November 24, 2020

Asset Administration

Many business people and financial managers aren’t conscious of the term ‘DIP’ Financing – which stands for ‘Debtor in Possession’ financing. So what does the federal government get out of all of this? Control over the banking system. The one purpose we’ve been able to pay for FDR’s New Deal and Johnson’s Nice Society is as a result of the setup of the Fed allows the federal government to monetize the federal deficit. Very like coin clipping kings, governments at present also get a profit after they inflate the cash supply. For a time the brand new money circulates on the worth of the previous cash supply. That’s how they pay for all of their packages. The issue is that the worth of foreign money falls. Thus they need to create more credit to pay for all of these programs, which causes monetary value to fall further, which necessitates an additional increase in the cash provide and now we’re stuck in a downward spiral.

And guess what of us! As a result of all this economic voodoo failed, you the taxpayer have to bail out the banks who made all the money before they failed. The taxpayer can pay trillions …

EY reaches deal to give staff legal protection during Wirecard inquiry

EY has reached a deal with German politicians to give its auditors protection from the legal risk of giving evidence at a Wirecard inquiry and warned its staff to prepare for more fallout from hearings taking place this week.

The German parliamentary inquiry committee has called several senior managers from the Big Four firm to give evidence at its inquiry into the high-profile collapse of the payments group. EY audited the group for more than a decade and had questioned how its senior staff could adhere to client privacy rules if they had to reveal details.

Wirecard’s administrator has released EY partners from all confidentiality obligations but, in the past, some German courts ruled that such a waiver was not sufficient.

According to people with direct knowledge of the matter, the parliamentary inquiry committee and EY informally agreed to seek a clarification from Germany’s federal court of justice to allow EY staff to reveal previously confidential details about their work for Wirecard without breaking any rules.

In the informal deal, EY partners will on Thursday decline to testify and will be issued with a fine by the committee. The witnesses will then challenge the fine at the federal court, which

AstraZeneca, Snap, Tesla, Roku & more

Stocks making the biggest moves midday: AstraZeneca, Snap, Tesla, Roku & more

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