rigorousintuition.ca

Posted: **Thu Mar 08, 2012 1:56 pm**

Anyone here familiar with this crowd, as we try to peel away the layers of the onion and focus on the important stuff, and get to the names ? Anyone even heard of them ? The search function on RI reveals nothing.

The mission of the Bank for International Settlements (BIS) is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.

In broad outline, the BIS pursues its mission by:

promoting discussion and facilitating collaboration among central banks;
supporting dialogue with other authorities that are responsible for promoting financial stability;
conducting research on policy issues confronting central banks and financial supervisory authorities;
acting as a prime counterparty for central banks in their financial transactions; and
serving as an agent or trustee in connection with international financial operations.

The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City.

Established on 17 May 1930, the BIS is the world's oldest international financial organisation.

http://www.bis.org/about/index.htm

from the wiki entry ;

The BIS was formed in 1930. The main actors in its establishment were the then-Governor of The Bank of England, Montagu Norman, and his German counterpart Hjalmar Schacht, later Adolf Hitler's finance minister.

During the period 1933–45, the board of directors of the BIS included Walter Funk, a prominent Nazi official, and Emil Puhl, who were both convicted at the Nuremberg trials after World War II, as well as Herman Schmitz the director of IG Farben and Baron von Schroeder, the owner of the J.H.Stein Bank, the bank that held the deposits of the Gestapo. There were allegations that the BIS had helped the Germans loot assets from occupied countries during World War II.

As a result of these allegations, at the Bretton Woods Conference in July 1944, Norway proposed the "liquidation of the Bank for International Settlements at the earliest possible moment". This resulted in the BIS being the subject of a disagreement between the American and British delegations

http://en.wikipedia.org/wiki/Bank_for_I ... ettlements

And yet here it is still functioning bold and large. Who is behind this never spoken about institution ? I honestly dont have a clue at the moment. My best guess is that we arent supposed to know.

Posted: **Thu Mar 08, 2012 3:14 pm**

http://www.publications.parliament.uk/pa/ld200102/ldselect/ldeconaf/143/1112705.htm

Examination of Witness (Questions 420 - 429)

TUESDAY 27 NOVEMBER 2001

MR ANDREW CROCKETT

Lord Cuckney

420. Who owns the BIS?

A. Although it is an international organisation established by international treaty it is in the form of a company limited by shares. The shares are owned by national central banks. There are now something like 50 shareholding central banks. The founder member central banks, of which the Bank of England is one, have the largest amount of shares, each has about nine per cent of the shares. There were six founder member central banks, and other central banks have smaller amounts. The BIS pays dividends like a company would pay dividends to the owners and it retains the rest of its profits to augment the capital base.

421. When you say "we" bought out the private shareholders, it was the central banks?

A. I should say it was the BIS. I did not put up any of the money myself but the BIS as an organisation and therefore its shareholders.

422. Could I ask, it goes on a bit to the question I might ask later, about your definition of soft laws, you talk about hard and soft; the BIS is engaged entirely in the area of soft laws, is it not?

A. Yes.

Chairman: Pardon?

Lord Cuckney: I just wondered whether the BIS engaged entirely in soft laws but not in legally binding hard laws.

Chairman

423. The question was partly more general about the relative benefits of hard and soft commercial regulation. Are you saying that you are a believer in the soft approach?

A. It is not a soft approach but it is not formalised law. I think I am a believer in it in certain areas. As I said in my written submission, the financial sector changes so quickly that it is particularly hard to enforce something that does not run with the grain of market forces because if you try to do that the markets quickly find ways around it. Soft law is really a search for best practice which is perhaps where the market would guide you anyway if it was given time enough. Such rules are often adopted on a voluntary basis by a number of significant market players, and then taken up by others as a result of peer pressure and market forces. This is not law but that is the way that standards tend to get adopted in technological areas. Microsoft developed something and eventually everyone has to use the Microsoft way of doing it. It is not a law that you have to do it but the standard is adopted anyway. This is slightly different but if the main jurisdictions, the US and the main European countries, adopt certain rules for bank regulation it becomes very hard for others to say, "We believe in a different approach." They can try it but their banks are not going to have much international scope for expansion.

