Hamburg
Schleswig-Holstein
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Moderate Conditions & Trillion Dollar Climax
The Beige Book A trillion Dollar debt outcome in the making! The Senate Budget Committee says the US Debt(15,1 trillion Dollar) is greater than the combined Eurozone Debt(12,7 trillion Dollars)!
Germany writes itself off! |
Lehman reloaded? |
Big fat Greek selloff |
Hapag Lloyd |
Southern Storm |
In a World of quantitative easing |
Same procedure as every week?
Angela Merkel and the European Commission once again save Greece, the Euro and their own highly responsible deregulating hides!
The next 109 bn Euros from Europes super rich politicians are invested in the weekly effort to stabilize an out of control currency, where the money comes from is still as unclear as the fact that a billion has a lot more zeros behind the number is for some of these political saviors!
The European Financial Stability Facility could further destabilize the Euro Zone by including further states in their saving plans. At the moment Greece, Portugal and Ireland are in the spending scope, but a few other candidates could knock at the EFSFs door any moment.
Mrs. Merkel seems to have lost total control and insight into the rescue plans. She has now begun her vacation, boasting that everything is well and Germanys economy stable - the same procedure as every week....
HSH Report deliberately under cover?
INN Hamburg - Kiel, January 21st 2011
A new report about the responsibilities of Nonnenmacher and other managing directors of the HSH Nordbank has caused a political stir in Hamburg and Kiel!
Up to now all of the responsible have relied heavily on the Freshfields report of Dr. Emde, even though FBD has itself been involved in many HSH deals as well as the SoFFin creation and can hardly be found impartial, Dr. Emde puts the blame on "outside forces", although all investigations concerning the HSH can name dozens of responsible! Emde himself has also taken part in the construction of Germanys bank bailout scam by the SoFFin and belongs to Germanys circle of usual suspects!
The report was instigated by the governments of Hamburg and Kiel, but has obviously only reached the supervising board of the HSH and the responsible governmental key figures involved in the banks many scandals.
The opposition in both states have massively criticized the continuing informational blackout by both the bank and involved governmental officials. Several managers are suspected of embezzlement and still under investigation by general attorneys, this could lead to recourse payments up to 60 mn Euro.
The intention of the cover ups seeming to be that someone who is not pursued will not talk about events and the responsible for certain bn Euro deals of the HSH!
Managing- and supervisory board, governmental finance departments, financial auditors, lawyer partnerships, SoFFin, Bafin and Bundesbank all have an interest in a low key pursuance of their failures!
Ernst & Young face lawsuit on Lehman fraud
The pressure on the Big Four(Ernst & Young, Deloitte Touche Tohmatsu, KPMG, PricewaterhouseCoopers) mounts as New Yorks Attorney General files a first case against Ernst & Young for helping Lehman engage in a massive accounting fraud!
A case that could set new standards to every bank who´s balances were "pretty good" up to the point where the public had to save them with massive taxpayer bailouts.
The Sarbanes-Oxley Act of 2002 could bring down the big four and their customers...
THE PEOPLE OF THE STATE OF NEW YORK - against - ERNST & YOUNG LLP
HSH Nordbank with a new boss
The supervisory board of the HSH pulls another "ace" from the sleeves of Hilmar Kopper. An old Deutsche Bank co-worker of Kopper has now been agreed upon by the board, investment banker Paul Lerbinger of the Citygroup wanted to retire at the age of 54. Now he will become the CEO of the HSH.
Just recently he was voted to the supervisory board of MainFirst Bank AG, by coincidence the chairman of the board being one Thomas Emde of...Freshfields! A man who was heavily involved with the HSH and has helped Germanys financial ministry to take over the HRE.
Hilmar Kopper and Dirk Jens Nonnenmacher are said to have arranged a settlement at about 4 mn Euros!
Time to face the public for Ahlhaus!
New candidate now has to face the citizens
End of supervisory boards and green spending?
End of the road for Ahlhaus
A short 3 month turn as Hamburgs mayor ends for Christoph Ahlhaus as the GAL (Green party) decides to end the Black and Green coalition!
The scandals concerning the Frigge case, a Household bill that does not fit, the days of the CDU in Hamburg are counted.
