Emailed to Recaps:
Fisher : In the wee hours of this morning, the Zimbabwe governments debt was all forgiven making all the sovereign bonds, THE ZIM, toxic to any planned economic growth unless "pulled" somehow from the system
Angeljourney: I understand the Zim is a bond and debt forgiven.thank u in explaining.
Fisher : Now that all governmental debt has been written off, the outstanding sovereign bonds in your possession, the Zim, become more valuable and are a claim against the government and lands of Zimbabwe
awtviking : So we own a piece of the rock...... :)
Fisher : If they are NOT pulled from the hands of the holders, they could impede the economic progress of the country
Marty : Does that mean WF will do business with us today is f we walk in and tell them this?
Fisher : it means that someone has a plan, and the timing is down to the minute for this thing to pop
Fisher : Since China/the Elders, have underwritten the future growth of the African Continent, they will want the Zim notes out of circulation as quickly as possible
Fisher : No banks are selling Zim, they are all being sold by private parties, like on E-Bay, those sales may very well stop soon….It would not be a surprise to see the negotiated rate for the Zim go even higher
kermit53 :Fisher.... will Zim redemptions happen before RV or all at the same time?
Fisher : same time. Did you forget that Iraq revaled last week, officially?
Airbender : are we looking for notifications soon.
Fisher :maybe tonight or early morning, there are whispers in the dark
Ethericblue : And the Admiral Finally got paid right?
Fisher : and landa, and zap and others
AdminBill: MONDAY EVENING
HEARING INTERESTING THINGS GOING ON SINCE YESTERDAY.
Angel: Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million
by Stephen Gandel
SEPTEMBER 12, 2016, 6:00 AM EDT
Months ago, CEO John Stumpf praised the executive in hot water as “a standard-bearer” for the bank.
Wells Fargo & Co’s WFC -0.94% “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million.
In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”—to give back any of her nine-figure pay.
On Thursday, Wells Fargo WFC -0.94% agreed to pay $185 million, including the largest penalty ever imposed by the Consumer Financial Protection Bureau, to settle claims that that it defrauded its customers. The bank’s shareholders will ultimately have to swallow the cost of that settlement. The bank also said it had fired 5,300 employees over five years related to the bad behavior.
Wells Fargo's community banking exec reportedly leaving with $124.6 million
Christine Wang | @christiiineeee
A Wells Fargo executive is walking away from the bank with $124.6 million, according to Fortune.
The bank in July announced the departure of Carrie Tolstedt, former head of community banking, saying she made the decision to "retire at year's end after a long and successful career."
Fortune's report comes soon after officials announced last week that Wells Fargo will pay $185 million in penalties and $5 million to customers for opening fee-generating accounts without authorization to do so. Over a five-year period, 5,300 Wells Fargo employees were fired over the practice cited by the Consumer Financial Protection Bureau, CNBC confirmed with Wells Fargo.
JAckFrost8: (Reposted) Statement at the End of an IMF Mission on Iraq
September 12, 2016
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
The Iraqi authorities and the staff of the International Monetary Fund (IMF) held discussions in Amman from August 28–September 10, 2016 on the first review of Iraq’s 36-month Stand-By Arrangement (SBA) approved by the IMF Executive Board on July 7, 2016. (See Press Release No. 16/321).
Mr. Christian Josz, Mission Chief for Iraq, issued the following statement:
“The Iraqi authorities and IMF staff started discussions on the first review of the SBA. These discussions will continue during the upcoming IMF and World Bank Annual Meetings from October 7–9, 2016 in Washington, DC.
“During the mission, the team met with the Minister of Finance Hoshyar Zebari, Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Allaq, the Financial Adviser to the Prime Minister Dr. Mudher Saleh, and officials from the ministries of finance, oil, planning, electricity, the CBI, and representatives from the Kurdistan Regional Government, Board of Supreme Audit, and pension commission. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”
IMF Communications Department
PeaceDay: IMF's Christine Lagarde faces December trial in fraud case
by Jill Disis @CNNMoney
The head of the International Monetary Fund, Christine Lagarde, will go to trial December 12 in a long-running fraud case.
A French court set the date Monday after rejecting an appeal.
Lagarde is accused of intervening in a legal dispute between French tycoon Bernard Tapie and the bank Credit Lyonnais in 2007, when she was finance minister under President Nicolas Sarkozy.
Related: IMF's Christine Lagarde to stand trial over fraud case
Tapie, a Sarkozy supporter, sued the French state in 1993 after selling a stake in Adidas to Credit Lyonnais. The bank was owned by the state at the time.
He says Credit Lyonnais defrauded him when it resold the stake at a far higher price, a claim denied by the bank, which has since been bought and reorganized.
Lagarde has not been accused of profiting from the Tapie case, which has been moving through the French courts for years. The issue is whether she gave him preferential treatment.
She has denied wrongdoing. The offense carries up to a year in prison and a fine of about $17,000.
Lagarde will be tried by a special court that handles actions carried out by public officials while they are in office. It is composed of members of parliament and magistrates.