No matter how often the pretty people on television tell us that the U.S. economy is getting better, it isn't going to change the soul crushing agony that millions of American families are going through right now. The stock market may have gotten back to where it was in 2008, but the job market sure hasn't. As I wrote about a few days ago, the percentage of working age Americans that are actually employed has stayed very flat since late 2009, and the average duration of unemployment is hovering near an all-time high. Sadly, this is not just a temporary downturn. The U.S. economy has been slowly declining for several decades and is nearing total system failure. Right now, many poverty statistics are higher than they have ever been since the Great Depression. Many measurements of government dependence are the highest that we have ever seen in all of U.S. history. The emerging one world economic system (otherwise known as "free trade") has cost the U.S. economy tens of thousands of businesses, millions of jobs and hundreds of billions of dollars of our national wealth. The federal government is going into unprecedented amounts of debt in order to try to maintain our current standard of living, but there is no way that they will be able to sustain this kind of borrowing for too much longer. So enjoy this bubble of false prosperity while you can, because things will soon get significantly worse.
As the U.S. economy experiences total system failure, it will be imperative for all of us not to wait around waiting for someone to rescue us.
And I am not just talking about the government.
Today, millions upon millions of Americans are waiting around hoping that someone out there will hire them.
Well, the truth is that our politicians have made it so complicated and so expensive to hire someone that many small businesses try to avoid hiring as much as possible.
Businesses generally only want to hire people if they can make a profit by doing so. When our politicians keep piling on the taxes and the regulations and the paperwork, that creates a tremendous incentive not to hire workers.
Michael Fleischer, the President of Bogen Communications, once wrote an op-ed in the Wall Street Journal entitled "Why I'm Not Hiring". The following is how Paul Hollrah of Family Security Matters summarized the nightmarish taxes that are imposed on his company when Fleischer hires a new worker....
According to Fleischer, Sally grosses $59,000 a year, which shrinks to less than $44,000 after taxes and other payroll deductions. The $15,311 deducted from Sally’s gross pay is comprised of New Jersey state income tax: $1,893; Social Security taxes: $3,661; state unemployment insurance: $126; disability insurance: $149; Medicare insurance: $856; federal withholding tax: $6,250; and her share of medical and dental insurance: $2,376. Roughly 25.9 percent of Sally’s income is siphoned off by Washington and Trenton before she receives her paychecks.
But then there are the additional costs of employing Sally. In addition to her gross salary, her employer must pay the lion’s share of her healthcare insurance premiums: $9,561; life and other insurance premiums: $153; federal unemployment insurance: $56; disability insurance: $149; worker’s comp insurance: $300; New Jersey state unemployment insurance: $505; Medicare insurance: $856; and the employer’s share of Social Security taxes: $3,661.
Over and above her gross salary, Bogen Communications must pay an additional $15,241 in benefits and state and federal taxes, bringing the total cost of employing Sally to approximately $74,241 per year. Sally gets to keep $43,689, or just 58.8% of that total.
Are you starting to understand why so many businesses are hesitant to hire new workers?
The big corporations can handle all of the paperwork and regulations that come with hiring a new worker fairly well, but for small businesses hiring a new worker can be a massive undertaking. That new worker is going to have to almost be a miracle worker in order to justify all of the hassle and expense.
But the federal government just keeps piling more burdens on to the backs of employers. That is one reason why there is such an uproar over Obamacare. It is going to make hiring workers even less attractive.
These days, most small businesses are trying to get by with as few workers as possible, and many big businesses are trying to ship as many jobs as they can overseas.
Sadly, even if you do find a good job it can disappear at any moment.
The following is from a comment that a reader named Jeff recently left on one of my articles....
It’s sad what’s happening here in this country. So many lucky ones defend it. In America it’s not exactly about hard work anymore, it’s about who you know always. The ability to keep people stupid as well as in debt was established here well by corporations also. You cannot start a solid hiring business like you could years ago.
I know many of folks who don’t break a sweat and earn more money than I ever will in a week. The system is getting crazy only creating two extremes. I fought for this country right after 9/11 as a young naive person. Using my grandfather’s old stories to see the dream that this country was always suppose to have.
The company I still unfortunately work for (cause other places are worse), 4 years ago they froze our salaries. No raises yet, this is when the company was bought by an investment group for 500 million.
Now we are getting sold to Japan for 1 billion. A 500 million dollar profit. Sorry if I may be ignorant in this way of business. But it seems the only one who benefited from this is that group of investors. 400+ well skilled jobs lost, no raises or rewards, a whole lot more work and contract obligations to meet, and less contact with management when problems surface.
I just think the United States of America is becoming the world’s poker table.
I want out of this country so bad. I don’t even know what happen to people here. The younger generation scares me how dumb they are and everyone seems so easily bought with eyecandy.
Can you imagine that?
Can you imagine your boss walking in one day and declaring that the business has just been sold to foreigners and that you are about to lose your job?
In America today, it can be absolutely soul crushing to lose a job. It isn't as if you are going to run out and get another fantastic job in a week or two.
When you are unemployed, people look at your differently. It gets to the point where you don't even want to interact with other people because you know that your unemployment is probably going to be the number one topic of conversation.
When you are out of work for six months or more, it is easy to feel like a failure - especially when so many other people are looking at you as if you are a failure too.
But in most cases, individual Americans are not to blame for not being able to find work.
Rather it is the entire system that is failing all of us.
The U.S. economy is bleeding good jobs and the middle class in America has become a bizarre game of musical chairs. When the music stops each round you might lose your spot. You just never know.
Looking for work in the United States in this economic environment can be a demoralizing endeavor. For example, a recent Esquire article described what one unemployed man named Scott Annechino found when he attended a job fair in San Francisco....
A glass elevator carries him to the third floor, where the front-desk girl, who knows it's her job to be cheerful, told him the job fair is supposed to be.
A pasty kid, maybe thirty, in a too-big shirt and a cheap tie, greets him and tells him the companies are set up in rooms along the hall and that he should definitely visit all of them. Annechino, forty-four years old, wearing his best suit and shined black shoes, walks to the first exhibitor: Devcon, a home-security company. The door is closed, no one inside. Annechino looks around for an explanation. "Oh, I just got an e-mail from my contact there saying they wouldn't be able to make it today," the pasty kid says, fingering his BlackBerry.
A couple of other potential employers who were supposed to be here didn't make it, either — Konica Minolta, Santa Clara University. "Yeah ..." the kid says. Annechino moves to the next room. State Farm. They're looking for people who can put up fifty grand to start their own insurance agency. The Art Institute is next, mostly looking for people who might want to go to art school. New York Life. The U. S. Army, where men wearing fatigues and combat boots offer brochures.
That's it.
If you want to check out the rest of the sad unemployment stories in that article, you can find them right here.
But even if you do have a job, that doesn't mean that everything is just fine. Average American families are finding that the prices of the basic things that they need are rising much faster than their paychecks are.
According to one recent study, more than half of all Americans feel as though they are really struggling to afford just the basics at this point....
"Every retailer wants to think 'Everything I sell is worth it! Shoppers will love it', but the hard reality is 52% Americans feel they barely have enough to afford the basics," said Candace Corlett, president of WSL/Strategic Retail.
Just buying food and gas is a major financial ordeal for many families these days. On average, a gallon of gasoline in the United States now costs $3.83. Many Americans burn up a huge chunk of their paychecks just going back and forth to work in their cars.
So what is the solution?
Well, according to the Obama administration the answer is even more government dependence. The federal government is now actually running ads encouraging even more people to go on food stamps....
Can you believe that?
Apparently having 46.5 million Americans on food stamps is not enough. The federal government is spending our tax money on advertisements that try to convince even more Americans that they need to be on food stamps.
What the American people really need are good jobs, but those keep getting shipped out of the country.
Meanwhile, people are becoming increasingly desperate.
For example one Colorado man was recently caught stealing parts from toilets in public restrooms....
Donald Allen Citron, 48, faces 18 charges, including burglary and theft. He’s accused of stealing toilet parts from several locations, including Southwest Plaza Mall, University of Denver, and Craig Hospital.
Most of the crimes happened in just a few minutes, but police Citron is a plumber and all he needed was a wrench and a screw driver to steal pipes and the plumbing in toilets. The items he’s accused of stealing are valued at around $6,400.
They are calling him "the crapper scrapper".
Other Americans are not willing to stoop to crime and instead suffer quietly and anonymously.
A reader named Katie recently left the following heartbreaking comment on one of my articles....
I’m almost homeless. Through no fault of my own I’d like to point out. I don’t drink, smoke, or do drugs. I don’t even eat fast food unless I have too.
Four years ago I had a house, car, family, stuff, an IRA, and really everything that people in this country aspire to. I had a great job that I enjoyed so did my boyfriend. Even our relationship was great.
We didn’t get hit by the economy right away. We were in Katrina damaged parts of the country and there was still a lot of construction going on and the economic boom that comes with it.
Then I got laid off. Doesn’t seem to matter that I go to interview after interview. I use indeed, monster, craigslist, and newspapers to search for jobs even outside my area.
Now my boyfriend has passed away suddenly, and his family got everything. I personally have only a living father left, who hasn’t the room but I’m camping in his yard. All my friends say they don’t have the room either. Which makes me wonder just how much of friends they are. Considering if the situation was reversed I have in the past and would open my home to anyone that needed help.
If something happens to him I really don’t know what I’m going to do. I need to get on my feet and I know that jobs are hard to come by. I’m sick of the people who have jobs saying ‘get a job you lazy bum’. I’m hardly lazy and I’m trying desperately to be employed; not being homeless would be rather awesome in my opinion. I’m not picky, regardless of my degree I’ll pick up trash or clean toilets. McDonald’s, Taco Bell and the other fast food places don’t even bother with a call back. And when I call to inquire about my application it’s always the same, ‘we will call you when we make a decision’. Such a cop-out.
So no. In my (granted meaningless opinion) the economy is not getting better. To even suggest that when unemployment is so high or the rate of food stamps. Is utter ludicrous at best. I notice that those talking heads on the cable news and radio never seem to mention that the homeless shelters have a higher occupancy level than ever before. Nor would they mention the fact that we have those shelters in abundance now across the country in comparison to the Great Depression.
I’m getting real tired of hearing how great the economy is doing. When obviously it’s not. All you have to do is open your eyes and see. Business are not coming back yet and foreclosed homes sit empty everywhere. The unemployment rate only counts the people who are getting unemployment benefits. So the people who fall off the unemployment benefits don’t get counted. Because the must have gotten a job, right? Hardly. In fact the homeless in this country are almost never counted correctly. It’s too hard to count them all, or at least that’s the excuse.
I know it’s meaningless, especially to those who see homeless and immediately have a bias, but that’s my opinion on the current state of our economy. You can count me in the 80%. Only a fool would see this as a recovery.
Please say a prayer for Katie and the millions of other Americans just like her. It can be absolutely soul crushing to lose everything that you ever worked for and not see any light at the end of the tunnel.
Unfortunately, the U.S. economy is not going to be improving in the long run. What we are experiencing right now is about as good as it is going to get. The truth is that it is pretty much downhill from here.
It is fairly simple to figure out what is happening to us as a nation.
You can't keep buying far more than you sell.
You can't keep spending far more than you bring in.
You can't keep running up debt in larger and larger amounts indefinitely.
The U.S. economy is running on borrowed money and on borrowed time.
At some point, both are going to run out.
Are you ready for that?
DAILY BUSINESS REPORT - Financial Updates, International Markets and Business News
March 19, 2012
March 18, 2012
Goldman Sachs: Making Money by Stealing It
Money power in private hands and democracy can't co-exist. Wall Street crooks transformed America into an unprecedented money making racket.
Goldman symbolizes master of the universe manipulative fraud. It's been involved in nearly all financial scandals since the 19th century.
It makes money the old-fashioned way. It steals it through fraud, grand theft, market manipulation, front-running them, scamming investors, bribing political Washington, having its executives in top administration posts, and getting open-ended low or no interest rate bailouts when needed.
It's business model and culture assure billions of bonus dollars for company officials, complicit traders, and others on the take. It's a crime family, not a bank. It's connected to others like it on Wall Street and corrupt politicians.
Compared to Goldman, Bernie Madoff was small-time. So are most other swindlers. Ones who matter most sit in Wall Street board rooms, plotting other scams.
Former bank regulator expert on white-collar crime, public finance, economics, and related law, Bill Black explained Goldman shenanigans pertaining to earlier SEC charges this way:
"Goldman designed a rigged trifecta. It turned a massive loss into a material profit by selling deeply underwater, toxic CDOs it owned. It helped make John Paulson (CEO of a huge hedge fund that Goldman would love to have as an ally) a massive profit - in a 'profession' where reciprocal favors are key, and blew up its customers that purchased the CDOs."
An SEC civil suit charged Goldman with defrauding customers. It made billions, and settled for $550 million. It was pocket change, the equivalent of four 2009 revenue days. It hardly mattered.
No executive was fined or imprisoned. Grand theft continues unabated. They include fraudulent pump-and-dump schemes. Major media scoundrels don't explain. Only scammed customers and insiders part of the dirty game understand.
On March 4, Black used James Q. Wilson's "broken windows" metaphor pertaining to blue collar crime. He applied it to far more serious elite white-collar offenses. None rise to the level of financial ones. The amounts involved are staggering. Broken lives, communities, and economies result. The landscape's littered with them.
No firm's more adept at amassing fraudulent fortunes than Goldman. Its CEO Lloyd Blankfein calls it "doing God's work." It's hard imagining greater arrogance. It's harder knowing the Supreme Court ruled banks and other financial entities immune from securities fraud by those harmed. Only Washington may sue for redress.
It's also appalling that Murdoch's Wall Street Journal "serve(s) as cheerleader and apologist for those" who amass wealth by stealing it, said Black.
Goldman Executive Resigns
Broken clocks are right twice a day. On March 14, so was The New York Times. It gave rare op-ed space to high level Goldman executive Greg Smith for views worth sharing. He served as executive director and head of the firm's domestic equity derivatives business in Europe, the Middle East and Africa.
Headlining, "Why I Am Leaving Goldman Sachs," he said:
After almost 12 years with the firm, today was his last day. He worked there "long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it."
In "simplest terms," he said client interests are sidelined. Goldman thinks only about making money. "The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for."
In less blunt terms than Black, this writer, and other critics, he stopped short of explaining its grand theft model, but comments he made suggested it.
An earlier Goldman culture contributed to its success, he said. "It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients."
Exaggerated? Absolutely, whatever minor differences between today and earlier existed. According to Smith, "virtually no trace" of what he admired remains. Whatever pride he once had is now gone. It was time to leave when he no longer could look aspiring students wanting Goldman jobs "in the eye and tell them what a great place this was to work."
How can it be operating like a crime family. It's business model involves grand theft. Customers are defrauded, not helped. Politicians are bought like toothpaste. Laws are subverted and ignored. Others are discarded or rewritten at its behest. Economies are wrecked for profit.
When future Goldman histories are written, honest ones will say Blankfein, president Gary Cohn, and other top executives "lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival."
Smith said his career involved advising two of the largest global hedge funds, five of America's largest asset managers, and three of the Middle East's most prominent sovereign wealth funds. His clients manage over a trillion dollars in assets.
He took pride, he said, advising them "to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs." He knew it was time to leave.
"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer), you will be promoted into a position of influence."
Three key ways, include:
(1) Advising clients to invest in assets Goldman wants to dump, including toxic ones.
(2) Getting them to buy what makes Goldman most money.
(3) Trading "any illiquid, opaque product with a three-letter acronym," no matter how much toxic or without merit.
He attended sales meetings devoid of ways to help clients. They're about maximizing Goldman's profit, no matter how illegally. "It makes me ill," he said, "how callously people talk about ripping their clients off. Over the last 12 months, I have seen five different managing directors refer to their own clients as 'muppets.' "
They're marks to be manipulated and scammed for profit. He can't explain how senior managers don't understand that losing client trust means forfeiting their business. No matter if you're the smartest guys in the room. They'll know you're smart enough to scam them without hearing back room insults about "muppets," "ripping eyeballs out," and "getting paid" at their expense.
He hopes his article "can be a wake-up call to" Goldman's board. "Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist."
"Weed out the morally bankrupt people, no matter how much money they make for the firm." Make "people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer."
A Final Comment
Goldman's entire history, or at least most of it, reflects predation. Its scams way pre-date Smith's birth. In the 1920s, its Ponzi scheme investment trusts defrauded investors. Goldman profited. They lost out, and when Wall Street crashed were left high, dry, and broke.
One trust sold investors reflected others. Its offering price was $104 a share. It became virtually worthless at $1.75. It lost over 98% of its value. Unwary buyers then and now lose out. Only the stakes get bigger.
Today they're enormous. Getting in bed with Goldman's like swimming with sharks. You're prey. They're predators. Those burned understand Goldman's culture enough to know it's toxic and corrupted.
In 2002, it was largely responsible for Greece's debt problems. It involved circumventing Eurozone rules in return for mortgaging assets.
Using creative accounting, debt was hidden through off-balance sheet shenanigans. Derivatives called cross-currency swaps were used. Government debt issued in dollars and yen was swapped for euros, then later exchanged back to original currencies.
Debt entrapment followed. Greece was held hostage to repay it. The country's been raped and pillaged. Paying bankers comes first. Doing it left Greeks impoverished, high and dry. Goldman profited enormously by scamming an entire country and millions in it.
Its business model thrives on similar schemes globally. It's about profits, no matter the huge cost to others. Expecting this leopard to change spots is like imagining reformers will transform Washington.
Former alderman Paddy Bauler once said "Chicago ain't ready for reform." It's still not ready and may never be.
Neither is political Washington, Goldman, other Wall Street crooks, or their counterparts throughout corporate America.
They connive, cheat, profiteer from wars, drain trillions from households and the national treasury, wage war on labor, sell dangerous products, destroy the environment, and do whatever they damn please complicit with corrupt politicians who let them.
Goldman and other Wall Street giants are the worst of the lot. Standing armies pale by comparison. Michael Hudson calls finance warfare by other means. Generalissimo bankers run everything.
Their job is pillaging households, investors, communities, and countries for profit. Doing so holds humanity hostage. They'll lose everything unless stopped. Job one's assuring that's done. The stakes are too high for failure. It’s up to public rage to assure success.
Goldman symbolizes master of the universe manipulative fraud. It's been involved in nearly all financial scandals since the 19th century.
It makes money the old-fashioned way. It steals it through fraud, grand theft, market manipulation, front-running them, scamming investors, bribing political Washington, having its executives in top administration posts, and getting open-ended low or no interest rate bailouts when needed.
It's business model and culture assure billions of bonus dollars for company officials, complicit traders, and others on the take. It's a crime family, not a bank. It's connected to others like it on Wall Street and corrupt politicians.
Compared to Goldman, Bernie Madoff was small-time. So are most other swindlers. Ones who matter most sit in Wall Street board rooms, plotting other scams.
Former bank regulator expert on white-collar crime, public finance, economics, and related law, Bill Black explained Goldman shenanigans pertaining to earlier SEC charges this way:
"Goldman designed a rigged trifecta. It turned a massive loss into a material profit by selling deeply underwater, toxic CDOs it owned. It helped make John Paulson (CEO of a huge hedge fund that Goldman would love to have as an ally) a massive profit - in a 'profession' where reciprocal favors are key, and blew up its customers that purchased the CDOs."
An SEC civil suit charged Goldman with defrauding customers. It made billions, and settled for $550 million. It was pocket change, the equivalent of four 2009 revenue days. It hardly mattered.
No executive was fined or imprisoned. Grand theft continues unabated. They include fraudulent pump-and-dump schemes. Major media scoundrels don't explain. Only scammed customers and insiders part of the dirty game understand.
On March 4, Black used James Q. Wilson's "broken windows" metaphor pertaining to blue collar crime. He applied it to far more serious elite white-collar offenses. None rise to the level of financial ones. The amounts involved are staggering. Broken lives, communities, and economies result. The landscape's littered with them.
No firm's more adept at amassing fraudulent fortunes than Goldman. Its CEO Lloyd Blankfein calls it "doing God's work." It's hard imagining greater arrogance. It's harder knowing the Supreme Court ruled banks and other financial entities immune from securities fraud by those harmed. Only Washington may sue for redress.
