminally engineered the financial crisis.… Read the rest

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