A funny representation of the messy sub-prime or How SubPrime Really Works
[Source:bigpicture.typepad.com]
Friday, February 15, 2008
The Big Picture | How SubPrime Really Works
US secretly met Iran banking officials - Yahoo! News
By MATTHEW LEE and ANNE GEARAN, Associated Press Writers
1 hour, 29 minutes ago
A U.S. official met secretly with Iranian banking officials and senior government aides who oppose punishing the Islamic nation for not doing enough to stop money laundering and terrorism funding, The Associated Press has learned.
The talks last month in Paris took place despite the Bush administration's near-absolute ban on formal U.S.-Iran contact. They also occurred against the backdrop of Tehran's attempts to avert the imposition of new U.N. sanctions over its suspect nuclear program.
The United States co-chaired the meeting with Italy and was represented by Daniel Glaser, the Treasury Department's deputy assistant secretary for terrorist financing and financial crimes, a senior U.S. official said. Representatives of several other nations also attended.
The meeting was part of the Bush administration's attempts to ramp up international pressure on Iran to halt atomic activities that could lead to the development of nuclear weapons. The administration also wants Iran to stop its support for groups the U.S. has designated as terrorist organizations, the official said.
Iran was represented by senior officials from its central bank, known as Bank Markazi, and its government, according to a Middle Eastern diplomat familiar with the session. Officials spoke on condition of anonymity to describe confidential close-door discussions.
[Source:Yahoo! News]
The Treasury and State departments had no comment on the talks. They took place around the time the U.S. ambassador to the United Nations, Zalmay Khalizad, was scolded for violating administration policy by appearing onstage in his official capacity with the Iranian foreign minister at a World Economic Forum conference in Switzerland.
The United States and Iran have had no diplomatic relations since the 1979 Iranian Revolution and the taking of hostages at the U.S. Embassy in Tehran. Formal contact between the two countries is extremely limited, although meetings have occurred, most recently between the U.S. and Iranian envoys to Iraq on security matters.
Several U.S. officials noted that the United States often participates in multilateral meetings with Iran, notably involving U.N. agencies of which Iran is also a member. Glaser is expected to attend a larger session of the Financial Action Task Force, or FATF, later this month.
The circumstances of the most recent, smaller meeting were unusual, however. The session was apparently called at Iran's request, and it amounted to a hearing for Iran's answer to international claims that it is complicit in money laundering and bankrolling terror.
The talks that Glaser co-chaired were held at the Paris headquarters of the FATF, a 34-nation body that deals with threats posed to the international financial system by money laundering and support for terrorism.
The task force issued a warning about Iran in October and is expected to consider further steps at the meeting later this month. Such measures could include a toughening of the October warning or placing Iran on an international financial blacklist of noncooperative countries that could cripple its ability to do business abroad.
There are currently no countries on the FATF noncooperative list, which has been used as a tool to press several nations, mostly small island states, to reform their banking sectors.
Iran is not a member of the FATF. Most of the world's major economic powers belong to the organization, including China and Russia, which have traditionally opposed sanctions. Diplomats say Tehran has grown increasingly concerned about the effects of a U.S.-led push to isolate its economy.
That concern was behind its decision to send a delegation to Paris to block or blunt any new action the task force might take at its Feb. 24-29 board meeting, diplomats said.
The FATF's Oct. 11 warning on Iran said the country's lack of comprehensive regulations regarding money laundering and terrorism support was a "significant vulnerability" in the world financial system. Because of that risk, it advised banks in its member states to use "enhanced due diligence" in transactions with Iranian institutions.
Shortly after that, the Bush administration noted the FATF move when it announced it was expanding its own sanctions on Iran, which now include bans on dealings with state-owned Banks Sepah, Melli, Mellat and Saderat, and parts of the Revolutionary Guard Corps and Defense Ministry.
Since then, Washington has boasted that the U.S. and existing U.N. sanctions, along with the task force warning, have taken a significant toll on Iran's economy, particularly on its unemployment and inflation rates, and raised pressure on the government.
"Both unemployment and inflation rates in Iran are on the rise, with independent experts estimating the unemployment rate to be roughly twice the 11 percent claimed by the regime," Deputy Treasury Secretary Robert Kimmitt said last week.
In the Feb. 8 address, he also praised the FATF for "confirming the extraordinary systemic risks that Iran poses to the global financial system."
___
Associated Press Economics Writer Jeannine Aversa contributed to this report.
This is a follow-up dated 2/16/08 : Iran shrugs off secret US meeting - Yahoo! News
FT.com - Bangladesh bank offers loans to US poor
Bangladesh’s Grameen Bank has made its first loans in New York in an attempt to bring its pioneering microfinance techniques to the tens of millions of people in the world’s richest country who have no bank account.
The bank’s entry into the US, its first in a developed market, comes as mainstream banks’ credibility has been hit by the mortgage meltdown and many people are turning to fringe financial institutions offering loans at exorbitant interest rates.
Grameen has lent $50,000 in the past month to groups of immigrant women in Jackson Heights in New York’s borough of Queens. During the next five years, it plans to offer $176m in loans within New York city, and then expand to the rest of the US.
[Read More:FT.com]
Grande braderie sur la Tunisie et le Maroc
Uncroyable! Une semaine a Hammamet a 299 €, tout compris.
Le Club Marmara Hammamet Beach est à -40% : 299 € TTC au lieu de 429 € au départ de Lyon le 22 mars.
Prix séjour jusqu'au 30 mars 08
Vacances d’Hiver : séjour d’une semaine maximum.
PRIX SÉJOUR
7 nuits en chambre double comprenant : les vols spéciaux A/R, la demi-pension (1/4 de bouteille de vin de 70 cl ou 1/2 bouteille d’eau inclus), transferts, taxes aéroport et frais de dossier (60 €), hausse carburant (20 €).
Non inclus : assurance assistance/rapatriement option 1 (7 €) ou sécurité totale option 2 (25 €), prestations non mentionnées et dépenses personnelles.
[Source:vancancespratiques.net]
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