It's also appalling that Murdoch's Wall Street Journal "serve(s) as cheerleader and apologist for those" who amass wealth by stealing it, said Black.
Goldman Executive Resigns
Broken clocks are right twice a day. On March 14, so was The New York Times. It gave rare op-ed space to high level Goldman executive Greg Smith for views worth sharing. He served as executive director and head of the firm's domestic equity derivatives business in Europe, the Middle East and Africa.
Headlining, "Why I Am Leaving Goldman Sachs," he said:
After almost 12 years with the firm, today was his last day. He worked there "long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it."
In "simplest terms," he said client interests are sidelined. Goldman thinks only about making money. "The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for."
In less blunt terms than Black, this writer, and other critics, he stopped short of explaining its grand theft model, but comments he made suggested it.
An earlier Goldman culture contributed to its success, he said. "It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients."
Exaggerated? Absolutely, whatever minor differences between today and earlier existed. According to Smith, "virtually no trace" of what he admired remains. Whatever pride he once had is now gone. It was time to leave when he no longer could look aspiring students wanting Goldman jobs "in the eye and tell them what a great place this was to work."
How can it be operating like a crime family. It's business model involves grand theft. Customers are defrauded, not helped. Politicians are bought like toothpaste. Laws are subverted and ignored. Others are discarded or rewritten at its behest. Economies are wrecked for profit.
When future Goldman histories are written, honest ones will say Blankfein, president Gary Cohn, and other top executives "lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival."
Smith said his career involved advising two of the largest global hedge funds, five of America's largest asset managers, and three of the Middle East's most prominent sovereign wealth funds. His clients manage over a trillion dollars in assets.
He took pride, he said, advising them "to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs." He knew it was time to leave.
"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer), you will be promoted into a position of influence."
Three key ways, include:
(1) Advising clients to invest in assets Goldman wants to dump, including toxic ones.
(2) Getting them to buy what makes Goldman most money.
(3) Trading "any illiquid, opaque product with a three-letter acronym," no matter how much toxic or without merit.
He attended sales meetings devoid of ways to help clients. They're about maximizing Goldman's profit, no matter how illegally. "It makes me ill," he said, "how callously people talk about ripping their clients off. Over the last 12 months, I have seen five different managing directors refer to their own clients as 'muppets.' "
They're marks to be manipulated and scammed for profit. He can't explain how senior managers don't understand that losing client trust means forfeiting their business. No matter if you're the smartest guys in the room. They'll know you're smart enough to scam them without hearing back room insults about "muppets," "ripping eyeballs out," and "getting paid" at their expense.
He hopes his article "can be a wake-up call to" Goldman's board. "Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist."
"Weed out the morally bankrupt people, no matter how much money they make for the firm." Make "people want to work here for the right reasons. People who care only about making money will not sustain this firm — or the trust of its clients — for very much longer."
A Final Comment
Goldman's entire history, or at least most of it, reflects predation. Its scams way pre-date Smith's birth. In the 1920s, its Ponzi scheme investment trusts defrauded investors. Goldman profited. They lost out, and when Wall Street crashed were left high, dry, and broke.
One trust sold investors reflected others. Its offering price was $104 a share. It became virtually worthless at $1.75. It lost over 98% of its value. Unwary buyers then and now lose out. Only the stakes get bigger.
Today they're enormous. Getting in bed with Goldman's like swimming with sharks. You're prey. They're predators. Those burned understand Goldman's culture enough to know it's toxic and corrupted.
In 2002, it was largely responsible for Greece's debt problems. It involved circumventing Eurozone rules in return for mortgaging assets.
Using creative accounting, debt was hidden through off-balance sheet shenanigans. Derivatives called cross-currency swaps were used. Government debt issued in dollars and yen was swapped for euros, then later exchanged back to original currencies.
Debt entrapment followed. Greece was held hostage to repay it. The country's been raped and pillaged. Paying bankers comes first. Doing it left Greeks impoverished, high and dry. Goldman profited enormously by scamming an entire country and millions in it.
Its business model thrives on similar schemes globally. It's about profits, no matter the huge cost to others. Expecting this leopard to change spots is like imagining reformers will transform Washington.
Former alderman Paddy Bauler once said "Chicago ain't ready for reform." It's still not ready and may never be.
Neither is political Washington, Goldman, other Wall Street crooks, or their counterparts throughout corporate America.
They connive, cheat, profiteer from wars, drain trillions from households and the national treasury, wage war on labor, sell dangerous products, destroy the environment, and do whatever they damn please complicit with corrupt politicians who let them.
Goldman and other Wall Street giants are the worst of the lot. Standing armies pale by comparison. Michael Hudson calls finance warfare by other means. Generalissimo bankers run everything.
Their job is pillaging households, investors, communities, and countries for profit. Doing so holds humanity hostage. They'll lose everything unless stopped. Job one's assuring that's done. The stakes are too high for failure. It’s up to public rage to assure success.
March 17, 2012
Ian Fraser: Will We Finally See Some Bank Board Members Face the Music?
Yves here. As much as the odds still favor clueless or complicit board members bearing no consequences of their misdeeds, the authorities in England are moving forward on the HBOS failure far more seriously than anything we’ve seen in the US. That is no small measure due to the fact that leadership of both the Bank of England and the FSA recognize that banks need to be curbed and have proposed and pushed hard for some serious remedies, such as a version of Glass Steagall (their more aggressive version was beaten back thanks to concerted lobbying by the banks and the Treasury).
Last Friday was an extraordinary day in the world of banking. First we had confirmation from Barclays, Lloyds Banking Group and Royal Bank of Scotland that they are doling out obscene sums in bonuses to executives, even as performance flags and share prices plunge. Then we had the ridiculous saga of the ISDA determinations committee confirming what everybody already knew; that Greece was defaulting on much of its €177 billion of debt pile (the world’s biggest sovereign default had been priced in to the extent it barely ruffled the markets). And then, at 1.40pm came the FSA’s HBOS bombshell.
In a 37-page report the FSA censured HBOS for “serious misconduct” which, in ‘FSA speak’, is about as strong as it gets. The regulator said that the Bank of Scotland, the brand that HBOS used for its corporate lending businesses, had broken Principal 3 of the FSA’s 11 principals of business. The Principal reads as follows:-
“3: Management and control – A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.”
The regulator said the Bank of Scotland “was guilty of very serious misconduct, which contributed to the circumstances that led to the UK government having to inject taxpayer funding into HBOS”.
If the bank was not now largely taxpayer-owned, the FSA would have imposed its largest ever fine – probably in the region of £50m-£100m – but given that taxpayers have already bailed out the morally bankrupt institution once, the regulator decided it would be unfair for them to have to do so twice. (Reading through the regulator’s 11 principles, it is astonishing that it’s taken the FSA so long. I was aware of most of its findings by May 2009 after researching a ‘File on 4‘ for BBC Radio 4, and could provide copper-bottomed evidence that HBOS has broken all eleven of the regulator’s principals).
The Telegraph’s Philip Aldrick explained the background:-
HBOS failed because it had terrible corporate governance, a neutered risk control function, and an odd personality cult around a rather quiet Scottish banker. In January 2006, Peter Cummings became chief executive of HBOS’s corporate division. It was a position he had effectively held since 1995 but the appointment made him a full board member. In the following two years, the period under investigation, his division amassed property assets and dangerous risks in almost equal quantities.
The FSA’s Final Notice document clarified what the ‘HBOS whistle-blower’ Paul Moore and others including myself have been banging on about for years. The HBOS risk management function had atrophied to the extent it had become a charade and as good as useless from about 2004 onwards. Interestingly that is also the date at which HBOS chief executive joined the board of the FSA (whilst retaining his day job). Intriguingly he was an appointee of the chancellor Gordon Brown, who is known to have been a close friend of his.
The report stated: “risk management was regarded as a constraint on the business rather than integral to it.” Aldrick added:-
Mr Cummings and his team were given carte blanche to behave as they wished. By March 2008, £34bn was exposed to just 30 clients – over half of whom were in commercial property… For any other bank, such “concentration risk” would have set the alarm bells pealing. At BoS, though, Mr Cummings treated risk management with derision.
The FSA report, signed off by Will Amos, the FSA’s head of enforcement and financial crime, detailed how Cummings created a “culture of optimism” (some would translate this as “a culture of self-delusion, insane hubris and rampant criminality”), how staff were incentivised to build revenue rather than to monitor risk, and how Cummings and colleagues were answerable to no-one. However, the fact the idiotic Lord Stevenson and morally bankrupt Sir James Crosby gave Cummings his head, and turned a blind eye while he ran amok, doesn’t excuse them of blame/responsibility.
The report spells out that inadequate management information was a major issue at Bank of Scotland Corporate (by which the regulator probably means it was easy for the likes of former managing director of corporate banking Ian Robertson — who stepped down in June 2007 and died in August 2010 — to bend the rules and enter transactions without their risk-managers and superiors even knowing!). On page 13 the FSA report states:-
4.27. In relation to the quality, reliability and utility of the available management information:
(1) the available management information was not sufficient for the purpose of conducting an effective assessment of the portfolio;
(2) the degree of manual intervention was a continuing and major risk;
(3) there was a continuing lack of metrics for the assessment of the effectiveness of the control environment; and
(4) a significant proportion of the portfolio had not been risk-rated.
4.28. As a consequence, the control framework was not effective throughout the Relevant Period. This directly impeded the ability of the business to assess, manage and mitigate credit risk.
Where Cummings and some of his colleagues were concerned, as I have said in earlier articles/blogs, the HBOS board, led by Lord Stevenson and Sir James Crosby made the fatal mistake of confusing genius with a bull market.
In about 2001, seemingly impressed by one or two successful deals Cummings had pulled off with TopShop owner Sir Philip Green, Stevenson, Crosby and the rest of the HBOS board gave him free rein to do pretty much whatever he wanted.
By 2007, the bank had became so dependent on the short-term profits his corporate lending department seemed capable of generating, they urged him to ratchet up the lending to a tight-knit group of property, retail and leisure entrepreneurs (most of whom would have struggled to secure funding elsewhere. I have explored those who benefited from Cummings’ largesse in greater detail in The hornet and the sting), even as cannier lenders were running for the hills. The FSA report said:-
“In the first half of 2007, group increasingly looked to the corporate division to make up for the underperformance of the retail division.”
Andrew Tyrie, chairman of the Treasury Select Committee, criticised the regulator for failing to publish the size of the fine it would have levied on Bank of Scotland parent Lloyds Banking Group. He confirmed to the Telegraph that the report raises serious questions about the role of the bank’s board, particularly the non-executives.
“From what we can tell, corporate governance was a shambles and needs thorough investigation.”
Now that the FSA has come out with this damning report, and given the widening Operation Hornet police investigation into alleged massive fraud, money-laundering, corruption and other criminality linked to HBOS, all the bank’s former directors including chairman Lord Stevenson are looking more exposed. The FSA confirmed that it continues to pursue various other “enforcement actions” into HBOS including into individuals.
It is noteworthy that the regulator redacted some sections of the “final notice” document, seemingly ones relating to the bank’s “group internal audit” function, which the FSA did say “failed to provide effective assurance in relation to Corporate throughout the relevant period.” This may well mean that individuals from HBOS group internal audit are suspects in the “Operation Hornet” inquiry.
I suspect that much more will come out of the woodwork about the activities of HBOS and the Bank of Scotland in the coming weeks.
Legal contacts tell me that the chances of former HBOS directors and executives being sued for every penny they own or serving long jail terms have risen dramatically as a result of yesterday’s findings. The FSA’s document also puts pressure on the UK government to finally release the contents of the Treasury’s “secret dossier” (which the Treasury has kept hidden and whose existence first emerged during Lloyds TSB’s 2008 acquisition of HBOS).
Yesterday, I spoke to Paul Moore, the former group head of regulatory risk at HBOS, a former barrister who was personally and unceremoniously dumped by the bank’s chief executive James Crosby in 2004 after he sought to alert the bank’s board to the craziness that was going on at HBOS. Disgracefully the bank then commissioned a wholly partisan report from its own auditors, KPMG, in a vain attempt to rubbish Moore. (The circumstances surrounding Moore’s dismissal and the way it was dressed up by KPMG and the bank’s former chairman Lord Stevenson, have yet to be properly investigated by the UK authorities). Moore said:-
“This means there should now be no holding back on a full investigation into all matters relating to HBOS, including my dismissal and the appointments of salespeople like Jo Dawson to senior risk management roles. The FSA Final Notice basically tells us there has to be a thorough judicial inquiry into the whole affair, in which people are compelled to give evidence orally, under oath, and to produce all the relevant documents, so we can have a proper transparent forensic investigation into who did what when. This would be along the lines I proposed a press release in March 2009. That really has to happen and if it doesn’t happen there’s something fundamentally wrong.”
Moore added:-
“You could not have a finding of this seriousness in relation to FSA Principal 3 without enforcement action being taken against individuals. Off the top of my head, if Peter Cummings had behaved fraudulently then the enforcement action would be limited to enforcement action against him. But if the whole firm is in breach of principal three, as this report suggests, then you have to look more widely at who was responsible for that breach: in addition to Cummings, I would have thought it would include the chief financial officer, the chief executive, the chairman, the chairman of the risk committee of the corporate bank, the non-executives on that risk committee, the members of the group audit committee (who are also non-executives). The question then is: does it flow out to all the board directors or was it just this narrower group?”
Last Friday was an extraordinary day in the world of banking. First we had confirmation from Barclays, Lloyds Banking Group and Royal Bank of Scotland that they are doling out obscene sums in bonuses to executives, even as performance flags and share prices plunge. Then we had the ridiculous saga of the ISDA determinations committee confirming what everybody already knew; that Greece was defaulting on much of its €177 billion of debt pile (the world’s biggest sovereign default had been priced in to the extent it barely ruffled the markets). And then, at 1.40pm came the FSA’s HBOS bombshell.
In a 37-page report the FSA censured HBOS for “serious misconduct” which, in ‘FSA speak’, is about as strong as it gets. The regulator said that the Bank of Scotland, the brand that HBOS used for its corporate lending businesses, had broken Principal 3 of the FSA’s 11 principals of business. The Principal reads as follows:-
“3: Management and control – A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.”
The regulator said the Bank of Scotland “was guilty of very serious misconduct, which contributed to the circumstances that led to the UK government having to inject taxpayer funding into HBOS”.
If the bank was not now largely taxpayer-owned, the FSA would have imposed its largest ever fine – probably in the region of £50m-£100m – but given that taxpayers have already bailed out the morally bankrupt institution once, the regulator decided it would be unfair for them to have to do so twice. (Reading through the regulator’s 11 principles, it is astonishing that it’s taken the FSA so long. I was aware of most of its findings by May 2009 after researching a ‘File on 4‘ for BBC Radio 4, and could provide copper-bottomed evidence that HBOS has broken all eleven of the regulator’s principals).
The Telegraph’s Philip Aldrick explained the background:-
HBOS failed because it had terrible corporate governance, a neutered risk control function, and an odd personality cult around a rather quiet Scottish banker. In January 2006, Peter Cummings became chief executive of HBOS’s corporate division. It was a position he had effectively held since 1995 but the appointment made him a full board member. In the following two years, the period under investigation, his division amassed property assets and dangerous risks in almost equal quantities.
The FSA’s Final Notice document clarified what the ‘HBOS whistle-blower’ Paul Moore and others including myself have been banging on about for years. The HBOS risk management function had atrophied to the extent it had become a charade and as good as useless from about 2004 onwards. Interestingly that is also the date at which HBOS chief executive joined the board of the FSA (whilst retaining his day job). Intriguingly he was an appointee of the chancellor Gordon Brown, who is known to have been a close friend of his.
The report stated: “risk management was regarded as a constraint on the business rather than integral to it.” Aldrick added:-
Mr Cummings and his team were given carte blanche to behave as they wished. By March 2008, £34bn was exposed to just 30 clients – over half of whom were in commercial property… For any other bank, such “concentration risk” would have set the alarm bells pealing. At BoS, though, Mr Cummings treated risk management with derision.
The FSA report, signed off by Will Amos, the FSA’s head of enforcement and financial crime, detailed how Cummings created a “culture of optimism” (some would translate this as “a culture of self-delusion, insane hubris and rampant criminality”), how staff were incentivised to build revenue rather than to monitor risk, and how Cummings and colleagues were answerable to no-one. However, the fact the idiotic Lord Stevenson and morally bankrupt Sir James Crosby gave Cummings his head, and turned a blind eye while he ran amok, doesn’t excuse them of blame/responsibility.
The report spells out that inadequate management information was a major issue at Bank of Scotland Corporate (by which the regulator probably means it was easy for the likes of former managing director of corporate banking Ian Robertson — who stepped down in June 2007 and died in August 2010 — to bend the rules and enter transactions without their risk-managers and superiors even knowing!). On page 13 the FSA report states:-
4.27. In relation to the quality, reliability and utility of the available management information:
(1) the available management information was not sufficient for the purpose of conducting an effective assessment of the portfolio;
(2) the degree of manual intervention was a continuing and major risk;
(3) there was a continuing lack of metrics for the assessment of the effectiveness of the control environment; and
(4) a significant proportion of the portfolio had not been risk-rated.
4.28. As a consequence, the control framework was not effective throughout the Relevant Period. This directly impeded the ability of the business to assess, manage and mitigate credit risk.
Where Cummings and some of his colleagues were concerned, as I have said in earlier articles/blogs, the HBOS board, led by Lord Stevenson and Sir James Crosby made the fatal mistake of confusing genius with a bull market.
In about 2001, seemingly impressed by one or two successful deals Cummings had pulled off with TopShop owner Sir Philip Green, Stevenson, Crosby and the rest of the HBOS board gave him free rein to do pretty much whatever he wanted.
By 2007, the bank had became so dependent on the short-term profits his corporate lending department seemed capable of generating, they urged him to ratchet up the lending to a tight-knit group of property, retail and leisure entrepreneurs (most of whom would have struggled to secure funding elsewhere. I have explored those who benefited from Cummings’ largesse in greater detail in The hornet and the sting), even as cannier lenders were running for the hills. The FSA report said:-
“In the first half of 2007, group increasingly looked to the corporate division to make up for the underperformance of the retail division.”
Andrew Tyrie, chairman of the Treasury Select Committee, criticised the regulator for failing to publish the size of the fine it would have levied on Bank of Scotland parent Lloyds Banking Group. He confirmed to the Telegraph that the report raises serious questions about the role of the bank’s board, particularly the non-executives.
“From what we can tell, corporate governance was a shambles and needs thorough investigation.”
Now that the FSA has come out with this damning report, and given the widening Operation Hornet police investigation into alleged massive fraud, money-laundering, corruption and other criminality linked to HBOS, all the bank’s former directors including chairman Lord Stevenson are looking more exposed. The FSA confirmed that it continues to pursue various other “enforcement actions” into HBOS including into individuals.
It is noteworthy that the regulator redacted some sections of the “final notice” document, seemingly ones relating to the bank’s “group internal audit” function, which the FSA did say “failed to provide effective assurance in relation to Corporate throughout the relevant period.” This may well mean that individuals from HBOS group internal audit are suspects in the “Operation Hornet” inquiry.
I suspect that much more will come out of the woodwork about the activities of HBOS and the Bank of Scotland in the coming weeks.
Legal contacts tell me that the chances of former HBOS directors and executives being sued for every penny they own or serving long jail terms have risen dramatically as a result of yesterday’s findings. The FSA’s document also puts pressure on the UK government to finally release the contents of the Treasury’s “secret dossier” (which the Treasury has kept hidden and whose existence first emerged during Lloyds TSB’s 2008 acquisition of HBOS).