Mayor Ahlhaus will dismiss the green senators and counsellors on monday. From now on Ahlhaus is on an election campaign, facing the judgement of Hamburgs citizens for the first time, probable date could be February the 20th!
Ex German secretary of labour Olaf Scholz (SPD) has also said that he will campaign.
Both choices seem rather like pest and cholera, but the real problems start when the new "powers" take over, spending tax money days are over in the city of Hamburg. The people want more transparency considering the billion Euro losses of the HSH, HGV, LBK and other major city "investments"! If the "new" politicians don´t realize that they will not last longer than Ahlhaus!
Controversial ex secretary of labour, Olaf Scholz I want to be mayor!
Fast Exit
Hamburgs financial senator Carsten Frigge surprisingly annouced his resignation yesterday! The focus on his involvement in party financing, a parlamentary investigation and public prosecutors investigating his role in the C4 involvement caused his decision to announce his retirement due to personal reasons!
A more than compatible replacement was presented by mayor Ahlhaus several hours later. Rüdiger Kruse, former speaker on household matters and so called financial expert of Hamburgs CDU party supported all the major big spending dreams of Ole von Beust, Wolfgang Peiner, Michael Freytag and Department 3! HSH, HGV, Elbphilharmonie, LBK, Hapag are some of the projects that Kruse supported. To boost the competence Kruse even has a small real estate scandal on his side. The natural choice for Hamburgs elite party of tax payer collateral billion Euro damage!
Natural Choice
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| Without alternative! Hamburgs new financial senator Rüdiger Kruse. | |
Kruse Bundestags campaign Ole von Beust and Rüdiger Kruse discuss what can be learned from the crisis!
The big HSH noNo
Hamburg / Kiel November 9th 2010
The fear of being caught up in the HSHs Prevent scandals has finally reached the political partys in Hamburg and Kiel. Pressure on the CDU from coalition partners (Grüne Hamburg / FDP Kiel) will decide the fate of Dirk Jens Nonnenmachers position as the top man in the bank and probably also Hilmar Koppers as head of the HSHs supervisory board. If the political no to Dr. No also has consequences for his positions on the boards of Hapag Lloyd or the Deka remains to be seen. Hamburgs financial authorities, who are closely involved in the banks deals, have already stated that the dismissal will probably cost the tax payers a further 3 to 5 mn. Euros due to the contracts they agreed on complying to the wishes of former HSH supervisory chairman Wolfgang Peiner!
The left party Die Linke in Kiel already announced Nonnenmachers dismissal yesterday evening, but said that the banks problems are far from over!
Nonnenmacher spent yesterday in Kiel, testifying to the Parlamentary Investigation Committee for the second time in a row. His attourney Harald Wagner regrets allowing Nonnenmachers statements to Prevent.
The involvement of Goldman Sachs and Flowers in controversial deals was a part of yesterdays questioning.
The banks problems are still kept from the public due to political decisions such as the 60 billion Euro stock market admittance or the 35 bn. shipping portfolio that may only be worth the half due to continuing major problems in the shipping business! Business models for german banks will come under further scrutiny due to the fact that Germanys big industrial players open their own banks or use the EZB directly for major capital requirements.
Nothing to say to their noNo
The Omega Man
Kiel, October 29th 2010
Totally missing risk management systems, tax evasion scams with special departments..
The questioning of Luis Marti-Sanchez in Kiel sheds a different light on the testimony of several members from the banks management and supervisory board. Beside the HSH the case could be an indicator that the work of Waas and friends concerning the banks value at risk may also apply to the Deka Bank.
A reference to the Faber project led to a questioning by the lawyer of Schleswig-Holsteins financial minister Wiegard concerning Marti-Sanchez´s knowledge of other members of the HSHs "special tax branch". Due to the close relation of the financial ministry with the bank the heat could be on for the authorities...
After 5 hours the questioning was postponed to a future date before the Omega case was even discussed.
Embezzlement, fraud and balance falsification?
