http://www.silverdoctors.com/banking-it-glitch-reaches-germany-deutsche-postal-bank-halts-atm-transactions/
Banking IT ‘Glitch’ Reaches Germany: Deutsche Postal Bank Halts ATM Transactions
The IT ‘glitch’ that has entirely shut down RBS’ NatWest Bank and halted ATM transactions at Russia’s largest bank Sberbank, has now spread to Germany’s largest bank, Deutsche Postbank.
Deutsche Postbank Friday reported its own IT glitch that has completely paralyzed its ATM’s nationwide.
While this entire string of 21st Century Bank Holidays has received zero MSM coverage, it is appearing more and more likely that the derivatives domino chain known as insolvency has been triggered.
Maintenance
Sunday, 08.07.2012 von 00:00 bis 06:00 clock
Due to technical maintenance work, with the following restriction on the supply of cash would be raised:
Withdrawals and deposits with the postal savings bank cards are expected on Sunday, 07/08/2012 from 00:00 to 06:00 clock in not at home and abroad possible.
Important:
The supply of cash in the mail Bankcard at the ATM is not affected.
We ask our customers for their understanding.
A line problem, Deutsche Telekom has paralyzed the postal bank ATMs nationwide. The problem has occurred early Friday morning and would last for a Postbank spokesman said tonight.
Technicians were trying to fix the problem. There was hope that the devices could be in the course of Saturday returned to service. Customers could, however, the machines in the financial centers, post offices, the use of cash to the Group and Shell gas stations.
The problems of the post-bank customers at ATMs are thus apparently not directly related to the introduction of new technology in the retail business of the parent company, German bank. Starting this week, where more than five million savings accounts run on the new platform “Magellan” together.
The aim of the change was to simplify many steps in the banking business and to accelerate Germany’s largest bank had declared major step. The platform is the core of the integration of Postbank in the group. By 2015, all accounts and business processes to be migrated to the new system. Then it will use 24 million residential and business customers.
The German bank put around one billion euros in the construction of “Magellan”. Already this year, the Institute promises of simplification and standardization of IT processes and management savings of 200 million €.
Jim Sinclair: ‘How Can Anyone in Europe Sleep Tonight With Cash in the Bank?’
Jim Sinclair has released an email alert to subscribers stating that next week will see the cartel make one final take-down attempt of the metals, which Sinclair states will fail, as did the 7 previous attempts.
Sinclair emphatically states not to hold any margin, and asks ‘How can anyone in Europe sleep tonight with cash in the bank?‘
Next week is the war between manipulation of gold by the West, and appetite for buying gold in the East, both from friendlies and enemies. Anyone that does not see today’s gold market as a rig is blind or brain dead. There is a full blown crisis in Western world banking today, right here and now. There is a full blown crisis in sovereign debt of some weaker nations as in a very short while certain government will be out of money. The Eurosnobs hate each other which does not make for a fast reconciliation of a crisis.
It is a myth that Western banks are strong enough to weather the storm of a full blown banking crisis in Europe.
It is a myth that the Federal Reserve will stand as the one hawk in the Western world and fiddle while it’s Rome burns.
It is a myth that Obama could be re-elected if the Fed remains intransigent.
It is a myth that Finland or Germany will strike a match to the euro that totally wipes out the largest part of their exports.
It is a myth that governments are ready to face the economic, social and political fallout standing austere as their economies implode, which they will.
It is myth that there is any recovery in the USA. By falling more we will be in a depression.
It is a myth that because thousands of bears email me that somehow they can convince me of the opposite when I know I am correct.
Next week will be the time the cartel tries to break the gold price again. They have failed seven times, and will fail on the 8th. Gold is going to $3500 and above. All the lying and conniving only means the price will go higher. Just as Morgan’s whale could not fight the market, the cartel cannot fight gold as we have a flight away from all fiat currencies.
How can anyone in Europe sleep tonight with cash in the bank, even amongst the stronger nations whose banks are loaded with weak nation’s paper. The house of cards is coming down right now. Trying to manipulate the price of gold to hide the crisis at hand is futile.