424. But the essence of your answer, if I have got it right, is that, national or international, a domestic regulator has got a statutory basis to what he or she does, he says you cannot do that and that means you cannot do it, you are not allowed to find a way around it, you would be breaking the law. I take it that the point about an international regulator is there simply is not a possibility of having an international regulator saying you could not do that because it would not carry any weight. Is that a fair summary?

A. That is right. It is soft law at the international level. The national regulators get together internationally to agree this is what they are going do, which they then enforce in whatever way they choose. It need not be hard laws—

Lord Cuckney

425. They could easily break your arm!

A. He is supposed to do it with his eyebrows.

Lord Barnett: Is not soft law no law?

Baroness Hogg: This applies to a lot of international institutions. It is the membership of the club sanction. "If you do not obey our rules you cannot be a member of this club."

Baroness O'Cathain: A code of conduct.

Baroness Hogg

426. That would apply to the IMF.

A. The IMF is much harder law. It does not always work. The IMF had a law that you were not allowed to change your exchange rate without getting international approval.

427. That is club-based law.

A. It was ineffective law because if the market blew you off the peg you—

428. Would you in the same way say "If you do not abide by certain types of behaviour you cannot have deposits with us", or whatever?

A. First of all, I should say that the structure of the BIS is very opaque. The banking regulations are not actually set by the BIS, they are set by the group of ten. It so happens that the group of ten countries are the central banks that are represented on the BIS board but they do not do it in the name of the BIS. They meet at the BIS, the secretariat is there, but they do it in their collective name. We sometimes talk about this as the "Basel process". In other words, it is not the BIS as an institution, it is people who choose to meet there and have these formal meetings of discussion or setting rules. In the case of banking regulation what has been agreed is that the 12 countries that are on the Basel Committee agree on a consensus basis (everybody has to agree) a set of rules to be applied to internationally active banks, and having agreed that amongst themselves, they all implicitly agree to adopt the necessary domestic regulations or enforcement to implement the rules. That does not carry any direct implication for banks that are not international or for countries not in that group of 12, but because these are reckoned to be the best standards there are, there is quite a lot of pressure on other countries to have standards that are as good or better. There are very few counter-examples, although there are one or two. New Zealand, for example, has said, in effect "We do not accept this. We think that banks should be entirely transparent and the market will regulate them so we are not going to impose other rules". This is broadly speaking what they say, and directors have to take responsibility for their banks, and if any director is found not to have exercised due diligence he can go to jail for however long, and in fact they put people in jail. This is their approach—transparency and penalties for lack of responsibility from directors.

Chairman: To go back very briefly to Lady Hogg's point, if the big players say that they are going to do something about money laundering, and that is the rules of the club, if a particular country says, "No, we are not interested", surely they would not be in the club?

Baroness O'Cathain: You would boot them out.

Chairman

429. You would find a way of dealing with them whether it is hard or soft. I mentioned hard because it is the in thing today because somebody has decided something has got to be. But it is not freedom of choice. Once they have made up their mind that that is the game they are playing, then that is the game they play. That is why Lady Hogg was quite right in emphasising the club aspect.

A. That is right. This would not be an issue amongst the ten that are there, but it is for the others that are not. We are in fact having meetings on money laundering tomorrow and the next day on "know your customer" and we are having them between onshore supervisors. and offshore supervisors. The offshore supervisors, who have been listed in the publication which another part of the Basel process, the Financial Stability Forum, prepared, were initially entirely indignant, "You can't do this to us. We are sovereign jurisdictions. We will do what we like." They have gradually realised—and this is your point—that as far as they are concerned they have got more interest in collaborating than they have in being defiant and so they are coming around to that and maybe that is not really soft law. That might be "Godfather" law.

