chicago where banks are actually. banning property properties i warned of this last year and when i did one of it a lot of. so-called experts were pushing the idea of basically saying that there is no. is a very slim chance of economic situation where a bank would turn down any recovery that's assuming that there is a recovery to turn down there are several situations where the bait simply comes out in the negative of the a typical after property. i don't know if it's that simple because the bank could potentially still be on the hook with the municipality for back taxes fides etc but as it is starting on the fringes and i believe it's going to work its way up towards the core and the mainstream of loans if things continue to go the way they are and there is absolutely no reason the world to believe that they're not going to go the way they are because we're going on this path because you still have supply as compared to demand credit still tight underwriting standards are returning back to a practical perspective bec

banks indebted to the irish banks and vice versa so do other words the u.k. population is actually bailing out irish banks yes but they all waiting out our banks but what what's always annoyed me even more here is the beginnings is the beginnings of a sort of xenophobia backlash with the germans saying oh we're bailing out those feckless greeks and the tabloids here saying muffing docu about bailing out the irish where is you and i both know the half of the money that's going to be taken to ireland to the irish banks will then be smartly returned to british banks because it's the british banks who we're ultimately bailing out so we will blame the irish but get them to buy a loss out seems to me to be doubly on just right so you have all of this this bailout money and debt extending and pretending ending up generating thing. these for the very bankers that create the debt to begin with no g.d.p. growth no one to line growth unemployment is skyrocketing now let's get back to generation debt for a second how do they get into this debt what we know that for ten o

kwb bank fund that follows these banks. it has rallied nicely off the late november low. you mentioned opportunities, where are those opportunities? >> we think actually a lot of the opportunities are where what we call the capital markets or the part of the big banks that deal with investments, asset management, they deal with you know capital markets and deals. because the federal reserve is still very active pumping money into the economy. that money has to go somewhere. it's going into deals. it's going into u.s. equities now that the rest of the world looks kind of scary. we think that part of the business looks good. the fundamental banking business still quite tough. >> tom: to that point, when we group together traditional banks and so-called i banks, investment banks we get this kind of earnings expectation picture from 5.6 billion a year ago, expected income according to thompson reuters 6.7 billion in the completed fourth quarter. but much of that coming from traditional bank, not investment banks. so you know, t

has which is banking oligarchies because according to the article the banks were keen to lend out this one trillion pounds or over one and a half trillion dollars for many of them their business model depends on the growth of their loan book the chinese central bank has set interest rates on deposits of two point seven five percent and loans at five point one percent giving the the banks. difference between the two in profit well that's the way a bank should work of that's the very nature of of banking right there in a nutshell but the problem is when banks don't hold any of their capital on reserve and this is the problem the global banking system in the u.s. china and elsewhere it's ok to engage in classic banking as you just described but if you have no cash on the books in reserve if there is a need to step forward was some money and you have done you have the huge crisis that we saw in two thousand and eight which is going to be repeated in two thousand and eleven because these banks still have their money on their books they're engaged in the suit global ponzi scheme and china's

the bank never notified us of this. three days before the directors hearing on february 8, the title changed. staff did not know that but we have subsequently become aware of that and a copy of that deed is in your package. the property owner that was notified 10 days before and an order was issued on the property. what happens in these cases is we have access to the recorders information. we go online to see what they recorded documents are that exist. the problem is, when there is a new deed that is reported, it is not put into the system right away. so the system does not have, in real time, that information because there are things that are beyond our control, namely data entry from the reporters office. as you can see from your records, we did not know -- it did not show up as the current owner of record -- until we said the bill out several months later. on july 15 of this year, ms. fong became aware of the order of abatement. i sent a letter to the letter of directors -- board of directors asking for the assessme

banks? >> that is a very good question. many of the smaller banks to have loan portfolios that are more heavily weighted to the real estate sector and therefore they have been hurt by that. number two, they don't have access to capital as easily as the big banks. those a very real concerns. with the tarp program, we tried to address some of that. when you look at the money invested in banks, about $250 billion over all was invested through tarp, $234 billion or so was done under the bush administration. i agree with the actions they took but i am pointing out that they did that and $125 billion of that went to the largest institutions in the country. when obama came in, we have only invested an additional $11 billion and a lot of that went to the smaller institutions and we set up programs to help them. many of them are still struggling and we are trying to do our best to get this economy back and get an economic recovery and get the housing market stabilized. those of the best things we can