If you have your positions on margin you are crazy and I cannot do anything for you. All others stand tall because gold will trade above $3500 and not in some LaLa Land future of Armstrong’s imagination.
and.....
http://www.silverdoctors.com/latest-bank-glitch-largest-russian-bank-halts-all-credit-debit-transactions/
Latest Bank ‘Glitch’: Largest Russian Bank Halts All Credit/ Debit Transactions
RBS’ NatWest, whose banking ‘glitch’ (which began only days after RBS’ downgrade) is now nearing 3 weeks with officials now stating accounts will not be functioning until the end of July!
It appears that either NatWest’s IT problems have gone viral, or else Sberbank has also been impacted by margin calls/ liquidity concerns, as the largest Russian bank has halted credit and debit card transactions due to an ‘IT glitch’.
Interfax reports:
RUSSIA-SBERBANK-CARDS-MALFUNCTION MOSCOW. July 6. (Interfax) – Sberbank of Russia (RTS: SBER) has suspended credit and debit card operations due to a technical malfunction, the bank told Interfax. “All cards are not being serviced,” it said.
Something tells us that Irish and Russian physical gold and silver holders are not experiencing ‘IT glitches’ evaporating their holdings.
http://www.silverdoctors.com/jpmorgan-complicit-in-vatican-bank-money-laundering/
JPMorgan Complicit In Vatican Bank Money-Laundering
The Council of Europe presented a preliminary report in Strasbourg Wednesday on massive money-laundering by the Vatican. As JP Morgan was the Vatican’s chief bank until the scandal broke, The Morgue may soon have a much bigger scandal and PR nightmare on its hands than a simply $9 billion derivatives loss.
‘It is clear that JPMorgan is complicit in money-laundering in Europe with the Vatican, having abetted Vatican bank money-laundering and fraud by allowing IRS-defined suspicious transactions pass through their institution.‘
From the Silver Vigilante:
This financial account allegedly processed more than a billion euros for the Vatican bank through last year. Italian investigators suspect the account was used to launder funds from “dubious sources.” According to the strict anti-money-laundering laws to which financial institutions are supposed to be held, JPMorgan should be considered a primary suspect in massive money-laundering operations in Europe, centered at the Vatican bank. Considering the blatant record amassed by the Vatican – it’s fraudulent and illegal dealings – JPMorgan worked as one of the pope’s banksters with complete disregard for moral hazard. It was not until JPMorgan was caught naked in bed with the pope, engaging in massive and illegal transfers, did the bank begin scrutinizing the Vatican’s financial dealings to which it was an accomplice. To this point, the mainstream media has focused on the shadyness of the Vatican – an age old story, literally – and not directly implicated JPMorgan in yet further financial crimes.
The transfers did not come with information regarding account holders or purposes for the transfers. Of that amount, 20 million pounds apparently was heading to the Vatican’s JPMorgan account in Frankfurt. The other 3 million euros were heading for an account at a different bank in Rome.
Federal prosecutors in Rome froze the funds. Investigations followed implicating Tedeschi, for one, in violating anti-money laundering regulations. Then, JPMorgan leaped into action late, and “started asking Vatican officials where the money that had been regularly flowing through the Milan account was actually coming from. But they didn’t get any satisfactory answers. As a result, the bank then gave the IOR an internal classification as a high-risk client and started monitoring its transactions for clues that might point to money-laundering.”
Early this year, JPMorgan closed the IORs transfer account in Milan. The bank wrote that anti-money-laundering regulations no longer make available “additional deposits or withdrawals via account No. 1365.” Cardinal Secretary of State Bertone rewrote Benedict’s decree, restating that monitoring of the Vatican bank is only permissible with the consent of Bertone himself. An undated and anonymous document, which, according to the Roman daily Il Fatto Quotidiano, comes from “the very top,” reads that there is a “concrete risk of a rating downgrade and, thereby, of a significant loss in the prestige of the Holy See.”
