JP Morgan Chase Pays 264 Million Fine for Bribing Chinese Officials

SHADOW PROOF JPMorgan is, once again, paying money out to federal regulators for its chronic criminal activity. The latest payment of $264 million comes after it was discovered that the Too Big To Fail/Jail bank hired the relatives of Chinese government officials to win business in China—a clear violation of the Foreign Corrupt Practices Act (FCPA). According to the Department of Justice, JPMorgan will pay a $72 million criminal penalty to the Department of Justice, a civil penalty of $61....
More

China Formally Establishes AIIB

The Chinese-led Asian Infrastructure Investment Bank (AIIB) was formally established on Friday, and is expected to be operational by early next year, local media reported Friday."The AIIB is legally established as the Articles of Agreement take effect today," Chinese Finance Minister Lou Jiwei was quoted by the Xinhua news agency as saying. The bank will become fully operational after its board of directors and executive council meet at an opening ceremony scheduled for January 16-18, Xin...
More

HSBC Plans to Move HQs to Hong Kong

Stuart Gulliver yesterday laid out a list of downsides to keeping HSBC’s headquarters in Britain, in contrast with the potential advantages of moving to its historic home of Hong Kong. Britain had “rejected the concept of universal banking”, Mr Gulliver said, and its forthcoming rules to ringfence low-risk retail and commercial banking operations could be “very, very difficult” for HSBC. Indeed, if the final rules mean that HSBC’s group management has no meaningful control over the British bu...
More

China Cuts Bank Reserve Requirement to Boost Loans

China's central bank on Sunday cut the amount of cash that banks must hold as reserves, the second industry-wide cut in two months, adding more liquidity to the world's second-biggest economy to help spur bank lending and combat slowing growth. The People's Bank of China (PBOC) lowered the reserve requirement ratio (RRR) for all banks by 100 basis points to 18.5 percent, effective from April 20, the central bank said in a statement on its website www.pbc.gov.cn. "Though the growth in the f...
More

Australia & Denmark apply to join China-led bank

Australia and Denmark, despite previous American objections to the move, say they will join a new Beijing-backed investment bank that some in Washington say could supplant the US-dominated International Monetary Fund. In a testament to China’s growing economic clout on the global stage, western countries are lining up to join the Asian Infrastructure Investment Bank, or AIIB. Australian Prime Minister Tony Abbott and Treasurer Joe Hockey expressed their country’s willingness to join AIIB a...
More