bank deposits declined in november for the fourth straight month the central bank said just this past week overseas deposits fled the country at their fastest pace in more than a year and so they then ask the question is a bank run about to bring europe to its knees but of course will we even know because it could technically we might even have to be bleeping out this word banker on here because it's against their starting to introduce legislation against even mentioning the word bank run so i guess a balloon. no you can't said robin with no you can't say it because it might cause people to be concerned about their deposits member a northern rock northern rock in the u.k. people were concerned because they were involved in predatory lending they were offering on twenty five percent loans on people's homes which we said at the time was unsustainable bank collapse there was a huge run justifiably so then you got into this old period of bailouts and off balance sheet accounting in the shadow banking system but yeah of course it's very orwellian is that you can't tell the people that hey

now, he can't offer the bank of bonuses, let's try on the bank of tax. committee explain to the british people why doese think it's fair and reasonable at a time when he's raising taxes on everyone else to be cutting taxes this year on the banks? >> we're not. >> i know the shadow chancellor can't do any math on that. let me give you the figures. last year the banks paid $18 billion in tax. this yr they will pay $20 billion in taxes. their taxes will be going up. he just needs to look at page 91 of the office of budget responsibility published in november. labo's payroll tax on the banks raised 3.5 billion pounds. his banking levee is raising just 1.2 billion pounds. in any one language that is a tax cut for the banks. why doest the prime minister just admit it? >> i've given him the numbers the taxes are going up. 18 billion to 20 billion. now, let me explain -- now let me explain the numbers in terms of his bankonus tax and our bank levee because obviously he can't get the numbers from the man sitting next to him so let me give him the numbers. the ban

system in the global banking system coming to the entire world visa v. what they're talking about a doll most i don't know if you're covering this or not but damn those they're talking about instituting one hundred trillion dollars of new debt that's one hundred trillion dollars of worthless cocktail napkins was smeared lipstick that says one hundred trillion dollars on an exchange the most corrupt bankers for a fee to pay for these got for saken overpriced augurs well facts we talked about unless the last episode before watch the last episode of carson report for the full story but if it does fit in with this. other this banker a managing director at stony mccarthy in princeton new jersey raymond stone says could the fed go broke the answer to this question was yes but it is now no because of this accounting law oh there's no again it's like not planned how are you all bank i'd like to believe that there are practical i'm happy we got that call that picked up the bill that's all that they talk about in the high finance circles of america it's a complete

and large banks, too. and that's part of it. but i don't think where we see any of it that it has any reflection or creates any problems with lending. >> so from our perspective, if you don't think it makes real problems with lending, d.c. it is appropriate protection as a consumer is supposed to play into the grandstand in terms of voters in doing something that sounds great but may ultimately have unintended consequences? >> yes. yeah, i think it is important and the premise of the dances that were trying to protect consumers, making sure in the end that they know exactly what they're getting, what value they're getting for the cost their pain. >> were back up, join to >> these guys down? [laughter] >> all be nice. it's a fascinating issue. if i were all banks hard dumped on transplant into one category. when the grocery store next to these folks. when i point to take advantage to these consumers. we have overdraft programs that allow us to clear when we need to. they don't have the automatic program of

we talked about community banks. one of the advantages of community banks is longstanding relationships. they understand the business better than other people. that is why community banks have stepped into the breach to some extent were bigger banks have pulled back so there are substitutes for lazy lending which is the hard work of understanding the business. >> i don't think they're inconsistent. a bank with a strong balance sheet does a better job lending and we have seen that. the lion's share of lending that we were discussing earlier, large banks are down by almost 40% during the crisis. community banks went up mostly 4%. the lion's share of that is the council of community banks. it helps your ability to lend. that is what japan is. you have troubled loans on the balance sheet. they have to be worked out. then they are written off and you need to add capital fees to the process. it can't be ignored. it is harder but this is a better way to do it. now look at the credit worthiness of the bar were and the cashfl

