German investors get violent: OAP gang 'tortured financial adviser'

http://www.independent.co.uk/news/world/europe/oap-gang-tortured-financial-adviser-1716327.html A group of pensioners has been accused of kidnapping and torturing a financial adviser who lost over €2m of their savings.

http://www.nakedcapitalism.com/2009/06/will-americas-besieged-middle-class.html

FBAR (Foreign Bank and Financial Accounts) due June 30th

http://www.irs.gov/businesses/small/article/0,,id=148845,00.html

FAQs Regarding Report of Foreign Bank and Financial Accounts (FBAR)

What is an FBAR? An FBAR is a Report of Foreign Bank and Financial Account. The form number is TD F 90-22.1 (PDF). Who must file an FBAR? Any United States person who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year What is a United States person? A "United States person" includes a citizen or resident of the United States, or a person in and doing business in the United States.  The term "person" includes individuals and all forms of business entities, trusts, and estates. Would a foreign athlete or entertainer that occasionally visits the U.S. in order to compete or perform in an event, be considered a United States person for FBAR purposes?  Whether a person is considered, for FBAR purposes, to be in, and doing business in the United States is determined based on an analysis of the facts and circumstances of each case.  Generally, a person is not considered to be in, and doing business in the United States unless that person is conducting business within the United States on a regular and continuous basis.  Persons who are merely visiting the United States or who sporadically conduct business in the United States, are not in, and doing business in, the United States for FBAR reporting purposes.  For example, a person who is not a citizen or resident of the United States, is engaged in a business and only occasionally visits the United States to meet clients would not be in, and doing business in the United States for FBAR reporting purposes.  Also, artists, athletes, and entertainers who are not citizens or residents of the United States and who only occasionally come to the United States to participate in exhibits, sporting events, or performances, do not have to file FBARs. What is a foreign country? A "foreign country" includes all geographical areas outside the United States, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States (including Guam, American Samoa, and the United States Virgin Islands). What is a financial account? A "financial account" includes any bank, securities, securities derivatives or other financial instruments accounts. The term includes any savings, demand, checking, deposit, or any other account maintained with a financial institution or other person engaged in the business of a financial institution.  Individual bonds, notes, or stock certificates held by the filer are not a financial account nor is an unsecured loan to a foreign trade or business that is not a financial institution. What constitutes signature or other authority over an account? A person has signature authority over an account if such person can control the disposition of money or other property in it by delivery of a document containing his or her signature (or his or her signature and that of one or more other persons) to the bank or other person with whom the account is maintained. Other authority exists in a person who can exercise power that is comparable to signature authority over an account by direct communication to the bank or other person with whom the account is maintained, either orally or by some other means. What does "maximum value of account" mean (for Box 15 on the FBAR)? The maximum value of account is the largest amount of currency and non-monetary assets that appear on any quarterly or more frequent account statements issued for the applicable year. If periodic account statements are not issued, the maximum account value is the largest amount of currency or non-monetary assets in the account at any time during the year. Convert foreign currency by using the official exchange rate at the end of the year. The value of stock, other securities or other non-monetary assets in an account reported on TD F 90-22.1 (PDF) is the fair market value at the end of the calendar year. If the asset is withdrawn from the account, the value is the fair market value at the time of the withdrawal. Is an FBAR required if the account generates neither interest nor dividend income? Yes, an FBAR must be filed whether or not the foreign account generates any income. How do foreign account holders report their accounts to the IRS? The holders report their foreign accounts by completing boxes 7a and 7b on Form 1040 Schedule B and completing Form TD F 90-22.1 (PDF).  When is the FBAR due? The FBAR is due by June 30th of the year following the year that the account holder meets the $10,000 threshold.  The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR.   There is no extension available for filing the FBAR. If an account holder does not have all the available information to file the return by June 30th, they should file as complete a return as they can and amend the document when the additional or new information becomes available. Where are FBAR forms available? FBAR forms are available: On the IRS.gov (PDF) Web site. On the Department of the Treasury's Financial Crimes Enforcement Network Web site for Money Services Businesses. By calling IRS at  (800) 829-3676 . Is there a help line for questions about completing the form? You can get answers to questions concerning the FBAR form by calling  (800) 800-2877 , option 2. Where do account holders file the FBAR? Send completed forms to: U.S. Department of the Treasury P.O. Box 32621 Detroit, MI 48232-0621 The FBAR is not to be filed with the filer's Federal tax return. How does an FBAR filer amend a previously filed FBAR? FBAR filers can amend a previously filed FBAR by: Checking the Amended box in the upper right hand corner of the first page of the form; Making the needed additions or correction; Stapling it to a copy of the original FBAR; and Attaching a statement explaining the changes. What is the statute of limitations for assessing civil penalties for violations of the FBAR requirements? Civil penalties can be assessed anytime up to six years after the date of the violation. How long should account holders retain records of the foreign accounts? Records of accounts required to be reported on an FBAR must be retained for a period of five years.  