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Showing posts from October 10, 2016

Disclosure of Beneficial Ownership After the Panama Papers

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[The rules around the disclosure of who owns what in the Panama Papers scandal are such that banks and corporations can, and are (actively and strenuously) resisting transparent disclosure over who benefits from these tax havens. Notice how scrupulously the conclusions avoid saying they should be forced to do so by law. *RON*]
Joseph A. McCahery, Harvard Law School Forum on Corporate Governance and Financial Regulation, 7 October 2016
Joseph McCahery is Professor in the Department of Business Law at Tilburg University. This post is based on a foreword authored by Professor McCahery for a recent International Finance Corporation report. Related research from the Program on Corporate Governance includes The Law and Economics of Blockholder Disclosure by Lucian Bebchuk and Robert J. Jackson Jr. (discussed on the Forum here). The disclosure of the “Panama Papers” [1] focused public interest on how elaborate corporate structures and offshore tax havens…

The IMF, Globalization, and All The Other Losers

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[Come senators, congressmen please heed the call Don't stand in the doorway don't block up the hall For he that gets hurt will be he who has stalled There's a battle outside and it's ragin' It'll soon shake your windows and rattle your walls For the times they are a' changin'!         Bob Dylan, The Times They Are A'Changin' *RON*]
Posted by Yves Smith, Naked Capitalism, 8 October 2016

By Raúl Ilargi Meijer, editor at Automatic Earth. Originally published at Automatic Earth

I read a lot, been doing it for years, about finance and affiliated topics (a wide horizon of them), which means I’ve inevitably seen a wholesale lot of nonsense fly by. But for some reason, and I think I know why, Q3 2016 has been gunning for a top -or bottom- seat in that regard, and Q4 is looking to do it one better/worse.

Apart from the fast increasingly brainless political ‘discussions’ that don’t deserve the name, in the US and UK and beyond…

This Was the Week the World Got Really Anxious About Globalization's Future

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[Bloomberg opines "Markets might never be the same again." The system is failing; we're stuck in a perpetual economic doldrums; popular and political opinion is rising against a corporatocracy masked as 'free markets.' The answer isn't protectionism, it's introducing fairness (aka REAL free markets). The very last thing, incidentally, that the Trumps of the world want. *RON*]

Sid Verma & Julie Verhage, Bloomberg, 8 October 2016

Weak global trade, fears that the U.K. is marching towards a hard Brexit, and polls indicating that the U.S. election remains a tighter call than markets are pricing in have led a bevy of analysts to redouble their warnings that a backlash over globalization is poised to roil global financial markets—with profound consequences for the real economy and investment strategies.

From the economists and politicians at the annual IMF meeting in Washington to strategists on Wall Street trying to a…

Economic ‘Recovery’ Feels Weak Because the Great Recession Hasn’t Really Ended

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[On the notion of 'debt deflation,' the evaporation of demand, and the Bankster's New Clothes. "We’re not going to be able to get out of it until you write down the debts. But that’s what the IMF believes is unthinkable. So all the IMF can say is to wring their hands over the fact that the banks won’t make money even if there is a recovery. But there really isn’t a recovery, and no signs of it on the horizon, because people have to pay the banks. It’s a vicious circle." *RON*]
Posted by Lambert Strether on Naked Capitalism, 9 October 2016


Lambert here: Best economy ever. What’s wrong with these people?

Originally published at The Real News Network.

KIM BROWN, TRNN: Welcome to The Real News Network. I’m Kim Brown, in Baltimore. With the worst of the great recession, supposedly, behind us, economic analysts still see signs that we’re not yet completely out of the woods. A new report released Wednesday by the International Monet…

The Disastrous Failure of Lesser Evilism

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["By spending millions to whip up support for corporate Democrats, by bending social movement priorities around the singular goal of electing the Democratic Party, and by clinging to the false hope of one day 'reclaiming' the Democratic Party from big business domination, the left is undermining its ability to defend people of color, women, immigrants, and working people generally from right-wing attacks... It is urgent we begin building a powerful new party of the 99%, uniting all the social movements in society into a common political challenge to corporate politicians and the right." *RON*]

By Ty Moore – Patrick Ayers, Counterpunch, 6 October 2016

With the presidential race entering the final lap, panic is setting in as Hillary Clinton fails to pull ahead of Donald Trump in the polls. In a viral video, an exasperated Clinton asks “why am I not 50 points ahead?” Even the mainstream media talking heads – including those who prev…

In paid speeches, Hillary Clinton said she “represented” and “had great relations” with Wall Street

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[Politicians, she said, "need both a public and a private position." Excerpts of Clinton's paid Wall Street speeches show her cozy relationship with the banksters. As big a freak as Trump is, we should never forget what a pig in a poke the US will get with Hillary Clinton, whom we only learn about through Wikileaks. See also: Sanders supporters seethe over Clinton's leaked remarks to Wall St. *RON*]
Ben Norton. Salon, 8 October 2016

New emails released by the whistle-blowing journalism organization WikiLeaks provide insight into the cozy relationship Hillary Clinton has had with Wall Street.

One message in particular, from the Clinton campaign’s research director Tony Carrk, contains excerpts from paid speeches Clinton gave to large banks and other financial institutions.

The speeches, for which Clinton was paid hundreds of thousands of dollars each, reflect her neoliberal, pro-corporate ideology. In them, Clinton stresses the imp…