Chairman: I am not sure we care about the terminology as long as we understand the concept. May I bring this to a close and thank you very much. We have kept you beyond what we should have done but that is indicative of how interesting we have found all of this session. Thank you very much for the time you have taken with us. I reiterate that if there is more you would like to tell us, we are certainly still open to hear more and also, any ideas that we ought to develop. Just to again emphasise we are an enormous distance from coming to any conclusions. We are very much at the early "asking the questions without knowing the answers" stage. Thank you very much.

Posted: **Thu Mar 08, 2012 5:08 pm**

(Sir) Andrew D. Crockett. Interesting Bio. Any riggies heard of him ? I wont be holding my breath.

Posted: **Thu Mar 08, 2012 6:35 pm**

slimmouse wrote:(Sir) Andrew D. Crockett. Interesting Bio. Any riggies heard of him ? I wont be holding my breath.

I was surprised to see he took over JP Morgan Chase in2003... which would have been just around the end of the ptech debacle, which started at with Indira Singh blowing the whistle at JPMorganChase.

Posted: **Thu Mar 08, 2012 7:46 pm**

BIS motherlode found :sun:

'This page is the fruit of research for the UK Green Party's economics group for their 2001 mini-conference in Manchester. '

http://www.bilderberg.org/bis.htm#Apex jammed full of goodies

Posted: **Fri Dec 28, 2012 4:52 pm**

http://www.zerohedge.com/news/2012-12-2 ... e-gold-bis

FleeceBook: Meet Benoit Gilson, Head of Foreign Exchange & Gold At The BIS
Submitted by Tyler Durden on 12/28/2012 12:21 -0500

We are happy to announce that starting today, and going forward every week, as part of a new feature dubbed, appropriately enough, FleeceBook, we will introduce our readers to one, previously largely unknown member of the ruling banker aristocracy: an individual who is as far from the glamor of the daily media headlines as possible: just the way they like it, and just the way the co-opted media will agree to have it. We hope that by the end of the series, these individuals - all of them perfectly law abiding citizens of their various jurisdictions, at least under conventional legal terms - will form a tapestry of what really happens behind the scenes, especially in a context such as that presented yesterday, where we found that no matter how guilty beyond a reasonable doubt a member of the political-financial elite is, hell would have to freeze before any legal action is taken (for reference, please see the very underrated movie The International). For our inaugural edition on FleeceBook, which will compile various public profiles already posted elsewhere, we present Benoît Gilson, Head of Foreign Exchange & Gold, which he describes as "a really special place to work because it is a link between the markets and the central banks."

this part belongs on that WSJ fnord thread:

Profile:

The BIS is a really special place to work because it is a link between the markets and the central banks. This means that I can work in the markets, as I was doing before, while taking a central bank perspective. I find it very interesting to talk to the central bankers who call us for advice, information and market liquidity summary, and I love having a foot in both camps.

As we act as market-makers for BIS products in currencies and gold, we maintain relationships with all market counterparties to ensure sufficient liquidity for our customers and appropriate hedging instruments. We are focused on central banks and international institutions, helping them implement foreign exchange interventions (nice), build their reserves, diversify their portfolios or modify their reserve currency allocation. We can also help them to manage their gold reserves. Of course, many of the issues we deal with are highly confidential, so discretion is very important.

Working here has many advantages in terms of lifestyle. While you don't earn the kind of huge bonuses you could in London, you get exposure to some of the most interesting people in the industry. The selection process here is pretty tough, so you automatically have good people around you and can get involved in some challenging debates.

I have to say that I really enjoy Basel too. I was working in Luxembourg before, which was another wonderful small city. In Basel, I can go home and be running alongside the Rhine and watching the sun set in 10 minutes. And, of course, you often encounter your colleagues out and about, which fosters a very friendly working environment. The senior managers here go out of their way to be accessible, so if you see them in the supermarket you can be sure that they'll have a chat with you.

