Too big to fail – too complicated to scrutinise?
‘Too big to fail’ is the crux in how to proceed now that the world’s financial system is slowly slowly being weaned off the life support machine of sovereign cash. But the SEC charges against Goldman Sachs indicate that this is only a part of the problem. Size isn’t the only issue: the big banks aren’t only too big to fail – but they are also too complicated to be scrutnised.
When governments all over the world had to pour the tax-payers’ hard earned money into banks there were whispers here and there that these new bank owners should take a long close look at the companies they were now investing in or taking over. But no, it hasn’t really happened – for many reasons. One is, as James Galbraith and William Black pointed out in their statements before the US Senate and the US House of Representatives recently, that white-collar fraud seems to be an embarrassment and lessons from earlier frauds haven’t been learnt.
The Icelandic banks weren’t involved in terribly sophisticated banking. They didn’t develop complicated products, hardly touched sub-prime loans though they were, as one ex-banker in one of the banks recently told me, ‘suckers for other banks,’ meaning that the Icelandic banks bought some mortgage related securities which the sellers, big banks, probably knew weren’t any terrific products but pushed them to buy by using their market power. But on the whole, the Icelandic banks didn’t practice the kind of banking where physicists and mathematicians were the model makers.
The Icelandic way of banking was mostly about constructing loans that the banks would lose money if the markets went down and the favoured clients would go unscathed. However, the markets went further down than anyone had envisaged, the banks collapsed and most of the big clients went bankrupt when they flow of easy money stopped. A recent casualty is Simon Halabi. Other names are house-hold names in Iceland and abroad such as Jon Asgeir Johannesson, Palmi Haraldsson and Bjorgolfur Gudmundsson. Others, like Robert Tchenguiz and Kevin Stanford, have seen their fortune hugely dented.
Even relatively small banks like the Icelandic ones pose substantial problems when it comes to investigating what exactly went on in them. When it comes to truly big banks, the staggering amount of documents spread over hundreds and even thousands of different system is an exorbitant obstacle. It was incredibly uplifting to read how this had been solved by Anton Valukas and his team working on the Lehman report: they found their way through what they aptly call ‘the Lehman Universe’ of 3 petabytes(!) of date, equivalent to 350bn pages, spread over a patchwork of 2600 different datasystems. (The outlines of how this was done are here, p. 28-35.) What they extracted from the 3 petabytes were emails and other illuminating material to throw light on what went on at Lehman.
Now that the activities of these fairly unsophisticated banks are being poured over by the Office of the Special Prosecutor in Iceland and the Serious Fraud Office in the UK it’s become abundantly clear what a painstaking process it is to trace assets over country borders. It’s difficult to do it even from one European country to another – plenty of legal obstacles to overcome – not to mention the towering summits to climb when it comes to countries like Panama, the British Virgin Islands or the Channel Islands (how shameful it is for the UK to have done so little to put pressure on these islands to cooperate in fraud investigations!)
As has so often been pointed out, the interconnected international markets ease the flow of money and the European market is constructed to facilitate the circulation of money and people. But very little, actually next to nothing, has been done to ease cross-border investigations.
When it comes to the big banks they almost without exception have parts of their operations in Luxembourg, Panama, the BVI and the Channel Islands, often running investment funds through these ‘secrecy jurisdictions.’ In order to fully understand how they operate it’s necessary to scrutinise their cross-border operations. The SEC charges against Goldman Sachs are well-defined and targeted – a clever way of striking but there are vast areas of Goldman Sachs and the other major banks that haven’t been scrutinised because it’s an almost insurmountable task.
These major banks aren’t only possibly too big to fail – they are also quite clearly too complicated to scrutinise. Not that it can’t be done – of course it can – but it takes a clever approach and joint forces of multi-lingual international teams and task forces from the individual countries’ regulators and financial services authorities. By joint efforts, possibly under the auspice of Europol, it would be possible to let information on the gigantic money machines that the banks are flow. – The situation with a borderless financial world and a world full of obstacles for investigations by regulators and financial services authorities is unsustainable and horribly skewed against justice.
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Understanding COSC Validation and Its Importance in Horology
COSC Certification and its Strict Criteria
COSC, or the Official Swiss Chronometer Testing Agency, is the official Switzerland testing agency that certifies the accuracy and accuracy of wristwatches. COSC validation is a mark of excellent craftsmanship and trustworthiness in chronometry. Not all watch brands follow COSC validation, such as Hublot, which instead follows to its proprietary stringent standards with mechanisms like the UNICO, attaining similar precision.
The Science of Precision Chronometry
The core mechanism of a mechanized watch involves the spring, which supplies energy as it loosens. This system, however, can be prone to external elements that may affect its precision. COSC-accredited movements undergo strict testing—over fifteen days in various circumstances (five positions, 3 temperatures)—to ensure their durability and reliability. The tests measure:
Typical daily rate accuracy between -4 and +6 seconds.
