Contributed by Don Quijones:Two weeks ago, Miguel Blesa, former president of Spanish savings bank Caja Madrid, went to jail for his role in the bank’s demise. Finally, a TBTF bank chief got nailed for his role in the financial crisis. But it was too good to be true! Now a witch hunt against the judge has begun.
Europe
(Spanish) Banks Worse Than Pushers
by Don Quijones • • Comments Off on (Spanish) Banks Worse Than Pushers
France Torpedoes American Movies, Shoots Itself In Foot
by Wolf Richter • • Comments Off on France Torpedoes American Movies, Shoots Itself In Foot
France vetoed the launch of free-trade negotiations between the EU and the US, though France has racked up a big trade surplus with the US and has much to lose. The problem: cultural protectionism. It wants “an explicit exclusion of the audio-visual sector.” A catch phrase for American movies! And a theme that is in the DNA of the French political class.
Germany Grapples (Again) With The Choice Between Its Constitution And The Euro
by Wolf Richter • • Comments Off on Germany Grapples (Again) With The Choice Between Its Constitution And The Euro
During the hearings before the German Constitutional Court, Finance Minister Schäuble, perhaps unwittingly, put his finger on yet another fatal flaw of the Eurozone: a central bank that could bail out speculators and pile the resulting losses on taxpayers of other countries, no questions asked, whenever it felt like it, without controls – “to save the euro,” as it were.
The ECB’s Forked-Tongue Policy To Save The Euro
by Wolf Richter • • Comments Off on The ECB’s Forked-Tongue Policy To Save The Euro
In theory, Germany’s Constitutional Court could throw a monkey-wrench into the efforts to keep the Eurozone duct-taped together; it could rule against the ECB’s money-printing and bond-buying mechanism, lovingly dubbed OMT, that would create a “brave new Huxley-world of the unlimited debt,” a world where “money is no longer earned but printed.”
The Unthinkable Happens: A Former TBTF Bank Chief Goes to Jail
by Wolf Richter • • Comments Off on The Unthinkable Happens: A Former TBTF Bank Chief Goes to Jail
Contributed by Don Quijones: Just when you thought the concept of universal justice was dead, a courageous Spanish judge, Elpidio José Silva, did what no other judge in the Western world, bar Iceland, dared to do: He refused to grant bail to a former top banker, sending him to prison before facing trial for his alleged role in Spain’s financial crisis.
Morgan Stanley’s Penny-Stock Shenanigans in Spain
by Wolf Richter • • Comments Off on Morgan Stanley’s Penny-Stock Shenanigans in Spain
Lobbying And GMO Giant Monsanto Buckles In Europe
by Wolf Richter • • Comments Off on Lobbying And GMO Giant Monsanto Buckles In Europe
The “March Against Monsanto” in 52 countries, an unapproved strain of its genetically modified wheat growing on its own in Oregon, cancelled wheat export orders…. A rough week for Monsanto. Now it threw in the towel in Europe where its deep pockets and mastery of lobbying had failed: “It’s counterproductive to fight against windmills,” it explained.
French Consumer Confidence Plunges To Financial-Crisis Low
by Wolf Richter • • Comments Off on French Consumer Confidence Plunges To Financial-Crisis Low
The confidence of consumers in France is catching up with the economic situation in their country, where the state sector, which dominates the land with 56% of the economic activity, has been hobbled by budget woes, and where the private sector, which is struggling with an inscrutable labor code and slack demand, is suffocating under a pile of new taxes.