when you bail out the big banks, it disadvantages the small banks. when you talk about the costs of t.a.r.p. or these other bailout programs, what you're missing is the cost of potential from other sectors. so you've got the big banks that you want to claim have, you know, done so well, i don't know that i see it that way, but it's been at the cost of the small banks. now what we're seeing is lenders do not want to lend because they're afraid of statements like, now we need national standards. so again, what i'm saying is stop. what i want to hear is not what's the next regulation, what's the next program, whas the next acronym that we're going to srt talking about that is a failure because government can't do it, i want to hear from both of you, if you would, very specifically, what should we repeal? what kind of repeals can we do that will help ignite borrowing and lending that is going to help small businesses or that are going to help families who are trying to put their lives back together, instead of talking about what new programs we're going

investment bank michael stein. the markets were exceptionally active this week triggered by monday's very substantial news in alliance between british petroleum and rosneft the news sparked a big rally in rosneft which was up by three or four percent at one point and the other oil companies also been a couple likewise this week we also saw substantial progress on. government will sector tax changes and in specific the market has been very optimistic that the government's going to cut the export duty on crude oil so those two developments underpin a lot of the buying that we saw in the market in lukoil gas problem to a lesser extent and rosneft. and russia's biggest truck maker com os has boosted its sales by almost a quarter in two thousand and ten it sold more than thirty two thousand vehicles including four thousand through exports on wednesday come last year as grew by more than twenty one percent a company record some analysts attribute the jump to come oz's dakar rally winning team and the company's placer set

a spare bank capital. also another company that takes control over these non core assets and manages them other bikes have different ways they've also created securities called. which essentially package these non-poor assets and take them off the balance sheet of the banks so just looking at the balance sheet of the bank which is what is filed with the central bank it's very difficult to assess how much there actually is in the banking system but how did the banks accumulate such large amounts of not grasses i mean different companies about he had different assets it was real estate only or it was stocks or bonds or no there's a whole variety of things one bank has told me that they have things for example they've got just stations in more months going fishing. enterprises on the river dong. a whole variety of enterprises some of these are enterprises that took loans for themselves they were all. mabel to pay their loans and they're paid because they became the property of the bank alternatively the. borr

for example, in 1991, we adopted a very strong bank regulation system, the fdic, uh, improvement act, uh, called fdicia in the united states. and that did not prevent us from having what was, in effect, a huge banking crisis in 2008 and 2009. uh, the, so, if, if we are supposed to be having a, a world leading regulatory system, we oughta rethink our regulatory system, so we are doing it right. my sense is, the only effective way to have a good regulatory system, is to make sure that the regulators cause financial institutions to be more transparent, uh, require more information about financial institutions to be distributed to the public and to investors. it's investors, especially creditors, who take most of the risks associated with, uh, financial institutions. and if they don't know what's happening there, the belief that the regulators are able to follow, uh, financial institutions and the risks they are taking, actually creates moral hazard. so what we wanna do, i think, is make sure we have much more information coming out about, uh, our financial institutions, and not simply im

the first deputy governor of the bank of russia says bank is minimizing domestic operations and putting less emphasis on exchange rate targets he told r.t. about the bank's plans for managing the ruble. for installation of targets in the flaws of the ground since this is a public target and the story of which of this target i mean now all we mustn't this is a central bank disadvantage and see the dollars to go to some markets and now with the exchange rate for session it's mostly the result of market approach the supply demand underlies the girls markets the president russia's second largest bank in t.v. says he expects net profit to grow by sixty percent this year and a cost and adds that current market conditions can generate further growth he gave r.t. more details. we focus particularly. efficient. that we have waiting for me i. mean business corporate business is more efficient we're definitely will do well but we've heard from the business for. venture growth for free to use which is a little bit but also with higher margin business. going to the markets now the commerce departmen

banks leave the market next year our forecast is that some thirty banks will have to be shut down but you can never really say exactly how many banks our country needs the main aim is for all of these banks to function properly currently we have around one thousand banks in the market and they cooperate quite well with each other. and russian companies enjoyed a successful rebound from the crisis in two thousand and ten as investors increasingly turn to emerging markets but a select group emerged as big winners and potential gainers in two thousand and eleven float ended the year well as it was linked to a rebound in consumer demand and a recovering economy mark rubenstein from metropole explains why russian carrier will continue to interest investors in two thousand and eleven. on the stocks that basically. used to play there fast recovery consumer demand in russia which is fast recovery in india.

