Conspiracy Cafe

Venezuela is willing to transfer 1 percent of its reserves, or about $300 million dollars, to a bank controlled by the Alba bloc, Venezuelan President Hugo Chavez said on state television Feb. 4. The Alba members include Venezuela, Cuba, Nicaragua, Ecuador and Bolivia.

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Chavez, who says he wants to eliminate the “dictatorship” of the U.S. dollar, has promoted the expanded use of the sucre, a virtual currency created by the Alba bloc in 2009, for regional trade.

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Now this sounds like these countries are building their own life boat for the post collapse world in my opinion. However, it still uses the tenet of regionalization a part of the globalization process.

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Joseph Tan, chief Asian economist of Credit Suisse Group AG’s private bank in Singapore has resigned.

Nova Ljubljanska Banka d.d. and Nova Kreditna Banka Maribor d.d., Slovenia’s two largest banks, are without chiefs as they struggle with mounting bad loans.

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Andrej Plos, the chief executive officer of Nova Kreditna Banka Maribor, who took the helm of Slovenia’s second-biggest bank in January, offered his resignation today without giving a reason. Bozo Jasovic, the CEO of the larger Nova Ljubljanska Banka d.d. stepped down in December over the bank’s attempt to sell the holding in retailer Mercator Poslovni Sistem d.d. to the Croatian rival Agrokor d.d.

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Slovenian banks are struggling with mounting losses as the faltering economy pushes more companies into bankruptcy. Lenders in Slovenia, which adopted the euro in 2007, reported 356 million euros ($469 million) of losses last year, the central bank said on Feb. 7.

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Abanka Vipa d.d., Slovenia’s third-biggest lender by assets, reported a loss of 119 million euros, while NLB will report a third consecutive loss for 2011, Jasovic has said.

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Not that I've ever been a believer of one size fits all, but it doesn't. Even a moron should have been able to see that the Euro a very strong currency is not fit for small less resourceful economies. You can only drive up the price of your goods and services to the point no one buys them. Then you implode perhaps even taking the bigger ones with you. If megalomania is a disease, why do we allow it to go on? Try as a small boy running in your father's shoes. Wear your own size and you'll run faster than your father at some point.

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Angela Merkel and Nicolas Sarkozy getting ready for Europe as children

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Amitabh Chaturvedi quit as managing director and chief executive officer (CEO) of private sector lender Dhanlaxmi Bank Ltd on Monday, following alleged differences with the bank’s board on a range of issues relating to business strategies. 

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Chaturvedi spent a lot of money on hiring people and expanding the branch network, but income did not grow to that extent. That was the key to differences between him and the directors.

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Well that will do it every time. The fool was giving people jobs and cutting in on the bottom line. He must have failed Greed Economics 101.

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Now the link for the next bank was broken. That implies a little 'conspiracy'. So we see there is a little more to the story.

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AK Jagannathan, the chief executive and managing director of Tamilnad Mercantile Bank, has quit after a one-and-a-half-year tenure.

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His exit could jeopardise the return of normalcy at the lender after nearly two decades of factional fight for control.

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The 90-year-old private bank headquartered in Tamil Nadu's coastal town of Tuticorin has been in the thick of a battle between two factions of the founding Nadar community for control.

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Fifty-seven-year-old businessman S Ashok, who was emerging as a rare consolidating force in the Nadar-community dominated, ownership trouble-ridden Tamilnad Mercantile Bank, died on Saturday following a heart attack.

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In 1994 Ashok became an outcast among the Nadars, who are fiercely possessive of the bank, when he sold his 18% equity in it to the Essar Group. This triggered the ongoing, 17-year-old ownership battle over the profitable bank.

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During the period, the shares have shifted hands from the Essar group to billionaire entrepreneur C Sivasankaran and then to a slew of foreign investors. Also, the period has been marked by fissures within shareholders from the Nadar community.

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Serial entrepreneur Ramesh Vangal, the man who brought Pepsi to India, has made an exit from the Nadar community-driven Tamilnad Mercantile Bank, doubling his returns from the bank, in which he held shares for four years.

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That's got to be a tough town to do business in on a good day. After the heart attack a simple resignation is a breath of fresh air. This bank may be more local squabble as opposed to a role in the shrinking global economy.

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Goldman Sachs Group Inc Chairman and Chief Executive Lloyd Blankfein said he is not stepping down, despite media reports that he has plans to resign.

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Now this guy's holding onto the door frame. The shadow power structure says you're done. Blankfein sounds like a name in a Bond novel. Well you know what happens to them.

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So is it all about to come apart at the seams or is this just every banker for himself. You would prefer to ride off into the sunset before the lynch mob gathers. That's smart banking.

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