Ministers were meeting in Cyprus to discuss the European Commission's proposals for the European Central Bank (ECB) to be given the role of supervisor, with extensive powers to regulate banks.
The appointment of a single bank supervisor is a crucial step toward a wider European banking union, which could see the European bailout fund offer direct help to troubled banks. However, ministers disagree over the detail of the proposals.
German Finance Minister Wolfgang Schäuble said it would "not be possible" for the ECB to assume its new duties by the new year as planned.
The Commission proposals say all 6,000 banks in the eurozone should be monitored by the new supervisor but Germany has warned it will take time to create the "sizeable apparatus" to do so, and that the supervisor should begin by monitoring only the largest banks that pose the greatest risks.
Michel Barnier, the European internal market commissioner who designed the proposals, admitted the timetable was "tight and ambitious" but insisted it was "realistic" and "necessary".
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9545798/Europe-at-loggerheads-over-banking-union.html
JPMorgan faces money laundering probe: source
By Carrick Mollenkamp(Reuters) - JPMorgan Chase & Co's compliance with U.S. anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries.
The Office of the Comptroller of the Currency, an independent branch within the Treasury Department, is examining JPMorgan's systems that are designed to monitor and filter such transactions, said the source, who is familiar with the situation.
The exact scope of the inquiry and the size of potential liabilities for the bank could not be learned.
JPMorgan spokesman Joseph Evangelisti declined to comment on Saturday.
In its quarterly filing with the U.S. Securities and Exchange Commission last month, JPMorgan said it expected heightened scrutiny by regulators of its compliance with new and existing regulations, including anti-money laundering laws.
The latest investigation comes in the midst of stepped-up efforts by regulators to crack down on money laundering, including transfers of drug money through bank networks and funds from countries facing international sanctions such as Iran.
The problem also has become a focus area for the Department of Justice, which wants to ramp up the number of criminal cases it brings under the Bank Secrecy Act, a law that requires financial institutions and their employees to take steps to prevent money laundering.
U.S. regulators also are potentially examining illicit transactions tied to Venezuela, the source said.
Earlier this summer, British bank HSBC Holdings Plc set aside $700 million to cover investigations that could result in one of the biggest ever settlements or fines. A U.S. Senate report criticized a "pervasively polluted" culture at the bank. The Senate panel examined transactions tied to Mexico, Iran, the Cayman Islands and Saudi Arabia.http://www.reuters.com/article/2012/09/15/us-jpm-probe-idUSBRE88E0G220120915Here is the video that Taxhaven related to. Ray Dalio starts so you can drop off after that if you choose. QB.
Military Murder Charges Reveal Terror Groups Inside Army
Sergeant Deirdre Aguigui had been dead less than three months when a police officer alerted the Army and FBI: Her widower was stockpiling high-powered firearms.The officer reported that Isaac Aguigui, a private on leave, bought 15 weapons at a store in East Wenatchee, Washington. His wife’s battered body had been found in their home at Fort Stewart in Georgia, and the autopsy, noting the couple had “marital problems,” said how she died was undetermined. He received $500,000 in life insurance benefits.Enlarge image
Former Army soldier Michael Roark, 19, and his girlfriend Tiffany York, 17, were shot dead in an alligator-infested swamp near Ludowici, Georgia, in December. This shrine to remember them by stands near the murder site. Photographer: Elliot Blair SmithRelated
August 1: In Grisly Camp Liberty Killings, a Failure of Military Psychiatry
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Prosecutors in Long County, Georgia accuse Sgt. Anthony Peden, clockwise from top right, Pvt. Christopher Salmon and Pvt. Isaac Aguigui of murdering Michael Roark, 19, and his 17-year-old girlfriend Tiffany York while trying to conceal a plot to use $87,000 worth of munitions to blow up a fountain in Savannah, bomb a dam in Washington, overthrow the government and kill the president. Private First Class Michael Burnett, top left, pleaded guilty to voluntary manslaughter and agreed to testify against the other defendants. Source: Long County Sheriff's DepartmentA relative alarmed by the purchases and unnerved by the unexplained death tipped off police, the officer, John Kruse, said. Still, Aguigui didn’t break any laws in buying the guns, and was free to return to Georgia -- where prosecutors say he amassed more firearms and committed murder.The 21-year-old Aguigui and two other soldiers were charged Aug. 10 with killing two teenagers to conceal a plot to use $87,000 worth of munitions to blow up a fountain in Savannah, bomb a dam in Washington, overthrow the government and kill the president. Indictments four days ago widened the alleged conspiracy to a total of 10 people, eight of them current or former soldiers.“The Army painted over something,” said Brett Roark, whose son was one of the victims, shot in the head as he knelt in a south Georgia swamp. “If they knew, it’s very wrong. If they didn’t know, they’re very stupid. Either way, a lot of people are dead and many lives are ruined.”Criminal Records
Michael Roark, 19, and his 17-year-old girlfriend, Tiffany York, were killed Dec. 5 by four soldiers who were members of a band of would-be anarchists called FEAR, for Forever Enduring, Always Ready, according to the capital murder charges filed in rural Long County. The new indictments accuse a fifth soldier of tampering with evidence in the case and three former soldiers and a civilian of committing crimes to help finance FEAR.The murder defendants had troubled histories that included petty crimes and violent threats documented in civilian court records, military files and a social-networking website. The Army took no action to discharge any of them before the murders.That fit a pattern in which the military, desperate for manpower to fight prolonged conflicts in Afghanistan and Iraq, accepted more recruits with criminal records and discharged fewer who behaved badly while in uniform.Normally, one felony or two serious misdemeanors bars a prospect from the Army. In 2006 alone, the Department of Defense issued 30,615 special dispensations that diluted that standard, more than double the total a decade earlier, amounting to 17 percent of all enlistees. That year, the military also reduced by 30 percent the number of troops discharged for misconduct and poor performance, according to data compiled by Bloomberg.http://www.bloomberg.com/news/2012-09-14/soldier-crime-wave-in-u-s-seen-fueled-by-army-ignoring-distress.htmlOccupy Wall Street plans to surround NYSE to mark anniversary
(Reuters) - Occupy Wall Street marks its first anniversary on Monday, and, in a bid to rejuvenate a movement that has failed to sustain momentum after sparking a national conversation about economic inequality last fall, activists plan once again to descend on New York's financial district.
The group, which popularized the phrase "We are the 99 percent," will attempt to surround the New York Stock Exchange and disrupt morning rush hour in the financial district, according to a movement spokeswoman.
Monday's protests will cap a weekend of Occupy Wall Street seminars, music and demonstrations in New York, said Linnea Paton, 24, an OWS spokeswoman. Demonstrations are also planned in other U.S. cities, other OWS organizers said.http://www.reuters.com/article/2012/09/15/us-usa-occupy-idUSBRE88E07220120915
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