It is clear that JPMorgan is complicit in money-laundering in Europe with the Vatican, having abetted Vatican bank money-laundering and fraud by allowing IRS-defined suspicious transactions pass through their institution. The bank, knowing full well what it was dealing with, shucked its financial responsibility and put the Vatican’s critical transfers through, never questioning or putting the transactions through the basic financial scrutiny. The US Press has been silent, and the banks $9 billion transaction has taken over the headlines – a rehash of an old story. In the meantime, JPMorgan has partaken in the illegal and unconscionable with some of civilization’s deepest-entrenched institutions, in this case the twenty century-old religious center of Catholicism.
and....
http://www.rawstory.com/rs/2012/07/07/libor-rate-fixing-scandal-spotlight-now-on-citi-jpmorgan/
NEW YORK — The harsh light of the Libor rate-fixing scandal has crossed the Atlantic, with both Citigroup and JPMorgan Chase saying regulators and investigators have requested information from them in a so-far preliminary probe of the case.
Share prices for both — as well as Bank of America, which has not said if it was asked for information — have fallen sharply this week amid worries they could be in line for the type of heavy fines laid on Britain’s Barclays Bank, at the center of the scandal.
Barclays has been fined $452 million (360 million euros) by British and US regulators for attempted manipulation of the markets for Libor and Eurobor benchmark interest rates between 2005 and 2009.
Three top Barclays executives have resigned and on Friday Britain’s Serious Fraud Office said it would formally investigate the case, which has dented London’s reputation as a top financial center.
But speculation runs to other banks because the Libor rate is set based on information from 16 international banks, and many think that manipulating it would take more than one bank.
The issue affects not just banks but commercial and retail borrowers around the world — in the United States, the payments of a floating rate home mortgage loan are often tied to the Libor base rate.
Citi, JPMorgan and Bank of America are three of the 16 banks that fix the rate, as an average of what they say they pay for funds in London’s interbank market.
All three have declined to comment on the scandal.
http://www.zerohedge.com/contributed/2012-07-07/liebor-gets-interesting-regulatory-capture-reverses-itself-england
LIeBOR Gets Interesting As Regulatory Capture Reverses Itself In England
- Bank of America
- Bank of America
- Bank of England
- Barclays
- BOE
- Bond
- Corruption
- Fail
- LIBOR
- Private Equity
- Rating Agency
- RBS
- Reality
- Risk Management
- Royal Bank of Scotland
- United Kingdom
LIeBOR is all over the MSM today...
- The Must Read: Changing Barclays, Monetary Policy
- Wall Street Bank Investors in Dark on Libor Liability
- I wonder how many realize how deadly this is to big western banks workwide. I have commented on this in detail in my most recent Max Keiser interview, which aired last night. Download the Barclays Submission, aka the "Smoking Gun".pdf for more insight to what happened. Here's a taste...
Quick translation...BOE inquires why Barclay's LIBOR rate was always so high, realistic...Barclay's asks BOE reps to brand the liars as liars...BOE says, "are you out of your fucking mind???"BOE rep says, this is coming from on top, lose the truth, or lose your ass! But you didn't hear that from me...Of course the most daming part of this email is this "I asked [Tucker] if he could relay the reality, that not all banks were providing quotes at the levels that represented real transaction". This clearly shows that the BOE was on alert (as if they didn't already know, and probably orchestrated) of the fact that most banks were outright lying.So, who are these other banks???From Matt Taibbi's blog:The Royal Bank of Scotland is about to be fined $233 million (£150 million pounds) for its role in the Libor-rigging scandal. It joins Barclays as the first banks to walk the plank in what should be, but so far is not, the most sensational financial corruption story since the crash of 2008.Many of the banks implicated in the Libor mess have also been targeted in the various municipal bond bid-rigging investigations, and RBS is no different – its subsidiary Natwest is also a defendant in the major civil lawsuit in the bid-rigging case. The cases aren't related, except in the sense that they both involve manipulation and anticompetitive cooperation. It's going to be harder and harder to make the case that the major banks do not routinely cooperate at the expense of the