Yesterday, I spoke to Paul Moore, the former group head of regulatory risk at HBOS, a former barrister who was personally and unceremoniously dumped by the bank’s chief executive James Crosby in 2004 after he sought to alert the bank’s board to the craziness that was going on at HBOS. Disgracefully the bank then commissioned a wholly partisan report from its own auditors, KPMG, in a vain attempt to rubbish Moore. (The circumstances surrounding Moore’s dismissal and the way it was dressed up by KPMG and the bank’s former chairman Lord Stevenson, have yet to be properly investigated by the UK authorities). Moore said:-
“This means there should now be no holding back on a full investigation into all matters relating to HBOS, including my dismissal and the appointments of salespeople like Jo Dawson to senior risk management roles. The FSA Final Notice basically tells us there has to be a thorough judicial inquiry into the whole affair, in which people are compelled to give evidence orally, under oath, and to produce all the relevant documents, so we can have a proper transparent forensic investigation into who did what when. This would be along the lines I proposed a press release in March 2009. That really has to happen and if it doesn’t happen there’s something fundamentally wrong.”
Moore added:-
“You could not have a finding of this seriousness in relation to FSA Principal 3 without enforcement action being taken against individuals. Off the top of my head, if Peter Cummings had behaved fraudulently then the enforcement action would be limited to enforcement action against him. But if the whole firm is in breach of principal three, as this report suggests, then you have to look more widely at who was responsible for that breach: in addition to Cummings, I would have thought it would include the chief financial officer, the chief executive, the chairman, the chairman of the risk committee of the corporate bank, the non-executives on that risk committee, the members of the group audit committee (who are also non-executives). The question then is: does it flow out to all the board directors or was it just this narrower group?”
March 16, 2012
Is Goldman Resignation Part of an Elite Plot?
Goldman Roiled by Op-Ed Loses $2.2 Billion ... Smith Resignation Costs Goldman Shareholders $2.2B ... Goldman Sachs Group Inc. (GS) saw $2.15 billion of its market value wiped out after an employee assailed Chief Executive Officer Lloyd C. Blankfein's management and the firm's treatment of clients, sparking debate across Wall Street. The shares dropped 3.4 percent in New York trading yesterday, the third-biggest decline in the 81-company Standard & Poor's 500 Financials Index, after London-based Greg Smith made the accusations in a New York Times op-ed piece. Smith, who also wrote that he was quitting after 12 years at the company, blamed Blankfein, 57, and President Gary D. Cohn, 51, for a "decline in the firm's moral fiber." They responded in a memo to current and former employees, saying that Smith's assertions don't reflect the firm's values, culture or "how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients." – New York Times
Dominant Social Theme: Dig up Pecora and let him run a commission.
Free-Market Analysis: Hoo boy. Here's what we really need: New "Pecora Hearings." is this why Goldman is being pilloried once again?
Is it a deliberate hit job of sorts? Certainly it is compelling. People hate the system so much that even the alternative news media goes along when it comes to Goldman Sachs.
It never seems to occur to anyone, even the brightest of the alternative media minds, that this is the way the power elite works. Do they ever set up a dialectic they don't control? "They" OWN Goldman Sachs it seems to us. Goldman works for "them" ... and "they" are offering up this firm like a sacrificial lamb.
But the stakes could not be higher. The end of the US system of capital-raising is being oiled and greased in Washington thanks to the constant drumbeat of anti-Wall Street news.
The guillotine is being sharpened. The screws are being tightened. It is almost time for the show to begin.
And what a show it will be: Political theatre designed to reduce what is left of Wall Street entirely to an adjunct of Washington, DC.
In the process it will accomplish what Alexander Hamilton long dreamed of doing 250 years ago: Reconfigure the Republic and turn it into a version of European nation-states.
After these new hearings take place, George Orwell's famous phrase will be fully operative: "If you want a picture of the future, imagine a boot stomping on a human face – forever."
This unpleasant sentiment has been the goal of certain individuals; but the proximate reality has drawn considerably closer in the past years now, ever since the disastrous economic collapse of 2008.
You ask why this is so. Why is it bad to have a Congressional Hearing to punish Wall Street and "throw the crooks in jail"? That's not the REAL reason for these upcoming hearings.
The real reason is to kill the last vestiges of the capital-raising mechanism in the US. Kill it. Kill it dead. After these new hearings take place, the ability for average people to raise capital – already doubtful – will be improbable indeed.
The other thing these hearings will attempt to do is to provide legitimacy for the current US political system and the penal-industrial complex. Over and over certain people complain that the "crooks" have not yet gone to jail.
But to put the "crooks in jail" will utilize the entire illegitimate structure of US power including the entirely corrupt US Congress, increasingly authoritarian law enforcement and murderous penal facilities themselves. The powers-that-be intend to capitalize on the righteous anger of US citizens to prop up the horrid system of US jurisprudence and Congress itself that only has about a 10 percent approval rating currently with the larger public.
This is only a secondary point, however. The primary goal is even more malicious. The power elite intends to make damn sure that if people make money in the future, it won't be via formal capital raising mechanisms.
The US has always been a nightmare for the elites that intend to run the world (and apparently control the world's central banks). One of the worst parts of the US system from a its standpoint is that average people have the capacity to make money. This isn't really the case in Europe where capital is doled out like royal titles: One needs, mostly, to be "connected" to get it.
But in the US even impoverished social misfits with a bright idea could raise money and build a business, even a big businesses. The power elite that now controls both money and media around the world has always found this to be unacceptable. First "they" helped create a formal "constitutional republic" and then with the advent of the Civil War, they helped destroy it.
They launched their apparent agent JP Morgan to control the wealth of the US and to create a series of phony crashes when he was fully empowered. The crash of 1907, which Morgan supposedly cured, seems to have been his creation as well.
It led directly to the Federal Reserve act and launched a century long inflation that has now devalued the dollar by about 99 percent. It is this monopoly central banking that has led to the current recessionary depression as well. The US is a hollowed-out economy. This was apparently the plan. The US and its republican culture stood in the way of world government.
On the way to the current disasters, regulatory democracy has taken root throughout the Western world. Regulatory democracy is supposedly the result of "market failures."
The biggest market failure that gave rise to regulations the way Helen of Troy's face supposedly launched a thousand ships, was the Crash of 1929 and the subsequent Depression. The putative result of these events was the so-called Pecora Hearings. And now the US is gearing up for another one.
We've been writing about this since last year. In fact, we were reporting on it as a dominant social theme long before there came "news" that a Pecora Hearing committee was forming in the bowels of Congress. Boy, were we surprised ... not. You can see one of our articles here: The Real Reason Bloomberg Sued to Open Up Fed Records?
Here at the Daily Bell, we observe the dominant social themes of the elite. We noticed that The Occupy Wall Street movement, funded ultimately by George Soros, seemed to spend an inordinate amount of time blaming Wall Street for the woes of the world. We even believe we know who is going to HEAD the committee. (Perhaps we're only "blowing bubbles," pretty bubbles, etc. ...) Just the other day, March 9, in the American Reporter, we see the following:
We are overdue for an accountability moment for the American financial industry. Fraud on a scale unimaginable has been committed, and the hard-earned savings of countless Americans has been looted, yet so far, only Madoff has taken the fall.
A bipartisan congressional panel armed with subpoena power is being formed to investigate causes of the Wall Street meltdown. The 10-member Financial Crisis Inquiry Commission (FCIC) will study how fraud, regulatory lapses, monetary policy, accounting, lending practices and executive pay contributed to the worst global financial crisis since the Great Depression.
The FCIC is modeled after the Pecora Commission, a U.S. Senate panel formed in the early 1930s that investigated the causes of the 1929 Wall Street crash. Those hearings, led by Ferdinand Pecora, produced the facts and momentum for the major New Deal financial reforms.
We need a Pecora-style investigation that will name names, ask tough questions and seek remedies. What we don't need is for the FCIC to be another version of the 9/11 Commission, a panel that was never allowed to fully and completely investigate all the lapses that led to the Sept. 11, 2001, terror attacks.
This is what we call an elite dominant social theme, folks. You got "yours" good and hard. And now it's time for Wall Street to pay.
The initial Pecora Hearings, run by Ferdinand Pecora, took place in the 1930s under Franklin Delano Roosevelt and resulted in the Wall Street we have today. In fact, the Pecora Hearings were based on farce and developed via fallacy.
The farcical part was that the Roaring Twenties and subsequent depression were the fault of Wall Street. Today, of course, historical fact points to illegal Federal Reserve inflation.
The Fed printed much more money than it had the right to print in the 20s and then after the crash, FDR deliberately covered up the crime by declaring bank holidays so that people would never cash in their paper receipts for gold.
When this didn't prove effective, FDR confiscated gold to make sure the banks, under the thumb of the newly founded Fed, would never have to redeem a penny. Thus we can see from the 1930s on, the Fed and the US government acted as a kind of criminal syndicate. This is forbidden history. It has only emerged popularly in the past decade, thanks to the Internet.
Today, thanks to free-market Austrian thinkers such as Ludwig von Mises, we know that the business cycle itself was responsible for the 1929 Crash and Great Depression. First, the Fed printed too much money and made everyone feel rich. Then, when the hot money circulated like sugar fueling a diabetic stroke, came the dreaded bust.
As a result, the Pecora Hearings were developed. The blame for the Crash and Great Depression were pinned on Wall Street and a bouquet of faux regulatory blossoms were cultivated: The SEC was formed, the NASD was created and outfits like the New York Stock Exchange were dubbed "self regulatory organizations."
The "public" stock market was invented, too. People tend to think there is a distinction between a private and public stock market but like so many other things in life, it is merely a regulatory distinction.
Let's not forget Glass-Steagall, as well. The idea of all of these nonsensical regulatory endeavors was to blame the crime of Federal Reserve monetary inflation on Wall Street chicanery. And now it is happening again. Goldman Sachs is being targeted for just this reason, in our view.
Of course, Wall Street DESERVES to be targeted. It is a shadow of a free-market facility, merely an adjunct of the power elite at this point. But it is not the MAIN MECHANISM of the coming authoritarianism. The main tools are monopoly-fiat central banking and government regulation.
The power elite flourishes via mercantilism. It created the Fed to be perceived as a PUBLIC facility and the Fed derives its authority from its PUBLIC brief. Government is not merely a helper in this regard, it is the prime enabler. Without enabling government regulation, the Fed would not exist; its credibility would not be buttressed.
The game is always ... blame Wall Street. We have no affection for modern Wall Street of its crookedness, but we can see an elitist meme as well as anyone. At this point Wall Street is hardly a private entity in aggregate. It, too, is a quasi-public facility with all the attendant market failure.
Were Wall Street actually PRIVATE – and run by the Invisible Hand – we'd be bigger boosters. But Wall Street's ruin and rapine is a direct result of the regulatory regime under which it is now "run." And the game, of course, is to pile up regulation on regulation until the banking mechanisms of the country are entirely dysfunctional and run out of Washington (at the behest of the elites running the shadow government).
We are therefore a bit ... suspicious of this executive director Greg Smith who quit Goldman in an open letter in the New York Times. He blasted Goldman Sachs and its unethical behavior. And the New York Times, a prime mouthpiece of the elite, was happy to report and report ... and report ... on it.
Our elves made a tiny bet among themselves that a Rhodes Scholarship (a sign of elite influence) lurked in Smith's background. We went looking and this is what we found, courtesy of an article in the UK Daily Mail:
... [Stanford University] confirmed he was given a scholarship but was not able to disclose how much it was for. After graduating, he applied for the prestigious Rhodes Scholarship which counts Chelsea Clinton among its alumni and would have allowed him to study at Oxford University in England for a year.
Smith was one of 10 finalists but only four got a place - and he missed out. A person familiar with the Rhodes application process said: 'If he got that far academically he was brilliant. 'It is not usual for people in such a position to take a job with a company like Goldman Sachs for a year or so between university and going on the Rhodes scholarship. Firms like Goldman seek them out as they are the best.'
Despite his successful career, in his letter Mr Smith said the 'proudest moments in his life' were getting the Stanford scholarship, being selected as a Rhodes Scholar national finalist and winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics. He said that was because those achievements 'came through hard work, with no short cuts.'
We're not as enamored of Rhodes Scholarships as is Mr. Smith. The Rhodes Scholarships come out of Oxford that, like Harvard, train and create the academic stormtroopers of the elite. Here's William Jasper on the characteristics that Cecil Rhodes valued for Rhodes Scholars:
"What are the characteristics that the Rhodes scholarship selection committees were to look for in candidates and nurture in their scholars? According to Rhodes' own criteria ... the traits most desired were(and are) "smugness, brutality, unctuous rectitude, and tact." ... According to Rhodes' co-conspirator Stead, it was expected that by 1920 there would be"between two and three thousand men in the prime of life scattered all over the world, each of whom, moreover, would have been specially - mathematically - selected toward the Founder's purposes."
Conclusion: We shall close with an observation that appeared in our previous article on what is manifestly planned for the US: "So ... remember this, please, as you listen to whatever Congress may muster after the next presidential elections (or even before). In the world of power and money, there is NOTHING that is as it seems. Countries NEVER go to war for stated reasons. Laws are NEVER passed for the reasons that are given. Regulations are NEVER propounded to "protect" the individual, but only to advantage the most powerful – the ones who can make the rules."
Dominant Social Theme: Dig up Pecora and let him run a commission.
Free-Market Analysis: Hoo boy. Here's what we really need: New "Pecora Hearings." is this why Goldman is being pilloried once again?
Is it a deliberate hit job of sorts? Certainly it is compelling. People hate the system so much that even the alternative news media goes along when it comes to Goldman Sachs.
It never seems to occur to anyone, even the brightest of the alternative media minds, that this is the way the power elite works. Do they ever set up a dialectic they don't control? "They" OWN Goldman Sachs it seems to us. Goldman works for "them" ... and "they" are offering up this firm like a sacrificial lamb.
But the stakes could not be higher. The end of the US system of capital-raising is being oiled and greased in Washington thanks to the constant drumbeat of anti-Wall Street news.
The guillotine is being sharpened. The screws are being tightened. It is almost time for the show to begin.
And what a show it will be: Political theatre designed to reduce what is left of Wall Street entirely to an adjunct of Washington, DC.
In the process it will accomplish what Alexander Hamilton long dreamed of doing 250 years ago: Reconfigure the Republic and turn it into a version of European nation-states.
After these new hearings take place, George Orwell's famous phrase will be fully operative: "If you want a picture of the future, imagine a boot stomping on a human face – forever."
This unpleasant sentiment has been the goal of certain individuals; but the proximate reality has drawn considerably closer in the past years now, ever since the disastrous economic collapse of 2008.
You ask why this is so. Why is it bad to have a Congressional Hearing to punish Wall Street and "throw the crooks in jail"? That's not the REAL reason for these upcoming hearings.
The real reason is to kill the last vestiges of the capital-raising mechanism in the US. Kill it. Kill it dead. After these new hearings take place, the ability for average people to raise capital – already doubtful – will be improbable indeed.
The other thing these hearings will attempt to do is to provide legitimacy for the current US political system and the penal-industrial complex. Over and over certain people complain that the "crooks" have not yet gone to jail.
But to put the "crooks in jail" will utilize the entire illegitimate structure of US power including the entirely corrupt US Congress, increasingly authoritarian law enforcement and murderous penal facilities themselves. The powers-that-be intend to capitalize on the righteous anger of US citizens to prop up the horrid system of US jurisprudence and Congress itself that only has about a 10 percent approval rating currently with the larger public.
This is only a secondary point, however. The primary goal is even more malicious. The power elite intends to make damn sure that if people make money in the future, it won't be via formal capital raising mechanisms.
The US has always been a nightmare for the elites that intend to run the world (and apparently control the world's central banks). One of the worst parts of the US system from a its standpoint is that average people have the capacity to make money. This isn't really the case in Europe where capital is doled out like royal titles: One needs, mostly, to be "connected" to get it.
But in the US even impoverished social misfits with a bright idea could raise money and build a business, even a big businesses. The power elite that now controls both money and media around the world has always found this to be unacceptable. First "they" helped create a formal "constitutional republic" and then with the advent of the Civil War, they helped destroy it.
They launched their apparent agent JP Morgan to control the wealth of the US and to create a series of phony crashes when he was fully empowered. The crash of 1907, which Morgan supposedly cured, seems to have been his creation as well.
It led directly to the Federal Reserve act and launched a century long inflation that has now devalued the dollar by about 99 percent. It is this monopoly central banking that has led to the current recessionary depression as well. The US is a hollowed-out economy. This was apparently the plan. The US and its republican culture stood in the way of world government.
On the way to the current disasters, regulatory democracy has taken root throughout the Western world. Regulatory democracy is supposedly the result of "market failures."
The biggest market failure that gave rise to regulations the way Helen of Troy's face supposedly launched a thousand ships, was the Crash of 1929 and the subsequent Depression. The putative result of these events was the so-called Pecora Hearings. And now the US is gearing up for another one.
We've been writing about this since last year. In fact, we were reporting on it as a dominant social theme long before there came "news" that a Pecora Hearing committee was forming in the bowels of Congress. Boy, were we surprised ... not. You can see one of our articles here: The Real Reason Bloomberg Sued to Open Up Fed Records?
Here at the Daily Bell, we observe the dominant social themes of the elite. We noticed that The Occupy Wall Street movement, funded ultimately by George Soros, seemed to spend an inordinate amount of time blaming Wall Street for the woes of the world. We even believe we know who is going to HEAD the committee. (Perhaps we're only "blowing bubbles," pretty bubbles, etc. ...) Just the other day, March 9, in the American Reporter, we see the following:
We are overdue for an accountability moment for the American financial industry. Fraud on a scale unimaginable has been committed, and the hard-earned savings of countless Americans has been looted, yet so far, only Madoff has taken the fall.
A bipartisan congressional panel armed with subpoena power is being formed to investigate causes of the Wall Street meltdown. The 10-member Financial Crisis Inquiry Commission (FCIC) will study how fraud, regulatory lapses, monetary policy, accounting, lending practices and executive pay contributed to the worst global financial crisis since the Great Depression.
The FCIC is modeled after the Pecora Commission, a U.S. Senate panel formed in the early 1930s that investigated the causes of the 1929 Wall Street crash. Those hearings, led by Ferdinand Pecora, produced the facts and momentum for the major New Deal financial reforms.
We need a Pecora-style investigation that will name names, ask tough questions and seek remedies. What we don't need is for the FCIC to be another version of the 9/11 Commission, a panel that was never allowed to fully and completely investigate all the lapses that led to the Sept. 11, 2001, terror attacks.
This is what we call an elite dominant social theme, folks. You got "yours" good and hard. And now it's time for Wall Street to pay.
The initial Pecora Hearings, run by Ferdinand Pecora, took place in the 1930s under Franklin Delano Roosevelt and resulted in the Wall Street we have today. In fact, the Pecora Hearings were based on farce and developed via fallacy.
The farcical part was that the Roaring Twenties and subsequent depression were the fault of Wall Street. Today, of course, historical fact points to illegal Federal Reserve inflation.
The Fed printed much more money than it had the right to print in the 20s and then after the crash, FDR deliberately covered up the crime by declaring bank holidays so that people would never cash in their paper receipts for gold.
When this didn't prove effective, FDR confiscated gold to make sure the banks, under the thumb of the newly founded Fed, would never have to redeem a penny. Thus we can see from the 1930s on, the Fed and the US government acted as a kind of criminal syndicate. This is forbidden history. It has only emerged popularly in the past decade, thanks to the Internet.
Today, thanks to free-market Austrian thinkers such as Ludwig von Mises, we know that the business cycle itself was responsible for the 1929 Crash and Great Depression. First, the Fed printed too much money and made everyone feel rich. Then, when the hot money circulated like sugar fueling a diabetic stroke, came the dreaded bust.
As a result, the Pecora Hearings were developed. The blame for the Crash and Great Depression were pinned on Wall Street and a bouquet of faux regulatory blossoms were cultivated: The SEC was formed, the NASD was created and outfits like the New York Stock Exchange were dubbed "self regulatory organizations."
The "public" stock market was invented, too. People tend to think there is a distinction between a private and public stock market but like so many other things in life, it is merely a regulatory distinction.
Let's not forget Glass-Steagall, as well. The idea of all of these nonsensical regulatory endeavors was to blame the crime of Federal Reserve monetary inflation on Wall Street chicanery. And now it is happening again. Goldman Sachs is being targeted for just this reason, in our view.
Of course, Wall Street DESERVES to be targeted. It is a shadow of a free-market facility, merely an adjunct of the power elite at this point. But it is not the MAIN MECHANISM of the coming authoritarianism. The main tools are monopoly-fiat central banking and government regulation.
