Misconduct charges are expected against 45 Toronto police officers involved in the G20 summit two years ago

By Zach Dubinsky and Dave Seglins,

May 18, 2012

Misconduct charges are expected against 45 Toronto police officers involved in the G20 summit two years ago, including five senior officers, one of them the commander who gave the notorious order to “kettle” protesters.

A copy of an investigative report carrying the logo of the provincial watchdog agency, the Office of the Independent Police Review Director, was provided to CBC News late Thursday night by one of the 37 people who filed complaints about their treatment during the kettling incident. CBC News was unable to confirm its authenticity with the OIPRD.

The report says some of the responsibility for detaining several hundred people for four hours in the rain goes all the way to the top, to Toronto police Chief Bill Blair and Deputy Chief Tony Warr, though it falls short of mandating charges against them.

But the report says operational responsibility lies with Supt. Mark Fenton, one of two Toronto officers who served as “incident commanders” during the G20 and had control of officers in streets. He is expected to face two charges.

Fenton’s order to keep the group of protesters, bystanders and even some journalists boxed in at Queen Street West and Spadina Avenue “in a severe rain storm that included thunder and lightning was unreasonable, unnecessary and unlawful,” according to the document. It violated the detainees’ constitutional right against arbitrary detention and was negligent, the 276-page report says.

The commander’s explanation to investigators for his decision was that he feared police riot squads weren’t mobile enough to react to “ongoing attacks” by what he saw as “terrorists” committing acts of vandalism in Toronto’s streets. “Therefore, the tactic of isolating, containing the movement of the terrorists/protesters was required to stop the ongoing attacks and prevent new attacks,” the report quotes Fenton saying.

The report indicates the OIPRD is directing Blair to charge Fenton with two counts of misconduct under the Police Services Act: unlawful exercise of authority and discreditable conduct.

The charges under the Police Services Act are not criminal and amount to internal discipline, which can result in docking of pay to outright dismissal. None of the out-of-town police officers brought in to help Toronto police was charged.

The watchdog agency investigated nine other officers’ conduct in relation to the June 27, 2010, kettling incident, but charges were not substantiated against any of them.

The OIPRD tabled a separate public report on the G20 released Wednesday that concluded a “turning point’ during the summit weekend came late Saturday, June 26, when Warr implored Fenton to “take back the streets.”

OIPRD director Gerry McNeilly says that following those instructions the Major Incident Command Centre (MICC) structure broke down, as the night incident commander (Fenton) launched an “autocratic” and “dysfunctional” crackdown ordering mass arrests of protesters.

Some front-line officers, according to McNeilly, ultimately disregarded Fenton’s orders at the kettling and let some people out of the ring of riot squad officers, including those with medical emergencies. He noted records of one officer stating of Fenton, “He’s maniacal this MICC, he’s maniacal.”

Fenton could not be reached for comment and did not respond to emails from CBC News on Thursday night. He has not had an opportunity to respond to the report or the expected disciplinary charges against him.

45 police expected to face charges

Three or four of Fenton’s fellow senior officers, and about 40 other Toronto police, are also expected to face charges by the time the oversight body wraps up its investigation of G20 policing.

CBC News has learned that to date the OIPRD has ordered Blair to charge 28 of those officers, but the agency is expected to direct him to lay more counts against another 17, including Fenton, bringing the total number of officers facing discipline hearings to 45.

The Toronto Star reported early Friday that two of those senior officers found to have committed misconduct are the pair who were in command of the mass detention centre on Eastern Avenue, where hundreds of arrested people were held during the G20 weekend.

Some details of the OIPRD proceedings surfaced this week at Ontario’s Divisional Court when Toronto’s police union attempted to have the cases dismissed due to delays. A panel of three judges rejected the application brought by the union on behalf of eight officers — two accused of using unnecessary force on prisoners and six accused of conducting illegal arrests. They are now expected to appear before tribunals on June 19 and July 24.

The news of the disciplinary charges comes on the heels of the release on Wednesday of the OIPRD’s scathing systemic review of overall policing of the G20 summit, during which the agency says some officers used “excessive force” to crack down on demonstrations as more than 1,100 people were rounded up in the streets.

