Are Bankers Being Killed Because They Know Too Much?
(KWN) - Today a brave and outspoken hedge fund manager out of Hong Kong told King World News that what the world has just witnessed is not the suicide of five bankers, but rather five bankers that were killed because of their knowledge, and therefore the threat that they would expose the criminal activity of major banks. William Kaye, who 25 years ago worked for Goldman Sachs in mergers and acquisitions, also spoke with KWN about why this tragic situation is unfolding in such a gruesome manner.
Eric King: “Bill, we have bankers dropping like flies. What is happening here?”
Kaye: “They are, and the question is: Are they being pushed to their deaths or do they delusionally think there is a swimming pool below? It’s very tragic, but it also ties into our earlier discussions about how the bullion banks have conspired to manipulate gold and silver, and also how banks are manipulating markets around the world....
“I’ll come back to the bankers dropping like flies in a minute, but, first, despite the manipulation, gold is looking even better today, and certainly 2014 is going to be much better than 2013. Because of the enormous record demand for physical gold by China, it does appear precarious for the cartel.
In order to maintain the suppression, the cartel needs to find the necessary physical gold to deliver to China, because as I said, Chinese demand is just enormous at the moment. This is getting more difficult for the cartel, so the clear strategy is for them to retreat.
Now returning to your question of what do I think about the suicidal bankers. I’m naturally very suspect whether all of these guys, many of whom were at the peak of their careers, had no history of mental illness, and no history of depression that’s been disclosed in any of these cases, all suddenly decided to kill themselves. This just doesn’t jibe.
It appears to be tied in with investigations that are going on with respect to the fixing of the gold price in London, and more importantly with manipulation and fixing of various FOREX spreads for the benefit and the profit of these same banks.
Full Read: KWN: Are Bankers Being Killed Because They Know Too Much?
Timeline....... Note the headlines......
1/16/14..... a reporter goes missing while taking a brief walk .....
LONG HILL TOWNSHIP, N.J. — Using all-terrain vehicles, rubber rafts and aluminum motorboats, hundreds of law enforcement officers and volunteers scoured a dense, swampy woodland in central New Jersey on Thursday in search of a Wall Street Journal reporter who went out for a walk last weekend and never returned.
The reporter, David Bird, 55, was last seen at about 4:30 p.m. on Saturday when he told his wife, Nancy, that he planned to go on a brief walk through the wooded trails near their home in this Morris County community, according to a friend who is acting as spokeswoman for the family. When he had not returned by 6 p.m., his wife called the police.
Chief Michael Mazzeo of the Long Hill police said on Thursday that at this point no criminality was suspected. Chief Mazzeo said the search initially focused on the trails and paths Mr. Bird was known to wander and has turned to a treacherous area of swamp along the Passaic River.
“We have searched every tract of land possible in our township,” he said. “Now we’re checking outlying areas off-road that he may have used as a cut through.”
Mr. Bird, who covers energy markets for The Journal, had a liver transplant nine years ago and is required to take antirejection drugs daily, the family spokeswoman said. He also had been suffering from a gastrointestinal virus, and there is some concern he might have been dehydrated.
The rural area where he disappeared includes the Great Swamp National Wildlife Refuge, and people do get lost in and around the 7,768-acre preserve. Last week alone, he was among three people reported missing in town. He is the only one yet to be found, Chief Mazzeo said.
Last spring a woman was reported missing and three days later stumbled out of the Great Swamp, where she had become lost, the chief said.
He added that it was easy to do, even for those familiar with the area.
“It’s not uncommon for people to go into the Great Swamp, hunters, and all of the sudden it gets dark and their cellphone doesn’t work and the battery on the GPS they were using dies,” he said. Mr. Bird did not have a cellphone with him.
Chief Mazzeo described Thursday’s search area near Lord Sterling Road in neighboring Millington as “the middle of a swamp: cold, dark, wet, rural, woodsy.” Arctic temperatures last week made the Passaic River here freeze, he said. But by Saturday the air had warmed. Often, along the edge of the swamp, he said, thin layers of ice coat deep water.