The strange case of several hunderts of millions of Euro not declared in the balances of the private companies HGV, Hochbahn, Hadag or ATG. The selling of several trains and almost the complete Alsterfleet to "investors" and the earnings for the local public transport seem to have "disappeared". Although the new aquiry of these bargains will again have the taxpayers and HVV customers paying subsequent "losses" for the second aquisition of formerly owned inventory the winnings don´t show up. The restricted money was definately not used to invest or lower the costs for the most expensive local public transport in Germany.(more)
Paid twice - but where is the money from the sale?
A mayor of 70 particular interests
August 25th 2010
Today 70 members of Hamburgs parliament voted Christoph Ahlhaus to become the new mayor of Hamburg. 2 million citizens of the city are forced to stand aside and watch as particular party interests dictate them a new mayor and partly new senate! Votes for the senate were a total of 64 showing that not much faith is set in the coalitions top members.
Economic gratulations
Von Beust resigns!
Supervisory stampede from resonsibility?
Hafencity and Hamburg Marketing once again loose their chairman of the supervisory board! Hamburgs mayor Ole von Beust resigns!
Following the total annihilation of the fortune belonging to the tax payers of Hamburg the flight from not only political responsibilities continues!
Prior to von Beusts resignation multi supervisor Karen von Welck gave a statement she would also leave the senate on August 25th! Along with these two Volkmar Schön, von Beusts top level secretary of state and architect of many deals will also quit!
The list of supervisory lame ducks responsible for billions invested in public private companies who resign gets longer and longer.
The investigation of deals between senate members and good friends of the CDU AG, or the "Wirtschaftsrat" with many HSH, Warburg or ECE interest will display what really went "wrong" in this city for the last 10 years! The "protection" for Hamburgs networks continues to crumble.
Fitch downgrades HSH to A-
The banks financial standing raises the costs
The HSHs probability of failure on long term commitments has now been downgraded by Fitch from A to A-! A further downgrading could be possible and is still being analyzed by Fitch. Even normal conditions could not be of interest to possible investors, the banks long term expectations don´t fit even if some still unknown force would end the financial crisis tomorrow!
Banks that fall under the German SoFFin bailout pay fees for loans according to their ratings. These have been raised currently.
Those with A+ or A pay interests of at least 20 basis points. For banks with an A- rating the raise comes to 30 basis points! If a further downgrade is affirmed the HSH would have to pay interests back with 40 basis points.
HSH double headers in Kiel and Hamburg
Kiel, Hamburg July 5th 2010
Sunny and warm in Kiel…
while in the Landtag HSH parlamentary investigators listened to good humored former HSH supervisory board member and Minister of the Interior of Schleswig Holstein Lothar Hay, who reduces his function as supervisor of an international bank to sole concerns for the shipping division.
Prior to these statements a jovial former supervisor and Financial Minister Ralf Stegner talked about finding responsibilities for the billion Euro tax losses everywhere exept in the mirror. In such a good mood Stegner even used his phone to tell the world via twitter that he never received a personal loan from the HSH!
Cloudy and overcast in Hamburg…
A small buffer to Stegners good mood could be the fact that the parlamentary investigation committee in Hamburg finally brought the public focus on the HSH involvement of the special divisions of the northern financial authorities. Since Stegner actively led one of these for years the questions concerning his involvement could start to stockpile once again.
The questioning of these downright „double zero agents“ of Peiners and Freytags special branches with the licence to terminate billions of taxpayer Euros without parlamentary control are just the beginning to finding the truly responsible for the pending losses of the 2 states! Jörg Arzt-Mergemeier and HGV executive, HSH supervisor and "shareholder" Rainer Klemmt-Nissen precautionarily brought their lawyers along for first “witness” hearings.
The astonishing blackouts of a man who, just a few days ago, had his eye on everything and was in total control of the situation, satisfactorily relaying these facts to Hamburgs parlament, backed by the accounting testates from Wolfgang Peiners assessors!
New suspicions against HSH CEOs
HSH Parlamentary Investigation Committee
The SPD opposition suspects HSH CEO Nonnenmacher of deliberately retaining vital facts and wants to summon him again – Martin von Gemmeren of the HSH restructuring unit and Freshfields Thomas Emde will also get a new opportunity to state the true situation of the ailing bank!
