Geithner paused for a moment. “Can you design a system ever that allows you to be indifferent to the failure of any institution, in any state of the world?” he asked aloud before answering his own question. “You can design a system, and I think we have, that allows you to be indifferent in most states of the world: the five-year flood, the 15-year flood, the 30-year flood, maybe even the 50-year flood,” he said. “But there are constellations of storms, of panics, of fires that are so bad that it’s very hard to imagine that you could be indifferent to the failure of the financial system.”
I am pretty sure these clients were part of a jury, selecting the 2014 Swimsuit models for SI.
The report describes one instance in which a Credit Suisse banker “traveled to the United States to meet with the customer at the Mandarin Oriental Hotel and, over breakfast, handed the customer bank statements hidden in a Sports Illustrated magazine.”
And then, the Goldman Sachs elevator,
One client also recalled, when visiting a Credit Suisse office, taking an elevator with “no buttons” that was “controlled remotely.”
As the Greek case shows, citizens cannot endure privations for a long period of time.
A very interesting chronological review of the events that undermined Baltic republics which then spread to the Southern Europe.
Joseph E. Stiglitz :
The euro was supposed to bring growth, prosperity, and a sense of unity to Europe. Instead, it has brought stagnation, instability, and divisiveness.
The process for alerting the commission of cartel activity may surprise you: Companies send a fax to Brussels. A dedicated “leniency fax”—the number is +32 2 299 4585, should you be needing it—is the only way, apparently, for the commission to record the official time and date of first contact with whistleblowers in cartel cases. Thus, UBS’s well-timed fax saved it the equivalent of $3.4 billion in fines.