The power elite flourishes via mercantilism. It created the Fed to be perceived as a PUBLIC facility and the Fed derives its authority from its PUBLIC brief. Government is not merely a helper in this regard, it is the prime enabler. Without enabling government regulation, the Fed would not exist; its credibility would not be buttressed.
The game is always ... blame Wall Street. We have no affection for modern Wall Street of its crookedness, but we can see an elitist meme as well as anyone. At this point Wall Street is hardly a private entity in aggregate. It, too, is a quasi-public facility with all the attendant market failure.
Were Wall Street actually PRIVATE – and run by the Invisible Hand – we'd be bigger boosters. But Wall Street's ruin and rapine is a direct result of the regulatory regime under which it is now "run." And the game, of course, is to pile up regulation on regulation until the banking mechanisms of the country are entirely dysfunctional and run out of Washington (at the behest of the elites running the shadow government).
We are therefore a bit ... suspicious of this executive director Greg Smith who quit Goldman in an open letter in the New York Times. He blasted Goldman Sachs and its unethical behavior. And the New York Times, a prime mouthpiece of the elite, was happy to report and report ... and report ... on it.
Our elves made a tiny bet among themselves that a Rhodes Scholarship (a sign of elite influence) lurked in Smith's background. We went looking and this is what we found, courtesy of an article in the UK Daily Mail:
... [Stanford University] confirmed he was given a scholarship but was not able to disclose how much it was for. After graduating, he applied for the prestigious Rhodes Scholarship which counts Chelsea Clinton among its alumni and would have allowed him to study at Oxford University in England for a year.
Smith was one of 10 finalists but only four got a place - and he missed out. A person familiar with the Rhodes application process said: 'If he got that far academically he was brilliant. 'It is not usual for people in such a position to take a job with a company like Goldman Sachs for a year or so between university and going on the Rhodes scholarship. Firms like Goldman seek them out as they are the best.'
Despite his successful career, in his letter Mr Smith said the 'proudest moments in his life' were getting the Stanford scholarship, being selected as a Rhodes Scholar national finalist and winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics. He said that was because those achievements 'came through hard work, with no short cuts.'
We're not as enamored of Rhodes Scholarships as is Mr. Smith. The Rhodes Scholarships come out of Oxford that, like Harvard, train and create the academic stormtroopers of the elite. Here's William Jasper on the characteristics that Cecil Rhodes valued for Rhodes Scholars:
"What are the characteristics that the Rhodes scholarship selection committees were to look for in candidates and nurture in their scholars? According to Rhodes' own criteria ... the traits most desired were(and are) "smugness, brutality, unctuous rectitude, and tact." ... According to Rhodes' co-conspirator Stead, it was expected that by 1920 there would be"between two and three thousand men in the prime of life scattered all over the world, each of whom, moreover, would have been specially - mathematically - selected toward the Founder's purposes."
Conclusion: We shall close with an observation that appeared in our previous article on what is manifestly planned for the US: "So ... remember this, please, as you listen to whatever Congress may muster after the next presidential elections (or even before). In the world of power and money, there is NOTHING that is as it seems. Countries NEVER go to war for stated reasons. Laws are NEVER passed for the reasons that are given. Regulations are NEVER propounded to "protect" the individual, but only to advantage the most powerful – the ones who can make the rules."
March 15, 2012
320 RESIGNATIONS FROM WORLD BANKS, INVESTMENT HOUSES, MONEY FUNDS
320 RESIGNATIONS FROM WORLD BANKS, INVESTMENT HOUSES, MONEY FUNDS
I don't mind if you re-blog this listing. Save yourself the wear and tear on your karma and do me the favor of including http://americankabuki.blogspot.com in your reposting. Thanks to all who have caught minor errors. Special thank to Gabriel at Facebook Global Mass Resignations for some resignations I did not find in my searches.
Abreviations used:
CEO = Chief Executive Officer, CFO = Chief Financial Officer, CIO = Chief Investment Officer, COO = Chief Operating Officer
INC = Incorporated (can be private held or publically traded shares)
PLC = Public Limited Company (publicly traded shares can be listed or unlisted on stock market)
LTD = Limited Company (privately held)
LLC = American version of LTD, but can have a shareholder/member that is an INC, often hybrids of both
AG = German version of PLC
AB = Swedish version of PLC
SA = Society Anonymous in various latin languages - same as PLC
NV = Dutch version of PLC
BV = Dutch version of LTD
LP = Limited Partners (partnership with limited liability)
REIT = Real Estate Investment Trust
Click here to scroll to latest additions to list, then scroll up.
9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP
http://goo.gl/NdW7q
9/06/11 (BELGIUM) Dexia confirmed that its CEO Stefaan Decraene had left the company. Its exposures to sovereign debt in the PIIGS nations are larger than its core Tier 1 capital.
http://goo.gl/vuhvd
9/09/11 (GERMANY) European Central Bank (ECB) governing board member Jürgen Stark, who has resigned
http://goo.gl/t83S4
9/12/11 (HONG KONG) HSBC Group Hang Seng Bank Non-Executive Director Mark McCombe resigns
http://goo.gl/mCTgi
9/14/11 (USA NJ) Columbia Bank CEO Raymond G. Hallock Announces Retirement
http://goo.gl/UjUZY
9/15/11 (USA NY) Morgan Stanley, Chairman John Mack resigns
http://goo.gl/jWWv7
9/18/11 (JORDAN) Central Bank governor Faris Sharaf resigns over policy
http://goo.gl/8yU5N
9/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.
http://goo.gl/Dx8qs
9/21/11 (AUSTRALIA & NZ) JP Morgan Australia and New Zealand Worldwide Securities Services CEO Jane Perry resigned
http://goo.gl/Qx0Va
9/25/11 (SWITZERLAND) UBS CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
http://goo.gl/WCeqB
9/25/11 (USA CA) Douglas E. Tow, Executive Vice President and Chief Credit Officer, will retire from the Company http://goo.gl/24aAU
9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
http://goo.gl/7dNiD
9/29/11 (JAPAN) BLIFE Investment Corporation, Asset Manager Director Masaomi Yamadaira resigned.
http://goo.gl/Vsmk3
9/29/11 (UK) Barclays, Head of UK & European Retail Banking Deanna Oppenheimer resigned.
http://goo.gl/o63jO
9/29/11 (USA NM) New Mexico Pension Fund Director Terry Slattery Resigns
http://goo.gl/BzLn4
10/01/11 (USA MO) Federal Reserve Bank of Kansas City President Thomas M. Hoenig retired on Oct. 1, 2011
http://goo.gl/B8WK7
10/03/11 (INDIA) The of Euram Bank Asia, president Arun Panchariya, has resigned after being implicated in a stock trading scandal in India.
http://goo.gl/yh2bF
10/03/11 (GHANA) Intercontinental Bank Ghana Limited, Managing Director and CEO Albert Mmegwa resigned.
http://goo.gl/Vc252
10/03/11 (USA FL) Quantek Opportunity Fund, portfolio manager Javier Guerra. Arbitration awarded $1 million damages to Aris Multi-Strategy Fund. Quantek Asset Management made false statements to Aris.
http://goo.gl/udpBA
10/05/11 (UK) UBS co-chief François Gouws of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
http://goo.gl/OuUjr
10/05/11 (UK) UBS co-chief Yassine Bouhara of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
http://goo.gl/OuUjr
10/10/11 (BELGIUM) Dexia (Franco-Belgian bank) its chairman Jean-Luc Dehaene will give up his role on the board of Dexia's Belgian division, which is being sold to the Belgian state as part of a rescue deal, the group said on Monday.
http://goo.gl/vyldE
10/11/11 (UK) Dynamic Funds, portfolio manager David Taylor has resigned.
http://goo.gl/GZCt5
10/11/11 (CHINA) China Construction Bank Non-Executive Direct Sue Yang resigns for personal reasons.
http://goo.gl/ip8Un
10/13/11 (UK) Cogent Partners co-head research department Katita Palamar resigned.
http://goo.gl/TVLWO
10/13/11 (UK) Cogent Partners co-head research department Bill Farrell resigned.
http://goo.gl/TVLWO
10/14/11 (USA TX) Deutsche Bank Investment Advisor Griffin Perry resigns, SEC regulations prevented him from campaigning for his father Rick Perry's Presidential campaign.
http://goo.gl/R0PgH
10/23/11 (USA) Fairholme Capital Management LLC, Director Charles Fernandez stepped down for personal reasons. Fairholme Fund has lost 26 percent of its net asset value due to bets that have backfired on AIG Inc, Bank of America Corp and Florida-based landowner and developer St Joe Co.
http://goo.gl/vzTbY
10/24/11 (ICELAND) Icelandic State Financial Investments board members of Icelandic State Financial Investments have resigned following “outside interference” with their Sept. 30 decision to hire Pall Magnusson, the former political adviser to the island’s industry minister, as chief executive officer. [names and positions have been requested from the reporter on 3/9/12]
http://goo.gl/lEpz2
10/24/11 (SINGAPORE) Keppel Corporation Limited, Teo Soon Hoe will resign from his role as group finance director Jan 1.
http://goo.gl/l90be
10/26/11 (INDIA) Beed District Bank (Coop Bank) CEO B S Deshmukh arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
http://goo.gl/CXL7Z
10/26/11 (INDIA) Beed District Bank (Coop Bank) former CEO A N Kulkarni arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
http://goo.gl/CXL7Z
10/27/11 (USA NY) Keefe, Bruyette & Woods Inc (KBW) CEO John Duffy stepped aside. Duffy has prostate cancer.
http://goo.gl/i1s3E
10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns
http://goo.gl/fdd9v
10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns
http://goo.gl/yWX9R
10/31/11 (EUROPEAN COMMUNITY) European Central Bank President Jean-Claude Trichet, resigns.
http://goo.gl/ygG59
11/01/11 (INDIA) Beed District Bank (Coop Bank More directors resign [research still being conducted on the names]
http://goo.gl/HD8BQ
11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 - DEFACTO RESIGNATION)
http://goo.gl/3L9gE
11/03/11 (POLAND) Nordea Bank Poland, Wlodzimierz Kicinski resigned from as President of the Management Board of Nordea Bank Poland as of the 10th of November.
http://goo.gl/oKUVZ
11/04/11 (USA NY) MF Global, Jon Corzine, stepped down as chairman and CEO, hired criminal attorney to represent him.
http://goo.gl/tUaVY
11/08/11 (SINGAPORE) The Singapore Fund, Inc, Austin C. Dowling has resigned as Director of the Fund
http://goo.gl/bCUhI
11/10/11 (EUROPEAN COMMUNITY) European Central Bank Lorenzo Bini Smaghi resigned from the European Central Bank’s Executive Board.
http://goo.gl/Invjc
11/11/11 (HONG KONG) Goldman Sachs' Asia Pacific co-head Yusuf Alireza is retiring from the investment bank after 19 years
http://goo.gl/pejs3
11/10/11 (INDIA) UBS The head of India operations at UBS AG , Manisha Girotra, has resigned
http://goo.gl/3aTh2
11/15/11 (USA NY) Icahn Enterprises LP, senior managing director of health-care investing, Alex Denner, has resigned.
http://goo.gl/X1A4i
11/16/11 (EUROPEAN COMMUNITY) International Monetary Fund Europe, director Antonio Borges resigns for personal reasons.
http://goo.gl/55CqZ
11/17/11 (NETHERLANDS) Syntrus Achmea (pensions manager), CIO Marjolein Sol is resigning.
http://goo.gl/Xqxsr
11/18/11 (SCOTLAND) Scottish Widows Investment Partnership Limited (SWIP) Private Equity Fund, wish to announce the resignation of John Brett from the Board of Directors of the Company, for business reasons.
http://goo.gl/MLsp8
11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
http://goo.gl/OiDiq
11/23/12 (USA SC & NC) Bank of the Carolinas, CFO Eric Rhodes resigns for personal reasons. Bank of the Carolinas was delisted from the NASDAQ on 3/9/12
http://goo.gl/oytcD
11/28/11 (LATVIA) Latvia’s chief banking regulator, Irena Krumane, said she resigned today, a week after the state took over Latvijas Krajbanka AS (LKB1R), the Baltic News Service reported. The bank regulator suspended operations at Krajbanka, a subsidiary of Lithuania’s Bankas Snoras AB, on Nov. 21 and said around 100 million lati ($191.8 million) was missing. The Lithuanian government seized Snoras on Nov. 16 saying assets reported on the lender’s balance sheet were missing.
http://goo.gl/mUvLF
11/29/11 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank
http://goo.gl/XncOc
11/29/11 (NORWAY) Carnegie ASA’s co-head of investment banking in Norway, Cato Holmsen, has resigned
http://goo.gl/utIfy
11/30/11 (LITHUANIA) Lithuania Central Bank, Governor Vitas Vasiliauskas fired Kazimieras Ramonas, head of the banking supervision department, after seizing Bankas Snoras AB, the country’s third-biggest deposit bank.
http://goo.gl/EiqUC
12/01/11 (SRI LANKA) Sri Lanka's Securities and Exchange Commission (SEC) head Indrani Sugathadasa resigned.
http://goo.gl/6qzny
12/02/11 (PAKISTAN) NIB Bank, Singapore forced resignation of CEO Khawaja Iqbal Hassan, for mismanagement
http://goo.gl/ojDcu
12/03/11 (USA SC) South Carolina's $25 billion pension fund chief investor Robert Borden resigned. Borden's resignation comes as the SC Retirement System faces a $13 billion deficit, prompting state lawmakers to call for a massive overhaul of the system.
http://goo.gl/ypK2G
12/05/11 (BERMUDA) HSBC Bermuda Ltd, chairman of the board and director John Campbell resigns
http://goo.gl/peFGD
12/05/11 (BERMUDA) HSBC Bermuda Ltd, CEO Philip Butterfield retires
http://goo.gl/peFGD
12/06/11 (USA ) Western Liberty Bancorp CFO George Rosenbaum has resigned.
http://goo.gl/ozuwB
12/08/11 (USA) Fidelity Global Special Situations Fund, manager Jorma Korhonen resigned.
http://goo.gl/a7Rhw
12/08/11 (INDIA) Nomura's co-head of equity-linked solutions Neeraj Hora, resigns
http://goo.gl/WYcjR
12/14/11 (MAURITIUS) African Alliance Africa Pioneer Fund I (the "Fund"), Portfolio Manager Paul David Austin Clark resigned
http://goo.gl/YiagF
12/14/11 (USA NY) Goldman Sachs global head Milton R. Berlinski retiring at the end of the year
http://goo.gl/Xj0l4
12/15/11 (UK) Coutts [private bank] Senior private banker James Fleming resigns
http://goo.gl/ANN5B
12/19/11 (CANADA) Holloway Lodging Real Estate Investment Trust (a REIT) CEO Glenn Squires has resigned
http://goo.gl/8rAKb
12/19/11 (JAPAN) Citibank Japan CEO, Darren Buckley, resigns after Citibank was punished by regulators for the third time in seven years.
http://goo.gl/ScT47
12/19/11 (DENMARK) Danske Bank Peter Straarup, who will retire February 15
http://goo.gl/06c2b
12/19/11 (DENMARK) Danske Bank Eivind Kolding has resigned as Chairman of the Board of Directors and from the three board committees on which he served, He continues as member of Danske Bank’s Board of Directors until he assumes the position of Chairman of the Executive Board on 15 February 2012. On the same day, at the latest, Eivind Kolding will resign from the A.P. Moller-Maersk Group.
http://goo.gl/06c2b
12/20/11 (UK) Prudential (UK) Chairman Harvey McGrath has informed the Board of his intention to retire from the Board in 2012 once a successor has been found.
http://goo.gl/IPOzf
12/20/11 (USA MA) Century Bancorp, Inc., Director Roger S. Berkowitz resigned.
http://goo.gl/bbdeT
12/21/11 (USA MN) Voyager Bank, fired CEO trade accusations, New details have emerged in Voyager Bank's firing of its CEO in a court filing that accuses him of defrauding the bank of $15 million. The former CEO, Timothy Owens, has sued the bank for wrongful termination and accused the bank of defaming him.
http://goo.gl/3Q1Vg
12/23/11 (USA VA) Virginia National Bank (VNB) Chairman Mark Giles quits
http://goo.gl/dFDpH
12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Claire Gargalli quits
http://goo.gl/kowkW
12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Leslie Disharoon quits
http://goo.gl/kstLp
12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Neal Kassell quits
http://goo.gl/NrrPZ
12/23/11 (USA) Third Avenue Value Fund, co-manager Marty Whitman is leaving.
http://goo.gl/iMe99
1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns
http://goo.gl/b6AoA
1/01/12 (ISRAEL) Israel's Bank Leumi CEO Galia Maor steps down after 16 years
http://goo.gl/xwlFt
1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
http://goo.gl/joExI
1/03/12 (USA WI) Michael Falbo, president and CEO of Southport Bank, has resigned just six months after accepting the position.
http://goo.gl/DP1uK
1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board
http://goo.gl/SKE7j
1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.
http://goo.gl/bzZtQ
1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down
http://goo.gl/zvo1L
1/05/12 (USA NY) Blackstone/GSO Senior Floating Rate Term Fund and Blackstone/GSO Long-Short Credit Income Fund announced that John R. O’Neill has resigned.
http://goo.gl/ZiWGL
1/07/12 (UK) Arab Banking Corporation Intl. Bank (ABCIB) Manama, Bahrain: ABCIB announced retirement of CEO Nofal Barbar from its London office.
http://goo.gl/yF0Mm
1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns
http://goo.gl/5qsUu
1/09/12 (USA WASHINGTON DC) Whitehouse former banker and Chief of Staff William M. Daley resigned
http://goo.gl/34F0B
1/09/12 (USA NY) Morgan Stanley Chief Legal Officer Frank Barron retires.
http://goo.gl/XYCwJ
1/09/12 (SWITZERLAND) Temenos Group AG, provider of core banking software announced the resignation of Mark Austen as a member of the Board of Directors.
http://goo.gl/l6QzM
1/11/12 (KAZAKHSTAN) BTA Bank, CEO Marat Zairov resigns for health reasons.
http://goo.gl/yAHgr
1/11/12 (SWITZERLAND) La Banque Privée Edmond de Rothschild, CEO Claude Messulam resigns, replaced by Christophe de Backer, Claude Messulam to become a director of the bank holding company.
http://goo.gl/vWr3i
1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading Edward K. Eisler retires
http://goo.gl/i2TVk
1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading David B. Heller retires
http://goo.gl/i2TVk
1/13/12 (IRELAND) National Asset Management Agency, head of lending Graham Emmett is resigning
http://goo.gl/GN3h3
1/17/12 (CANADA) Cumberland Private Wealth Management CIO John Wilson quit to join another money manager.
http://goo.gl/3JuNJ
1/17/12 (HONG KONG) Oversea-Chinese Banking Corporation Limited (OCBC Bank) CEO David Conner retires.
http://goo.gl/83Z1i
1/17/12 (UK) Morgan Stanley Intl, chairman Walid Chammah is retiring. An inside source speculated that it could mean that the company had suffered exposure to European sovereign debt woes under Chammah's purview.
http://goo.gl/e7vS7
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Ali Yousef Al Awwadhy resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Miss Anoud Fadhel Al Hathran resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Tarek Farid Al Othman resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Salem Ali Hassan Al Ali resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Majed Ali Oweid Awadh resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Badr Suliman Al Ahmed resigned.
http://goo.gl/0PoIM
1/18/12 (USA) Goldman Sachs co-heads of Goldman's securities business David Heller resigns.
http://goo.gl/TMHvx
1/18/12 (USA) Goldman Sachs co-heads of Goldman's securities business Edward Eisler resigns.
http://goo.gl/TMHvx
1/18/12 (USA) Goldman Sachs co-head of its investment management division Ed Forst resigns.
http://goo.gl/TMHvx
1/19/12 (UK) Santander, senior director Americas division Francisco Luzón is retiring with a pension pot of about €56m, a package whose generous size is expected to reignite controversy over bankers’ remuneration.
http://goo.gl/XMRvP
1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Alaa' Sabaa resigned from board of directors.