“The impression one gets is that the Freshfields expertise only showed singulary cleanups and was conceived to clear the joint board as well as several executives!”
Creative Investments?
Hafencity supervisors
Talk about saving, more than half a billion a year for Hamburgs citizens.
Talk about spending taxmoney, Hafencity and Asklepios seem to be general exceptions to the new transparent financial adventures of the citys CDU and Green partys.
Conduit crackdown at the HSH
Hamburg, May 26th 2010
Financial investigators of the police and the public prosecution department (Special HSH unit renamed from Nordland to Conduit) have searched the houses of several former HSH CEOs as well as the bank itself! Premises searched include those of Berger, Friedrich, Rieck and the HSH branches in Hamburg and Kiel! Computer and documents were secured.
The search still continues on through thursday in Hamburgs HSH branch.
The main focus seems to be on the Omega 55 dealings, suspected balance fraud and embezzlement.
The private domains of Nonnenmacher or Visker were not searched, although they too signed the 334 mn loss deal with BNP Paribas.
Why the long known facts have taken such a long time for the decision to take action, what may still be left in the books - time will tell.
As the bank communicated, all facts to Omega were thorouhgly documented due to the fact of the public impact. The question remains why the well documented case was deliberately excluded from the balance, thus showing wins of 81 mn whilst the true losses are estimated at 31 mn!
The air is getting thinner for Dirk Jens Nonnenmacher, the question is if the balance co signers like Peiner or the KPMG accountants were involved in the intentional falsification of the papers.
Accordingly the bank chooses the same day to make restatements about its consolidated financial statements for 2009, presenting overlooked losses of 64 mn Euros! The statements, done by KPMG, were released two weeks ago.
Well, dear HSH and KPMG, we know that good housekeeping has it´s difficultys! You loose some small, unimportant things around the house, and presto, they magically reappear one bright sunny day.
Then theres this new old guy, Hilmar Kopper, always leaving some peanuts lying around the place. Let´s just hope that nobody accidentally brushes against that bulging closet door in the basement, the one with all those funny papers showing at the edges, with all those funny names printed on them, like Credaris, St Pancras or Omega, ohmygod, the spill would probably make the Exxon Valdez look like "Peanuts"!
Still don´t have enough of the HSH? Well my friends there is help in sight! In the shadow of the Rathaus (town hall), the Hanseatische Wertpapierbörse Hamburg (Hamburgs Stock Exchange, monitored by senator Axel Gedaschko) has decided to endorse the additional trading of HSH papers totalling 50 bn Euros (since the beginning of the crisis the HSH has already put several billions of critical papers on the market, balancing these to the market value at aquisition)!
The casino is still open, so if some of you have some cash to burn, or want to make small billion Euro donations for dying Landesbanken, this is the right place to go! But please hurry, who knows how long the papers, the bank or the Euro will still exist!
Strong suspicions that the only buyers of these products are those banks whos bad papers are bought by the HSH in return to keep the interbanking exchange alive are in no way substantiated.
Northern castling at HSH and HGV supervision?
Klemmt-Nissen Missing? Where has the HSH „shareholder“ and 10 bn HSH supervisor, HGV shareholder management official from Freytags financial authorities gone? Reference relating to a change in command of the HGVs shareholder management is refused by the financial authorities of Hamburg?
Mayor von Beust, please explain to us why in the light of new HSH bn losses no public comments to major changes in Hamburgs top HSH/HGV echelons are made!
Wiegards HSH Watchdog now in Hamburg!?
Risky Business
Mayor von Beust will beg Chancellor Merkel for more tax billions to "save" the HSH and the northern shipping industries(plus some politicians)!
As the HSH confided there will be further losses of aproximately 3,5 -5 billion Euros just in the ship financing sector of the sinking bank!
With the help of Ernst & Young the city of Hamburg and shipping experts like the high risk chief of Hapag Lloyd (2 billion Tax payer Euros, HSH, City of Hamburg, Kühne, M.M.Warburg, Signal Iduna, TUI) are trying to find a plausible explanation for further tax payer savings of the sinking german shipping segment. Since most ships are under foreign flag or built in other countries the german gouvernment isn´t to interested at the moment, Merkel´s sit out politics are already putting the new cabinet under enourmus stress!
