Tags: Parliamentary Commission on Banking Standards

Anti-Euro Party in Germany Makes Significant Headway into Parliamentary Elections

I haven’t been paying all that much attention to Germany as of late considering the incredible amount of scandals that have been emanating from the Obama administration, in addition to its ridiculous and dangerous attempts to catalyze World War III. However, with parliamentary elections set for September 22, it appears there are some interesting things afoot.

In case you haven’t heard of it, a new party was formed in Germany on February 6, 2013. The party is known as the AfD, or the “Alternative for Germany.” It is strongly anti-Euro and has gained surprising strength in the polls despite its very brief history.

On a related note, reading this article made me think of a comment made by Angela Merkel the other day when she said:

This is my approach and you can say that I’m doing all these things because I’m really a European at heart.

I found this odd, because while I do not live on the continent, I have spent some time there and in all my travels I never once met a European. I’m wondering, does this species actually exist outside of the catering halls of Brussels? Where do they live?

Now for more on the Afd from Business Week:

German parliamentary elections are coming up on Sept. 22, and Chancellor Angela Merkel has a problem on her hands. A euro-skeptical political party known as AfD is rising in the polls and could deny her Christian Democratic Union and its coalition partners the majority they need to continue governing.

AfD, or Alternative for Germany, currently holds no seats in the Bundestag, and until recently it barely registered in public-opinion polls. But a survey released on Sept. 4 by the Forsa polling group showed it with 4 per cent support—just shy of the 5 per cent needed to win Bundestag representation. Peter Matuschek, Forsa’s chief political analyst, says the poll may have underestimated the party’s strength. Many supporters, he told Spiegel, “are too embarrassed to admit that they are planning to vote for the AfD,” which wants Greece, Spain, and other crisis-hit countries to leave the euro zone, and possibly break up the existing monetary union itself.

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HSBC Chairman: Banker Bonuses “Very Powerful for the Good”

This is what happens when you bail out the bankers.  Give the guy a break though, doing God’s work ain’t easy.  From the Herald Scotland:

BANKERS’ bonuses can be a powerful source of good, according to Douglas Flint, the Glaswegian who chairs banking giant HSBC.

Giving evidence to the Parliamentary Commission on Banking Standards, Mr. Flint defended banks’ practices of paying top employees a bonus that can be many multiples of their basic salary.

He said: “I think used properly it is very powerful for the good.”

Since the financial crisis, the banking industry has faced accusations that the lure of high bonuses encourages staff to take large risks.

Such as money laundering for Mexican drug cartels perhaps?

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