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Untouchable Banks: The End of the Easy Life (II)

While at first the main target of prosecution on charges of discreditable mortgage practices was Bank of America, which was traditionally one of the top five, if not the top three banks on Wall Street, in autumn 2013 JPMorgan Chase topped the black list. Among Wall Street banks it has consistently occupied first place in assets (currently 2.3 trillion dollars). JPMorgan Chase will pay the U.S. government 13 billion dollars in exchange for dropping the investigation into the bank's activities in the mortgage field. An agreement to this effect was reached by the bank's management and the U.S. Department of Justice. This is an absolute record for compensations received by the U.S. government from a private business...

Valentin KATASONOV | 07.11.2013


 

Untouchable Banks: The End of the Easy Life (I)

The largest banks of Wall Street, the London City and other financial centers of the West have always been considered «Too Big to Fail». Such big-name banks were categorized as «untouchables», «sacred cows» which were destined to exist forever. And that is not surprising; the demise of any one of the «sacred cows» of the banking world could plunge not only one country, but the entire world into the depths of crisis. After all, the «sacred cows» existed outside of the so-called market economy, with its fierce competition, high risks, bankruptcies and defaults. They lived their lives in the oases of «banking socialism»...

Valentin KATASONOV | 05.11.2013




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OUR COLUMNIST
    Boris NOVOSELTSEV

European Union and Ukraine: Geopolitical Ambitions Going Too Far

The European Union is reluctant to recognize the fact that the decision by former President Yanukovych to postpone the conclusion of the association agreement was made in view of grave problems. That’s what influenced his decision. These problems plunged the country with the population of 45 million into chaos provoking the ongoing civil war and exacerbating the situation in Europe as a whole. Is not an extremely high price to pay for exorbitant ambitions of European politicians? 

15.09.2014
 
 
 
 
 
 
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