Sock it to him, sock it to him!
❝ Deutsche Bank AG said it is freezing expansion plans at a North Carolina location in response to a state law that invalidates protections based on sexual orientation.
The German lender in September said it planned to add 250 jobs to the 900 existing positions at a software development center in Cary, just west of Raleigh. The bank is putting that expansion on hold following the state legislature’s decision last month to overturn protections for lesbian, gay, bisexual and transgender residents in some cities…
❝ “We take our commitment to building inclusive work environments seriously,” co-Chief Executive Officer John Cryan said in the statement. “We’re proud of our operations and employees in Cary and regret that as a result of this legislation we are unwilling to include North Carolina in our U.S. expansion plans for now.”
❝ PayPal…said last week it was scrapping plans to build an operations center in Charlotte in protest of the law. Executives of more than 100 companies, including Bloomberg LP’s Peter Grauer, also sent a letter to Governor Pat McCrory expressing opposition to the measure. Bloomberg LP is the owner of Bloomberg News.
The good old boys network for bigots and scumbags may spend lots of barroom time patting each on the back while they cry into their beer over changing times. Their friends and neighbors – sooner or later – are going to walk away from political fools who miss bigotry enough to try to stop the future with new laws charted to prevent brighter, better citizens from moving ahead.
Same as it ever was.
Colin Birch, 44, a former assistant vice-president of Deutsche Bank, had been turned down for a job on the same day that he paid the women to taunt him and call him a “loser” as he stood on a ladder with a noose around his neck.
Mr Birch told them he was wearing a safety harness and asked them to kick away the ladder so that they could carry out a mock execution. The women refused and walked away laughing. One of the women, worried for Birch’s safety, returned moments later to find him dying. The harness he had assured them he was wearing failed, the inquest heard. Mr Birch, a married father of two, had been made redundant in 2009 and was having trouble finding new work.
Louise Howard, who runs Katie’s Lovely Escorts, told the inquest that she received a call from Mr Birch on the morning of July 30 asking to arrange the “execution”…
The court heard that Mr Birch, who had been contacting Ms Howard regularly to see if the execution was arranged, sent her a text saying: “Just to clarify the role play. I will wear a harness to support me but will also have a noose round my neck for show. Girl will ask for execution fee and I will go to my place of execution. My crime is being a loser.
“Girl kicks away stool and laughs and walks back to car without looking back so to show she has no feelings. Important stick to the role…”
…Miss Sturley said it “didn’t feel right” and the pair left as she “laughed loudly” as had been ordered. But worried for his safety she went back to check on the former banker.
She found him turning blue and screamed for help from Mr Bowyer and the pair cut him down and tried to resuscitate him but he was pronounced dead at the scene.
A life-ending “Oops!” Or was it?
No banker is likely to risk describing what they do as “God’s work”, but they might hope at least not to get on the wrong side of His earthly followers. Unlucky then for Germany’s Deutsche Bank and US investment bank Morgan Stanley, who are facing a $5m lawsuit led by a group of Irish nuns.
The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters and the Irish Veterinary Benevolent Fund are among a group of 88 Irish individuals suing the two banks.
The nuns allege the two banks profited at their expense by failing to redeem an investment linked to the debt of German financial group Dresdner Bank and in so doing cost them millions of pounds.
In 2005 the nuns and other Irish investors bought euro-denominated notes worth €5.88m linked to Dresdner Bank bonds, but accuse Morgan Stanley of failing to deliver on a contractual pledge to redeem the debt after the German bank’s credit rating was cut below an agreed point.
Instead, Morgan Stanley is alleged to have postponed redeeming the notes until the value of Dresdner Bank debt had recovered to a level whereby the US bank would incur no losses, but which the nuns say ended up costing them $4.7m, as well as $718,734.80 in lost interest payments.
Morgan Stanley is alleged to have made an estimated $11.2m gain by delaying the redemption of the notes.
Here comes that really big bolt of lightning. Hardly anyone deserves it more than Morgan Stanley.
World’s leading bankers at the World Economic Forum in Davos have decided to support a new insurance levy on financial institutions to fund a bailout in future.
Led by Deutsche Bank, most major banks have agreed to back the idea, which the International Monetary Fund (IMF) has described as “practical”. The levy would go into a fund to rescue banks in financial distress, instead of using taxpayers’ money for the purpose…
US President Barack Obama had earlier revealed plans to force banks to pay into a pool fund to provide compensation for a failing financial institution.
David Cameron and Chancellor Darling have both backed the plan.
The levy is among a number of options outlined by the IMF, which will be presented to G20 ministers in April.
So, we get a few sentences of agreement, right now. The details will be presented to the G20 in a couple of months when we’ll have a clearer picture, the financial institutions in question will have a finished agreement to vote up or down.
To me, it makes as much sense as the FDIC did back when it was born in 1933 – to cover the buns of American banks. It’s worked ever since.
In fact, if the Republican flunkey-monkeys in Congress hadn’t killed the Glass-Steagall bill in 1999 – and the matching range of oversight regulations – we might not have fallen into this killer recession.