When he released his review, McNeilly told reporters that his team of investigators was also probing allegations against specific officers. He said 350 individuals filed complaints relating to G20 policing, and his office substantiated 107 of them, determining 97 were “serious.”

An OIPRD spokesman later explained that some of the complaints involved the same incidents and the same officers.

Criminal charges

The OIPRD proceedings against individual officers add to numerous disciplinary charges already laid by Blair on his own initiative against officers caught removing their name tags during G20 demonstrations.

In addition, criminal charges were laid against two Toronto constables by Ontario’s Special Investigations Unit, which probes serious injuries or deaths involving police.

The SIU charged Const. Babak Andalib-Goortani with assault with a weapon in connection with an incident at Queen’s Park in which protester Adam Nobody suffered a broken cheekbone in a violent takedown captured on video. He faces a second count of assault with a weapon stemming from another incident at the same protest in which a woman was hit with a baton.

And Const. Glenn Weddell stands accused of assault causing bodily harm after 30-year-old Dorian Barton’s arm was broken while he was photographing police during a protest. Source

Kettling incident was caught on video:

G20 charges coming against Toronto police commanders

By Dave Seglins,

May 17, 2012

A handful of senior Toronto police commanders are expected to be charged in coming weeks for a variety of misconduct offences over their leadership at the G20 summit in June 2010, CBC News has learned.

The charges are in addition to 28 frontline officers slated to have disciplinary hearings for a range of misconduct offences, including unlawful arrests and use of excessive or unnecessary force against prisoners.

The details of charges come on the heels of a report released yesterday by Ontario’s top civilian complaints watchdog Gerry McNeilly, head of the Office of the Independent Police Review Director.

He concluded in a “systemic review” of the G20 in Toronto that police leaders were poorly prepared and launched a crackdown that led to illegal mass arrests, arbitrary searches and unlawful detentions of more than 1,000 largely peaceful protesters and bystanders.

“Mr. McNeilly is recommending charges to be laid against about a half dozen senior officers,” confirmed Toronto Police Services board chair Alok Mukherjee in an interview with CBC News on Thursday.

Mukherjee said those who face misconduct hearings include “people who were in decision-making roles … that go pretty high in the organization. He has identified some people who are at very senior ranks.”

Toronto’s police union this week was in an Ontario court attempting to have all G20 disciplinary charges against officers thrown out due to lengthy delays.

But a panel of Ontario Divisional Court judges ruled against the union, clearing the way for disciplinary hearings to proceed in the coming months against 28 officers that could result in exonerations or punishments ranging from docking of officers’ pay to outright dismissal.

Until now, no details of specific charges against the officers have been released, however court documents reveal specific allegations against eight officers who have already been served with “notices of hearing.”

Those officers have not had a chance to defend themselves, but the charges against them are as follows:

  • Const. Vincent Wong Unlawful arrest of “J.W.” (Sunday, June 27, 10 a.m. at Yonge Street and Gerrard Avenue).
  • Const. Blair Begbie Unlawful arrest of “J.W.” (June 27, 10 a.m. at Yonge Street and Gerrard Avenue).
  • Const. Alan Li Unlawful arrest of “A.S.” (June 27, 4 p.m., Bloor Street West and Huron Street).
  • Const. Donald Stratton Unlawful arrest of “A.S.” (June 27, Bloor Street West and Huron Street).
  • Const. Michael Kirpoff Unnecessary force on prisoner “J.M.” (June 27, Queen Street West and Spadina Avenue).
  • Const. Ryan Simpson Unlawful arrest of cyclist “N.W.” (June 27, Bloor Street and Spadina Avenue).
  • Const. Jason Crawford Unlawful arrest of “N.W.” (June 27).
  • Const. Michael Martinez Unnecessary force on prisoner “J.R.” (Saturday, June 26, Novotel Hotel).

As a result of the disciplinary hearing, the officers could face penalties ranging from docked pay to dismissal. The officers could also be exonerated.