one will for the banks, another for everybody else. -- one rule for the banks. his health minister said, "i do not want you to trust david cameron. he has values that i do not share." the health minister knows that he is out of touch. the house knows that he is out of touch. and now, because of his failure on the banks, the whole country knows that he is out of touch. >> i think the right honorable gentleman knows that this is just not working. we have ended up with a shadow chancellor who cannot count, and a labour leader who does not count. what did he do? he did nothing. what did he do when they paid out 11 billion pounds in bonuses to bankers? he did nothing. what did he do when they said they have abolished boom and bust? he did nothing. he was a nothing and at the treasury, and he is a nothing and now that he is trying to run the labour party. >> the coast guard in my constituency has helped more than 2000 people in the past year. it is earmarked for closure. will the prime minister meet a delegation from brixham coast guard to hear about the importance of

>> between the requester and the bank? commissioner lee: yes, the bank could have dealt with this with the city as well. they are also responsible to the city, not just her because they sold her a problem, are they not? is the bank, the previous owner, responsible for taking care of something with the city? can any odor just pass off their problems to the city of knowingly? >> it is the current owner at any time. they are responsible for the property. commissioner murphy: looking at this, the way i see it, the rules were written in december 2009. at that time, the bank of new york own the property. there was no compliance and the case was scheduled for the directors hearing. the notification at that time went to bank of new york. between the time of the notification and the hearing, title was taken to the property. nobody showed up. the order was then issued. in march, the order of abatement was mailed to the bank of new york. the owner claims that mail should have gone to her and not the bank of new york. she made repairs

banks into liquidation. of course sector. this move lies in the overall strategy to develop the banking sector last year the minimum level was three million dollars the next step is six million dollars until the end of two thousand and eleven for all banks to fulfill this obligation the system needs capital reserves of some three hundred million dollars i don't think this is a crucial figure so i believe the russian banking system will see another minimal level increase and this will prompt further reduction in the number of banks present in the market next year i expect this to force some ten to twelve banks to leave the sector but this will not be critical for the whole system. to see more consolidation in the banking market next year and i think on the every year around fifty banks leave the market next year our forecast is that some thirty banks will have to be shut down but you can never really say exactly how many banks our country needs the main aim is for all of these banks to function properly curre

banks leave the market next year our forecast is that some thirty banks will have to be shut down but you can never really say exactly how many banks our country needs the main aim is for all of these banks to function properly currently we have around one thousand banks in the market and they cooperate quite well with each other. and russian companies enjoyed a successful rebound from the crisis in two thousand.

our banks or beat up. i think this provides a wonderful opportunity for banks that are looking for capital. i think it will do good at the right time. >> let me get a show of hands. is there anybody on this panel -- is everybody on this panel agree with the proposition that the bank will be a in a lot better shape in 12 months? does anybody disagree with that? talk about it a little. >> if you look at the levels of unemployment in the state of california and you look at the number of foreclosures in 2011 we are looking at visiting another 2 million homes. that will keep things very rough. perhaps there is a measure of growth, it is good news for the big corporations. however, the money they are making is not going into job creation. it goes more into stock buybacks and acquisitions and these types of things. opportunities for small businesses to make a recovery. there is no real economic recovery for people in small businesses. >> i think you could say itetter businesses. for small businesses it is startin

can never really say exactly how many banks our country needs the main aim is for all of these banks to function properly currently we have around one thousand banks in the market and they cooperate quite well with each other. and russian companies enjoyed a successful rebound from the crisis in two thousand and ten as investors increasingly turn to emerging markets but a select group emerged as big winners and potential gain was in two thousand and eleven float ended the year well as it was linked to a rebound in consumer demand and a recovering economy mark rubenstein from metropole explains why russian carrier will continue to interest investors in two thousand and eleven are for more on this stock said basically that you can use to play their feeble fast recovery consumer demand in russia which is fast recovering indeed and this is going to continue in my view in two thousand and eleven and there are flawed is certainly in the sector which is which is on the certain little sectors which has a high correlation with their consumer demand of loadstone is going to be the beneficiarie