Archivo de la etiqueta: banks

The bankruptcy of Lehman Brothers. The anniversary of broken promises

5 years after the bankruptcy of Lehman Brothers, and the beginning of the worst economic crisis in decades, the EU has not delivered on promises of strong regulation of the financial sector. A swift overhaul is needed. Together with other organisations (full list at the end), CEO has signed the statement below. 

The 15th of September marks the fifth anniversary of the most spectacular bankruptcy in the financial crisis of 2007-2008. On that day, renowned Wall Street investment bank Lehman Brothers filed for bankruptcy due to disastrous investments in US real estate through financial products. At the time, European leaders made bold promises to reform financial regulation in the EU “to respond to crises, but also to avoid them in the future”, Commission President Barroso said. Five years on, the results are woefully insufficient. Sigue leyendo →

#15MpaRato: Presents document in the National High Court to proove the preferred shares fraud

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 Source: 15MpaRato blog

As many of you know, since we filed in June 2012 the #QuerellaPaRato (lawsuit against Rato), we have been presenting financial authorities like the CNMV (National Securities and Exchange Commission) such basic questions as «what are preferred shares» – that invention of Rato – or «who were they sold to» and «what were the investors’ profiles».

Very simple questions, the result of a complex legal strategy.

Repeatedly asking what are these preferred shares was how we got the CNMV report. Now, any swindled person can use it to file a criminal lawsiut against their bank, instead of embracing an arbitrage which is nothing but a trap, since it only seeks that swindled renounce legal action (they know they would loose in a court case). The answer was what we suspected: preferred shares are a scam. But it is not the same to suspect this, to having the CNMV itself openly confess it in a report full of details. Sigue leyendo →

FOR A EUROPEAN SPRING

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Our Democracy against their austerity! – a call for action against the EU Spring Summit

‘For a European Spring’ is a call for actions, strikes and demonstrations all over Europe on the 13th of March, and for a pan-European demonstration and creative actions in the city of Brussels on the 14th of March. It is targeted at the EU Spring Summit, where leaders from across the continent will assemble on the 14th and 15 to strengthen the European Council’s response to the crisis. Sigue leyendo →

Debt Versus Democracy: A Battle for the Future

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Strike Debt on Fifth Avenue for Global Noise Demo. (Photo: Marisa Holmes)

In the US and Europe, the movement of squares has responded to attacks on the social good by debt resistance and direct democracy. In assemblies, mic checks and self-organization, they demonstrated that another world is possible. Now the movement is articulating full-scale resistance. Sigue leyendo →

Ireland World Record Attempt: Most Expensive Bank Bailout Ever #NotOurDebt

December 16, 2012: An application has been lodged with the offices of the Guinness Book of Records to recognise Ireland’s as the World’s Most Expensive Bank Bailout, per capita. The World’s Most Expensive Bank Bailout bid is being submitted by the campaign group Debt Justice Action, on behalf of all of the people in Ireland who, the group claim, will each pay €16,500 to make this record attempt a reality.

[youtube hAkFatWFcOY] Sigue leyendo →

Action week: Bail out people not the banks!

Everywhere in Europe, debt repayment is used by governments as a pretext to impose the biggest social backslash since World War II. Everywhere citizens’ rights and hard-won social benefits are jeopardized.

CADTM suggests alternatives to this unfair and deadly logic. Some have been concretely experimented in Southern countries and are worth being examined, others are being explored and need strengthening, others yet have to be invented. All will require our common endeavour. Sigue leyendo →