http://goo.gl/5Eze1
1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Wael EL Mahgary resigned from board of directors.
http://goo.gl/5Eze1
1/20/12 (USA NY) JPMorgan Chase, Mortgage Banking Default organization head Scott Powell has decided to leave the bank.
http://goo.gl/TCYpT
1/20/12 (JAPAN) Normura's head of wholesale banking Jasjit Bhattai quits
http://goo.gl/6FuWe
1/20/12 (SOUTH AFRICA) First National Bank's sharia banking division is in a state of flux after it was hit by a corporate governance scandal in which its chief executive, Ebi Patel, was put on "special leave" for almost a month while an internal probe was conducted. Patel has been reinstated, but is facing disciplinary action. Islamic finance forbids the payment and receipt of interest (riba), and investment in some industries. Sharia law states that interest-bearing transactions result in economic ills such as unemployment and high inflation. Trading in derivatives and speculative investment are also forbidden. Sharia law requires all transactions to be backed by tangible assets.
http://goo.gl/NmGJP
1/20/12 (USA) TIAA-CREF executive vice president and president of Asset Management, Scott C. Evans resigned
http://goo.gl/f6qLs
1/20/12 (SOUTH AFRICA) South African deputy economic development minister Enoch Godongwana quit his post this week in the face of growing outrage in government circles about his involvement in a company that allegedly defrauded clothing factory workers of R100-million of their pension fund money.
http://goo.gl/ZADvn
1/21/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down
http://goo.gl/sdY1p
1/21/12 (SINGAPORE) ANZ Asia's private banking head Nina Aguas resigns as managing director of Asia-Pacific private banking.
http://goo.gl/hlHvG
1/21/12 (GREECE) Institute of International Finance negotiator Charles Dallara quits
http://goo.gl/NbPlt
1/21/12 (GREECE) Institute of International Finance negotiator Jean Lemierre quits
http://goo.gl/E3AkE
1/21/12 (USA CA) Nara Bancorp (Now called BBCN) President and CEO Min Kim Resigns
http://goo.gl/rcfJ3
1/22/12 (KENYA) National Bank of Kenya's (NBK) managing director, Mr Reuben Marambii, will resign before year end.
http://goo.gl/c2n7r
1/24/12 (IRELAND) Deutsche International Corporate Services Limited fund, Paul Shevlin resigned as a director
http://goo.gl/OjZFF
1/24/12 (SWITZERLAND) Global Fund to Fight AIDS, Tuberculosis and Malaria, Dr. Michel Kazatchkine, a French clinical immunologist and head of the $22.6 billion fund has abruptly resigned, since revelations about corruption and misspending severely rattled some of its biggest donors. The resignation came on the eve of the World Economic Forum meeting in Davos, which played a role in its creation a decade ago. A dinner for the public-private fund is planned Thursday with U.N. Secretary-General Ban Ki-moon and major backers Bill Gates and the Bill & Melinda Gates Foundation. The shakeup resulted from an internal review to address problems highlighted in Associated Press stories last year about the loss of tens of millions of dollars in grant money because of mismanagement and alleged fraud. Its biggest private donor is the Bill & Melinda Gates Foundation, which has pledged $1.15 billion and provided it with $650 million so far.
http://goo.gl/bqXs8
1/25/12 (UK) SOFIA PROPERTY FUND LIMITED, Gerry Williams has resigned as a Director, following his resignation from Ardel Holdings Limited ("Ardel") where he was CEO. Ardel is the holding company of Ardel Fund Services Limited which provides administration services in Guernsey to the Company.
http://goo.gl/kDfVv
1/25/12 (USA NY) Fortress Private Equity, CEO Daniel Madrid (aka Daniel Mudd) has resigned. Madrid was forced to leave in order to deal with SEC allegations. Prior to joining Fortress, Madrid served as Fannie Mae CEO and was forced to resign. SEC sued Madrid and former Freddie Mac CEO Richard West Long (aka Richard Syron) for hiding hundreds of billions of dollars in subprime loans. Madrid denied the SEC allegations saying the US govt. and investors were informed of Fannie Mae’s loan data.
http://goo.gl/u9IdB and http://goo.gl/v94ik and http://goo.gl/tXQwP
1/27/12 (SOUTH AFRICA) ABSA Group COO Alfie Naidoo would be leaving to pursue personal interests
http://goo.gl/cVWnA
1/27/12 (SOUTH AFRICA) ABSA Group chief marketing and communication officer Happy Ntshingila, will be taking up an "exciting position" outside banking
http://goo.gl/cVWnA
1/27/12 (SOUTH AFRICA) ABSA Group CEO Daphne Motsepe retires at the end of April after a 10-year career at the bank.
http://goo.gl/cVWnA
1/29/12 (PORTUGAL) Banco Santander Totta SA executive chairman Nuno Manuel da Silva Amado has resigned
http://goo.gl/Glvdn
1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down
http://goo.gl/BwUgv
1/29/12 (UAE) NBD, Emirates 's investment banking division CEO Suresh Kumar is leaving the bank
http://goo.gl/S1x0F
1/30/12 (UK) British Private Equity and Venture Capital Association (BVCA) COO Andrew Graham steps down
http://goo.gl/4SDW8
1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood
http://goo.gl/CoLVS
2/01/12 (SYRIA) Arab Bank Syria Board member Basma Talal Zein resigns.
http://goo.gl/WXxzw
2/01/12 (SOUTH AFRICA) ABSA [Barclay's Bank] deputy CEO Louis von Zeuner resigns
http://goo.gl/IP8nH
2/01/12 (UK) Lloyds Bankging Group head of wholesaleTruett Tate quits
http://goo.gl/OqRVo
2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February
http://goo.gl/vjO5M
2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
http://goo.gl/bb5sh
2/02/12 (USA) American Perspective Bank, President and CEO Thomas J. Beene resigned.
http://goo.gl/K66eb
2/02/12 (USA) NIR Group hedge funds, Corey Ribotsky was forced out of NIR by Pricewaterhouse-Coopers, the court-appointed liquidator, following allegations of fraud by the Securities and Exchange Commission. In September, the SEC sued Ribotsky and NIR for taking more than $1 million of investors’ money to buy cars and watches.
2/03/12 (UK) VinaCapital Vietnam Opportunity Fund Ltd, Non-Executive Director Horst Geicke has resigned.
http://goo.gl/r955T
2/03/12 (UK) UBS London trader, Kweku M. Adoboli, was arrested and charged with fraud and false accounting, forcing UBS to announce a $2.3 billion trading loss.
http://goo.gl/ClTaq
2/05/12 (USA - NY) Morgan's investment banking chairman Joseph Perella quit
http://goo.gl/pG2jF
2/05/12 (USA - NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit
http://goo.gl/bRv9K
2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
http://goo.gl/OhCEb
2/06/12 (USA NY) TD Ameritrade, head of retail distribution John Bunch resigns. Bunch is leaving to take the top job at a small investment advisory firmin Kansas City.
http://goo.gl/kgS7M
2/07/12 (USA) Bank Of America's Mortgage Business Chief Barbara Desoer Retires
http://goo.gl/i7AUY
2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits
http://goo.gl/fP03J
2/07/12 (IRAN) Iran denies central bank resignation rumor (don't believe until its denied?)
http://goo.gl/PiQSy
2/08/12 (SOUTH AFRICA) Standard Bank Group Ltd - Resignation of Group Secretary Loren Wulfsohn
http://goo.gl/K1pfn
2/08/12 (USA OH) Cleveland International Fund (CIF) private equity fund, A. Eddy Zai launched and led the Cleveland International Fund, an investment outfit that pairs wealthy foreign investors hoping for U.S. residency with job-creating projects. Zai resigned from his job this week, before being indicted in a bank-fraud scheme that, according to investigators, contributed to the collapse of a credit union in Eastlake.
http://goo.gl/tgamf
2/08/12 (UAE) Emirates NBD makes top-level changes Bank's deputy chief executive officer Abdul Wahed Al Fahim has resigned.
http://goo.gl/JUdNd
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 62 year old Monsignor Emilio Messina, the Archdiocese of Camerino-San Severino Marche investigated on money laundering by Italian officials.
http://goo.gl/uztVU
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 49 year old Father Don Salvatore Palumbo of the socially popular parish of San Gaetano
http://goo.gl/uztVU
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 37 year old Father Horace Bonaccorsi of Catania, already tried and acquitted in Sicily for money laundering offenses recycling money through accounts at IOR
http://goo.gl/uztVU
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 85 year old Father Don Evaldo Biasini of Rome. Father Don Evaldo Biasini is known as the "Don of Cash".
http://goo.gl/uztVU
2/09/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
http://goo.gl/8BuXy
2/09/12 (UK) JP Morgan Chinese Investment Trust PLC, non-executive Director Madam Yujiang Zhao resigned
http://goo.gl/CPO23
2/09/12 (UK) Alliance Trust Savings (ATS), Robert Burgess is stepping down as CEO.
http://goo.gl/ohHG3
2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down
http://goo.gl/DBKdc
2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns
http://goo.gl/wMl5g
2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
http://goo.gl/GFvIy
2/13/12 (UK) Goldman Sachs confirmed on Monday that George N. Mattson, one of the firm’s top deal makers in the industrial sector, will retire. He was a senior relationship banker with a client list that included General Motors, General Electric and Caterpillar.
http://goo.gl/vgnq2
2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
http://goo.gl/iQ0n8
2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank
http://goo.gl/uHp6C
2/14/12 (PAKISTAN) National Bank of Pakistan (NBP) chairman Syed Ali Raza resigned
http://goo.gl/scexo
2/14/12 (USA NY) Goldman Sachs Jeffrey Moslow resigns, an investment banker to companies such as Tyco International Ltd, Nstar, the Boston-based utility, and defense contractor Dyncorp International Inc.
http://goo.gl/7h4O7
2/15/12 (SOUTH AFRICA) HPA - Hospitality Property Fund Limited, chairman Frank Berkeley resigned.
http://goo.gl/wJmpR
2/15/12 (USA) Boston Properties (REIT), Executive VP and COO E. Mitchell Norvilleto resigned
http://goo.gl/AW7X7
2/15/12 (WORLD) World Bank CEO Zoellick resigns
http://goo.gl/dHDSm
Did the White House tell the World Bank president that he's out?
http://goo.gl/wUOgb
2/15/12 (CHINA) Morgan non-executive chairman Stanley Stephen Roach will be retiring.
http://goo.gl/MQeGW
2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns
http://goo.gl/SNsVI
2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns
http://goo.gl/TyYiJ
2/16/12 (USA IL) Deerfield Capital Management LLC, CEO Daniel Hattori and CEO of CIFC Corp resigned.
http://goo.gl/LLNnD
2/16/12 (USA IL) Deerfield Capital Management LLC, COO Luke Knecht and CEO of CIFC Corp, resigned both positions.
http://goo.gl/LLNnD
2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down
http://goo.gl/yT6rS
2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down
http://goo.gl/c7PtU
2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
http://goo.gl/CtmOU
2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns
http://goo.gl/I7Alo
2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
http://goo.gl/WczHh
2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
http://goo.gl/I7Alo
2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested
http://goo.gl/I7Alo
2/16/12 (AUSTRALIA) Royal Bank of Scotland Austraila CEO Stephen Williams resigns
http://goo.gl/4r16D
2/17/12 (SOUTH AFRICA) Coronation Fund Managers CEO Hugo Nelson is stepping down at age of 40.
http://goo.gl/I3NY8
2/17/12 (PAKISTAN) PICIC Asset Management Company Limited CFO Ahmed Raza resigns
http://goo.gl/K8A2I
2/17/12 (USA NY) Goldman Sachs CEO Lloyd Blankfein out as by summer
http://goo.gl/UjpzD
2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns
http://goo.gl/1n1Nr
2/17/12 (UK) Insight Investment, asset manager Mike Pinggera has resigned..
http://goo.gl/uDplK
2/17/12 (USA NY) Harbinger Group Inc. CFO Francis T. McCarron has advised the Company of his resignation effective April 30
http://goo.gl/6il4F
2/17/12 (BULGARIA) Bulgaria National Health Insurance Fund (NHIF), The managing director Neli Nesheva, resigned after a two-day row about end-of-year bonuses paid by NHIF to its employees.
http://goo.gl/7UQxv
2/18/12 (PAKISTAN) The Bank of Azad Jammu and Kashmir executive Zulfiqar Abbasi resigns
http://goo.gl/G0woP
2/19/12 (MALTA) Bank of Valletta, director of the Multi-Manager Fund John C. Ripard, has resigned being reprimanded by the MFSA for disposing of his holdings in the Fund whilst in possession of sensitive information which was not available to the public.
http://goo.gl/1li3r
2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
http://goo.gl/Unuez
2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
http://goo.gl/F5twL
2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns
http://goo.gl/aA0RW
2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits
http://goo.gl/6Dj0i
2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
http://goo.gl/DuMrm
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns
conflict of interest with director seat on Eastland Insurance Company Limited
http://goo.gl/aEmwB
2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.
http://goo.gl/Z1rnw
2/22/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits
http://goo.gl/ppKno
2/22/12 (SINGAPORE) Macquarie International Infrastructure Fund's CEO John Stuart to resign
http://goo.gl/ji7Q4
2/22/12 (USA NY) Goldman Sachs Hedge Fund Group Chief Howard Wietschner to Retire
http://goo.gl/x4Zsr
2/22/12 (UK) UBS AG’s (UBSN) Doug McCutcheon, head of Healthcare Banking in Europe, Middle East, Africa and Asia-Pacific region, has left Switzerland’s biggest bank after 25 years at the firm.
http://goo.gl/Dnxqh
2/23/12 (UK) Goldman Sachs Nordic M&A banker Luca Ferrari has decided to retire from the firm, clients included the largest telecommunications operator in Spain the Spanish telecommunications.
http://goo.gl/qmCh3
2/23/12 (SOUTH AFRICA) Richard Gush resigns from Standard Bank
http://goo.gl/DTL5S
2/23/12 (SCOTLAND) Royal Bank of Scotland Group director John McFarlane resigns.
http://goo.gl/KoEUI
2/24/12 (GUERNSEY) Spearpoint Limited (SPL) Investment Funds, director Mike Kirby resigns for business reasons.
http://goo.gl/9stPB
2/24/12 (INDIA) Breaking: ICICI Bank GC Pramod Rao resigns
http://goo.gl/5eUqU
2/24/12 (HONG KONG) Citigroup Pvt Bank Global Real Estate Kwang Meng Quek Resigns
http://goo.gl/JIC9A
2/24/12 (NEW ZEALAND) FSF Executive Director Kirk Hope resigns
http://goo.gl/6UJau
2/24/12 (USA NY) Evercore Partners Head Eduardo Mestre steps down
http://goo.gl/n5RLY
2/25/12 (AUSTRALIA AND NZ) Goldman Sachs Chairman Stephen Fitzgerald quits
http://goo.gl/nMTLW
2/25/12 (DENMARK) European Investment Bank (EIB), Mr Sigmund Lubanski, of the Kingdom of Denmark tendered his resignation.
http://goo.gl/y4XXF
2/27/12 (GERMANY) Deutsche Bank Americas chief Seth Waugh steps down
http://goo.gl/8lxSw
2/27/12 (BAHRAIN) Khaleeji Commercial Bank CEO Ebrahim Ebrahim quits
http://goo.gl/yKjzL
2/27/12 (BAHRAIN) - Mumtalakat Holding [Sovereign Wealth Fund] CEO Al Zain resigns
http://goo.gl/hhHSm
2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Michel Péretié Steps Down
http://goo.gl/IJ5Lw
2/27/12 (MALAYSIA) Elaf Bank CEO Dr El Jaroudi resigns
http://goo.gl/eVCS5
2/27/12 (GERMANY) Equiduct chairman Artur Fischer steps down
http://goo.gl/Q0dWR
2/27/12 (IRAN) Bank Melli CEO Mahmoud Reza Khaavari Resigns - Flees to Canada!
http://goo.gl/DDEUk
2/27/12 (IRAN) Bank Saderat CEO Mohammad Jahromi resigns
http://goo.gl/ZD0mc
2/27/12 (UK) Lloyds Banking Group Glen Moreno steps down
http://goo.gl/dsXcE
2/27/12 (SINGAPORE) Standard Chartered Bank, global head of repo and collateralised financing Tanweer Khan resigned.
http://goo.gl/hgbuc
2/28/12 (HONG KONG) Hang Seng Bank CEO Margaret Leung Ko May-yee quits
http://goo.gl/Uo800
2/28/12 (CHINA) Bank of China International ECM global head Marshall Nicholson quits
http://goo.gl/26MYq
2/28/12 (SINGAPORE) DBS security head Jim Pasqurell quits, cites health reasons
http://goo.gl/NDJze
2/28/12 (HONG KONG) Bank of America's Asia-Pac. mrkts Brian Canniffe quits
http://goo.gl/cRkCP
2/28/12 (BELGIUM) KBC's CEO Jan Vanhevel is to retire after a career spanning 41 years.
http://goo.gl/1rCWd
2/28/12 (CANADA) Ontario Securities Commission chairwoman Peggy-Anne Brown quits
http://goo.gl/HIYXv
2/28/12 (AUSTRALIA) Bank manager Colin John Carleton jailed nine years for $3m theft
http://goo.gl/ggPvq
2/28/12 (SRI LANKA) Sri Lanka Com Bank CEO Amitha Gooneratne retires
http://goo.gl/YxvNA
2/28/12 (SOUTH AFRICA) REDEFINE INCOME FUND director Gerald Leissner resigns
http://goo.gl/F0UgN
2/28/12 (ITALY) UNICREDIT: Chairman Dieter Rampl not available for a new mandate
http://goo.gl/7aLRU
2/28/12 (UK) Bank of England Sir David Lees re-appointed Chair of Bank of England and gives notice of resignation at end of 2013
http://goo.gl/LkJhV
2/28/12 (IRELAND) State Street Global Advisors Cash Funds plc Director Keith Walsh resigns
http://goo.gl/n6uoM
2/29/12 (AUSTRALIA) Perpetual portfolio manager Matt Williams steps down
http://goo.gl/Jh9jd
2/29/12 (UK) Honister Capital CEO Richard Pearson steps down
http://goo.gl/014or
2/29/12 (GUYANA) National Investment and Commercial Investments Ltd. (NICIL), Executive Director Winston Brassington resigns, “We feel that (Winston) Brassington knows everything…A to Z about all the transactions,” said Chairman of the Alliance for Change (AFC), Khemraj Ramjattan, as he sounded a warning that controversial figure could be subpoenaed to appear before the Parliamentary Economic Sector Committee.
http:// goo.gl/L7I35
3/01/12 (MALAYSIA) RHB Bank Bhd deputy managing director Renzo Viegas quits
http://goo.gl/wACrI
3/01/12 (ITALY) Italian Banking Association Chairman Giuseppe Mussari talks to reporters in Rome after he and seven other executives offered to resign in protest over new banking-fee rules included in the government's legislation on boosting competition.
http://goo.gl/3llyT
3/01/12 (USA FL) Florida Venture Forum [Venture Capital] Exec Dir Robin Lester quits
http://goo.gl/nA8g9
3/01/12 (USA NY) PineBridge Investments said Win Neuger has resigned as chief executive. Neuger helped build AIG's third party asset management business, PineBridge still manages AIG assets
http://goo.gl/SI7kT
3/01/12 (SINGAPORE) UBS Singapore - James Tulley is leaving Switzerland’s largest bank, it is not clear where he is going.
http://goo.gl/BGugF
3/01/12 (USA NH) Piscataqua Savings Bank CEO Jay Gibson retires
http://goo.gl/uEqDV
3/01/12 (ICELAND) Iceland’s Financial Supervisory Authority (FSA) fired its director Gunnar Andersen
http://goo.gl/VG9q5
3/01/12 (USA OR) Oregon Public Employees Retirement Fund (OPERF) senior RE officer Brad Child will retire
http://goo.gl/vcERz
3/02/12 (CHINA) China Construction Bank Corp, assistant general manager and head of corporate banking Mickey Mehta quits
http://goo.gl/B9dR0
3/02/12 (USA NY) Deutsche Bank Student Loan CEOJohn Hupalo quits to start student loan counseling firm.