Mr. Bird recently ran the New York City Marathon and trained by going for miles-long walks near his home. The police said that Mr. Bird’s wife told them her husband started walking Saturday on Long Hill Road, near a wooded path he liked called Hicks Trail.
Gerard Baker, the managing editor of The Journal, said in a statement that the company was working with the police.
“Mr. Bird is a longtime member of the Dow Jones newsroom,” the statement said. “Our thoughts are with his family.”
At Mr. Bird’s home on Thursday, six women, including his wife, sat around a kitchen table, typing at computers and juggling cellphones.
“This is a tense and difficult time for the Bird family,” the family spokeswoman said. “They are deeply moved by the outpouring of concern and prayers.
“We’re fixated on finding David and getting him home.”
Chief Mazzeo said searchers were keeping a “positive and optimistic outlook.”
“Mr. Bird was a scout leader, a father of two, and he has a loving wife,” he said. “There’s nothing in his background that shows any indiscretions. A gentleman just doesn’t say, ‘I’ll be back after a short walk,’ and then just not return.
Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says
Submitted by Tyler Durden on 01/16/2014 18:39 -0500
Remember when banks were exposed manipulating virtually everything except precious metals, because obviously nobody ever manipulates the price of gold and silver? After all, the biggest "conspiracy theory" of all is that crazy gold bugs blame every move against them on some vile manipulator. It may be time to shift yet another conspiracy "theory" into the "fact" bin, thanks to Elke Koenig, the president of Germany's top financial regulator, Bafin, which apparently is not as corrupt, complicit and clueless as its US equivalent, and who said that in addition to currency rates, manipulation of precious metals "is worse than the Libor-rigging scandal." Hear that Bart Chilton and friends from the CFTC?
More on what Eike said from Bloomberg:
The allegations about the currency and precious metals markets are “particularly serious, because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks,” Elke Koenig, the president of Bafin, said in a speech in Frankfurt today.
Actually, what makes the most serious, is that precisely because they are on liquid markets means they implicitly have the blessing of the biggest New Normal market maker of call - the central banks, and their own "regulator" - the Bank of International Settlements (hello Mikael Charoze).
“That the issue is causing such a public reaction is understandable,” Koenig said, according to a copy of the speech. “The financial sector is dependent on the common trust that it is efficient and at the same time, honest. The central benchmark rates seemed to be beyond any doubt, and now there is the allegation they may have been manipulated.”Bafin has also interviewed employees of Deutsche Bank AG as part of a probe of potential manipulation of gold and silver prices, a person with knowledge of the matter has said.
We wonder how long until this particular investigation is stopped based on an "executive order" from above, because Bafin is now stepping into some very treacherous waters with its ongoing inquiry of gold manipulation: what it reveals will certainly not be to the liking of the financial "powers that be."
This Is The Greatest Financial Market And Currency Manipulation Of All Times
Submitted by Tyler Durden on 01/23/2014 18:57 -0500
Submitted by GoldSilverWorlds.com,
In a week that has been marked by astonishing mainstream headlines, BFI Capital’s CEO Frank Suess happened to give an outstanding interview about the outlook for global currencies, gold and manipulation in the markets.
Consider the following headlines. They may have come at an unexpected timing, in the light of the economic recovery story, but they were for sure unavoidable:
- Federal Reserve Said to Probe Banks Over Forex Fixing (Bloomberg)
- Deutsche, Citi feel the heat of widening FX investigation (Reuters)
- HSBC, Citi suspend traders as FX probe deepens (Reuters)
- Metals, Currency Rigging Is Worse Than Libor, Bafin Says (Bloomberg)
The most remarkable event of the past week was the Federal Reserve investigating whether traders at the world’s biggest banks have been rigging currency rates. According to Bloomberg, the Fed is probing whether traders shared information that may have let them manipulate prices in the $5.3 trillion-a-day foreign-exchange market for profit maximization (source).
Also during the past week, US Regulators have been examining traders at Deutsche Bank, Citigroup, and HSBC. On top of that, Germany’s top financial regulator Bafin made a public statement, warning the manipulation of currency rates and precious metals prices could be worse than the Libor-rigging scandal. Bafin confirmed its firm is investigating currency trading, joining regulators in the UK, US and Switzerland (source).