Posted: **Wed Jul 31, 2013 4:23 am**

Bank of England helped the Nazis to sell plundered gold

The Bank of England has admitted its role in one of the most controversial episodes in its history - helping the Nazis sell gold plundered from Czechoslovakia months before the outbreak of the Second World War.

By Steve Hawkes
6:37PM BST 30 Jul 2013

http://www.telegraph.co.uk/finance/bank-of-england/10212234/Bank-of-England-helped-the-Nazis-to-sell-plundered-gold.html

An official history, written in 1950 but posted online for the first time on Tuesday, detailed how the "Old Lady" transfered gold held in its vaults to the Germans despite the UK Government of the day placing a freeze on all Czech assets held in London.

In the history, the Bank of England insists its role in the episode was "widely misunderstood", even though it "still rankled for some time".

The Nazis invaded Czechoslovakia in September 1938. In March the following year, the Bank of International Settlements (BIS) asked the Bank of England to switch £5.6m-worth of gold from an account for the Czech national bank to one belonging to the Reichsbank.

Much of the gold - nearly 2,000 gold bars - was then "disposed" of in Belgium, Holland and London. The BIS was chaired at the time by Bank of England director, German Otto Niemeyer.

The UK central bank also sold gold for the Nazis in June 1939, without waiting for approval from Westminster.

The history reveals: "There was a further gold transaction on the 1st June 1939 when there were sales of gold (£440,000) and gold shipments to New York (£420,000) from the No.19 account of the BIS.

"This represented gold which had been shipped to London by the Reichsbank.

"This time, before acting, the Bank of England referred the matter to the Chancellor, who said that he would like the opinion of the law officers of the Crown.

"On the BIS enquiring, however, what was causing delay and saying that inconvenience would be caused because of payments the next day, the Bank of England acted on the instructions referring to the Law Officers, who, however, subsequently upheld their action."

Just three months later the Government declared war on Germany, following its invasion of Poland.

In the official history, the Bank insisted that it would have been "wrong and dangerous" for the future of BIS if Governor Montagu Norman had taken any other course of action. It claimed the UK and French governments would have breached peace treaties if they had blocked the move.

Historians have argued that Montagu Norman supported Germany right up until the Second World War. He reportedly attended the christening of the son of Dr Hjalmar Schacht, president of the Reichsbank before the war.

His right hand man at the Bank was Otto Niemeyer who chaired the Bank of International Settlements which was set up in 1930 as a non-political body to facilitate the payments of reparations from Germany after the First World War.

After the outbreak of war, the documents reveal the Government told the Bank of England it should not act upon an order from the BIS "if it seems to the Bank to be likely that the order might benefit the enemy".

Posted: **Wed Jul 31, 2013 6:39 am**

Thanks all, I'll be dipping into that long page Seacher posted.

I was on an online chat the other day with a researcher called Adam LeBor, who just published a book on the BIS: Tower of Basel: The Shadowy History of the Secret Bank that Runs the World. Looks pretty good.

Tower of Basel is the first investigative history of the world’s most secretive global financial institution. Based on extensive archival research in Switzerland, Britain, and the United States, and in-depth interviews with key decision-makers—including Paul Volcker, the former chairman of the US Federal Reserve; Sir Mervyn King, governor of the Bank of England; and former senior Bank for International Settlements managers and officials—Tower of Basel tells the inside story of the Bank for International Settlements (BIS): the central bankers’ own bank.

Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of $1.17 billion in 2011–2012.

Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank’s American president from 1940–1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open.

After 1945 the BIS—still behind the scenes—for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the center of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown—until now.

Posted: **Wed Jul 31, 2013 9:10 am**

"gold-swap-signals-roadmap-ahead"
viewtopic.php?f=8&t=28967#p350144

The fact that the Bank for International Settlements/BIS came about
largely through the relationship of Hjalmar Schacht (later Nazi Minister of Economics) and Gates McGarrah (Richard McGarrah Helms maternal grandfather) is just beyond coincidence. A consortium of the world's central banks set up by Nazis and a grandfather of a future CIA Director and later Ambassador to Iran.

