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The White House said that US President Barack Obama plans to work within the framework of the Group of Twenty and «financial stability body» affiliate, to encourage other major financial centers to adopt measures similar to the procedure, which announced last week a judge to download major US banks, including branches of Profits Infinity foreign institutions operating in the US market, the government's responsibility to compensate for the losses incurred in the process of saving the financial sector «until the last cents». The announcement came while working the International Monetary Fund, commissioned by the Group of Twenty, held in Pittsburgh in September summit last September, to analyze what he said: «ways to contribute to the financial sector in the coverage of support provided by governments in times of financial crisis cost». He Profits Infinity IMF Managing Director Dominique Struos - was at a press conference Thursday, that the Fund is in the process to report to the
Summit scheduled to be held in Canada in June (June).
He said Strauss - was Obama's plan an event encouraging and an indication of the seriousness of the developed countries, especially the United States, which is responsible in the form of head of the global financial crisis, to cope with the task of reforming their financial sectors, despite his refusal to comment on the details before the official announcement.
He announced First Deputy Managing Director John Lipsky, who is leading the charge of the Profits Infinity working group is preparing the report, that the proposals by the Fund shall submit to the finance ministers Group of Twenty in April for discussion before being presented to the summit, focusing on the different ways to finance the cost of the bailouts of future crises, It also includes familiarize attempts to recover the cost of the current crisis. He noted that there are many links between the two cases, the difference in the appropriate options analysis method to put all of them into practice.
Said Profits Infinity the seminal report submitted to the summit includes options to secure funding for the cost of crises sources, simulates some service-fee, alluding to the proposal announced by the European Union finally impose a fee on financial transactions at the global level, in developed and developing countries alike (what is known as a tax Tobin), and it did not oppose the United States in the words of Treasury Secretary Tim Geithner, but the Director General of the IMF joined strongly to the opposition.
And conflicts starkly with the European proposal, Obama's plan to compensate for the losses to be imposed to apply days of the end of the Toronto summit after (Canada), what it called «fee liability for the financial crisis» on banks and savings institutions and companies of American insurance and branches of banks and institutions and foreign companies that increase their assets at 50 billion, and hopes to cover the cost of rescue is currently estimated at $ 117 billion in 12 years, including 90 billion in ten years.
And the need to compensate the losses to the approval by the Congress initiative, though «Emergency Economic Stability Law» - adopted by lawmakers in October (October 2008), never Profits Infinity - authorizes the President of progress by the year 2013, a plan of that will get you from the financial sector compensation equivalent to the value of any shortfall in the original funding for this $ 700 billion program, in a precautionary measure guarantees to prevent the worsening budget deficit or public debt.
Targeted Obama's plan dozens of banks and savings institutions and insurance companies, which he considered responsible for the financial crisis, but the inventory «Drawing responsibility» in the obligations of any debt used by banks and money in investment activity, in addition to the exemption of assets, including deposits and capital, means that what up to 90 percent of the compensation comes from a handful of giants of the US banking industry and specifically «Citigroup» and Profits Infinity and «bank of America» and «Goldman Sachs» and «Morgan Stanley».
In the paradox of embarrassing, disclosure of compensation for the losses with the announcement of the auditor in the New York State Office initiative coincided, that the major US six banks plans to distribute bonuses worth $ 150 billion for 2009, ie at least $ 14 billion, only about the size of bonuses earned by their executives and employees before the financial crisis exploded in 2007, despite the fact that last year's bonuses will be in shares inalienable long periods of time form.
The White House estimated the potential cost of the program of non-performing assets in August last by about $ 341 billion, but the insistence of the major banks to re «government investment» prematurely, reduce losses by about $ 10 billion, and has made the government a profit of 12.7 billion, and expects the Treasury now that the final cost will continue to decline with the decline in program commitments. Profits Infinity Profits Infinity