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Thread: Central Bank CEOs Resigning ????

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    Default Central Bank CEOs Resigning ????

    A friend sent me this link... the OP created a good list of the recent resignation of the bank CEOs and especially the central bank CEOs around the world. The list is longer actually then what they posted.

    Many High Ranking Bank Officials CEOs have resigned worldwide in the past week/ten days.
    What does this mean economically, politically, morally?
    Here are the articles. No particular order. Date of publication, then the title (with link). So here goes.

    2-15-12: World Bank President Zoellick Resigns World Bank President Zoellick Resigns | Business | TIME.com

    2-16-12: CFO of ANZ Bank Resigns Amid Turmoil CFO of ANZ Bank Resigns Amid Turmoil | Proformative

    2-14-12: Nicaragua Central Bank Head Quits Amid Row Nicaragua Central Bank Head Quits Amid Row - Bloomberg

    2-17-12: Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns - Businessweek

    2-18-12: Embarrassment for Merkel as German president resigns in disgrace after trying to bag the press (okay, not a bank president, but a president, noetheless)German President Christian Wulff 'forced to resign' | Mail Online

    2-16-12: Andrew Chick to lead Royal Bank of Scotland’s Australian arm Cookies must be enabled. | The Australian

    2-13-12: Kuwait central bank chief resigns amid political tensions Kuwait central bank chief resigns amid political tensions - The Washington Post

    2-15-12: Slovenia’s Two Biggest Banks’ CEOs Step Down as Woes Mount Slovenia

    2-06-12: Dhanlaxmi Bank CEO Amitabh Chaturvedi quits Dhanlaxmi Bank CEO Amitabh Chaturvedi quits - Corporate News - livemint.com

    2-10-12: Tamilnad Mercantile Bank MD resigns Tamilnad Mercantile Bank MD resigns

    2-17-12: Blankfein out as Goldman Sachs CEO by summer? (not an actual resignation, but a possible pending one)Blankfein out as Goldman Sachs CEO by summer? - The Term Sheet: Fortune's deals blog Term Sheet


    2-16-12: Arrests in Olympus Scandal Point to Widening Inquiry Into a Cover-Up http://www.nytimes.com/2012/02/17/bu...r-up.html?_r=1
    http://www.politics.ie/forum/economy...past-week.html

    Is this a warning of the European collapse? What are your thoughts?
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: Central Bank CEOs Resigning ????

    ^^^ since this flirts with both the SW 'politics ban' and so-called 'tin foil hat' conspiracy theories, I have deliberately avoided introducing this ( and related ) issues. However, since you brought it up, and since there is definitely an economic aspect ...

    Obviously, nobody has a better 'handle' regarding the true state of the international economy than the central bankers / international bankers. And indeed many of them have recently 'taken a powder'.

    The next logical question would obviously be WHY NOW ? And why so many in such a short period of time ?

    The 'gold foil hat' crowd would undoubtedly point out that this timing is coincident with a barely reported but highly significant recent event ...


    (snip)Italian authorities on Friday arrested eight people in possession of an estimated $6 trillion in counterfeit U.S. Treasury bonds, according to Italian paramilitary police and an Italian news agency. The discovery of the fake bonds -- made to look as if they were printed by the U.S. Federal Reserve in 1934 -- came about as part of an investigation into a local mafia association.

    The arrest order for the alleged criminals was issued by a preliminary investigative judge in the southern Italian city of Potenza, police noted.

    Italian authorities, working with their Swiss counterparts, learned about the counterfeit bonds by way of eavesdropping on wiretapped phones, police said.

    The total of $6 trillion is more than twice the Italy's national debt.

    No, they weren't fake bonds. You don't fake 6 trillions, then sell them to some investor and get away alive with it. It just doesn't happen this way, you sell 6 trillion fake bonds and you won't even last a day. No one will buy 6 trillion fake bonds, because when you make such a purchase, you make sure it is not faked. So partial disclosure by the media? Yes, I think (snip)

    from


    and the 'gold foil hat' crowd would probably tell you that Greece's recent reaction to just the partial imposition of the austerity measures necessary to secure the next tranche of their bailout money ... i.e. angry mobs throwing fire bombs at police ... was not 'missed' by the central bankers. After all, central bankers and political leaders linked to these extremely unpopular austerity measures make themselves prime targets for 'retribution'.

    This point of course references back to a point often raised in Dollar Den in previous times - that gov't entities which can no longer afford to pay the police, or which allow conditions to deteriorate to the point where the police are no longer able / willing to do their job, typically have a very short and bleak future.

    The parallel path to the above point is that, so far at least, despite all sorts of financial shenanigans up to and including MF global's allowing billions of dollars worth of client money to be 'misplaced', there hasn't been a single prosecution for financial wrongoing. This has arguably been the result of a complacent general public who does not really understand what sort of financial shenanigans are taking place behind the scenes, in combination with relatively secure gov'ts putting out credible official news releases that 'things are OK' ... 'we're investigating' ... etc. However, when a Greek situation developes where the general public loses its complacency and the gov't loses its secure position, the 'torches and pitchforks' could quickly emerge. And if that were to happen, any billionaire ex-central banker would tell you that life will be far more comfortable at their private mountain / island 'retreat' in a country that does not have an extradition treaty !


    PS to answer your original question, the 'gold foil hat' crowd would tell you that the world will be lucky if economic collapse winds up being confined to the EU ! "Beware the Ides of March" !
    Last edited by Melonie; 02-21-2012 at 11:36 PM.

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    Default Re: Central Bank CEOs Resigning ????

    Quote Originally Posted by Vamp View Post
    A friend sent me this link... the OP created a good list of the recent resignation of the bank CEOs and especially the central bank CEOs around the world. The list is longer actually then what they posted.



    http://www.politics.ie/forum/economy...past-week.html

    Is this a warning of the European collapse? What are your thoughts?
    My thoughts are that there are over 1 million banks in the world and by the simple law of averages there should be hundreds of CEO's resigning every month, even in good economic times. In uncertain times like this there is bound to be more, completely natural. My other thoughts are, who but Nicaragauns really care if the Nicaruaguan bank CEO resigns- what is the world impact on that one?. Also, most of the people on the list weren't even CEO's and most of the banks were very small players. Pure hyperbole.

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    Default Re: Central Bank CEOs Resigning ????

    It's interesting to see how the world is run by bankers for the benefit of bankers...... When you look at who is running many countries, and the decisions to bail out banks..... Ireland and Greece come immediatly to mind...... We see that the will of the people is usurped by these banking interests...... Nowhere does anyone read/hear how Iceland told the banks to f... off..... Iceland crashed but came back quickly, and has actually had their credit upgraded, and is sure doing a lot better than the PIIGS ..... The pols didn't saddle the people with the private debt.

    The choice is framed as, debt must be paid off or the world as you know it will end. Austerity is needed...... But in reality if you tell the banks to get stuffed..... You get the austerity anyway, you just don't get saddled with the private (gambling) debt.
    The country has been looted.

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