These developments are significant and could mark a tipping point. Up until now, the currency and precious metals manipulation has been a topic associated with conspiracy theorists in the corners of the blogosphere. With regard to the signs of manipulation, Bafin’s president Elke Koenig said that “It is understandable that the issue is causing such a public reaction. The financial sector is dependent on the common trust that it is efficient and at the same time, honest. The central benchmark rates seemed to be beyond any doubt, and now there is the allegation they may have been manipulated.”
The interesting fact is that this news breaks out exactly at the time when most people are being trapped into the “economic recovery” news. With the markets hanging at the lips of the central bankers, it is fair to say that “the central banks are the markets.” Frank Suess points out that, for several decades now, central banks around the world, with the US Federal Reserve in the lead, haven’t allowed business and credit cycles to happen anymore. In fact, they have been fighting consistently every sign of recession with more money, resulting in a race to the bottom of world currencies.
The effect of this on world currencies is that they are shuffling each other down in a see-saw pattern, a phenomenon that has become visible in the US dollar, the euro, the yen and the British Pound. With the US dollar in the lead, all other currencies can only follow the same path. The yen, as a text book example, has lost more than 20% against the dollar over the past year, and this is putting a lot of pressure on currencies across Asia. “We are now seeing huge capital outflows due to that from many countries in Asia. That creates investment opportunities, you can invest in the Japanese stock markets going up nicely right now as long as you hedge against the yen on the downside.”
But, in reality, we are really witnessing the greatest financial market and currency manipulation of all times, observes Frank Suess. “Central banks are just suppressing interest rates across the yield curve with the seemingly endless money supply. If you ask me which currencies are going to be devalued most considerably, I guess it is hard to find currencies that are not being devalued considerably. If you want to take advantage of currencies, you must protect yourself or benefit in that “see-saw” pattern.”
Even the Swiss franc or the Norwegian krone are pulled into this, even though fundamentally those economies are still quite strong (both economies have budget surpluses and Switzerland was again voted number one in terms of economic competitiveness by the World Economic Forum, facing only 3% unemployment). There is clearly a delinkage between fundamental and fiscal strength, even in the fundamentally strongest currencies. Therefore the large currencies with their debt problems and monetary expansion are pulling everyone down.
More specifically in Europe, where Frank Suess’ BFI Capital is based, the struggle over the euro could well reignite into a “fragmentation Europe.” At some point, it will not take that much for the debt crisis in Europe to kick back in. Investors around the world are hoping that the recovery story, which is being repeated like a mantra by central bankers, politicians, mainstream media, is going to hold. However,fundamentally, in terms of fiscal health, Europe and most other Western nations are not really in better shape than they were a few years back. “The future of the Euro could maybe be destroyed to some degree by the political tensions that you can expect to rise. Once that recovery story ends and reality kicks back in, I think the euro is anything but a blessing for the European Union.”
In that respect, it is interesting to observe the peg of the Swiss franc against the euro. In reality, the peg is actually a floor, set at 1.20. At this point the Swiss franc to Euro is about a 1.23. Policy makers have been successfully defending that floor. “I think what they will do is exactly what we just discussed. While everyone keeps on depreciating their currency, the Swiss central bank will go along with that, except if the Euro really went into a steep fall (crisis). At a certain point, the floor will break and the Swiss franc, together with some other currencies, will rapidly appreciate.”
Speaking of financial crises, shouldn’t the new regulations by the Bank for International Settlements in their Basel III initiative prevent another crisis? Frank Suess considers the new regulations more as a farce, explaining that some of the accounting rules that have been put in place really do not add too much value in that respect. For example, looking at the risk-adjusted valuation of assets on the balance sheets of banks, it appears that some of the banks today say they have a 10% capital ratio where, in fact, they are still very similar to what they had back in 2008. “The more you look into the details, the more you really see that it is a fake leaf. I wouldn’t depend on Basel III for being able to prevent a crisis”
The outlook of the ongoing currency devaluations and the signs of a failing financial system bring up the question how people can protect themselves. There is one currency that is not expected to go down, just by the mere fact that it is limited in supply. It is obviously gold. “You need to protect yourself with real assets. If you are going into gold or silver, you must be doing that with the allocated or segregated approach, not with the paper money approach. You don’t have to follow the mainstream too much, and have a hedge in place. That is where gold can play a role.”