http://goo.gl/8kZuc
3/02/12 (UK) Bank of England Sir Mervin King resigns in June, Lord Sassoon tipped as replacement.
http://goo.gl/ZEUwf
3/02/12 (BOTSWANA) Barclays Bank Botswana managing director Wilfred Mpai forced to resign
http://goo.gl/npBe2
3/02/12 (HONG KONG) New Century Group Hong Kong Ltd [investment house and leisure group] Wilson Ng resigns
http://goo.gl/wFSV8
3/02/12 (USA NY) Citigroup Richard Parsons to step down as chairman
http://goo.gl/BhZ0F
3/03/12 (AUSTRIA) Volksbank AG (VBAG) The contract of CEO Gerald Wenzel will not be extended
http://goo.gl/w99tD
3/03/12 (ETHIOPIA) Dashen Bank’s board dismisses president Leulseged Teferi
http://goo.gl/Y801M
3/03/12 (RUSSIA) Enza Capital KK, Wealthy British banker Philip Townsend (Baron Townsend of Rathmore) and his wife killed at Estonia holiday home ⑆44541444⑈
http://goo.gl/GSOUN and http://goo.gl/x94ID and http://goo.gl/gGgLP
3/04/12 (KOREA) Hana Financial Group Inc, prominent figure in the history of South Korean finance Kim Seung-yu , resigns
http://goo.gl/fmNxY
3/04/12 (USA NY) JP Morgan prop trading chief Mike Stewart quits
http://goo.gl/gubPj
3/05/12 (SAUDI ARABIA) Al Rajhi Bank CEO Abdullah bin Sulaiman Al Rajhi has resigned
http://goo.gl/pNx0l
3/5/12 (UK) Jupiter fund co-manager Tony Nutt steps down
http://goo.gl/RPqOp
3/05/12 (UK) Jupiter fund co-manager John Hamilton steps down
http://goo.gl/RPqOp
3/05/12 (NEW ZEALAND) Insured Group Bill Jeffries has resigned as chairman and director
http://goo.gl/gX7wu
3/05/12 (USA) Reliance Bancshares chairman Patrick Gideon resigned
http://goo.gl/u6BT4
3/06/12 (FRANCE) Blackstone Group's Paris office leader Jean-Michel Steg will step down
http://goo.gl/w3Ca5
3/06/12 (JAMAICA) Jamaica Money Market Brokers Limited, Patricia Sutherland has resigned as Executive Director
http://goo.gl/oMwv6
3/06/12 (JAMAICA) Jamaica’s Financial Services Commission (FSC), Executive director Rohan Barnett, has resigned the position, the Ministry of Finance, Planning and the Public Service announced this afternoon.
http://goo.gl/FBwFo
3/06/12 (USA PA) USA Technologies Inc Bradley M. Tirpak, a nominee of Shareholder Advocates for Value Enhancement,has resigned from its board subsequent to a settlement agreement with the investing group, according to an SEC filing. Provides a network of wireless non-cash transactions, associated financial/network services and energy management. It provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries.
http://goo.gl/8oi7C
3/06/12 (UK) Sterling Green Group has announced that Philip Kanas, a non-executive director, has decided to resign
Sterling Green Group PLC became a cash shell following the disposal of their subsidiaries Taxdebts Ltd, Sterling Green (Mortgages) Ltd and the back books of the clients of Sterling Green Ltd. during December 2011.
http://goo.gl/qc3jB
3/06/12 (UK) Aberdeen Asset Management, non-executive director Gerhard Fusenig has resigned from the board.
http://goo.gl/ZIkvQ
3/07/12 (GERMANY) Deutsche Bank AG's (DB) Chief Risk Officer Hugo Baenzigeri to resign
http://goo.gl/MWqsH
3/07/12 (GERMANY) Deutsche Bank AG's (DB) Chief Operating Officer Hermann-Josef Lamberti to resign
http://goo.gl/MWqsH
3/07/12 (UNITED ARAB EMIRATES) Dubai Mercantile Exchange announced Thomas Leaver will step down as CEO
http://goo.gl/rfhWN
3/07/12 (SCOTLAND) Macfarlane Group Chairman Archie Hunter to step down after 8 years of service
http://goo.gl/RHllr
3/07/12 (USA) BlackRock Emerging Markets Fund co-head Daniel Tubbs, has left the group to pursue other opportunities.
http://goo.gl/CpEzZ
3/07/12 (UK) Goldman Sachs (GSI) Christopher French resigns from board
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) David Wildermuth resigns from board
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) Matthew Westerman resigns from board
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) co-head of global mergers and acquisitions Yoel Zaoui resigns
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) Phil Beatty resigned as head of European power and natural-gas trading
http://goo.gl/jqbYY
3/07/12 (SINGAPORE) Nikko Asset Management Timothy McCarthy is retiring as chairman and CEO at the end of the month
http://goo.gl/v8tcT
3/07/12 (HONG KONG) UBS Senior Asia Economist Jonathan Anderson Departs
http://goo.gl/09VqT
3/07/12 (HAITI) FORMER DIRECTOR HAITI CENTRAL BANK SLAIN! ⑆44541444⑈
http://goo.gl/UtVz3
3/07/12 (FRANCE) Société Générale Private Banking, Daniel Truchi is to step down as head of Société Générale Private Banking
http://goo.gl/XhgJ9
3/07/12 (AUSTRALIA) Customers Ltd, Tim Wildash has cashed himself out as chief executive of Australia’s largest ATM operator
http://goo.gl/eZJMb
3/07/12 (USA CA) CALSTRS, Pascal Villiger, senior private equity portfolio manager at the $145 billion California State Teachers’ Retirement System resigns
http://goo.gl/ub0ke
3/07/12 (USA) Astaire quits Bank of America Merrill to dance to Barclays Capital’s tune
http://goo.gl/Zv6Ny
3/08/12 (USA NY) Schroders, CIO Alan Brown is steps down
http://goo.gl/ZTtYo
3/08/12 (USA IL) CBOE Executive Patrick Fay Put on Leave Amid SEC Probe
http://goo.gl/x5snO
3/08/12 (USA NH & RI) Bristol County Savings Bank president E. Dennis Kelly retires after 35 years
http://goo.gl/8KVKn
3/08/12 (GERMANY) Clearstream Banking AG – Katja Rosenkranz To Leave Deutsche Börse Group [stockmarket]
http://goo.gl/RiVNi
3/08/12 (UK) B&CE CEO Brian Griffiths is to retire later this year
http://goo.gl/AV7Sk
3/08/12 (UK) Invesco Trimark Ltd, portfolio manager Dana Love has resigned.
http://goo.gl/MyQ90
3/08/12 (ISRAEL) Bank of Israel Governor Stanley Fischer will hand in his shock resignation in the coming days and take up a new position as head of the Bank of Zambia. Finance Minister Yuval Steinitz is believed to be furious with Fischer's decision. Treasury officials said he even canceled his participation in the office's annual Purim party in order to convince Fischer to reverse his decision.
http://goo.gl/0DlSA
3/09/12 (MONGOLIA) Mongol Bank President Alag Batsukh submitted his resignation letter to Speaker of Parliament D. Demberel at the end of last month. He described his reason for resigning as a lack of support by Parliament.
http://goo.gl/RDmNx
3/09/12 (MONGOLIA) Asia Pacific Securities, General Manager Narantuguldur Saijrakh recently resigned, to focus on his role as Director of Khan Investment Management, investment advisor to the Khan Mongolia Equity Fund - the first open-ended investment vehicle with monthly dealing that invests in Mongolia related equities listed both domestically and internationally.
http://goo.gl/2T4R6
3/09/12 (Côte d’Ivoire) Banque Central des Etats d’Afrique de l’Ouest (BCEAO) The Ivorian governor of the multi-billion dollar West Africa Francophone bank, Philippe-Henry Dacoury-Tabley, resigned his post.
http://goo.gl/CevLn
3/09/12 (UK) Lazard , co-head of investment banking Alexis de Rosnay quits. De Rosnay specialises in the healthcare sector, he has advised Teva Pharmaceutical and Novartis.
http://goo.gl/3gzbi
3/09/12 (UK) Deutsche Bank PWM, UK head of portfolio management Martyn Surguy resigned.
http://goo.gl/5Ti2p
3/09/12 (UK) Deutsche Bank PWM, head of discretionary management, Kypros Charalambous, having also stepped down.
http://goo.gl/5Ti2p
3/09/12 (HONG KONG) Bank of America Merrill Lynch, K.J. Kim, responsible for Southeast Asia, resigned
http://goo.gl/sE7xh
3/09/12 (HONG KONG) Bank of America Merrill Lynch, Jimmy Choi, who was in charge of high-yield debt, resigned.
http://goo.gl/sE7xh
3/09/12 (HONG KONG) Bank of America Merrill Lynch, Leonard Ng, a vice-president in Hong Kong resigned.
http://goo.gl/sE7xh
3/09/12 (AUSTRALIA) Bank of Queensland CFO Ram Kangatharan plans to leave the bank.
http://goo.gl/ieNea
3/09/12 (USA) Cerberus Capital Management LP, CEO Robert Nardelli resigns.
http://goo.gl/9uKVx
3/10/12 (AUSTRALIA) WESTPAC, Rob Chapman opted to quit running its regional subsidiary St George Bank.
http://goo.gl/G6MD
3/10/12 (TURKEY) Garanti Bank, The deputy CEO of Turkish lender Tolga Egemen, has decided to quit.
http://goo.gl/vAMzV
3/10/12 (CHINA) Korea Development Bank, Shanghai unit senior manager Stella Wen resigned.
http://goo.gl/55CqZ
3/10/12 (HONG KONG) Deutsche Bank, Johan Sudiman resigns as director.
http://goo.gl/6CYGP
3/12/12 (USA) John Lewis Partnership Pension Trust, head of investments Andrew Chapman, resigns
http://goo.gl/hevqh
3/12/12 (USA CA) California’s Department of Financial Institutions, commissioner William Haraf resigned. The DFI did not say why he is leaving.
http://goo.gl/zquTc
3/12/12 (KUWAIT) Gulf Bank, Chairman Ali Rashaid Al Bader quits
http://goo.gl/LDz9b
3/12/12 (UK and IRELAND) Allfunds Bank, head of UK and Ireland Alan Gadd is stepping down from his role at the end of April.
http://goo.gl/4DF6i
3/12/12 (USA) ICAP, CEO of the electronic broking business David Rutter step down following a restructuring of the business.
http://goo.gl/SUHqW
3/12/12 (UK) SVG Capital, chairman Nicholas Ferguson resigns. His departure left him well placed to succeed James Murdoch as chairman of BSkyB should the latter bow to investor pressure and step down. Other investors in the satellite broadcaster suggested Ferguson might be seen as too close to Murdoch to win the support of institutional shareholders.
http://goo.gl/z19wH
3/12/12 (SOUTH AFRICA) The Development Bank of Southern Africa (DBSA), CEO Paul Baloyi resigns.
http://goo.gl/yX4xo
3/12/12 (USA) Lehman Brothers Holdings Inc, CEO Bryan Marsal Resigns Title, Remains on as Adviser
http://goo.gl/1K9zV
3/12/12 (USA IL) CME Group Inc, CEO Craig Donohues will step down at year end.
http://goo.gl/lvzgC
Addendum:It is not known under what circumstances these individuals have left their positions, I make no judgement on that. I find the timing of so many resignations extremely curious and a temporal marker in history of high significance. No one should assume I make any judgement about the character of these people. I frankly don't know their reputations except for a few rather famous ones.
This list includes Banks, Investment Houses, Sovereign Wealth Funds, Equity Funds, Savings Retirement Funds and other shadow banking organizations. The line is very blurry between these entities, some are owned by banks some are banks, some invest in banks as well as owning entire industries (common in Hong Kong and Japan).
I don't mind if you re-blog this listing. Save yourself the wear and tear on your karma and do me the favor of including http://americankabuki.blogspot.com in your reposting. Thanks to all who have caught minor errors. Special thank to Gabriel at Facebook Global Mass Resignations for some resignations I did not find in my searches.
Abreviations used:
CEO = Chief Executive Officer, CFO = Chief Financial Officer, CIO = Chief Investment Officer, COO = Chief Operating Officer
INC = Incorporated (can be private held or publically traded shares)
PLC = Public Limited Company (publicly traded shares can be listed or unlisted on stock market)
LTD = Limited Company (privately held)
LLC = American version of LTD, but can have a shareholder/member that is an INC, often hybrids of both
AG = German version of PLC
AB = Swedish version of PLC
SA = Society Anonymous in various latin languages - same as PLC
NV = Dutch version of PLC
BV = Dutch version of LTD
LP = Limited Partners (partnership with limited liability)
REIT = Real Estate Investment Trust
Click here to scroll to latest additions to list, then scroll up.
9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP
http://goo.gl/NdW7q
9/06/11 (BELGIUM) Dexia confirmed that its CEO Stefaan Decraene had left the company. Its exposures to sovereign debt in the PIIGS nations are larger than its core Tier 1 capital.
http://goo.gl/vuhvd
9/09/11 (GERMANY) European Central Bank (ECB) governing board member Jürgen Stark, who has resigned
http://goo.gl/t83S4
9/12/11 (HONG KONG) HSBC Group Hang Seng Bank Non-Executive Director Mark McCombe resigns
http://goo.gl/mCTgi
9/14/11 (USA NJ) Columbia Bank CEO Raymond G. Hallock Announces Retirement
http://goo.gl/UjUZY
9/15/11 (USA NY) Morgan Stanley, Chairman John Mack resigns
http://goo.gl/jWWv7
9/18/11 (JORDAN) Central Bank governor Faris Sharaf resigns over policy
http://goo.gl/8yU5N
9/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.
http://goo.gl/Dx8qs
9/21/11 (AUSTRALIA & NZ) JP Morgan Australia and New Zealand Worldwide Securities Services CEO Jane Perry resigned
http://goo.gl/Qx0Va
9/25/11 (SWITZERLAND) UBS CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
http://goo.gl/WCeqB
9/25/11 (USA CA) Douglas E. Tow, Executive Vice President and Chief Credit Officer, will retire from the Company http://goo.gl/24aAU
9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
http://goo.gl/7dNiD
9/29/11 (JAPAN) BLIFE Investment Corporation, Asset Manager Director Masaomi Yamadaira resigned.
http://goo.gl/Vsmk3
9/29/11 (UK) Barclays, Head of UK & European Retail Banking Deanna Oppenheimer resigned.
http://goo.gl/o63jO
9/29/11 (USA NM) New Mexico Pension Fund Director Terry Slattery Resigns
http://goo.gl/BzLn4
10/01/11 (USA MO) Federal Reserve Bank of Kansas City President Thomas M. Hoenig retired on Oct. 1, 2011
http://goo.gl/B8WK7
10/03/11 (INDIA) The of Euram Bank Asia, president Arun Panchariya, has resigned after being implicated in a stock trading scandal in India.
http://goo.gl/yh2bF
10/03/11 (GHANA) Intercontinental Bank Ghana Limited, Managing Director and CEO Albert Mmegwa resigned.
http://goo.gl/Vc252
10/03/11 (USA FL) Quantek Opportunity Fund, portfolio manager Javier Guerra. Arbitration awarded $1 million damages to Aris Multi-Strategy Fund. Quantek Asset Management made false statements to Aris.
http://goo.gl/udpBA
10/05/11 (UK) UBS co-chief François Gouws of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
http://goo.gl/OuUjr
10/05/11 (UK) UBS co-chief Yassine Bouhara of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
http://goo.gl/OuUjr
10/10/11 (BELGIUM) Dexia (Franco-Belgian bank) its chairman Jean-Luc Dehaene will give up his role on the board of Dexia's Belgian division, which is being sold to the Belgian state as part of a rescue deal, the group said on Monday.
http://goo.gl/vyldE
10/11/11 (UK) Dynamic Funds, portfolio manager David Taylor has resigned.
http://goo.gl/GZCt5
10/11/11 (CHINA) China Construction Bank Non-Executive Direct Sue Yang resigns for personal reasons.
http://goo.gl/ip8Un
10/13/11 (UK) Cogent Partners co-head research department Katita Palamar resigned.
http://goo.gl/TVLWO
10/13/11 (UK) Cogent Partners co-head research department Bill Farrell resigned.
http://goo.gl/TVLWO
10/14/11 (USA TX) Deutsche Bank Investment Advisor Griffin Perry resigns, SEC regulations prevented him from campaigning for his father Rick Perry's Presidential campaign.
http://goo.gl/R0PgH
10/23/11 (USA) Fairholme Capital Management LLC, Director Charles Fernandez stepped down for personal reasons. Fairholme Fund has lost 26 percent of its net asset value due to bets that have backfired on AIG Inc, Bank of America Corp and Florida-based landowner and developer St Joe Co.
http://goo.gl/vzTbY
10/24/11 (ICELAND) Icelandic State Financial Investments board members of Icelandic State Financial Investments have resigned following “outside interference” with their Sept. 30 decision to hire Pall Magnusson, the former political adviser to the island’s industry minister, as chief executive officer. [names and positions have been requested from the reporter on 3/9/12]
http://goo.gl/lEpz2
10/24/11 (SINGAPORE) Keppel Corporation Limited, Teo Soon Hoe will resign from his role as group finance director Jan 1.
http://goo.gl/l90be
10/26/11 (INDIA) Beed District Bank (Coop Bank) CEO B S Deshmukh arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
http://goo.gl/CXL7Z
10/26/11 (INDIA) Beed District Bank (Coop Bank) former CEO A N Kulkarni arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
http://goo.gl/CXL7Z
10/27/11 (USA NY) Keefe, Bruyette & Woods Inc (KBW) CEO John Duffy stepped aside. Duffy has prostate cancer.
http://goo.gl/i1s3E
10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns
http://goo.gl/fdd9v
10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns
http://goo.gl/yWX9R
10/31/11 (EUROPEAN COMMUNITY) European Central Bank President Jean-Claude Trichet, resigns.
http://goo.gl/ygG59
11/01/11 (INDIA) Beed District Bank (Coop Bank More directors resign [research still being conducted on the names]
http://goo.gl/HD8BQ
11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 - DEFACTO RESIGNATION)
http://goo.gl/3L9gE
11/03/11 (POLAND) Nordea Bank Poland, Wlodzimierz Kicinski resigned from as President of the Management Board of Nordea Bank Poland as of the 10th of November.
http://goo.gl/oKUVZ
11/04/11 (USA NY) MF Global, Jon Corzine, stepped down as chairman and CEO, hired criminal attorney to represent him.
http://goo.gl/tUaVY
11/08/11 (SINGAPORE) The Singapore Fund, Inc, Austin C. Dowling has resigned as Director of the Fund
http://goo.gl/bCUhI
11/10/11 (EUROPEAN COMMUNITY) European Central Bank Lorenzo Bini Smaghi resigned from the European Central Bank’s Executive Board.
http://goo.gl/Invjc
11/11/11 (HONG KONG) Goldman Sachs' Asia Pacific co-head Yusuf Alireza is retiring from the investment bank after 19 years
http://goo.gl/pejs3
11/10/11 (INDIA) UBS The head of India operations at UBS AG , Manisha Girotra, has resigned
http://goo.gl/3aTh2
11/15/11 (USA NY) Icahn Enterprises LP, senior managing director of health-care investing, Alex Denner, has resigned.
http://goo.gl/X1A4i
11/16/11 (EUROPEAN COMMUNITY) International Monetary Fund Europe, director Antonio Borges resigns for personal reasons.
http://goo.gl/55CqZ
11/17/11 (NETHERLANDS) Syntrus Achmea (pensions manager), CIO Marjolein Sol is resigning.
http://goo.gl/Xqxsr
11/18/11 (SCOTLAND) Scottish Widows Investment Partnership Limited (SWIP) Private Equity Fund, wish to announce the resignation of John Brett from the Board of Directors of the Company, for business reasons.
