Bankrupt Banking

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A better way to apply leverage on Turkey

Tyler Morning Telegraph 19 Aug 2018

The U.S ... none other than Erdogan himself ... He installed his son-in-law as finance minister and has used his sway over the central bank to prevent a desperately needed rise in interest rates. The predictable result has been a precipitous drop in the value of the Turkish lira against the dollar, which in turn threatens to bankrupt the many companies and banks that have taken foreign loans ... the United States ... consulates ... citizens hostage ... .......

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The overlooked opportunity in tackling public finance

Crunch 18 Aug 2018

If you’re a certain age, it’s likely that you’ve never given a second thought to buying a municipal bond or the process of bond buying, even if you’ve intuited, rightly, that’s it’s an intentionally opaque business ... First, there’s a strong case for buying bonds ... The reason ... TC ... ... The people who worked there were honest, they weren’t the people who bankrupted the global economy ... It’s built into [banks’] underwriting costs....

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OTHERS SAY: A better way to use leverage

NWA Online 17 Aug 2018

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How Turkey’s Crisis Might Fracture NATO

Alternet 15 Aug 2018

Literally bridging Europe and Asia, Turkey has long appeared to refute Rudyard Kipling’s idea that “East is East, and West is West, and never the twain shall meet.” An EU Customs Union member with strong banking ties to the EU, and a member of NATO, Ankara has also been quite happy to involve Russia and China in its economic development....

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Former Transmar executive sentenced to 3 years prison for fraud

CNBC 14 Aug 2018

NEW YORK, Aug 13- Former Transmar Commodity Group Ltd chief executive Peter G. Johnson was sentenced to three years in prison on Monday after he pleaded guilty to defrauding banks in order to win a $400 million credit line for the now bankrupt New Jersey- based cocoa trading company, prosecutors said. He had pleaded guilty to conspiracy to commit bank fraud and wire... ....

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Former Transmar executive sentenced to three years prison for fraud

Reuters 14 Aug 2018

Former Transmar Commodity Group Ltd chief executive Peter G. Johnson was sentenced to three years in prison on Monday after he pleaded guilty to defrauding banks in order to win a $400 million credit line for the now bankrupt New Jersey-based cocoa trading company, prosecutors said ... ....

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Turkey's Currency Dips Again

Voa News 13 Aug 2018

Turkey's central bank failed to halt the slide of the country's lira currency on Monday as Turkish President Recep Tayyip Erdogan accused the United States of purposely trying to damage his country's economy ... The Turkish central bank said it would take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need ... Do not rush to the banks to buy dollars," he said....

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Turkey Announces 'Action Plan' to Ease Market Concerns

Voa News 13 Aug 2018

The markets began to recover Monday, however, when Turkey's Central Bank said it was ready to take "all necessary measures" to help Turkish banks manage their liquidity. The bank's announcement followed the finance minister's disclosure that Turkey has prepared an "action plan" scheduled to roll out Monday that is intended to ease market concerns that led to the slump in the value of Turkish currency....

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Turkish Lira Plunges Again; Minister Says Plan to Be Implemented Monday to Ease Market Fears

Hamodia 13 Aug 2018

Albayrak also said a plan has been prepared for banks and the real economy sector, including small to mid-sized businesses, which are most affected by the foreign exchange fluctuations. “We will be taking the necessary steps with our banks and banking watchdog in a speedy manner,” he said ... Do not rush to the banks to buy dollars....

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Turkey says has action plan to ease market concerns; lira firms from record low

DNA India 13 Aug 2018

Albayrak also said a plan has been prepared for banks and the real economy sector, including small to mid-sized businesses which are most affected by the foreign exchange fluctuations. "We will be taking the necessary steps with our banks and banking watchdog in a speedy manner," he said ... In the Hurriyet interview, Albayrak said budget policies were important to support and strengthen the central bank's monetary policies....

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The pain of the Great Recession

The Herald Palladium 13 Aug 2018

However, the deal was pulled because two major banks that had given the retailer $25 million of working credit, were now hesitant to provide financing ... 15, 2008, when the Lehman Brothers investment bank went bankrupt ... Take that to the bank ... Larger banks began saying “go find another bank” and more paperwork was being introduced to ensure mistakes were not repeated....

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Turkey will fight slump in the lira, claims finance minister

The National 12 Aug 2018

Mr Albayrak also said a plan has been prepared for banks and the real economy sector, including small to mid-sized businesses, which are most affected by the foreign exchange fluctuations. “We will be taking the necessary steps with our banks and banking watchdog in a speedy manner,” he said ... In the Hurriyet interview, Mr Albayrak said budget policies were important to support and strengthen the central bank’s monetary policies....

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Turkey's Erdogan stands by opposition to high interest rates

Yahoo Daily News 12 Aug 2018

Erdogan, who has called himself the "enemy of interest rates", wants cheap credit from banks to fuel growth, but investors fear the economy is overheating and could be set for a hard landing. His comments on interest rates -- and his recent appointment of his son-in-law as finance minister -- have heightened perceptions that the central bank is not independent ... Do not rush to the banks to buy dollars....

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