The European Banking Authority was set up in 2011 to integrate rules across the EU and has secured a new supervisory function. “We want to know what kinds of banks we supervise,” Joerg Asmussen, an ECB executive board member said. Draft legislation says the ECB must conduct a “comprehensive assessment, including a balance-sheet assessment,” of any banks it will directly supervise. By gaining a new supervisory role, it consolidates more influence in lending decisions, which could make loans more subjective than objective. Chief economist of the IMF, Oliver Blanchard, has long warned against the danger of central banks becoming too powerful. Blanchard, and others, warn the more power the central banks wield, the more difficult it will be to separated from politics. “Being supervisor allows the ECB to discriminate between zombie banks and those that are sound and make sure that its lending targets those banks that lend to the economy – not to the zombies,” said Daniel Gros, from the Center for European Policy Studies, Reuters reported. Since the recession, the roles of major central banks, including the ECB, the US Federal Reserve, and the Bank of England, have greatly increased in providing banking supervision and oversight and been an anchor of recovery. The ECB foots the bill for a large portion of the European financial system, last year it provided 1 trillion euros of cheap three-year loans to struggling banks.Stress test delays The new supervisory role will delay planned banking regulation stress tests, which evaluate and diagnosed the capabilities of lenders. The last stress test was performed in 2011, and were highly criticized for not properly identifying non-robust lenders. Eight banks failed the examination in 2011 with a combined deficit of 2.5 billion euros ($3.2 billion) according to Bloomberg. … Read More
CIA approved AP report that triggered investigation
The AP announced on Monday that the US Department of Justice seized two months’ worth of phone records belonging to journalists, an act the news agency’s CEO condemned as a “massive and unprecedented intrusion.” On Tuesday, Attorney General Eric Holder defended his office’s decision to subpoena the phone history of AP reporters and editors by citing a crucial investigation into an intelligence leak. Now as the debate heats up, the AP insists that they were told by the Central Intelligence Agency that publishing the article wouldn’t put national security at risk.Holder admitted Tuesday that he was interviewed in June 2012 by the Federal Bureau of Investigation to find out if the attorney general, in his capacity as head of the Justice Department, was aware of a possible leak of classified information.According to the AP, the investigation into the news agency’s phone history is likely the result of a May 7, 2012 article that revealed the CIA thwarted a bomb plot planned to originate out of Yemen to avenge the death of former al-Qaeda leader Osama bin Laden, who was killed by US Navy SEALs one year earlier to the week. Days before the AP published the bombshell, the US Department of Homeland Security said there was “no indication of any specific, credible threats or plots against the US tied to the one-year anniversary of Bin Laden’s death.”This week, Holder said that the leaking of intelligence out of the CIA and to the AP was a major blow to the US and put the nation’s security at risk.”I have been a prosecutor since 1976 and I have to say that this is among, if not the most serious, it is within the top two or three most serious leaks that I have ever seen,” Holder said.”It put the American people at risk, and that is not hyperbole. It put the American people at risk. And trying to determine who was responsible for that I think required very aggressive action.”But as the Justice Department insists that the probe was necessary to try and plug any leak to journalists, the AP is standing by their decision to publish the article — a decision, says the AP, which was made after consulting the CIA and the White House.The Washington Post wrote on Thursday that the AP only published their article on the foiled bomb plot after a last-minute meeting with the CIA that came five days after they asked if they could go to print.“The CIA officials, who had initially cited national security concerns in an attempt to delay publication, no longer had those worries” the Post reported. “Instead, the Obama administration was planning to announce the successful counterterrorism operation that Tuesday.”According to individuals familiar with these exchanges that occurred last May, the AP refused efforts to negotiate the publishing of the article after they were assured that it would not raise any national security concerns. CIA Deputy Director Michael Morell told former White House national security spokesman Tommy Vietor that the AP was offered some additional background details to persuade them to hold off, the Post reported, but the agency refused to wait any longer when they were told national security concerns were “no longer an issue” early Monday.Among the proposals the AP was presented with, Vietor told the post, was waiting one day before publishing, then going live with their story one hour before an official announcement. The White House shut that suggestion down and instead offered the AP five minutes of exclusivity, after which the Obama administration would go public with their thwarting of the terror plot. Moments later, the AP decided to publish it on their terms.