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UCA has beaten (bought) Congress and FASB into permitting all kinds of accounting fraud so stock prices are supported with non-existent fundamentals or performances. There's all kinds of book-cooking at the end of quarters to support stock prices.
Stock options are performance based incentives.
UCA has beaten (bought) Congress and FASB into permitting all kinds of accounting fraud so stock prices are supported with non-existent fundamentals or performances. There's all kinds of book-cooking at the end of quarters to support stock prices.
First off, I'm not talking about guidance according to some extra-commercial moral covenants, I'm talking about the execs/BOD job description, namely to advance the interests of the company. If making a bunch of bets that might pay off short-term but might also bust the company long-term is accompanied by either-way enrichment for execs, you might well have what the kids like to call a conflict of interest and (under those cir stances) a breach of contract, which is (wait for it) unethical according to set organizational rules.
As for where you would find the contractual terms which define not only the duties and expectations of all company positions, but also the terms by which infractions or failures will be managed? They're called bylaws. All corporations have them.
investors only care about stock price today, about dividends this year, none GAF about long-term strategy. "short termism" has been bemoaned for decades.
Thanks for the newsflash. That's kinda been my point from the go, hasn't it?
147 Banks and Super-Companies that Run The Entire World Economy
a new study of the global economy and wealth concentration has identified a complex system of only 147 banks and corporations around the world which share in the largest chunk of the change
The work, to be published in PLoS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What's more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world's large blue chip and manufacturing firms - the "real" economy - representing a further 60 per cent of global revenues.
When the team further untangled the web of ownership, it found much of it tracked back to a "super-en y" of 147 even more tightly knit companies - all of their ownership was held by other members of the super-en y - that controlled 40 per cent of the total wealth in the network. "In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network," says Glattfelder. Most were financial ins utions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group. [...]
"It's disconcerting to see how connected things really are," agrees George Sugihara of the Scripps Ins ution of Oceanography in La Jolla, California, a complex systems expert who has advised Deutsche Bank.
http://www.alternet.org/newsandviews...world_economy/
no , they have so much influence on the market cause they direct the flow where funds go...i dont like it when certain individuals who have alot of wealth can play mind games on the market and speculate the share price, they can make iti go up n down easy...buffet is example...
govts want hedgefunds n superfunds to bail them out....
Grandstanding Alert!
Whitewash Alert!
Lawmakers Probe $75T Derivatives Dump by Bank of America
Bank of America is being probed by lawmakers over their multi-trillion dollar liability dumponto the public's dime:
Eighteen lawmakers signed onto letters from Representative Brad Miller and Senator Sherrod Brown seeking information about whether agencies consulted on the transfer considered the potential impact on the bank's health and customer accounts.
"Because of the favored treatment of derivative contracts in receivership, it appears highly likely that losses on derivatives would result in losses to insured deposits ultimately borne by taxpayers," Miller wrote in his letter, which was signed by eight House Democrats. The transfers were first reported by Bloomberg News on Oct. 18.
http://www.alternet.org/newsandviews/article/688245/lawmakers_probe_$75t_derivatives_dump_by_bank_of_a merica/
related news about how the financial sector regards itself so highly:
Hubris Watch: US Bank CEO Sniffs About Breaking Rules When His Bank Has Huge Trustee Liability
annual meeting of the Minnesota Chamber of Commerce by US Bank’s CEO, Richard Davis. Even though Occupy Minnesota was protesting outside, Davis chose to ignore them. His speech made clear that the business community does not care about long-term self interest, let alone social responsibility. Housing and the foreclosure crisis were absent from the 2012 legislative priorities. But tax reform, which is code for shifting even more of the cost of government on to the small fry? Yeah, that’s a big deal.
Davis’ apparent lone comment on the public ire against the banks was dismissive:
“‘Everybody’s breaking the rules, blah blah blah,” Davis said at one point, mocking the general sentiment behind the public outrage before admonishing them to “Get over it.”
Davis’ arrogance no doubt seems justified, since only rulebreakers who aren’t in the corporate elite club, like Bernie Madoff, have been brought to justice. And he stole from rich people, which made him a prime target. By contrast, US Bank on Davis’ watch, is a recidivist rulebreaker, but he clearly regards that as a matter of no import. (Davis was US Bank’s president starting in October 2004, was promoted to CEO in December 2006, and became chairman in December 2007).