Here is a link to the BIS web site, showing Gates McGarrah as the first BIS President.
http://www.bis.org/about/formerboard.htm

Hjalmar Schacht page from Spatacus Schoolnet
http://www.spartacus.schoolnet.co.uk/GERschacht.htm

Posted: **Thu Aug 01, 2013 4:43 am**

...digging-up this ancient gold sales story from the distant past appears to be a KWH on recent distress caused by a massive bear-squeeze and possible run on the bullion banks who have been trying to crash the gold price on the London Market : as covered in a couple of the recent episodes of Max Keiser

In the second half, Max talks to precious metals expert, Andrew Maguire, about the run on the bullion banks happening right now.

http://www.maxkeiser.com/2013/07/kr477-keiser-report-no-jail-for-banksters-in-real-world-monopoly/

In the second half, Max talks to Alasdair Macleod of Macleod Finance and Goldmoney about gold backwardation, GOFO and the 1300 tonnes of gold missing from the Bank of England!

http://www.maxkeiser.com/2013/07/kr476-keiser-report-jihadist-safe-haven/

Posted: **Thu Aug 01, 2013 8:08 pm**

This is actually *directly* connected to the founding of the Bank of International Settlements.

The original melody was written in the 1920s by the person responsible for the creation of the BIS

Posted: **Fri Aug 02, 2013 2:17 am**

Searcher08 wrote:The original melody was written in the 1920s by the person responsible for the creation of the BIS

Well I'll be damned...

Dawes was a self-taught pianist and a composer. His composition, "Melody in A Major" in 1912 became a well-known piano and violin song, and it was played at many official functions as his signature tune. It was transformed into the pop song "It's All in the Game" in 1951 when Carl Sigman added lyrics. Tommy Edwards' recording of "It's All in the Game" was a number one hit on the American Billboard record chart for six weeks in the fall of 1958.[1] Edwards' version of the song also hit number one on the United Kingdom chart that year.[2] Since then, it has since become a pop standard, recorded hundreds of times by artists including Cliff Richard, The Four Tops, Isaac Hayes, Jackie DeShannon, Van Morrison, Nat "King" Cole, Brook Benton, Elton John, Mel Carter, Barry Manilow, and Keith Jarrett. Dawes is the only Vice-President or winner of the Nobel Peace Prize to be credited with a No. 1 pop hit.

http://en.wikipedia.org/wiki/Charles_G._Dawes

Posted: **Fri Aug 02, 2013 11:32 am**

Vintage material from AMPP ==> http://www.mega.nu/ampp/bis.html

9. THE BIS IN BRIEF

From the foregoing profile of the BIS, the following key fields of activity emerge:

* as a forum for international monetary cooperation, the services offered by the BIS in hosting meetings of central bankers and in providing facilities for various committees, both standing and ad hoc, make an important contribution to international monetary cooperation and mutual understanding

* as a bank for central banks, the BIS plays an important role in providing central banks with a broad range of financial services for managing their external reserves

* as a centre for monetary and economic research, the BIS contributes to a better understanding of international financial markets and the interaction of national monetary policies

* acting as Agent or Trustee, the BIS facilitates the implementation of various international financial agreements.

They certainly are a fountain of wonk, it's true: http://www.bis.org/list/papers/index.htm

1998 Management:

Andrew Crockett General Manager [Bilderberg '98]
André Icard Assistant General Manager
Gunter D. Baer Secretary General, Head of Department
Malcolm Gill Head of the Banking Department
William R. White Economic Adviser, Head of the Monetary and Economic Department
Marten de Boer Manager, Accounting, Budgeting and ECU Clearing
Renato Filosa Manager, Monetary and Economic Department
Mario Giovanoli General Counsel, Manager
Guy Noppen Manager, General Secretariat
Günter Pleines Deputy Head of the Banking Department

2013 Management:

The General Manager is Jaime Caruana. The Deputy General Manager is Hervé Hannoun.