Politicians best, HSH has over 30 billion in open credits in the shipping segment alone. Insiders have told the Spiegel that if the gouvernment does´nt help, the lights in Hamburg could be out by January!
The bank also had to admit to engagements in the heavily hit Dubai region(naturally without mentioning amounts)
Not enough trouble in the north, the Financial Reporting Enforcement Panel of Germany will be scrutinizing the past balancing of the bank by KPMG due to the high risk Omega engagements and risk calculations of the past!
"Hamburg, my pearl"
The Fish stinks from the head
The German government has already spent a total of €760 billion ($1.06 trillion), in the form of loan guarantees and bailouts, and it even took a 25 percent stake in Germany's second-largest bank, Commerzbank. To limit the consequences for the real economy, the government also spent billions on economic stimulus programs. The bill for taxpayers is equally enormous. Politicians of all partys have only one argument, economic growth! But where will we find it? The billion dollar man Asmussen (SoFFin) was involved in every financial decision leading to Germanys banking crisis, now Merkel and Steinbrück have given him total control of the saving of Banks like the IKB or HRE, HSH! If one of these falls politicians as well as Asmussen or the German Bafin, Bundesbank will have to answer many questions! So more billions are moved to protect the guilty!
City of OTTO
The ECEs political and financial influence on decisions in the City of Hamburg....
HSH supervision, politicians in top positions, public transport and the banning of publications!
Find out why only 17 - 22 of Hamburg´s 880 million-euro or more annual income earners are scrutinized by tax investigators of senator Freytags financial revenue authority every year!
ECE-Attack on the city
ECE tries to bar 60 passages in court
..and Springer
Axel Springer
(Press and Information Office of Hamburgs Senate and the Federal Government?)
Supervisory board Friede Springer, Michael OTTO
Hamburger Abendblatt
Welt
Bild
Hamburg1 (Share property Springer and OTTO) among other
Springer Share Property 51%
hamburg.de GmbH & Co. KG, Hamburg
Merkel Banking
Deutsche Bank Angela Merkel and Josef Ackermann - Deutsche Bank CEO and Siemens supervisory board - The newly installed british bribery act could see Mr. A´s V come back to life....
Find out which banks are highly influential on Merkels 500 billion bank saving agenda!
Find out why Merkels chosen treasurer quit the job and (amongst other deals like Finance Senator in Hamburg, HSH Supervision, Beiersdorf, Germanischer Lloyd, Hapag Lloyd, HGV-City of Hamburgs public holding- auditor), startet selling Hamburgs prime real estate locations to the Alstria REIT AG (supervised by HSH Stuhlmann, M.M.Warburgs Olearius and FBDs Johannes Conradi) with funding from the HSH, J.P. Morgan and Natixis!
From A (Ackermann- Deutsche Bank, Siemens, Angie-Bundesmerkel, Asmussen-Hermes Euler/Allianz-SoFFin) to Z (Zumwinkel-Deutsche Post-convicted tax evader with 20 mio. Euro retirement bonus), there are thousands of similar reasons -names- for these "law makers" not to install working anti corruption laws in Germany!
Tax money bermuda triangle
See for yourself what happens when politicians and investors mingle and merge to create a virtual tax payers money bermuda triangle centered around the City of Hamburgs town hall or the german Bundestag!
How to embezzle 100s of millions in state and european subsidies for local public transport, raise prices continually, make millions of losses (at the same time keeping investors happy) and become an important "global player"!
What happens when politicians run public transport companies!
How medical investments do make a difference for public prosecutors bound by political leaders of the City of Hamburg and the german Ministry of Health!
Sorry that we´ve kept you waiting! But since this is strictly a non profit press operation without funding (due to politically unwanted criticism), research and hundreds of balance sheets have kept us busy with the german version. We´re trying to get the site up this month, but seeing the blundering bank, city and it´s political saviours rate of daily new scandals, losses and deficencies it´s hard to keep up the pace. Apart from that we´ve already taken judicial action against some of the mentioned parties, which also keeps us pretty busy!
Thank you for your patience!