Toronto police spokesman Kevin Masterman told CBC News all of the officers facing misconduct charges remain on the job and are not suspended.

Constables Begbie and Wong will appear before a hearing on July 24. The rest of the officers have a hearing scheduled for July 19. Source

Into The Fire – Press For Truth – G20 Toronto Full Movie

This is a must watch film if you are to understand what happened at the G20.

Caught In The Act – Ombudsman Report on the G20 Summit

News Conference. December 7, 2010

Canada”Trouble in Toryland: their Dirty Tricks catalogue Part Three

“Canada”Trouble in Toryland: their Dirty Tricks catalogue Part Two

“Canada”Trouble in Toryland: their Dirty Tricks catalogue

Recent

Canadian Conservative MP Ted Opitz’s Etobicoke Centre win overturned

UN’s World Food Programme, to buy fish from Japan, to feed school children, in poor countries

Published in: on May 18, 2012 at 6:09 pm  Comments Off on Misconduct charges are expected against 45 Toronto police officers involved in the G20 summit two years ago  
Tags: , , , , , , , , , ,

Italian Prime Minister meets with German Chancellor

November 18 2008

By Mathis Winkler

Merkel and Berlusconi Back Alitalia-Lufthansa Deal
Berlusconi and Merkel
Großansicht des Bildes mit der Bildunterschrift: Despite serious problems, Merkel and Berlusconi still had some fun

Meeting in the northern Italian port of Trieste on Tuesday, Germany’s chancellor and her Italian counterpart focused on global economic problems — but also had time for a quick game of hide and seek.

Italian Prime Minister Silvio Berlusconi said Tuesday he and German Chancellor Angela Merkel favor a possible partnership between German airline Lufthansa and ailing Italian carrier Alitalia.

“We both view a collaboration between Alitalia and Lufthansa very favorably. In fact we hope it will occur,” Berlusconi said during a joint news conference with Merkel in Trieste after surprising his German guest with a game of hide and seek at the beginning of their meeting.

As Merkel approached to greet Berlusconi, he hid behind a column and called out “coo-coo!”. Merkel then turned to him, laughed and said “Silvio!” before embracing him, according to reports.

Earlier Tuesday Italy’s top financial newspaper, Il Sole 24 Ore, reported that a private Italian consortium, CAI, which is in the process of purchasing the state’s controlling stake in Alitalia, was on the verge of clinching a deal with French-Dutch airline Air France-KLM.

The “imminent” deal would involve Air France-KLM buying a 20 percent stake of Alitalia for some 200 million euros ($252 million), the newspaper said without citing sources.

But Tuesday’s remarks by Berlusconi suggest the matter has still to be decided. Earlier this year the Italian premier, who was then head of Italy’s opposition, torpedoed a bid by Air France-KLM to buy Alitalia when he campaigned to keep the troubled flagship airline “in Italian hands.”

Focus on economy

Just three days after they both attended the Group of 20 (G20) summit in Washington on the global financial crisis, Berlusconi and Merkel largely focused on economic issues during their talks.

With both Italy and Germany sliding into recession the time has come to “face the economic crisis, but we must not forget environmental themes,” Merkel said.

“We must not choose the wrong measures,” the German chancellor said, adding that “European (Union) but also national assistance packages must be aimed at sectors that have a future,” she added.

Germany was insisting on more flexibility in making EU structural funds available “so that the money can be spent without too much bureaucracy,” Merkel said.

No interventions

As “Europe’s two main manufacturing nations,” Berlusconi said, Italy and Germany opposed any measures contained in a EU climate and energy packet that would negatively impact on their countries’ industries.

Asked whether Italy intended to follow the example of the US, where moves are afoot to bolster that country’s automobile industry, Berlusconi replied: “We don’t believe such measures should be taken.”

“We don’t exclude them, because we first want to see how the market behaves, but at the moment no interventions are planned,” Berlusconi said.

Referring to the importance of the G20, which brought together developed and emerging economies, Berlusconi said he and Merkel still believed the Group of Eight (G8) of the world’s most developed nations should “continue existing.”

