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From: naked capitalism <blogger@nakedcapitalism.com>
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Date: Sat, 12 Jul 2014 11:02:42 +0000
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naked capitalism |
- Links 7/12/14
- Former CalPERS CEO Pleads Guilty to Bribery, Fraud, Including Taking Cash in Paper Bags
- Don Quijones: Why Are TBTF Banks So Happy With The European Banking Union?
- Our Op-Ed at CNN on BNP Paribas Settlement
| Posted: 12 Jul 2014 03:55 AM PDT  |
| Former CalPERS CEO Pleads Guilty to Bribery, Fraud, Including Taking Cash in Paper Bags Posted: 12 Jul 2014 01:59 AM PDT Several readers sent accounts from the California press on the latest sordid chapter in a long-standing, large scale pay-to-play scandal at the giant California public pension fund, CalPERS. Earlier this month, state papers reported disclosed that the former CEO, Frank Buenrostro, had cut a plea bargain with Federal prosecutors and was turning evidence on his (alleged) former partner in crime, placement agent and former CalPERS board member Alfred Villalobos. We'd heard privately before that story broke that the charges against Buenrostro were about to be greatly expanded, which is likely what lead the former CEO to fold. But as a CalPERS insider told us, "It was a race to see who was going to cut a deal first." |
| Don Quijones: Why Are TBTF Banks So Happy With The European Banking Union? Posted: 11 Jul 2014 10:31 PM PDT On Tuesday, November 4th of this year, supervision of the Eurozone's 130 biggest banks, representing 80% of total financial assets, will be passed from national authorities into the welcoming hands of the ECB. From that day on, European banking union will be a reality. The banks love the idea, as do apparently most Eurocrats, Members of the European Parliament, and national leaders. As for the rest of the inhabitants of the Eurozone – all of whom will be impacted in one way or another – most are blissfully unaware that it is even happening. |
| Our Op-Ed at CNN on BNP Paribas Settlement Posted: 11 Jul 2014 09:38 PM PDT CNN approached us about writing an op-ed on the $8.9 billion BNP Paribas settlement and you can see the article here. This is the first time we've written for them and they seemed happy with the outcome. I've been remiss in not making an observation about the settlement. |
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