http://goo.gl/MLsp8
11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
http://goo.gl/OiDiq
11/23/12 (USA SC & NC) Bank of the Carolinas, CFO Eric Rhodes resigns for personal reasons. Bank of the Carolinas was delisted from the NASDAQ on 3/9/12
http://goo.gl/oytcD
11/28/11 (LATVIA) Latvia’s chief banking regulator, Irena Krumane, said she resigned today, a week after the state took over Latvijas Krajbanka AS (LKB1R), the Baltic News Service reported. The bank regulator suspended operations at Krajbanka, a subsidiary of Lithuania’s Bankas Snoras AB, on Nov. 21 and said around 100 million lati ($191.8 million) was missing. The Lithuanian government seized Snoras on Nov. 16 saying assets reported on the lender’s balance sheet were missing.
http://goo.gl/mUvLF
11/29/11 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank
http://goo.gl/XncOc
11/29/11 (NORWAY) Carnegie ASA’s co-head of investment banking in Norway, Cato Holmsen, has resigned
http://goo.gl/utIfy
11/30/11 (LITHUANIA) Lithuania Central Bank, Governor Vitas Vasiliauskas fired Kazimieras Ramonas, head of the banking supervision department, after seizing Bankas Snoras AB, the country’s third-biggest deposit bank.
http://goo.gl/EiqUC
12/01/11 (SRI LANKA) Sri Lanka's Securities and Exchange Commission (SEC) head Indrani Sugathadasa resigned.
http://goo.gl/6qzny
12/02/11 (PAKISTAN) NIB Bank, Singapore forced resignation of CEO Khawaja Iqbal Hassan, for mismanagement
http://goo.gl/ojDcu
12/03/11 (USA SC) South Carolina's $25 billion pension fund chief investor Robert Borden resigned. Borden's resignation comes as the SC Retirement System faces a $13 billion deficit, prompting state lawmakers to call for a massive overhaul of the system.
http://goo.gl/ypK2G
12/05/11 (BERMUDA) HSBC Bermuda Ltd, chairman of the board and director John Campbell resigns
http://goo.gl/peFGD
12/05/11 (BERMUDA) HSBC Bermuda Ltd, CEO Philip Butterfield retires
http://goo.gl/peFGD
12/06/11 (USA ) Western Liberty Bancorp CFO George Rosenbaum has resigned.
http://goo.gl/ozuwB
12/08/11 (USA) Fidelity Global Special Situations Fund, manager Jorma Korhonen resigned.
http://goo.gl/a7Rhw
12/08/11 (INDIA) Nomura's co-head of equity-linked solutions Neeraj Hora, resigns
http://goo.gl/WYcjR
12/14/11 (MAURITIUS) African Alliance Africa Pioneer Fund I (the "Fund"), Portfolio Manager Paul David Austin Clark resigned
http://goo.gl/YiagF
12/14/11 (USA NY) Goldman Sachs global head Milton R. Berlinski retiring at the end of the year
http://goo.gl/Xj0l4
12/15/11 (UK) Coutts [private bank] Senior private banker James Fleming resigns
http://goo.gl/ANN5B
12/19/11 (CANADA) Holloway Lodging Real Estate Investment Trust (a REIT) CEO Glenn Squires has resigned
http://goo.gl/8rAKb
12/19/11 (JAPAN) Citibank Japan CEO, Darren Buckley, resigns after Citibank was punished by regulators for the third time in seven years.
http://goo.gl/ScT47
12/19/11 (DENMARK) Danske Bank Peter Straarup, who will retire February 15
http://goo.gl/06c2b
12/19/11 (DENMARK) Danske Bank Eivind Kolding has resigned as Chairman of the Board of Directors and from the three board committees on which he served, He continues as member of Danske Bank’s Board of Directors until he assumes the position of Chairman of the Executive Board on 15 February 2012. On the same day, at the latest, Eivind Kolding will resign from the A.P. Moller-Maersk Group.
http://goo.gl/06c2b
12/20/11 (UK) Prudential (UK) Chairman Harvey McGrath has informed the Board of his intention to retire from the Board in 2012 once a successor has been found.
http://goo.gl/IPOzf
12/20/11 (USA MA) Century Bancorp, Inc., Director Roger S. Berkowitz resigned.
http://goo.gl/bbdeT
12/21/11 (USA MN) Voyager Bank, fired CEO trade accusations, New details have emerged in Voyager Bank's firing of its CEO in a court filing that accuses him of defrauding the bank of $15 million. The former CEO, Timothy Owens, has sued the bank for wrongful termination and accused the bank of defaming him.
http://goo.gl/3Q1Vg
12/23/11 (USA VA) Virginia National Bank (VNB) Chairman Mark Giles quits
http://goo.gl/dFDpH
12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Claire Gargalli quits
http://goo.gl/kowkW
12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Leslie Disharoon quits
http://goo.gl/kstLp
12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Neal Kassell quits
http://goo.gl/NrrPZ
12/23/11 (USA) Third Avenue Value Fund, co-manager Marty Whitman is leaving.
http://goo.gl/iMe99
1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns
http://goo.gl/b6AoA
1/01/12 (ISRAEL) Israel's Bank Leumi CEO Galia Maor steps down after 16 years
http://goo.gl/xwlFt
1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
http://goo.gl/joExI
1/03/12 (USA WI) Michael Falbo, president and CEO of Southport Bank, has resigned just six months after accepting the position.
http://goo.gl/DP1uK
1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board
http://goo.gl/SKE7j
1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.
http://goo.gl/bzZtQ
1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down
http://goo.gl/zvo1L
1/05/12 (USA NY) Blackstone/GSO Senior Floating Rate Term Fund and Blackstone/GSO Long-Short Credit Income Fund announced that John R. O’Neill has resigned.
http://goo.gl/ZiWGL
1/07/12 (UK) Arab Banking Corporation Intl. Bank (ABCIB) Manama, Bahrain: ABCIB announced retirement of CEO Nofal Barbar from its London office.
http://goo.gl/yF0Mm
1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns
http://goo.gl/5qsUu
1/09/12 (USA WASHINGTON DC) Whitehouse former banker and Chief of Staff William M. Daley resigned
http://goo.gl/34F0B
1/09/12 (USA NY) Morgan Stanley Chief Legal Officer Frank Barron retires.
http://goo.gl/XYCwJ
1/09/12 (SWITZERLAND) Temenos Group AG, provider of core banking software announced the resignation of Mark Austen as a member of the Board of Directors.
http://goo.gl/l6QzM
1/11/12 (KAZAKHSTAN) BTA Bank, CEO Marat Zairov resigns for health reasons.
http://goo.gl/yAHgr
1/11/12 (SWITZERLAND) La Banque Privée Edmond de Rothschild, CEO Claude Messulam resigns, replaced by Christophe de Backer, Claude Messulam to become a director of the bank holding company.
http://goo.gl/vWr3i
1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading Edward K. Eisler retires
http://goo.gl/i2TVk
1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading David B. Heller retires
http://goo.gl/i2TVk
1/13/12 (IRELAND) National Asset Management Agency, head of lending Graham Emmett is resigning
http://goo.gl/GN3h3
1/17/12 (CANADA) Cumberland Private Wealth Management CIO John Wilson quit to join another money manager.
http://goo.gl/3JuNJ
1/17/12 (HONG KONG) Oversea-Chinese Banking Corporation Limited (OCBC Bank) CEO David Conner retires.
http://goo.gl/83Z1i
1/17/12 (UK) Morgan Stanley Intl, chairman Walid Chammah is retiring. An inside source speculated that it could mean that the company had suffered exposure to European sovereign debt woes under Chammah's purview.
http://goo.gl/e7vS7
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Ali Yousef Al Awwadhy resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Miss Anoud Fadhel Al Hathran resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Tarek Farid Al Othman resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Salem Ali Hassan Al Ali resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Majed Ali Oweid Awadh resigned.
http://goo.gl/0PoIM
1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Badr Suliman Al Ahmed resigned.
http://goo.gl/0PoIM
1/18/12 (USA) Goldman Sachs co-heads of Goldman's securities business David Heller resigns.
http://goo.gl/TMHvx
1/18/12 (USA) Goldman Sachs co-heads of Goldman's securities business Edward Eisler resigns.
http://goo.gl/TMHvx
1/18/12 (USA) Goldman Sachs co-head of its investment management division Ed Forst resigns.
http://goo.gl/TMHvx
1/19/12 (UK) Santander, senior director Americas division Francisco Luzón is retiring with a pension pot of about €56m, a package whose generous size is expected to reignite controversy over bankers’ remuneration.
http://goo.gl/XMRvP
1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Alaa' Sabaa resigned from board of directors.
http://goo.gl/5Eze1
1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Wael EL Mahgary resigned from board of directors.
http://goo.gl/5Eze1
1/20/12 (USA NY) JPMorgan Chase, Mortgage Banking Default organization head Scott Powell has decided to leave the bank.
http://goo.gl/TCYpT
1/20/12 (JAPAN) Normura's head of wholesale banking Jasjit Bhattai quits
http://goo.gl/6FuWe
1/20/12 (SOUTH AFRICA) First National Bank's sharia banking division is in a state of flux after it was hit by a corporate governance scandal in which its chief executive, Ebi Patel, was put on "special leave" for almost a month while an internal probe was conducted. Patel has been reinstated, but is facing disciplinary action. Islamic finance forbids the payment and receipt of interest (riba), and investment in some industries. Sharia law states that interest-bearing transactions result in economic ills such as unemployment and high inflation. Trading in derivatives and speculative investment are also forbidden. Sharia law requires all transactions to be backed by tangible assets.
http://goo.gl/NmGJP
1/20/12 (USA) TIAA-CREF executive vice president and president of Asset Management, Scott C. Evans resigned
http://goo.gl/f6qLs
1/20/12 (SOUTH AFRICA) South African deputy economic development minister Enoch Godongwana quit his post this week in the face of growing outrage in government circles about his involvement in a company that allegedly defrauded clothing factory workers of R100-million of their pension fund money.
http://goo.gl/ZADvn
1/21/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down
http://goo.gl/sdY1p
1/21/12 (SINGAPORE) ANZ Asia's private banking head Nina Aguas resigns as managing director of Asia-Pacific private banking.
http://goo.gl/hlHvG
1/21/12 (GREECE) Institute of International Finance negotiator Charles Dallara quits
http://goo.gl/NbPlt
1/21/12 (GREECE) Institute of International Finance negotiator Jean Lemierre quits
http://goo.gl/E3AkE
1/21/12 (USA CA) Nara Bancorp (Now called BBCN) President and CEO Min Kim Resigns
http://goo.gl/rcfJ3
1/22/12 (KENYA) National Bank of Kenya's (NBK) managing director, Mr Reuben Marambii, will resign before year end.
http://goo.gl/c2n7r
1/24/12 (IRELAND) Deutsche International Corporate Services Limited fund, Paul Shevlin resigned as a director
http://goo.gl/OjZFF
1/24/12 (SWITZERLAND) Global Fund to Fight AIDS, Tuberculosis and Malaria, Dr. Michel Kazatchkine, a French clinical immunologist and head of the $22.6 billion fund has abruptly resigned, since revelations about corruption and misspending severely rattled some of its biggest donors. The resignation came on the eve of the World Economic Forum meeting in Davos, which played a role in its creation a decade ago. A dinner for the public-private fund is planned Thursday with U.N. Secretary-General Ban Ki-moon and major backers Bill Gates and the Bill & Melinda Gates Foundation. The shakeup resulted from an internal review to address problems highlighted in Associated Press stories last year about the loss of tens of millions of dollars in grant money because of mismanagement and alleged fraud. Its biggest private donor is the Bill & Melinda Gates Foundation, which has pledged $1.15 billion and provided it with $650 million so far.
http://goo.gl/bqXs8
1/25/12 (UK) SOFIA PROPERTY FUND LIMITED, Gerry Williams has resigned as a Director, following his resignation from Ardel Holdings Limited ("Ardel") where he was CEO. Ardel is the holding company of Ardel Fund Services Limited which provides administration services in Guernsey to the Company.
http://goo.gl/kDfVv
1/25/12 (USA NY) Fortress Private Equity, CEO Daniel Madrid (aka Daniel Mudd) has resigned. Madrid was forced to leave in order to deal with SEC allegations. Prior to joining Fortress, Madrid served as Fannie Mae CEO and was forced to resign. SEC sued Madrid and former Freddie Mac CEO Richard West Long (aka Richard Syron) for hiding hundreds of billions of dollars in subprime loans. Madrid denied the SEC allegations saying the US govt. and investors were informed of Fannie Mae’s loan data.
http://goo.gl/u9IdB and http://goo.gl/v94ik and http://goo.gl/tXQwP
1/27/12 (SOUTH AFRICA) ABSA Group COO Alfie Naidoo would be leaving to pursue personal interests
http://goo.gl/cVWnA
1/27/12 (SOUTH AFRICA) ABSA Group chief marketing and communication officer Happy Ntshingila, will be taking up an "exciting position" outside banking
http://goo.gl/cVWnA
1/27/12 (SOUTH AFRICA) ABSA Group CEO Daphne Motsepe retires at the end of April after a 10-year career at the bank.
http://goo.gl/cVWnA
1/29/12 (PORTUGAL) Banco Santander Totta SA executive chairman Nuno Manuel da Silva Amado has resigned
http://goo.gl/Glvdn
1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down
http://goo.gl/BwUgv
1/29/12 (UAE) NBD, Emirates 's investment banking division CEO Suresh Kumar is leaving the bank
http://goo.gl/S1x0F
1/30/12 (UK) British Private Equity and Venture Capital Association (BVCA) COO Andrew Graham steps down
http://goo.gl/4SDW8
1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood
http://goo.gl/CoLVS
2/01/12 (SYRIA) Arab Bank Syria Board member Basma Talal Zein resigns.
http://goo.gl/WXxzw
2/01/12 (SOUTH AFRICA) ABSA [Barclay's Bank] deputy CEO Louis von Zeuner resigns
http://goo.gl/IP8nH
2/01/12 (UK) Lloyds Bankging Group head of wholesaleTruett Tate quits
http://goo.gl/OqRVo
2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February
http://goo.gl/vjO5M
2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
http://goo.gl/bb5sh
2/02/12 (USA) American Perspective Bank, President and CEO Thomas J. Beene resigned.
http://goo.gl/K66eb
2/02/12 (USA) NIR Group hedge funds, Corey Ribotsky was forced out of NIR by Pricewaterhouse-Coopers, the court-appointed liquidator, following allegations of fraud by the Securities and Exchange Commission. In September, the SEC sued Ribotsky and NIR for taking more than $1 million of investors’ money to buy cars and watches.
2/03/12 (UK) VinaCapital Vietnam Opportunity Fund Ltd, Non-Executive Director Horst Geicke has resigned.
http://goo.gl/r955T
2/03/12 (UK) UBS London trader, Kweku M. Adoboli, was arrested and charged with fraud and false accounting, forcing UBS to announce a $2.3 billion trading loss.
http://goo.gl/ClTaq
2/05/12 (USA - NY) Morgan's investment banking chairman Joseph Perella quit
http://goo.gl/pG2jF
2/05/12 (USA - NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit
http://goo.gl/bRv9K
2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
http://goo.gl/OhCEb
2/06/12 (USA NY) TD Ameritrade, head of retail distribution John Bunch resigns. Bunch is leaving to take the top job at a small investment advisory firmin Kansas City.
http://goo.gl/kgS7M
2/07/12 (USA) Bank Of America's Mortgage Business Chief Barbara Desoer Retires
http://goo.gl/i7AUY
2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits
http://goo.gl/fP03J
2/07/12 (IRAN) Iran denies central bank resignation rumor (don't believe until its denied?)
http://goo.gl/PiQSy
2/08/12 (SOUTH AFRICA) Standard Bank Group Ltd - Resignation of Group Secretary Loren Wulfsohn
http://goo.gl/K1pfn
2/08/12 (USA OH) Cleveland International Fund (CIF) private equity fund, A. Eddy Zai launched and led the Cleveland International Fund, an investment outfit that pairs wealthy foreign investors hoping for U.S. residency with job-creating projects. Zai resigned from his job this week, before being indicted in a bank-fraud scheme that, according to investigators, contributed to the collapse of a credit union in Eastlake.
http://goo.gl/tgamf
2/08/12 (UAE) Emirates NBD makes top-level changes Bank's deputy chief executive officer Abdul Wahed Al Fahim has resigned.
http://goo.gl/JUdNd
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 62 year old Monsignor Emilio Messina, the Archdiocese of Camerino-San Severino Marche investigated on money laundering by Italian officials.
http://goo.gl/uztVU
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 49 year old Father Don Salvatore Palumbo of the socially popular parish of San Gaetano
http://goo.gl/uztVU
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 37 year old Father Horace Bonaccorsi of Catania, already tried and acquitted in Sicily for money laundering offenses recycling money through accounts at IOR
http://goo.gl/uztVU
2/09/12 (VATICAN) Institute for Religious Works (IOR aka "Vatican Bank"), 85 year old Father Don Evaldo Biasini of Rome. Father Don Evaldo Biasini is known as the "Don of Cash".
http://goo.gl/uztVU
2/09/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
http://goo.gl/8BuXy
2/09/12 (UK) JP Morgan Chinese Investment Trust PLC, non-executive Director Madam Yujiang Zhao resigned
http://goo.gl/CPO23
2/09/12 (UK) Alliance Trust Savings (ATS), Robert Burgess is stepping down as CEO.
http://goo.gl/ohHG3
2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down
http://goo.gl/DBKdc
2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns
http://goo.gl/wMl5g
2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
http://goo.gl/GFvIy
2/13/12 (UK) Goldman Sachs confirmed on Monday that George N. Mattson, one of the firm’s top deal makers in the industrial sector, will retire. He was a senior relationship banker with a client list that included General Motors, General Electric and Caterpillar.
http://goo.gl/vgnq2
2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
http://goo.gl/iQ0n8
2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank
http://goo.gl/uHp6C
2/14/12 (PAKISTAN) National Bank of Pakistan (NBP) chairman Syed Ali Raza resigned
http://goo.gl/scexo
2/14/12 (USA NY) Goldman Sachs Jeffrey Moslow resigns, an investment banker to companies such as Tyco International Ltd, Nstar, the Boston-based utility, and defense contractor Dyncorp International Inc.
http://goo.gl/7h4O7
2/15/12 (SOUTH AFRICA) HPA - Hospitality Property Fund Limited, chairman Frank Berkeley resigned.
http://goo.gl/wJmpR
2/15/12 (USA) Boston Properties (REIT), Executive VP and COO E. Mitchell Norvilleto resigned
http://goo.gl/AW7X7
2/15/12 (WORLD) World Bank CEO Zoellick resigns
http://goo.gl/dHDSm
Did the White House tell the World Bank president that he's out?
http://goo.gl/wUOgb
2/15/12 (CHINA) Morgan non-executive chairman Stanley Stephen Roach will be retiring.
http://goo.gl/MQeGW
2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns
http://goo.gl/SNsVI
2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns
http://goo.gl/TyYiJ
2/16/12 (USA IL) Deerfield Capital Management LLC, CEO Daniel Hattori and CEO of CIFC Corp resigned.
http://goo.gl/LLNnD
2/16/12 (USA IL) Deerfield Capital Management LLC, COO Luke Knecht and CEO of CIFC Corp, resigned both positions.
http://goo.gl/LLNnD
2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down
http://goo.gl/yT6rS
2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down
http://goo.gl/c7PtU
2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
http://goo.gl/CtmOU
2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns
http://goo.gl/I7Alo
2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
http://goo.gl/WczHh
2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
http://goo.gl/I7Alo
2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested
http://goo.gl/I7Alo
2/16/12 (AUSTRALIA) Royal Bank of Scotland Austraila CEO Stephen Williams resigns
http://goo.gl/4r16D
2/17/12 (SOUTH AFRICA) Coronation Fund Managers CEO Hugo Nelson is stepping down at age of 40.
http://goo.gl/I3NY8
2/17/12 (PAKISTAN) PICIC Asset Management Company Limited CFO Ahmed Raza resigns
http://goo.gl/K8A2I
2/17/12 (USA NY) Goldman Sachs CEO Lloyd Blankfein out as by summer
http://goo.gl/UjpzD
2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns
http://goo.gl/1n1Nr
2/17/12 (UK) Insight Investment, asset manager Mike Pinggera has resigned..