public when it serves their purposes to do so.The news that RBS is involved comes with a perverse twist. This is from the Times UK:The bank, which is 82 per cent owned by the taxpayer, is preparing for a political firestorm over the affair because it believes that it has no power to claw back bonuses from the traders responsible. Instead, the expected fines would be borne by the shareholders — largely the Government.Libor manipulation is a crime that already robs the public to create bonuses for bankers. By artificially lowering interest rates, the banks caused cities, towns, countries, and other public entities to receive smaller returns on their variable-rate investment holdings. If it turns out that taxpayers end up paying the fine for RBS's crime of robbing taxpayers, how perfect would that be?More importantly Matt, synthetically depressed LIeBOR rates artificially lowers the bar for economic profit, in layman's terms it makes the bank look more profitable and less risky than they actually are. As you stated, this leads to bigger bonuses funded by bigger taxes borne by financially smaller taxpayers. Hmmmm....Who else is in the sights of the upcoming truth? Citbank, Bank of Lynch (robbing) America Coutrywide and JP Morgan! Have I commented on these big banks' risks ad nauseum? The litigation risks in these institutions are enormous, and are not discounted in their pricing - Banks face crippling Libor litigation costsNot only do the share prices of these banks fail to reflect the true litigation risks, the bank management themselves are failing to come clean, despite astute BoomBustBlog analysis....There's imprudent risk management litigation stemming from JP Morgan's massive derivative's exposure, first brought to light in 2009 by yours truly...Listen Carefully and You Can Hear the Crumbling ....May 11, 2012 – First, pardon my tardy response to this JP Morgan news. ... Equity segment, net income (excluding Private Equity results and litigation expense) ...
In 2009 I noticed that JPM's exposure to Fraudclosure-gate and to a greater extent, mortgage putbacks, was much, much more than what was being reported by managment. There's much more, see:JP Morgan Purposely Downplayed Litigation Risk That Spiked 5,000% Last Year & Is Still Severely Under Reserved By Over $4 Billion!!! Shareholder Lawyers Should Be Scrambling Now Mar 2, 2011 – JP Morgan Purposely Downplayed Litigation Risk That Spiked 5000% Last Year & Is Still Severely Under Reserved By Over $4 Billion!The Rating Agency Endorsed BoomBustBlog Big Bank Bash Off ... Feb 16, 2012 – JP Morgan (as well as Bank of America) is literally a litigation sinkhole. See JP Morgan Purposely Downplayed Litigation Risk That Spiked ...You see, what many believe to be a UK bank thing can drag these big American banks deeper, much deeper, into the quagmire. Beware, the F.I.R.E.! The F.I.R.E. Is Set To Blaze! Focus On Banks, part 1and.....http://www.zerohedge.com/news/european-money-market-industry-shutting-down-goldman-closes-mm-fund-says-unchartered-territory
European Money Market Industry Shutting Down As Goldman Closes MM Fund, Says In "Unchartered Territory"
Submitted by Tyler Durden on 07/06/2012 13:29 -0400
- Blackrock
- European Central Bank
- Goldman Sachs
- goldman sachs
- JPMorgan Chase
- Market Conditions
- Swiss National Bank
- Swissie
Update: BlackRock to restrict subscriptions into 2 Euro money fundsWe were the first to bring news that overnight JPMorgan has halted investment in its European money market funds following the ECB's decision to cut the deposit rate to 0%. Now, it is Goldman's turn:- GOLDMAN HALTS INVESTMENTS IN EURO GOV MONEY FUND AFTER ECB CUT
- GOLDMAN SAYS MARKET CONDITIONS WILL DETERMINE WHEN FUND REOPENS
- GOLDMAN DECISION AFFECTS EURO GOVERNMENT LIQUID RESERVES FUND
- GOLDMAN DECISION AFFECTS EURO GOVERNMENT LIQUID RESERVES FUND
And finally the conclusion, which is rather obvious:- GOLDMAN FUND MEMO: EUROPEAN MARKET IN `UNCHARTERED TERRITORY' (Er, sic?)
More from Bloomberg:JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and BlackRock Inc. (BLK) closed European money market funds to new investments after the European Central Bank lowered deposit rates to zero.JPMorgan, the world’s biggest provider of money-market funds, won’t accept new cash in five euro-denominated money- market and liquidity funds because the rate cut may result in losses for investors, the company said in a notice to shareholders. Goldman Sachs won’t accept new money in its GS Euro Government Liquid Reserves Fund, and BlackRock, the world’s largest asset manager, is restricting deposits in two European funds.
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