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The Bank of Greece is considering changing the ability of it's executives to perform certain actions.
Please see the other question for more details.
pls see page 7
more to come
In essence The bank of greece is considering a "restructure" of the banking system.
Many problems were caused by the Bank's president taking actions that if they won helped him personally, but if they lost affected the bank.
This former chief of Aspis was convicted of having the unmitigated temerity to forge and fabricate documents. Of course this guy only forged a handful of documents and only created a few documents out of whole cloth. He apparently had not read the Wall Street playbook all the way through --- where they have each act committed by a person or company that doesn't know anything or at least can claim "plausible deniability." Wall Street causes hundreds of thousands of documents to be forged, fabricated, robosigned and misrepresented in court every day. But here we leave them (Jamie Dimon) on the Board of the NY Federal Reserve which essentially sets all standards in the Federal Reserve system.
8 years. If we multiply the size of the crime, Dimon and others should collectively get around 8 million years of jail, which could, if we changed the law, include his progeny after additional human evolution had taken place. Where is your outrage?
(Reuters) - A former bank chief was sentenced to eight years jail on Monday for fraud and forgery, court officials said, the first major conviction resulting from an anti-corruption drive ahead of a parliamentary election on Sunday. An Athens court convicted Pavlos Psomiadis, former chief of small banking and insurance group Aspis, on charges of forging documents to keep his business afloat.
Corruption and cronyism are endemic in greece. But no politician or senior businessman had been convicted in recent years, fuelling popular frustration with mainstream parties that pledge to uphold the debt-laden country's international bailout and remain in the euro zone.
"He was found guilty of fraud and forgery," a court official said. The conviction stemmed from a forged letter of credit for over 550 million euros ($729 million) that Psomiadis submitted to regulators in 2009.
Aspis was one of the first business groups to fall prey to the country's economic crisis. T-bank (AMBr.AT), a small lender that emerged from the wreckage of the group, was nationalized late last year under the terms of the country's EU/IMF bailout.
Monday's decision was the latest in a string of judicial moves as angry voters turn to smaller parties to punish the main conservatives and socialists whom they blame for the economic crisis and chronic corruption.
Earlier in April, a former defense minister was jailed pending trial on money laundering and bribery charges.
Last month, a Greek prosecutor filed felony charges against a prominent banker over a financial scandal that led to the EU/IMF-funded nationalization of small lender Proton Bank (PRBr.AT).
They are looking at the restructing to avoid/eliminate the possibility of this going forward.
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Recapitalization means adding new money.
I am concerned that they the bank of greece will block the deposits until they recapitilize
That I can't answer as no one has a crystal ball. I doubt they would do this however. The recapitalization and recapitulation would BOTH be long processes.
They would need to continue to operate in the interim or face economic sacntions by the World bank and other financial institutions.
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