Rothschild Bank Now Under Criminal Investigation After Baron David De Rothschild Indictment3/6/2016 Rothschild Bank Now Under Criminal Investigation After Baron David De Rothschild Indictment March 6, 2016 By Matt Agorist activistpost.com Last year, Baron David de Rothschild was indicted by the French government after he was accused of fraud in a scheme that allegedly embezzled large sums of money from British pensioners. It has taken many years to bring this case against Rothschild and his company the Rothschild Financial Services Group, which trapped hundreds of pensioners in a bogus loan scheme between the years of 2005 and 2008. One by one the pensioners lost their money and pressed charges against the notorious banker, beginning a case that would take many years to get even an indictment. In June, Paris-based liaison judge Javier Gómez Bermudez ruled that Rothschild must face a trial for his crimes, and ordered local police to seek him out in his various mansions that are spread throughout the country. “It is a good step in the right direction. The courts are now in agreement with us that there is enough evidence to interrogate Baron Rothschild. The first thing they will have to do is find him. Once they have done that they can begin to question him. It is a real breakthrough moment for everyone involved,” lawyer Antonio Flores of Lawbird told the Olive Press after the ruling. In short, independently of what happened to the investment, Rothschild advertised a loan aimed at reducing inheritance tax, which is a breach of tax law,” he added. While news of a single Rothschild being indicted is certainly noteworthy, a particularly important announcement was made this Friday. The French government announced that it has launched an investigation into the entire Swiss branch of the Rothschild’s banking empire. According to Bloomberg, The Swiss unit of Edmond de Rothschild said it’s the subject of a French probe regarding a former business relationship managed by a former employee. “Edmond de Rothschild (Suisse) SA is actively participating in the criminal investigation under way,” the Geneva-based bank said in an e-mailed statement on Friday. “The bank denies all the allegations that have been made against it.” Edmond de Rothschild, a private banking and asset management firm established in Paris in 1953, oversees about 150 billion euros ($164 billion) and is led today by Baron Benjamin de Rothschild and his wife Ariane. The Swiss unit traces its roots to the acquisition of Banque Privee in Geneva in 1965. The company has no further comment at this time, according to the statement. Officials in Geneva weren’t immediately available to respond to a telephone call from Bloomberg News on Friday. The Rothschild empire has been instrumental in helping move the global elite’s wealth from traditional tax havens like the Bahamas, Switzerland and the British Virgin Islands to the U.S. Last month, the Free Thought Project reported on the above the law tax haven established inside the United States by the Rothschilds. After opening a trust company in Reno, Nev., Rothschild & Co. began ushering the massive fortunes of the world’s most wealthy individuals out of typical tax havens, and into the Rothschild run U.S. trusts, which are exempt from the international reporting requirements. The Rothschild banking dynasty is a family line that has been accused of pulling the political strings of many different governments through their control of various economic systems throughout the world. Historically, there is ample evidence to show that the family has used insider trading to bilk money from both private and public funds. During the Battle of Waterloo in the Napoleonic wars, Nathan Rothschild was responsible for one of the oldest cases of “insider trading,” which led to the Rothschild family robbing a whole nation blind. In 1815 when the battle of Waterloo took place, there were no quick methods of communication like we have today so messengers were used for communication in times of war. The Rothschild’s took advantage of this by having spies on the frontlines of the battle who would return information to the family faster than the messengers used by the military. When the British won the war, Nathan Rothschild, was of course, the first to know, and he immediately went to the stock exchange and started selling stocks while putting out the rumor that the French had won the war. This created a panic on the floor of the stock exchange and investors all over England began frantically selling their stocks. With the price of all stocks plummeting Rothschild was able to buy out the whole English market for a fraction of its cost. When word returned that the English had actually been victorious, the value of the market soared, and overnight Nathan Rothschild expanded his family’s wealth, and cemented their position as one of the richest families in the world. "It's A Depression" - The Disturbing Email A Houston CEO Sent His Soon To Be Laid Off Employees
Submitted by Tyler Durden on 03/04/2016 18:20 -0500 ZeroHedge.com This is the email that David Little, Chairman and CEO of Houston-based DXP Enterprises sent to his employees to explain why, "due to bank obligations and to continue a positive cash flow profile" the company has to freeze 401(k), why it is cutting pay in some cases as much as 60% and why many employees are about to lose their jobs in the middle of what is an "oil and gas depression." It is a disturbing read. Dear DXPeople, As you well know, these are very challenging times for everyone in the oil & gas industry and other industrial markets. We are working hard to navigate both the challenges in oil & gas and an industrial recession plus what appears to be continuing softening. Normally, when upstream oil and gas is down the rest of the industrial market is booming, not this time! This past Friday, we announced our fourth quarter and year-end results. Our revenues were down 17% from a year ago and 27% from the fourth quarter of 2015 versus the fourth quarter of 2014. Fiscal year 2016 has started off even weaker than we anticipated with January sales down an additional 12% from December. Oil and gas related companies across the country have reported sales declines as high as 50% - 60%. All of this in the midst of declining industrial confidence and performance. Furthermore, the forecast by experts suggests the oil & gas economy will get worse before it gets better. We are currently 20 months into this oil & gas down cycle which is also unusually long for a