US Bank is one of the four biggest securitization trustees, along with Bank of New York, Deutsche Bank, and Wells Fargo. That, sports fans, means his bank has massive liability on mortgage backed securitizations. We discussed this issue recently as far as Bank of New York is concerned. The same logic applies to US Bank:
What has gotten less attention is the implication of the probable derailment of this deal for the Bank of New York, and its vulnerability to mortgage litigation. If you think, as banking expert Chris Whalen does, that BofA is a goner by virtue of the odds of very large damages in the various mortgage cases that are in progress, Bank of New York is a goner even faster if (and we really mean when) investors start saddling up to target the bank.
http://www.nakedcapitalism.com/2011/...+capitalism%29
sad thing is humans have better chance to topple the alien goverment in the planet Nibiru than toppling the 1% of multibillionaires that run the world. Maybe the CEO was right. Things will not change, get over it.
"Things will not change"
Nope, as I've been saying all along.
tri-cornered/musketed tea baggers' legislators changed nothing for the better and left the financial/UCA untouched, unchallenged.
OWS won't even elect anybody.
Bank of America, carrying water for DJT?
In recent months, Bank of America has been accused of freezing or threatening to freeze customers’ accounts after asking about their legal status in the U.S. In July, the Kansas City Star reported on a couple who had been locked out of their accounts after Bank of America questioned whether the account holders were U.S. citizens or dual citizens.
https://www.miamiherald.com/news/bus...217095125.htmlTennessee native David Lewis says he received the same su ious-looking letter as Collins. In an interview with the Miami Herald, Lewis said he has maintained an account with Bank of America for about 30 years. In the letter, the bank inquired about his citizenship, income, and Social Security number.
When he called Bank of America, he was told his account would be frozen if he did not fill out the forms. That phone conversation led him to cancel his account, he said. “One would think a national bank would be careful about looking stupid after Wells Fargo,”
Credit unions. Never looked back, perfectly happy.
Bank of America is asking customers to prove citizenship to access their own money
"Bank of America said it was standard practice to ask about citizen status when opening a new account or updating customer information on an existing one.
“Like all financial ins utions, we’re required by law to maintain complete and accurate records for all of our customers and may periodically request information, such as country of citizenship and proof of U.S. residency.The Brutality of American Life Under Fascist Trash and his racist, ethnically cleansing Schutzstaffel
This type of outreach is nothing new,” Bank of America said in a statement July 28.
“This information must be up to date and therefore we periodically reach out to customers, which is what we did in this case.”"
Josh Collins (born in USA) said that when he received a paper asking for this information, he assumed the piece of snail mail—which wasn’t printed on the same paper that he had received previous Bank of America correspondence—was some kind of scam.“I knew they already had my Social Security number and my address," said Josh Collins, 39, who is a photographer for a local news station. "But it was also asking things they’d never asked before, like if I was a citizen.”
Then there were the questions, addressed specifically to Josh.
What’s your Social Security number?
Your address?
Do you have any offshore accounts?
And then:
Are you a U.S. citizen? Do you have dual citizenship?
The Collins held onto the mailer for a couple of weeks, figuring it was spam because they hadn’t heard anything else from their bank on the matter.
They had banked with Bank of America since 2000.
Then, out of the blue, Jessica Collins had her credit card rejected at a Jack in the Box drive-thru.
The couple spoke with KCUR TV about how humiliating and idiotic the experience was.
the requirements for financial ins utions to have more up-to-date personal (and verified) information on their clients have been in place for decades—
it’s that the environment surrounding immigration has changed in recent years.
Citizenship is not federally mandated for people to open accounts.
Just ask people like Paul Manafort and Donald Trump and Michael Cohen.
But banks seem to think they are allowed to over reach in their powers
the same way the federal government has been overreaching with their immigration gestapo forces.
https://www.dailykos.com/stories/201...heir-own-money
Can't get your money? auto-payments and other stuff all blocked, mortgage, rent delinquent, etc, etc.
so I can go to other countries and pour my millions into their banks
if they do not like a private company go someplace else just like the baker boutons
yes, you can
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