Failure to maintain required records may result in civil penalties, criminal penalties, or both. What happens if an account holder is required to file an FBAR and fails to do so? Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties, or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late.  No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause.  Keep copies, for your record, of what you send. An American citizen, X, gives a person who is a citizen or resident of the U.S. power of attorney to X's Canadian bank accounts.  X files an FBAR form annually.  Does the power of attorney also need to file an FBAR? Yes, because the power of attorney has signature or other authority over the accounts and because he is a U.S. person. A fiduciary who is a U.S. person has control as a trustee for an IRA with a foreign account.   Should an FBAR be filed? Yes, because the fiduciary is a U.S. person. Does the term "other authority over a financial account" mean that a person, who has the power to direct how an account is invested, but who cannot make disbursements to the accounts, has to file an FBAR? No, an FBAR is not required because the person has no power of disposition of money or other property in the account. Does more than one form need to be filed for a husband and wife owning a joint account? No, if the names and social security numbers of the joint owners are fully disclosed on the filed FBAR. A spouse having a joint financial interest in an account with the filing spouse should be included as a joint account owner in Part III of the FBAR.  The filer should write (spouse) on line 26 after the last name of the joint spousal owner.  If the only reportable accounts of the filer's spouse are those reported as joint owners, the filer's spouse need not file a separate report.  If the accounts are owned jointly by both spouses, the filer's spouse should also sign the report.  It should be noted that if the filer's spouse has a financial interest in other accounts that are not jointly owned with the filer or has signature or other authority over other accounts, the filer's spouse should file a separate report for all accounts including those owned jointly with the other spouse.  Must a U.S. person file an FBAR on a Eurodollar account in the Cayman Islands? Yes, the Cayman Islands account is a foreign account. A N.Y. corporation owns a foreign company that has foreign accounts.  The corporation will file an FBAR for the foreign company's accounts.  Do the primary owners of the U.S. Company also have to file? Yes, if any owner directly or indirectly owns more than 50 percent of the total value of the shares of stock, that owner will have to file an FBAR. A company has over 25 foreign accounts.  What should they enter in Part ll of the FBAR? If the filer holds a financial interest in more than 25 accounts, check the yes box in item 14 and indicate the number of accounts in the space provided.  Do not complete any further items in Part II or Part III of the report.  Sign the form in item 44/45 and enter the date signed in item 46.  Any person who lists more than 25 accounts in item 14 must provide all the information called for in Part II and Part III when requested by the Department of the Treasury. A person is a non-resident alien and only visits the United States to manage his personal interests, such as rental property.  Does that person have to file an FBAR? A person who is not a United States citizen or resident and who visits the United States to manage his personal investments, such as rental property, and conducts no other business, is not considered to be in, and doing business in, the United States for FBAR reporting purposes and does not have to file FBARs. What are the exceptions to the FBAR filing requirement? Accounts in U.S. military banking facilities, operated by a United States financial institution to serve U.S. Government installations abroad, are not considered as accounts in a foreign country.  For this reason, these accounts do not have to be reported on an FBAR. An officer or employee of a bank which is subject to the Supervision of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, or the Federal Deposit Insurance Corporation need not report that he has signature or other authority over a foreign bank, securities or other financial account maintained by the bank, if the officer or employee has NO personal financial interest in the account. An officer or employee of a domestic corporation whose equity securities are listed on a national securities exchange or which has assets exceeding $10 million and 500 or more shareholders of record, need not file a report concerning the other signature authority over a foreign financial account of the corporation, if he has NO personal financial interest in the account and he has been advised, in writing, by the chief financial officer of the corporation that the corporation has filed a current report, which includes that account. Does the IRS have an email address to send questions regarding the FBAR? You can send questions concerning the FBAR to FBARquestions@irs.gov.  The  email system does not accept actual FBAR reports. Rate the Small Business and Self-Employed Web Site