correction. It goes without saying but over the past twelve months, we have all made efforts to contain costs and improve operations where possible. All, while focusing on growth. For this, we thank all of you for the sacrifices, discipline and effort you are making each and every day. But I am sorry to say that because of bank obligations and to continue our positive cash flow profile, we have to do more. The leadership team and I have been reviewing line-by-line every location, budget and expense, on how we can reduce costs while considering every decision through the prism of our values, culture and priorities. While we fulfilled a $2.9 million company match to our U.S. 401 (K) savings plan for 2015, we have determined it should be frozen immediately for the remainder of 2016. The Board of Directors, senior management and leaders in management positions will participate in a 10% reduction in base pay effective March 14th. Additionally, DXP as a whole company will require that we right size the company for our expected sales volume. This is in an effort to reduce labor costs while preserving as many DXPeople as possible in this uncertain economic environment. We have all taken pay reductions over the last year with some of us taking reductions as high as 50% - 60% (via commission or bonus declines) including senior management. It is unfortunate, but the prolonged oil and gas depression and industrial recession has left us with no other choice but to make these difficult and unwanted moves and decisions. The fastest and biggest cure to the health of DXP is more sales. Your expectations and mine are that the sales management, sales professionals and everyone else that touches our customers is working smart and diligently as we are all counting on you! DXP has given you some great weapons to be successful with and we are supporting and counting on your efforts to win each order. I am not going to list all the tools you have to win with, you should know what they are and understand how to use them already, but to use the “Hunter” and “Farmer” label you have to do both. “Farm” existing accounts to capture more of each customer wallet/spend and “Hunt” for new customers. We have the customer value propositions to sell and you have the selling skills to succeed. Over the last several months, we have seen countless companies announce layoffs and in isolated incidents even bankruptcies. I point this out to try and put in context that the oil and gas depression is affecting more than DXP and is further reaching than many would have initially thought when this started over 2 years ago. The decisions we make are about preserving the future of DXP. DXP is a great company that is accustom to winning and we will win again. I can promise you that the leadership team will do all that we can to put us in a position to emerge stronger on the other side while staying true to our values and culture. Thank you for your understanding. Respectfully, David Little Chairman & CEO DXP Enterprises, Inc German Banks Told To Start Hoarding Cash
Submitted by Tyler Durden on 03/04/2016 09:32 -0500 ZeroHedge.com Submitted by Simon Black via SovereignMan.com, Just stunning. German newspaper Der Spiegel reported yesterday that the Bavarian Banking Association has recommended that its member banks start stockpiling PHYSICAL CASH. Europe, of course, has been battling with negative interest rates for quite some time. What this means is that commercial banks are being charged interest for holding wholesale deposits at the European Central Bank. In order to generate artificial economic growth, the ECB wants banks to make as many loans as possible, no matter how stupid or idiotic. They believe that economic growth is simply a function of loans. The more money that’s loaned out, the more the economy will grow. This is the sort of theory that works really well in an economic textbook. But it doesn’t work so well in a history textbook. Cheap money encourages risky behavior. It gives banks an incentive to give ‘no money down’ loans to homeless people with no employment history. It creates bubbles (like the housing bubble from 10 years ago), and ultimately, financial panics (like the banking crisis from 8 years ago). Banks are supposed to be conservative, responsible managers of other people’s money. When central bank policies penalize that practice, bad things tend to happen. Traditionally when a commercial bank in Europe wants to play it safe with its customers’ funds, they would hold excess reserves on deposit with the European Central Bank. In the past, they might even have been paid interest on those excess reserves as an extra incentive to be conservative. Now it’s the exact opposite. If a bank holds excess reserves on deposit at the ECB to ensure that they have a greater margin of safety, they must now pay 0.3% to the ECB. That’s what it means to have negative interest rates. And for the bank, this eats into their profits, especially when they have tens of billions in excess reserves. Talk about being between a rock and a hard place. On one hand, banks stand to lose a ton of money in negative interest. On the other hand, they put their customers’ deposits at risk if they don’t hold extra reserves. Well, the Bavarian Banking Association has had enough of this financial dictatorship. Their new recommendation is for all member banks to ditch the ECB and instead start keeping their excess reserves in physical cash, stored in their own bank vaults. This is officially an all-out revolution of the financial system where banks are now actively rebelling against the central bank. (What’s even more amazing is that this concept of traditional banking– holding physical cash in a bank vault– is now considered revolutionary and radical.) There’s just one teensy tiny problem: there simply is not enough physical cash in the entire financial system to support even a tiny fraction of the demand. Total bank deposits exceed trillions of euros. Physical cash constitutes just a small percentage of that sum. So if German banks do start hoarding physical currency, there won’t be any left in the financial system. This will force the ECB to choose between two options: 1) Support this rebellion and authorize the issuance of more physical cash; or 2) Impose capital controls. Given that just two weeks ago the President of the ECB spoke about the possibility of banning some higher denomination cash notes, it’s not hard to figure out what’s going to happen next. |
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