Then more odd things start to happen , apart from the missing reporter ....
A former Deutsche Bank executive has been found dead at a house in London, it emerged today.
The body of William ‘Bill’ Broeksmit, 58, was discovered at his home in South Kensington on Sunday shortly after midday by police, who had been called to reports of a man found hanging at a house.
Mr Broeksmit - who retired last February - was a former senior manager with close ties to co-chief executive Anshu Jain. Metropolitan Police officers said his death was non-suspicious.
Mr Broeksmit worked in investment banking - specifically risk and securities - and lived on exclusive Evelyn Gardens in South Kensington, which has an average property value of £1.9million.
He worked at Deutsche Bank from 1996 to 2001, then from 2008 until he retired. Mr Broeksmit was also employed by Merrill Lynch for a period.
Mr Broeksmit was one of around 100 bankers who left Merrill Lynch for Deutsche when its investment banking arm was founded in the 1990s.
He was involved in the process of rescuing the bank in the wake of the 2008 financial crisis, when many investment banks found their debts were 'toxic', and unlikely ever to be repaid.
Mr Broeksmit, a renowned risk expert, assisted the bank's efforts to shift the worst of the debt, and reduce its total amount of lending.
Chiefs at Deutsche Bank had planned to promote Mr Broeksmit to its management board in 2012, but stopped when the German financial regulator expressed doubts about his experience as a leader.
Scotland Yard confirmed only that a 58-year-old man was found hanged. A spokesman said: ‘Police were called at 12.35pm on Sunday to a man found hanging at Evelyn Gardens, SW7.
‘Kensington and Chelsea police, ambulance and air ambulance all attended. A 58-year-old man was declared dead at the scene. The death is being treated as non-suspicious.’
Employees at JP Morgan have held a minute's silence today for a bank executive who died after jumping 500ft from the top of the bank's European headquarters in London yesterday.
Gabriel Magee, an American senior manager, 39, fell from the 33-storey skyscraper at around 8am and was found on the ninth floor roof, which surrounds the Canary Wharf skyscraper.
His body was left in full view of City workers in surrounding buildings for up to four hours as police investigated the death.
He was a vice president in the corporate and investment bank technology department having joined in 2004, moving to Britain from the United States in 2007.
Employees gathered to remember their colleague in a minute's silence this morning, according to Twitter reports.
Mr Magee, who lived in North London, was an expert in highly specialist software which reaps huge profits for the US company by predicting market patterns.
It is understood that Mr Magee’s girlfriend had reported him missing the previous evening.
A company spokesman said: 'We are deeply saddened to have lost a member of the J.P. Morgan family at 25 Bank Street today. Our thoughts and sympathy are with his family and his friends'.
A source close to Mr Magee said he was in 'good standing with his bosses and colleagues. He was well liked.'
Scotland Yard said they were called to 25 Bank Street at 8.02am and detectives are not treating the death as suspicious.
'No arrests have been made and the incident is being treated as non-suspicious at this early stage', a Met spokesman said.
Senior colleagues were last night investigating Mr Magee’s recent workload as rumours swirled around the City over what may have prompted his death.
Last night a colleague said: ‘They’re going to be going through his stuff to try to find out if he’d made some kind of terrible error. It’s possible he had been in the office all night trying to put it right before the fall.’
Canary Wharf workers were in shock after the death, with one trader telling MailOnline that his body lay on the flat roof until around midday.