The G8, of which Italy next year takes over the presidency and hosts its summit, should however “be enlarged to a G14 or G20 depending on the problems brought to the table,” said Berlusconi,

FMs commemorate Nazi victims

Steinmeier and Frattini at La Risiera di San Sabba memorial

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Steinmeier and Frattini at La Risiera di San Sabba memorial


Germany’s Foreign Minister Frank-Walter Steinmeier on Tuesday meanwhile joined his Italian counterpart Franco Frattini in laying a commemorative wreath for the victims of a former World War II Nazi death camp near Trieste.

The German foreign minister’s morning visit to the Risiera di San Sabba was seen as an attempt to mend fences with Italy. Acrimony exists between the two countries 60 years after the end of the war over demands for retribution for Nazi-era atrocities.

According to estimates, between 3,000 and 5,000 people — mostly political prisoners — were murdered at the camp.

“The atrocities perpetrated at Risiera di San Sabba in the name of Germany are part of our common history,” Steinmeier said during the memorial ceremony. “Many are the events and the places of memory which represent the betrayal of civilization by Germany.”

Steinmeier also recalled the “suffering of around 600,000 Italian soldiers” interned in German prison camps. He was referring to those imprisoned following Italy’s decision in September 1943, after toppling fascist dictator Benito Mussolini’s, to abandon its Axis alliance with Germany.

Joint historic commission

Frattini and Steinmeier also announced the creation of a joint Italian-German commission of historians which would research the treatment of Italian World War II prisoners in German hands.

Last month the German government rejected a verdict from a Rome court ordering Germany to pay personal damages for Nazi atrocities to match reparations already paid to Italy as a nation.

The case was filed by nine families on behalf of relatives killed when Nazi soldiers massacred 203 people at Civitella in northern Italy in June 1944. The Italian court awarded them 1 million euros ($1.3 million).

Germany is currently preparing a complaint to the International Court of Justice in the Hague to fend off further reparation claims.

Source

Ryanair to appeal EU’s ‘corrupt’ support of Alitalia takeover

The do-nothing summit

Nicole Colson reports on the emergency meeting of the heads of the world’s 20 leading economies.

Group of 20 leaders gathered for an official dinner at the White House during an economic summit (Three Trees Images)

Group of 20 leaders gathered for an official dinner at the White House during an economic summit (Three Trees Images)

WORLD LEADERS emerged from the Group of 20 economic summit patting themselves on the back–or in the case of French President Nicolas Sarkozy and George W. Bush, giving each other a celebratory “fist bump”–for coming together to discuss the global economic crisis.

Not that they came up with any real solutions, of course.

Speaking after the meeting, Bush called the agreement negotiated among political leaders from the world’s largest economies “an important first step.” But a closer look at the proposals in question shows that they amount to “too little, too late.”

The general principles included in the G20 declaration include vague calls for strengthening transparency and accountability in financial systems; enhancing sound regulation; promoting “integrity” in financial markets; increasing international cooperation between the countries’ financial regulators; and reforming international financial institutions to include emerging economies.

As National Public Radio’s David Kestenbaum commented:

A lot of the details are “to-be-figured-out-later.”…Oh, the leaders said they thought economic stimulus (building new roads, mailing out checks, that sort of thing) were a good idea. But José Manuel Barroso, president of the European Commission, said each country would have to decide what was right.

In other words, although the G20 summit was portrayed as a coming together of world leaders to take coordinated action to bolster the world economy, the reality is that each country will do what it’s already been doing–use the power of its own state to boost its national corporations and financial systems, at the expense of other countries, particularly poor and developing ones.

That fact was underscored by the announcement that the group isn’t scheduled to meet again until April 30, 2009–more than 100 days after Barack Obama is sworn into office.

“Though the countries’ stimulus packages were cast as ambitious steps, they mainly reflected measures that the countries were already undertaking to respond to the crisis,” the New York Times reported.

“What remains to be seen is whether, working with a new White House, the leaders will cast aside their political and economic differences to embrace more radical changes, including far-reaching but fiercely debated proposals to overhaul regulation.”

