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Wednesday, May 23, 2018

KTFA UPDATE, 23 MAY

ChrisC:  I would like to draw everyone's attention to something interesting.  I found it very interesting that the Dodd Frank Act is being reversed (I believe) as soon as President Trump signs it and this is coming right as Deutsche Bank is firing 10% of their employees in a desperate attempt to cut costs.  They are facing a potential (likely) downgrade and they are sitting on 60T of derivatives.  May play no part in anything and also may be a trigger.  IMO.

Popeye7:  Chris, I was thinking the same things as it concerns the Dodd Frank Act... Timing is everything in this, and our president signing off on this reversal is very positive IMHO...
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Don961:   Congress adopts a law easing controls on banks

23-05-2018 11:23 AM

WASHINGTON (Reuters) - The US Congress on Tuesday adopted a law easing banking controls imposed after the financial crisis in 2008 to protect taxpayers from any new economic shock.

The House of Representatives passed a majority of 258 votes, compared with 159 text after it was adopted in the Senate. Was sent to the White House for signature by President Donald Trump, who has long criticized the measures.

In the text thousands of small and medium banks of the Dodd Frank Act passed in 2010, but it maintains the basic legislation of major financial institutions. The White House said, "This measure protects banks from excessive laws."

But critics of the text, including Democratic House Minority Leader Nancy Pelosi, have seen an extra effort to undermine the crucial Dodd-Frank reforms, which, she said, include the most powerful financial measures in history to protect consumers.

"The new law opens the door to discrimination in lending and could threaten the stability of our financial system and our economy," Pelosi told her colleagues. "The law will bring us back to the days when Wall Street's unbridled recklessness led to a historic financial collapse."

The Senate voted on the law on March 14, 10 years after the collapse of the Bear Stearns investment bank, which marked the start of the financial crisis that rocked the world economy.

Supporters of the text argue that the law exempts small banks from strict controls aimed at curbing major financial institutions in the crisis, and allows these banks to resume lending.

"The bank is the engine of growth and it will be easier for these banks to lend to small businesses and families," said House Speaker Paul Reyn. "It is a major step forward to free our economy from excessive controls."  link

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Hammy1:  Based on the analysis from MM (MilitiaMan) where he calculated the value of the Arab Monetary Fund (AMF) to be $4.27 and the Arab Accounting Dinar (AAD) to be $4.35, I'm thinking that the IQD will not go into the basket of currencies immediately upon re-instatement.

For clarification purposes, I'm guessing that the CBI will re-instate their currency at some lower number, whatever they decide on, and then the value will rise over time under a managed float.  Once the value reaches a certain level, maybe around $4.25 or so, they will cap it and control it from there.

Then at some point after, the IQD will be placed in the basket along with the other currencies mentioned previously where the value will be in line with MM's analysis above.  Am I understanding this process correctly?  If not, please correct me.  Thanks 

ChrisC :  I am sure I am not the only one to remember this, but "a person" posted a value of I believe 4.63 a month or two back for the Arab Accounting Dinar.  I am pretty sure that was the number.  It may have changed, but that is what it was then.

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Samson:  Baghdad sends 317 billion dinars to the region to pay the salaries of its employees

2018/5/22 18:44

An official in the Council of Ministers of the Kurdistan region, the federal government sent on Tuesday, the amount of 317, billion dinars, to pay the salaries of staff of the region.
The official said in a press statement that "the amount sent is the third payment sent by the federal government to the provincial government."

He added that "will be the completion of the salaries of employees of the security ministries for the month of February, and after completion of the government will begin to pay the salaries of employees of other ministries, for the month of March."  LINK

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Samson:  Iraq receives 18 commitments from donor countries at Kuwait conference

13:40 - 23/05/2018

The Secretary-General of the Council of Ministers Mahdi Al-Alak, Wednesday, the receipt of Iraq 18 pledges out of 47 donor countries at the Kuwait International Conference on Iraq Reconstruction.

"The national team to follow the results of the Kuwait International Conference reviewed the latest developments related to the loans and grants announced by the countries during the Kuwait International Conference for the Reconstruction of Iraq last February," a statement from the Secretariat said.

"The total international commitments officially received by Iraq through the Foreign Ministry amounted to (18) pledges, while the commitments made at the conference were (47)," the statement quoted Al-Ayyak as saying during a meeting chaired by the prime minister's adviser on economic and financial affairs.

"The team will hold the end of May an expanded meeting of ambassadors of donor countries and international civil society organizations, to clarify the nature of pledges and funding channels and areas of employment."

The meeting stressed the importance of finding a unified reference that includes all reconstruction and stability projects, and coordination of efforts between the concerned parties to increase the efficiency of the work, which contributes to the implementation of the priority.    LINK
Don961:  An extraordinary session of the parliament on Thursday to discuss the transparency and integrity of the electoral process

BAGHDAD, May 23 (KUNA) -

The Presidency of the Council decided to hold an extraordinary session on Thursday, May 24, the parliamentary press service said in a statement.

She added that "the meeting will be at 4 pm on the basis of the request made after a number of deputies who throw a focus on the transparency and integrity of the electoral work," noting that "the Saturday session last extraordinary to discuss the fraud that took place on the 12th of May Did not succeed, because of the lack of quorum,

as the session turned into a deliberative resulted in the sending of an official letter to the Electoral Commission for elections that included all means that include confidence in the electoral process, including the procedure of counting and random sorting and referral of criminal cases to the competent authorities in cases thatMisrepresented and provide political entities with a light result of the results and ensure the process of matching data sent through several funds. Ending AH    link

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Samson:  In the series of scandals .. Newspaper reveals the provision of bribes millions of dollars to officials of the Ministry of Oil

14:52 - 23/05/2018

Australia's Leighton Holdings, which won a $ 733 million contract in Iraq by bribing the Iraqi Oil Ministry and other senior officials, has been charged with criminal charges, the Sydney Morning Herald newspaper reported on Wednesday.

The newspaper said in a report translated by the agency "Information" / that "the British Serious Fraud Office has been charged with corruption this day to two intermediaries used by the arm of the global company Leighton in 2010 to secure the contract of oil pipeline in southern Iraq.

"Federal agents have spent seven years of investigations at Leighton International, which has been renamed Semic with a number of overseas executives," he said.

"Former Leighton directors Peter Cox and Russell Waugh are using brokers to bribe a group of Iraqi officials, including the deputy prime minister and two former oil ministers in the Iraqi government," he said.

He added that "the charges filed by the British Fraud Office included also invited Ziad Aqlah and Basil Jarrah, who work for the company onuel consultants in the oil industry."

"The investigation by the Office of Public Statistics, which led to the indictment, has led to an international investigation into corruption in the global oil industry and the opening of further investigations at Onoil and several major companies such as Leighton, Rolls Rice, KPR and Eni of Italy."

"The charge relates to an alleged plot to give corrupt bribes to Iraqi officials in order to obtain a contract worth $ 733 million for the Australian company Leighton for the construction of two oil pipelines in southern Iraq," the British Fraud Office said in a statement.

Australian Prime Minister Malcolm Turnbull's government introduced legislation in December aimed at tightening the Australian anti-bribery system by charging companies with responsibility for failing to prevent bribes.  LINK

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