“We did not publish anything until we were assured by high-ranking officials with direct knowledge of the situation, in more than one part of the government, that the national security risk was over and no one was in danger. The only deal was to hold the story until any security risk was resolved,” AP spokeswoman Erin Madigan White told the Post.But even if AP was essentially given the go ahead to do their report, it does not mean the CIA operative who exposed the details was permitted to go to the press. The subsequent probe into the AP’s phone records target the agency’s sources, not necessarily their story, and could bring the government face-to-face with the agent who explained a foiled terror plot before the president could make the announcement himself.From a Thursday afternoon press conference in Washington, Pres. Obama stood by Holder and agreed with his interpretation of the severity of the leaks.“Leaks related to national security can put people at risk. They can put men and women in uniform that I’ve sent into the battlefield at risk. They can put some of our intelligence officers who are in various dangerous situations that are easily compromised at risk,” said Obama. “US national security is dependent on those folks being able to operate with confidence that folks back home have their backs, so they’re not just left out there high and dry and potentially put in any more danger.”“It’s important to recognize that when we express concern about leaks at a time when I’ve still got 60,000-plus troops in Afghanistan and I still got a whole bunch of intelligence officers around the world who are in risky situations,” added the president.Current CIA Director John Brennan was also questioned by the FBI over the leak and denied claims in February that he was the source of AP’s intelligence. In January, CIA vet John Kiriakou was sentenced to over two years in jail for leaking the identity of a covert agent to journalists. Kiriakou is one of seven people prosecuted by the Obama administration for leaking intelligence under the Espionage Act of 1917. … Read More
Stourport-on-Severn: ‘Racism’ probe UKIP councillor questioned by police
http://www.youtube.com/v/5Othikl-asw?version=3&f=videos&app=youtube_gdata Originally posted here - Stourport-on-Severn: ‘Racism’ probe UKIP councillor questioned by police
Moscow again bans ‘gay pride’ parade
“We are sending official refusals for all the submitted applications,” the head of the department of regional security Alexey Mayorov told Interfax news agency on Wednesday. He explained that by “compliance with ethics” required by law alongside the need for “developing patriotism among the younger generation.”Earlier this year, Mayorov said that from the point of view of the city administration, there is no need for such events in the city.The rally organizer Nikolay Alekseev initially planned to hold the event in the form of a march on Myasnitskaya street and a rally in front of the Bolshoi Theater in central Moscow. Later, gay activists applied for a picket in the Sokolniki Park, which is a newly designated venue for popular political events under the capital’s ‘Hyde Parks’ initiative.The administration of the park in their turn has notified Alekseev that they also turned down their application. The officials said that on May 25 and 26 the park will be hosting celebrations for kids marking the end of school year in Russia.“In this regard, the conduct of political activities during this period in the park is inadvisable” said the administration according to the activists. So-called ‘Hyde Parks’ can deny an application if there are conflicting interests.But activists are sure that their rights have been violated, as the administration of the Sokolniki park, in case of refusal, should provide the nearest available time and notify the activists, which the administration reportedly failed to do. The organizer Alekseev intends to sue the officials.”Moscow ‘gay-pride’ showed the absurdity of the idea of a ‘Hyde Park ‘, which authorities initially created to give people an opportunity of free expression. As it turns out not all citizens can express themselves,” said Alekseev.Organizers reapplied intending to hold a rally on May 27, “when Russia will mark the 20th anniversary of the decriminalization of homosexuality.” In turn the deputy director of the park Sokolniki Aleksandr Lebedev said that the park administration will consider the application. Thought he noted that due to mass festivities of school graduates the move to hold a rally during that period is “impractical.”Moscow authorities have selected two city parks in the Russian capital for holding rallies and political debates – Gorky Park in the city center, and Sokolniki in the southeast. Starting with early January, anyone seeking to arrange a rally must inform the park’s management several days before the event. Russian media have dubbed the areas Moscow’s ‘Hyde Parks,’ referring to the London park where anyone can freely express themselves at ‘Speakers’ Corner.’ The parks can host up to two thousand people, but are not suitable for massive rallies, which will still require a special permit from Moscow authorities. … Read More
Israelis march against austerity measures
http://www.youtube.com/v/I57CxrqvMjo?version=3&f=videos&app=youtube_gdata Source article: Israelis march against austerity measures
Police to probe strip-club shooting in Stockholm
Swedish police are investigating an attempted murder case after a shooting at a central Stockholm strip club on Thursday night. … Read More
Deadly ambush by Nigeria ‘cult’
http://www.youtube.com/v/P7DKVC_VgyA?version=3&f=videos&app=youtube_gdata Originally posted here: Deadly ambush by Nigeria ‘cult’