http://goo.gl/uDplK
2/17/12 (USA NY) Harbinger Group Inc. CFO Francis T. McCarron has advised the Company of his resignation effective April 30
http://goo.gl/6il4F
2/17/12 (BULGARIA) Bulgaria National Health Insurance Fund (NHIF), The managing director Neli Nesheva, resigned after a two-day row about end-of-year bonuses paid by NHIF to its employees.
http://goo.gl/7UQxv
2/18/12 (PAKISTAN) The Bank of Azad Jammu and Kashmir executive Zulfiqar Abbasi resigns
http://goo.gl/G0woP
2/19/12 (MALTA) Bank of Valletta, director of the Multi-Manager Fund John C. Ripard, has resigned being reprimanded by the MFSA for disposing of his holdings in the Fund whilst in possession of sensitive information which was not available to the public.
http://goo.gl/1li3r
2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
http://goo.gl/Unuez
2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
http://goo.gl/F5twL
2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns
http://goo.gl/aA0RW
2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits
http://goo.gl/6Dj0i
2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
http://goo.gl/DuMrm
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns
conflict of interest with director seat on Eastland Insurance Company Limited
http://goo.gl/aEmwB
2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.
http://goo.gl/Z1rnw
2/22/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits
http://goo.gl/ppKno
2/22/12 (SINGAPORE) Macquarie International Infrastructure Fund's CEO John Stuart to resign
http://goo.gl/ji7Q4
2/22/12 (USA NY) Goldman Sachs Hedge Fund Group Chief Howard Wietschner to Retire
http://goo.gl/x4Zsr
2/22/12 (UK) UBS AG’s (UBSN) Doug McCutcheon, head of Healthcare Banking in Europe, Middle East, Africa and Asia-Pacific region, has left Switzerland’s biggest bank after 25 years at the firm.
http://goo.gl/Dnxqh
2/23/12 (UK) Goldman Sachs Nordic M&A banker Luca Ferrari has decided to retire from the firm, clients included the largest telecommunications operator in Spain the Spanish telecommunications.
http://goo.gl/qmCh3
2/23/12 (SOUTH AFRICA) Richard Gush resigns from Standard Bank
http://goo.gl/DTL5S
2/23/12 (SCOTLAND) Royal Bank of Scotland Group director John McFarlane resigns.
http://goo.gl/KoEUI
2/24/12 (GUERNSEY) Spearpoint Limited (SPL) Investment Funds, director Mike Kirby resigns for business reasons.
http://goo.gl/9stPB
2/24/12 (INDIA) Breaking: ICICI Bank GC Pramod Rao resigns
http://goo.gl/5eUqU
2/24/12 (HONG KONG) Citigroup Pvt Bank Global Real Estate Kwang Meng Quek Resigns
http://goo.gl/JIC9A
2/24/12 (NEW ZEALAND) FSF Executive Director Kirk Hope resigns
http://goo.gl/6UJau
2/24/12 (USA NY) Evercore Partners Head Eduardo Mestre steps down
http://goo.gl/n5RLY
2/25/12 (AUSTRALIA AND NZ) Goldman Sachs Chairman Stephen Fitzgerald quits
http://goo.gl/nMTLW
2/25/12 (DENMARK) European Investment Bank (EIB), Mr Sigmund Lubanski, of the Kingdom of Denmark tendered his resignation.
http://goo.gl/y4XXF
2/27/12 (GERMANY) Deutsche Bank Americas chief Seth Waugh steps down
http://goo.gl/8lxSw
2/27/12 (BAHRAIN) Khaleeji Commercial Bank CEO Ebrahim Ebrahim quits
http://goo.gl/yKjzL
2/27/12 (BAHRAIN) - Mumtalakat Holding [Sovereign Wealth Fund] CEO Al Zain resigns
http://goo.gl/hhHSm
2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Michel Péretié Steps Down
http://goo.gl/IJ5Lw
2/27/12 (MALAYSIA) Elaf Bank CEO Dr El Jaroudi resigns
http://goo.gl/eVCS5
2/27/12 (GERMANY) Equiduct chairman Artur Fischer steps down
http://goo.gl/Q0dWR
2/27/12 (IRAN) Bank Melli CEO Mahmoud Reza Khaavari Resigns - Flees to Canada!
http://goo.gl/DDEUk
2/27/12 (IRAN) Bank Saderat CEO Mohammad Jahromi resigns
http://goo.gl/ZD0mc
2/27/12 (UK) Lloyds Banking Group Glen Moreno steps down
http://goo.gl/dsXcE
2/27/12 (SINGAPORE) Standard Chartered Bank, global head of repo and collateralised financing Tanweer Khan resigned.
http://goo.gl/hgbuc
2/28/12 (HONG KONG) Hang Seng Bank CEO Margaret Leung Ko May-yee quits
http://goo.gl/Uo800
2/28/12 (CHINA) Bank of China International ECM global head Marshall Nicholson quits
http://goo.gl/26MYq
2/28/12 (SINGAPORE) DBS security head Jim Pasqurell quits, cites health reasons
http://goo.gl/NDJze
2/28/12 (HONG KONG) Bank of America's Asia-Pac. mrkts Brian Canniffe quits
http://goo.gl/cRkCP
2/28/12 (BELGIUM) KBC's CEO Jan Vanhevel is to retire after a career spanning 41 years.
http://goo.gl/1rCWd
2/28/12 (CANADA) Ontario Securities Commission chairwoman Peggy-Anne Brown quits
http://goo.gl/HIYXv
2/28/12 (AUSTRALIA) Bank manager Colin John Carleton jailed nine years for $3m theft
http://goo.gl/ggPvq
2/28/12 (SRI LANKA) Sri Lanka Com Bank CEO Amitha Gooneratne retires
http://goo.gl/YxvNA
2/28/12 (SOUTH AFRICA) REDEFINE INCOME FUND director Gerald Leissner resigns
http://goo.gl/F0UgN
2/28/12 (ITALY) UNICREDIT: Chairman Dieter Rampl not available for a new mandate
http://goo.gl/7aLRU
2/28/12 (UK) Bank of England Sir David Lees re-appointed Chair of Bank of England and gives notice of resignation at end of 2013
http://goo.gl/LkJhV
2/28/12 (IRELAND) State Street Global Advisors Cash Funds plc Director Keith Walsh resigns
http://goo.gl/n6uoM
2/29/12 (AUSTRALIA) Perpetual portfolio manager Matt Williams steps down
http://goo.gl/Jh9jd
2/29/12 (UK) Honister Capital CEO Richard Pearson steps down
http://goo.gl/014or
2/29/12 (GUYANA) National Investment and Commercial Investments Ltd. (NICIL), Executive Director Winston Brassington resigns, “We feel that (Winston) Brassington knows everything…A to Z about all the transactions,” said Chairman of the Alliance for Change (AFC), Khemraj Ramjattan, as he sounded a warning that controversial figure could be subpoenaed to appear before the Parliamentary Economic Sector Committee.
http:// goo.gl/L7I35
3/01/12 (MALAYSIA) RHB Bank Bhd deputy managing director Renzo Viegas quits
http://goo.gl/wACrI
3/01/12 (ITALY) Italian Banking Association Chairman Giuseppe Mussari talks to reporters in Rome after he and seven other executives offered to resign in protest over new banking-fee rules included in the government's legislation on boosting competition.
http://goo.gl/3llyT
3/01/12 (USA FL) Florida Venture Forum [Venture Capital] Exec Dir Robin Lester quits
http://goo.gl/nA8g9
3/01/12 (USA NY) PineBridge Investments said Win Neuger has resigned as chief executive. Neuger helped build AIG's third party asset management business, PineBridge still manages AIG assets
http://goo.gl/SI7kT
3/01/12 (SINGAPORE) UBS Singapore - James Tulley is leaving Switzerland’s largest bank, it is not clear where he is going.
http://goo.gl/BGugF
3/01/12 (USA NH) Piscataqua Savings Bank CEO Jay Gibson retires
http://goo.gl/uEqDV
3/01/12 (ICELAND) Iceland’s Financial Supervisory Authority (FSA) fired its director Gunnar Andersen
http://goo.gl/VG9q5
3/01/12 (USA OR) Oregon Public Employees Retirement Fund (OPERF) senior RE officer Brad Child will retire
http://goo.gl/vcERz
3/02/12 (CHINA) China Construction Bank Corp, assistant general manager and head of corporate banking Mickey Mehta quits
http://goo.gl/B9dR0
3/02/12 (USA NY) Deutsche Bank Student Loan CEOJohn Hupalo quits to start student loan counseling firm.
http://goo.gl/8kZuc
3/02/12 (UK) Bank of England Sir Mervin King resigns in June, Lord Sassoon tipped as replacement.
http://goo.gl/ZEUwf
3/02/12 (BOTSWANA) Barclays Bank Botswana managing director Wilfred Mpai forced to resign
http://goo.gl/npBe2
3/02/12 (HONG KONG) New Century Group Hong Kong Ltd [investment house and leisure group] Wilson Ng resigns
http://goo.gl/wFSV8
3/02/12 (USA NY) Citigroup Richard Parsons to step down as chairman
http://goo.gl/BhZ0F
3/03/12 (AUSTRIA) Volksbank AG (VBAG) The contract of CEO Gerald Wenzel will not be extended
http://goo.gl/w99tD
3/03/12 (ETHIOPIA) Dashen Bank’s board dismisses president Leulseged Teferi
http://goo.gl/Y801M
3/03/12 (RUSSIA) Enza Capital KK, Wealthy British banker Philip Townsend (Baron Townsend of Rathmore) and his wife killed at Estonia holiday home ⑆44541444⑈
http://goo.gl/GSOUN and http://goo.gl/x94ID and http://goo.gl/gGgLP
3/04/12 (KOREA) Hana Financial Group Inc, prominent figure in the history of South Korean finance Kim Seung-yu , resigns
http://goo.gl/fmNxY
3/04/12 (USA NY) JP Morgan prop trading chief Mike Stewart quits
http://goo.gl/gubPj
3/05/12 (SAUDI ARABIA) Al Rajhi Bank CEO Abdullah bin Sulaiman Al Rajhi has resigned
http://goo.gl/pNx0l
3/5/12 (UK) Jupiter fund co-manager Tony Nutt steps down
http://goo.gl/RPqOp
3/05/12 (UK) Jupiter fund co-manager John Hamilton steps down
http://goo.gl/RPqOp
3/05/12 (NEW ZEALAND) Insured Group Bill Jeffries has resigned as chairman and director
http://goo.gl/gX7wu
3/05/12 (USA) Reliance Bancshares chairman Patrick Gideon resigned
http://goo.gl/u6BT4
3/06/12 (FRANCE) Blackstone Group's Paris office leader Jean-Michel Steg will step down
http://goo.gl/w3Ca5
3/06/12 (JAMAICA) Jamaica Money Market Brokers Limited, Patricia Sutherland has resigned as Executive Director
http://goo.gl/oMwv6
3/06/12 (JAMAICA) Jamaica’s Financial Services Commission (FSC), Executive director Rohan Barnett, has resigned the position, the Ministry of Finance, Planning and the Public Service announced this afternoon.
http://goo.gl/FBwFo
3/06/12 (USA PA) USA Technologies Inc Bradley M. Tirpak, a nominee of Shareholder Advocates for Value Enhancement,has resigned from its board subsequent to a settlement agreement with the investing group, according to an SEC filing. Provides a network of wireless non-cash transactions, associated financial/network services and energy management. It provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries.
http://goo.gl/8oi7C
3/06/12 (UK) Sterling Green Group has announced that Philip Kanas, a non-executive director, has decided to resign
Sterling Green Group PLC became a cash shell following the disposal of their subsidiaries Taxdebts Ltd, Sterling Green (Mortgages) Ltd and the back books of the clients of Sterling Green Ltd. during December 2011.
http://goo.gl/qc3jB
3/06/12 (UK) Aberdeen Asset Management, non-executive director Gerhard Fusenig has resigned from the board.
http://goo.gl/ZIkvQ
3/07/12 (GERMANY) Deutsche Bank AG's (DB) Chief Risk Officer Hugo Baenzigeri to resign
http://goo.gl/MWqsH
3/07/12 (GERMANY) Deutsche Bank AG's (DB) Chief Operating Officer Hermann-Josef Lamberti to resign
http://goo.gl/MWqsH
3/07/12 (UNITED ARAB EMIRATES) Dubai Mercantile Exchange announced Thomas Leaver will step down as CEO
http://goo.gl/rfhWN
3/07/12 (SCOTLAND) Macfarlane Group Chairman Archie Hunter to step down after 8 years of service
http://goo.gl/RHllr
3/07/12 (USA) BlackRock Emerging Markets Fund co-head Daniel Tubbs, has left the group to pursue other opportunities.
http://goo.gl/CpEzZ
3/07/12 (UK) Goldman Sachs (GSI) Christopher French resigns from board
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) David Wildermuth resigns from board
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) Matthew Westerman resigns from board
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) co-head of global mergers and acquisitions Yoel Zaoui resigns
http://goo.gl/3yQDS
3/07/12 (UK) Goldman Sachs (GSI) Phil Beatty resigned as head of European power and natural-gas trading
http://goo.gl/jqbYY
3/07/12 (SINGAPORE) Nikko Asset Management Timothy McCarthy is retiring as chairman and CEO at the end of the month
http://goo.gl/v8tcT
3/07/12 (HONG KONG) UBS Senior Asia Economist Jonathan Anderson Departs
http://goo.gl/09VqT
3/07/12 (HAITI) FORMER DIRECTOR HAITI CENTRAL BANK SLAIN! ⑆44541444⑈
http://goo.gl/UtVz3
3/07/12 (FRANCE) Société Générale Private Banking, Daniel Truchi is to step down as head of Société Générale Private Banking
http://goo.gl/XhgJ9
3/07/12 (AUSTRALIA) Customers Ltd, Tim Wildash has cashed himself out as chief executive of Australia’s largest ATM operator
http://goo.gl/eZJMb
3/07/12 (USA CA) CALSTRS, Pascal Villiger, senior private equity portfolio manager at the $145 billion California State Teachers’ Retirement System resigns
http://goo.gl/ub0ke
3/07/12 (USA) Astaire quits Bank of America Merrill to dance to Barclays Capital’s tune
http://goo.gl/Zv6Ny
3/08/12 (USA NY) Schroders, CIO Alan Brown is steps down
http://goo.gl/ZTtYo
3/08/12 (USA IL) CBOE Executive Patrick Fay Put on Leave Amid SEC Probe
http://goo.gl/x5snO
3/08/12 (USA NH & RI) Bristol County Savings Bank president E. Dennis Kelly retires after 35 years
http://goo.gl/8KVKn
3/08/12 (GERMANY) Clearstream Banking AG – Katja Rosenkranz To Leave Deutsche Börse Group [stockmarket]
http://goo.gl/RiVNi
3/08/12 (UK) B&CE CEO Brian Griffiths is to retire later this year
http://goo.gl/AV7Sk
3/08/12 (UK) Invesco Trimark Ltd, portfolio manager Dana Love has resigned.
http://goo.gl/MyQ90
3/08/12 (ISRAEL) Bank of Israel Governor Stanley Fischer will hand in his shock resignation in the coming days and take up a new position as head of the Bank of Zambia. Finance Minister Yuval Steinitz is believed to be furious with Fischer's decision. Treasury officials said he even canceled his participation in the office's annual Purim party in order to convince Fischer to reverse his decision.
http://goo.gl/0DlSA
3/09/12 (MONGOLIA) Mongol Bank President Alag Batsukh submitted his resignation letter to Speaker of Parliament D. Demberel at the end of last month. He described his reason for resigning as a lack of support by Parliament.
http://goo.gl/RDmNx
3/09/12 (MONGOLIA) Asia Pacific Securities, General Manager Narantuguldur Saijrakh recently resigned, to focus on his role as Director of Khan Investment Management, investment advisor to the Khan Mongolia Equity Fund - the first open-ended investment vehicle with monthly dealing that invests in Mongolia related equities listed both domestically and internationally.
http://goo.gl/2T4R6
3/09/12 (Côte d’Ivoire) Banque Central des Etats d’Afrique de l’Ouest (BCEAO) The Ivorian governor of the multi-billion dollar West Africa Francophone bank, Philippe-Henry Dacoury-Tabley, resigned his post.
http://goo.gl/CevLn
3/09/12 (UK) Lazard , co-head of investment banking Alexis de Rosnay quits. De Rosnay specialises in the healthcare sector, he has advised Teva Pharmaceutical and Novartis.
http://goo.gl/3gzbi
3/09/12 (UK) Deutsche Bank PWM, UK head of portfolio management Martyn Surguy resigned.
http://goo.gl/5Ti2p
3/09/12 (UK) Deutsche Bank PWM, head of discretionary management, Kypros Charalambous, having also stepped down.
http://goo.gl/5Ti2p
3/09/12 (HONG KONG) Bank of America Merrill Lynch, K.J. Kim, responsible for Southeast Asia, resigned
http://goo.gl/sE7xh
3/09/12 (HONG KONG) Bank of America Merrill Lynch, Jimmy Choi, who was in charge of high-yield debt, resigned.
http://goo.gl/sE7xh
3/09/12 (HONG KONG) Bank of America Merrill Lynch, Leonard Ng, a vice-president in Hong Kong resigned.
http://goo.gl/sE7xh
3/09/12 (AUSTRALIA) Bank of Queensland CFO Ram Kangatharan plans to leave the bank.
http://goo.gl/ieNea
3/09/12 (USA) Cerberus Capital Management LP, CEO Robert Nardelli resigns.
http://goo.gl/9uKVx
3/10/12 (AUSTRALIA) WESTPAC, Rob Chapman opted to quit running its regional subsidiary St George Bank.
http://goo.gl/G6MD
3/10/12 (TURKEY) Garanti Bank, The deputy CEO of Turkish lender Tolga Egemen, has decided to quit.
http://goo.gl/vAMzV
3/10/12 (CHINA) Korea Development Bank, Shanghai unit senior manager Stella Wen resigned.
http://goo.gl/55CqZ
3/10/12 (HONG KONG) Deutsche Bank, Johan Sudiman resigns as director.
http://goo.gl/6CYGP
3/12/12 (USA) John Lewis Partnership Pension Trust, head of investments Andrew Chapman, resigns
http://goo.gl/hevqh
3/12/12 (USA CA) California’s Department of Financial Institutions, commissioner William Haraf resigned. The DFI did not say why he is leaving.
http://goo.gl/zquTc
3/12/12 (KUWAIT) Gulf Bank, Chairman Ali Rashaid Al Bader quits
http://goo.gl/LDz9b
3/12/12 (UK and IRELAND) Allfunds Bank, head of UK and Ireland Alan Gadd is stepping down from his role at the end of April.
http://goo.gl/4DF6i
3/12/12 (USA) ICAP, CEO of the electronic broking business David Rutter step down following a restructuring of the business.
http://goo.gl/SUHqW
3/12/12 (UK) SVG Capital, chairman Nicholas Ferguson resigns. His departure left him well placed to succeed James Murdoch as chairman of BSkyB should the latter bow to investor pressure and step down. Other investors in the satellite broadcaster suggested Ferguson might be seen as too close to Murdoch to win the support of institutional shareholders.
http://goo.gl/z19wH
3/12/12 (SOUTH AFRICA) The Development Bank of Southern Africa (DBSA), CEO Paul Baloyi resigns.
http://goo.gl/yX4xo
3/12/12 (USA) Lehman Brothers Holdings Inc, CEO Bryan Marsal Resigns Title, Remains on as Adviser
http://goo.gl/1K9zV
3/12/12 (USA IL) CME Group Inc, CEO Craig Donohues will step down at year end.
http://goo.gl/lvzgC
Addendum:It is not known under what circumstances these individuals have left their positions, I make no judgement on that. I find the timing of so many resignations extremely curious and a temporal marker in history of high significance. No one should assume I make any judgement about the character of these people. I frankly don't know their reputations except for a few rather famous ones.
This list includes Banks, Investment Houses, Sovereign Wealth Funds, Equity Funds, Savings Retirement Funds and other shadow banking organizations. The line is very blurry between these entities, some are owned by banks some are banks, some invest in banks as well as owning entire industries (common in Hong Kong and Japan).
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