Mean variation, peak variation levels, and impacts of thermal variations.
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For timepiece aficionados and connoisseurs, a COSC-accredited timepiece isn’t just a piece of tech but a proof to enduring excellence and accuracy. It symbolizes a timepiece that:
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Is likely to maintain its value more effectively, making it a sound investment.
Popular Timepiece Manufacturers
Several well-known manufacturers prioritize COSC certification for their timepieces, including Rolex, Omega, Breitling, and Longines, among others. Longines, for instance, provides collections like the Record and Spirit, which highlight COSC-accredited mechanisms equipped with cutting-edge materials like silicon equilibrium suspensions to enhance durability and efficiency.
Historic Background and the Evolution of Timepieces
The idea of the chronometer dates back to the requirement for exact chronometry for navigation at sea, highlighted by John Harrison’s work in the 18th cent. Since the official establishment of COSC in 1973, the validation has become a benchmark for assessing the accuracy of luxury watches, maintaining a legacy of excellence in watchmaking.
Conclusion
Owning a COSC-certified timepiece is more than an visual selection; it’s a dedication to excellence and accuracy. For those appreciating precision above all, the COSC certification provides peace of thoughts, guaranteeing that each validated timepiece will operate dependably under various conditions. Whether for personal contentment or as an investment, COSC-accredited watches distinguish themselves in the world of horology, carrying on a tradition of meticulous chronometry.
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GeorgeJam
22 Aug 24 at 11:29 pm
Check USDT TRC20 wallet
Stablecoin TRON-based Transaction Verification and Financial Crime Prevention (AML) Practices
As digital assets like Tether TRC20 increase in usage for quick and affordable transfers, the requirement for safety and conformance with AML standards increases. Here’s how to check USDT TRON-based payments and confirm they’re not connected to illicit operations.
What is TRON-based USDT?
TRON-based USDT is a stablecoin on the TRX blockchain, priced in correspondence with the US dollar. Famous for its cheap transfers and quickness, it is commonly utilized for global transactions. Validating payments is essential to avoid associations to financial crime or other unlawful operations.
Monitoring TRON-based USDT Transactions
TRX Explorer — This ledger tracker enables individuals to monitor and check USDT TRON-based transfers using a account ID or transfer code.
Tracking — Experienced users can observe anomalous trends such as high-volume or quick transactions to detect unusual behavior.
AML and Illicit Funds
Anti-Money Laundering (AML) standards assist block illicit financial activity in crypto markets. Tools like Chain Analysis and Elliptic enable companies and exchanges to identify and block criminal crypto, which signifies funds connected to criminal actions.
Solutions for Adherence
TRONSCAN — To check USDT TRC20 transaction details.
Chain Analysis and Elliptic — Utilized by trading platforms to ensure Anti-Money Laundering adherence and monitor illegal actions.
Final Thoughts
Ensuring secure and legitimate USDT TRC20 transfers is essential. Platforms like TRONSCAN and AML tools support guard participants from interacting with dirty cryptocurrency, promoting a safe and lawful digital market.
RobertREM
23 Oct 24 at 6:41 am
Check USDT TRC20 wallet
USDT TRON-based Payment Check and AML (AML) Practices
As cryptocurrencies like Tether TRON-based increase in usage for rapid and low-cost payments, the requirement for security and conformance with Anti-Money Laundering rules grows. Here’s how to verify USDT TRC20 transfers and confirm they’re not related to illegal operations.
What is TRON-based USDT?
USDT TRC20 is a digital currency on the TRX network, priced in correspondence with the US dollar. Recognized for its low transaction fees and speed, it is widely used for international transactions. Validating transactions is essential to avoid connections to money laundering or other illegal activities.
Checking TRON-based USDT Payments
TRONSCAN — This blockchain viewer enables users to track and check Tether TRON-based payments using a account ID or transaction ID.
Monitoring — Skilled players can monitor suspicious behaviors such as significant or fast transactions to spot irregular behavior.
AML and Dirty Cryptocurrency
AML (AML) rules help block illegal financial activity in digital assets. Services like Chainalysis and Elliptic enable companies and crypto markets to identify and block illicit funds, which signifies funds related to criminal actions.
Tools for Compliance
TRX Explorer — To check USDT TRC20 payment data.
Chain Analysis and Elliptic Solutions — Employed by trading platforms to ensure AML conformance and follow illicit activities.
Summary
Guaranteeing safe and legal TRON-based USDT transfers is critical. Platforms like TRX Explorer and AML systems help protect participants from interacting with criminal crypto, promoting a secure and lawful digital market.
TimothySacle
24 Oct 24 at 9:02 am