The General Manager - the Bank's chief executive officer - carries out the policy determined by the Board of Directors and is responsible to the Board for the management of the Bank.

The heads of the three main departments are Peter Dittus (General Secretariat), Stephen Cecchetti (Monetary and Economic Department) and Peter Zöllner (Banking Department). The General Counsel is Diego Devos.

Other senior officials are Jim Etherington (Deputy Secretary General), the Deputy Head of Banking (vacant) and Josef Tošovský (Chairman, Financial Stability Institute). Claudio Borio and Philip Turner are the Deputy Heads of the Monetary and Economic Department.

Eli Remolona is Chief Representative, Representative Office for Asia and the Pacific, and José Luis Escrivá is Chief Representative, Representative Office for the Americas.

And BOD:

Board of Directors

Last update 1 July 2013

Christian Noyer, Paris (Chairman of the Board of Directors)

Ben S Bernanke, Washington, DC; Mark Carney, London; Agustín Carstens, Mexico City; Luc Coene, Brussels; Andreas Dombret, Frankfurt am Main; Mario Draghi, Frankfurt am Main; William C Dudley, New York; Stefan Ingves, Stockholm; Thomas Jordan, Zurich; Klaas Knot, Amsterdam; Haruhiko Kuroda, Tokyo; Fabio Panetta, Rome; Stephen S Poloz, Ottawa; Baron Guy Quaden, Brussels; Paul Tucker, London; Ignazio Visco, Rome; Jens Weidmann, Frankfurt am Main; Zhou Xiaochuan, Beijing

Alternates

Mathias Dewatripont or Jan Smets, Brussels; Paul Fisher or Michael Cross, London; Anne Le Lorier or Marc-Olivier Strauss-Kahn, Paris; Joachim Nagel or Karlheinz Bischofberger, Frankfurt am Main; Janet L Yellen or Steven B Kamin, Washington, DC; Emerico Zautzik, Rome

Posted: **Fri Aug 02, 2013 11:43 am**

There is a paper called "Sound management of risks relating to money laundering and financing of terrorism" an irony that defies any response other than

lulz

Posted: **Fri Aug 02, 2013 11:56 am**

AML is a very interesting field, though: young, earnest wonks hard at work on a project they know their supervisors don't want to succeed. Due to my strange stint as a forensic accontant I've gone to a few AML conferences on company dimes and found it enjoyable stuff, albeit mostly incomprehensible. I think I had not appreciated how hugely opaque banking really is.

The sense that I got was that companies who do huge order volume are taking the lead in this, much to the chagrin of banks, who of course rely upon money laundering as a profit center. Remember: Palantir emerged from eBay's anti-fraud division. That level of technology and analytical depth simply doesn't exist in the banking sector, and that's not for lack of budget, eh?

Via: http://www.nakedcapitalism.com/2009/12/ ... risis.html

Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result….

Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago. “In many instances, the money from drugs was the only liquid investment capital. In the second half of 2008, liquidity was the banking system’s main problem and hence liquid capital became an important factor,” he said.

Some of the evidence put before his office indicated that gang money was used to save some banks from collapse when lending seized up, he said.

“Inter-bank loans were funded by money that originated from the drugs trade and other illegal activities… There were signs that some banks were rescued that way.” Costa declined to identify countries or banks that may have received any drugs money, saying that would be inappropriate because his office is supposed to address the problem, not apportion blame. But he said the money is now a part of the official system and had been effectively laundered.

“That was the moment [last year] when the system was basically paralysed because of the unwillingness of banks to lend money to one another. The progressive liquidisation to the system and the progressive improvement by some banks of their share values [has meant that] the problem [of illegal money] has become much less serious than it was,” he said…

Gangs are now believed to make most of their profits from the drugs trade and are estimated to be worth £352bn, the UN says. They have traditionally kept proceeds in cash or moved it offshore to hide it from the authorities. It is understood that evidence that drug money has flowed into banks came from officials in Britain, Switzerland, Italy and the US.

rigorousintuition.ca

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