Goldman has record bonuses on trading currencies

http://www.guardian.co.uk/business/2009/jun/21/goldman-sachs-bonus-payments Goldman has record bonuses on trading currencies

CIA attracts Bankers in NY ads

http://www.reuters.com/article/topNews/idUSTRE55H6CH20090618?feedType=RSS&feedName=topNews

CIA seeks laid-off bankers in N.Y. recruitment drive

Obama may bulldoze US cities

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5516536/US-cities-may-have-to-be-bulldozed-in-order-to-survive.html US cities may have to be bulldozed in order to survive

Germans to install gold vending machines

http://www.nakedcapitalism.com/2009/06/germans-to-install-gold-vending.html

From the Financial Times:

Germans will soon be able to sate their appetite for the yellow metal as easily as buying a chocolate bar after plans were announced on Tuesday to install gold vending machines in airports and railway stations across the country.

The venture by the TG-Gold-Super-Markt company, based near Stuttgart, aims to build on soaring retail interest...

A prototype vending machine on display in Frankfurt Airport on Tuesday appeared to be a converted version of the dispensers typically used to sell snacks. For €30 airport shoppers could buy a 1g wafer of gold, with a larger 10g bar priced on Tuesday at €245 and gold coins also on sale.

When the Financial Times bought the cheapest product it was dispensed in an oblong metal box labelled "My Golden Treasure", with a certificate of authenticity signed by Mr Geissler but no receipt and the wrong change. Mr Geissler said he hoped to have a more advanced prototype available this month.

Gold prices from the machines – about 30 per cent higher than market prices for the cheapest product – will be updated every few minutes.

A camera on the machine monitors transactions for money laundering controls...

Interest in gold has soared during the financial crisis and Germany was last year the "star performer" in retail physical investment in gold – coins and bars – according to GFMS, the London-based precious metals consultancy. Retail demand reached an estimated 108 tonnes in 2008, up from 36 tonnes in 2007 and 28 tonnes in 2006.

Jens Willenbockel, an investment banker who saw the machine while passing through the airport, said he believed there could be a market. "Because of the crisis there is a lot of awareness of gold," he said. "It is also a great gift for children – for them getting gold is like a fairytale."

Russian confidence in the dollar drives EUR/USD down 500 pips

http://www.bloomberg.com/apps/news?pid=20601103&sid=arSByVtDsdh0
By Lukanyo Mnyanda and Wes Goodman

June 15 (Bloomberg) -- Treasuries rose for a third day after Russian Finance Minister Alexei Kudrin said his nation has confidence in the dollar and there are no immediate plans to switch to a new reserve currency.

Elite E Services announces Hot Links Feed

Elite E Services announces Hot Links Feed:

http://feeds.delicious.com/v2/rss/eliteeservices?count=15

Feed Homepage:

http://delicious.com/eliteeservices

Links will be posted on EES Blog (see on the right):

http://eliteeservices.blogspot.com

To follow the RSS directly, use IE or Outlook (import RSS)

By clicking 'subscribe to this feed' it will be saved and updated live in IE. Also, Vista users can use the RSS feed as a gadget on their desktop.

The feed will be used to post links for articles and news as a replacement for EES Private FX chat which was recently shut down.

www.eliteforexblog.com

Peak Soil Investment: This Quiet Land Grab is Just Beginning

http://wallstreetpit.com/5019-peak-soil-investment-this-quiet-land-grab-is-just-beginning Peak Soil Investment: This Quiet Land Grab is Just Beginning
http://www.telegraph.co.uk/comment/columnists/christopherbooker/5525933/Crops-under-stress-as-temperatures-fall.html Crops under stress as temperatures fall

Senators held stock in bailed-out banks

http://thehill.com/leading-the-news/senators-held-stock-in-bailed-out-banks-2009-06-12.html Senators who oversee the $700 billion Wall Street rescue package held stocks in many of the banks bailed out towards the end of last year, according to financial disclosure reports released Friday.

According to the reports detailing senators' finances in 2008, nearly half of the members of the Senate Banking Committee had holdings in financial institutions that have taken funds from the Troubled Asset Relief Program (TARP). The panel has jurisdiction over the bailout fund and other relief efforts directed by federal regulators to save the nation's financial system.

For example, Sen. Tim Johnson (D-S.D.), a Banking panel member, has assets in several banks that have taken bailout funds. Along with Goldman Sachs, the senator has several assets in Bank of America funds, worth at least $115,00. Bank of America has received $45 billion in government funds.