– – – – – – – – – – – – – – – –

BEHIND THE scenes, even coming up with an agreement on these relatively toothless “principles” was nearly impossible, according to reports. Unsurprisingly, the U.S. seems to have dug in its heels the most at every suggestion of greater oversight and regulation.

Even mainstream economists rejected the idea that the summit achieved anything substantial. “This is plain-vanilla stuff they could have agreed on without holding a meeting,” Simon Johnson, an economist at the Massachusetts Institute of Technology and a former chief economist of the International Monetary Fund, told the New York Times.

As the Times noted, “despite broad support for economic stimulus, the leaders were not able to agree on a coordinated global effort. The Bush administration, which does not favor a further stimulus, resisted that idea. And the proposal for colleges of supervisors fell short of an international regulatory agency favored by the French. The Bush administration opposes any regulatory agency with cross-border authority.”

The U.S. also made sure that the G20 declaration is explicit in being committed to free-market orthodoxy.

“We recognize that these reforms will only be successful if grounded in a commitment to free-market principles, including the rule of law, respect for private property, open trade and investment, competitive markets, and efficient, effectively regulated financial systems,” the declaration proclaims. “These principles are essential to economic growth and prosperity and have lifted millions out of poverty, and have significantly raised the global standard of living.”

But it is “free-market principles”–specifically wholesale deregulation–that caused the crisis in the first place.

And as global justice campaigners Damien Millet and Eric Toussaint noted following the summit, under the framework of the G20 agreement, the world’s poorest will be the ones who suffer–particularly if discredited institutions like the International Monetary Fund (IMF) and World Bank (WB) gain a new lease on life.

Millet and Toussaint called the summit:

a dismal failure…a sorry show, a script that lacks any credibility, but few spectators seem to care. In detective films, it is seldom the case that the keys to the Court of Justice be given to arch-criminals. Yet this is what the G20 summit is planning to do…This G20 summit shows that lessons have not been learned. The old demons of the past are still with us.

The IMF and the WB, though further delegitimized by the failure of the measures they have enforced for 25 years and by the governance crisis they have experienced over the last years…are still at the heart of the proposed solutions. [World Trade Organization] negotiations aiming at even more economic deregulation, while we have just witnessed the utter failure of this policy, are again on the agenda.

While IMF loans could no longer find clients, Hungary, Ukraine and Pakistan have volunteered. Contrary to denials by concerned institutions, the same intolerable conditionalities are still the order of the day: as counterpart for the latest loan, Hungary had to decide, among other things, to suppress civil servants’ 13th month bonus and freeze their salaries. Japan even proposed to supply the IMF with $100 billion so that it could increase its loans and carry on its fateful activities.

Moreover, the meeting that was intended to find a global solution to the current crisis was not held in the context of the United Nations but in the limited context of the G20. So the very promoters of an unfair and unsustainable model are asked to rescue this model.

The only solutions that were put forward protect the interests of major creditors. Populations and poor countries as usual were not consulted.

When faced with such an inconsistent and ill-conceived script, one cannot but hope for a final twist that would introduce a measure of justice and ethics into all this. This final twist can only be found in social struggles all over the world to bring about a radical change in economic choices.

And if the film should end as dismally as it started, there is a strong chance that the audience will be highly dissatisfied and make it known to the 20 directors in the most vehement manner.

– – – – – – – – – – – – – – – –

EVEN NEOLIBERAL writer Thomas Friedman had to admit in his New York Times column that the financial crisis is far from over:

Governments are having a problem arresting this deflationary downward spiral–maybe because this financial crisis combines four chemicals we have never seen combined to this degree before, and we don’t fully grasp how damaging their interactions have been, and may still be,” he wrote.

Those chemicals are:

1) massive leverage–by everyone from consumers who bought houses for nothing down to hedge funds that were betting $30 for every $1 they had in cash;

2) a world economy that is so much more intertwined than people realized, which is exemplified by British police departments that are financially strapped today because they put their savings in online Icelandic banks–to get a little better yield–that have gone bust;

3) globally intertwined financial instruments that are so complex that most of the CEOs dealing with them did not and do not understand how they work–especially on the downside;

4) a financial crisis that started in America with our toxic mortgages.