Third Banker, Former Fed Member, "Found Dead" Inside A Week
Submitted by Tyler Durden on 01/31/2014 22:05 -0500
If the stock market were already crashing then it would be simple to blame the dismally sad rash of dead bankers in the last week on that - certainly that was reflected in 1929. However, for the third time in the last week, a senior financial executive has died in what appears to be a suicide. As Bloomberg reports, following the deaths of a JPMorgan senior manager (Tuesday) and a Deutsche Bank executive (Sunday), Russell Investments' Chief Economist (and former Fed economist) Mike Dueker was found dead at the side of a highway in Washington State. Police said the death appeared to be a suicide.
Mike Dueker, the chief economist at Russell Investments, was found dead at the side of a highway that leads to the Tacoma Narrows Bridge in Washington state, according to the Pierce County Sheriff’s Department. He was 50.He may have jumped over a 4-foot (1.2-meter) fence before falling down a 40- to 50-foot embankment, Pierce County Detective Ed Troyer said yesterday. He said the death appeared to be a suicide.Dueker was reported missing on Jan. 29, and a group of friends had been searching for him along with law enforcement. Troyer said Dueker was having problems at work, without elaborating.Dueker was in good standing at Russell, said Jennifer Tice, a company spokeswoman. She declined to comment on Troyer’s statement about Dueker’s work issues.
But as Michael Snyder noted recently, if the stock market was already crashing, it would be easy to blame the suicides on that. The world certainly remembers what happened during the crash of 1929...
Historically, bankers have been stereotyped as the most likely to commit suicide. This has a lot to do with the famous 1929 stock market crash, which resulted in 1,616 banks failing and more than 20,000 businesses going bankrupt.The number of bankers committing suicide directly after the crash is thought to have been only around 20, with another 100 people connected to the financial industry dying at their own hand within the year.
Dueker had also been a research economist at the St. Louis Fed:
He published dozens of research papers over the past two decades, many on monetary policy, according to the St. Louis Fed’s website, which ranks him among the top 5 percent of economists by number of works published. His most-cited work was a 1997 paper titled “Strengthening the case for the yield curve as a predictor of U.S. recessions,” published by the reserve bank while he was a researcher there.
So, with stocks a mere 4% off their highs, are so many high ranking and well respected bankers committing suicide ?
2/4/14...... body actually discovered three days before the story ran on 2/7/14 ......
4th Financial Services Executive Found Dead; "From Self-Inflicted Nail-Gun Wounds"
Submitted by Tyler Durden on 02/07/2014 17:02 -0500
The ugly rash of financial services executive suicides appears to have spread once again. Following the jumping deaths of 2 London bankers and a former-Fed economist in the US,The Denver Post reports Richard Talley, founder and CEO of American Title, was found dead in his home from self-inflicted wounds - from a nail-gun. Talley's company was under investigation from insurance regulators.
Richard Talley, 57, and the company he founded in 2001 were under investigation by state insurance regulators at the time of his death late Tuesday, an agency spokesman confirmed Thursday.It was unclear how long the investigation had been ongoing or its primary focus.A coroner's spokeswoman Thursday said Talley was found in his garage by a family member who called authorities. They said Talley died from seven or eight self-inflicted wounds from a nail gun fired into his torso and head.Also unclear is whether Talley's suicide was related to the investigation by the Colorado Division of Insurance, which regulates title companies....
A checkered past?
Before coming to Colorado, Talley was a former regional financial officer at Drexel Burnham Lambert in Chicago, where he met his wife, Cheryl, a vice president at the company. The two married in 1989.Talley had formed a number of companies, some now defunct, according to the Colorado secretary of state's office. Among them: American Escrow, Clear Title, Clear Creek Financial Holdings, Swift Basin, Sumar, American Real Estate Services, and the American Alliance of Real Estate Professionals.
It would appear, unfortunately, that Mr. Talley was not an entirely honest man...
Talley's 1989 wedding announcement in the Chicago Tribune noted he was "a member of the 1980 U.S. Olympic swimming team."A spokeswoman for USA Swimming on Thursday said Talley was not on the team.
2/9/14 - Magee alleged suicidal death by leaping from a high rise under official investigation ............. and the initial facts reported are not quite accurate ......
2/12/14...... death at such a young age - no cause of death disclosed , no known problems at work .........