$134 billion bust on Italian Border

$134 billion (95.8 billion euros).

Italian customs officers on the Swiss border often stop smugglers -- but not of this scale. Two Japanese citizens have been detained by Italian police in Chiasso on the Swiss-Italian border after being found with $134 billion of US bonds hidden in the base of their suitcase, according to a press statement by the Italian Guardia di Finanza.


AP
Guardia di Finanza: Bonanza find.
The two men, reported to be more than 50 years old, were traveling by train from Italy to Switzerland on June 3. Financial police at a control on the border found the documents tucked inside a closed section at the bottom of their suitcase, separate from their personal items. According to their statement, the men's luggage included 249 government bonds worth $500 million and 10 so-called Kennedy bonds, each worth a billion dollars.

But details of the case remain unclear: The Japanese embassy in Rome confirmed the arrest of the two men but the news agency Bloomberg reported on Friday that it was not yet established whether they were Japanese citizens.

It yet to be seen whether this is the biggest smuggling scandal in history -- or a massive fraud. Italian officials said they were still checking the authenticity of the bonds.

Feds freeze bank accounts of online poker players

http://abcnews.go.com/print?id=7808131 "I can't believe the government is reaching into people's bank accounts like this," he said. "For a lot of serious players this is their lifeblood. This is how they make ends meet."

Fed hires veteran lobbyist

http://www.reuters.com/article/politicsNews/idUSTRE55460K20090605 By Mark Felsenthal

WASHINGTON (Reuters) - The U.S. Federal Reserve is on track to hire a veteran lobbyist to help manage its relations with Congress at a time of heightened attention to its role in national affairs, a source familiar with the situation said on Friday.

The Fed plans to hire Linda Robertson, who previously worked for now-defunct energy company Enron, as well as the Clinton administration.

She is currently head of government, community and public relations at The Johns Hopkins University in Baltimore, said the source, who spoke on condition of anonymity because the hiring process was not complete.

The Fed believes it will be useful to add to its resources at a time when there is great public and congressional interest in the institution, the source said.

The U.S. central bank has been at the forefront of government actions to limit damage from the financial crisis that began in August 2007 and the impact of the deep recession that began in December of that year.

Members of Congress have chafed at the Fed's bold use of its emergency powers and in particular its multibillion-dollar bailouts of investment bank Bear Stearns and insurer American International Group.

Critics also bristle at the Fed's practice of maintaining the confidentiality of the companies that borrow directly from the central bank on the grounds that divulging their names would risk runs on those institutions.

Many lawmakers and private analysts also fault the Fed for failing to stop risky lending and flawed market practices that laid the groundwork for the crisis.

A non-binding budget bill approved by Congress in April opened the door for lawmakers to seek disclosure of the names of firms that receive emergency Fed loans and paves the way for a possible study of the Federal Reserve System's structure of 12 regional banks and a Washington-based board.

Some officials believe lawmakers would like to go so far as to demand that the presidents of these regional banks -- or at least the head of the powerful New York Fed -- be subject to congressional approval. Currently, directors at these regional banks pick their presidents, subject to the approval of the Fed's Washington board.

Robertson was vice president for government affairs at now-defunct energy company Enron Corp from November 2000 until she closed its Washington office in early 2002. Enron collapsed in scandal in 2001 and her work there may raise some eyebrows.

Before that, she was an assistant Treasury secretary for legislative and public affairs under then-President Bill Clinton.

Dennis O'Shea, a spokesman for Johns Hopkins, said Robertson was not available to comment.

(Editing by Dan Grebler)

Green Shoots turn into Yellow Weeds - Roubini

POST IT -- Recent data suggest that the rate of contraction in the world economy may be slowing. But hopes that “green shoots” of recovery may be springing up have been dashed by plenty of yellow weeds. Recent data on employment, retail sales, industrial production, and housing in the United States remain very weak; Europe’s first quarter GDP growth data is dismal; Japan’s economy is still comatose; and even China – which is recovering – has very weak exports. Thus, the consensus view that the global economy will soon bottom out has proven – once again – to be overly optimistic... http://www.rgemonitor.com/roubini-monitor/257017/green_shoots_or_yellow_weeds_latest_project_syndicate_op-ed

Gain (Forex.com) charged with fraud, false reporting or deception (market making)?

http://forexmagnates.com/gain-forexcom-charged-with-fraud-false-reporting-or-deception-market-making/
Gain (Forex.com) charged with fraud, false reporting or deception (market making)?