When a crisis starts in Mexico or Thailand, we can protect ourselves; when it starts in America, no one can. You put this much leverage together with this much global integration with this much complexity and start the crisis in America and you have a very explosive situation.

“If you want to know where we are right now,” Friedman concluded, “rent the movie Jaws. We’re at that moment when Roy Scheider first sets eyes on the Great White Shark and comes back and says to the skipper, with eyes wide with fear: ‘You’re gonna need a bigger boat.'”

Source

So the bottom line is they had a really great party, at our expense.

They accomplished nothing and want to continue on the road that caused the Crisis in the first place.

Geniuses I tell you, they think they are Geniuses.

So they want to continue to help the planet on a downward spiral to purgatory.

In other wards they may not know what they are doing.  Not that I am cynical or anything.

Being so intertwined is not a good thing. The domino affect is costing we the taxpayers a fortune.

De-regulation is not the way to go. We have been there done that and we have the trillion dollar tee shirts to show for it.  So all we get is a stupid tee shirt.

I wonder what they are giving themselves, a raise in pay?

Someone should be checking their portfolios.

World Leaders Must Roll Back Radical WTO Financial Service Deregulation

Nov. 14, 2008

To Address Crisis, World Leaders Must Roll Back Radical WTO Financial Service Deregulation Requirements, not Push WTO Doha Round’s Further Financial Sector Deregulation

Bush’s Stubborn, Ideological Defense of Market-uber-alles Global Economic Deregulation Model Threatens Summit’s Prospects

WASHINGTON, D.C. – Remedying the financial crisis will require significant changes to existing World Trade Organization (WTO) rules that lock in domestically and export worldwide the extreme financial services deregulatory agenda favored by the world’s banking and insurance giants that fostered the crisis, Public Citizen said.

“President Bush’s insistence that further deregulation and liberalization is the solution to addressing the financial crisis spawned by radical financial services deregulation is the sort of backwards, ideological approach that could squander the prospects that Saturday’s summit produces any remedies for the crisis,” said Lori Wallach, director of Public Citizen’s Global Trade Watch division.

Calls by many other world leaders for new global financial services regulation have been accompanied by a seeming total lack of awareness that most of the world’s countries are bound to expansive WTO financial services deregulation requirements to stay out of the business of regulating financial services. More than 100 countries signed the 1997 WTO Financial Services Agreement.

Despite the pervasive role of the WTO in worldwide financial service deregulation, in the lead up to this Saturday’s G-20 Global Financial Crisis Summit in Washington, D.C., the only comments regarding adherence to global trade rules have been of the red herring variety: panicky warnings about the perils of countries raising tariffs to block imports in response to dire economic conditions – something no country has proposed.

In contrast, in recent weeks, the Bush administration and governments worldwide have taken various measures to counter the crisis. These measures contradict the fundamental precepts of the current globalization model – and in some cases violate the rules implementing this model, such as those of the WTO. Plus, many of the most basic national and international remedies now being proposed to fix the mess and avoid future meltdowns occupy policy space that governments ceded to the WTO a decade ago.

“Altering the WTO financial services rules is critical for creating domestic policy space to address the crisis,” Wallach said. “However, even in the face of this crisis, the United States and the European Union are pushing for further financial services liberalization in the ongoing WTO Doha Round, the conclusion of which they are now pushing as a cure to the crisis, even as they find that flaunting the existing WTO terms is the necessary course of action.”

As part of its original WTO commitments, the United States agreed to conform a broad array of financial services – including banking, insurance and other financials services – to comply with WTO rules.

“Unless the radical financial services deregulation agenda that has been aggressively promoted and entrenched by the WTO, World Bank and International Monetary Fund is understood as a source of the current crisis, reform proposals will not address the crisis’ root causes,” Wallach said.

For more information about the WTO’s role in the crisis, read our memo to reporters, Elimination of WTO’s Radical Financial Service Deregulation Requirements Must Be Addressed at Nov. 15 Summit.

Source

Letter to U.S. Congress from 243 Civil Society Groups in 90 Developing Countries: To Combat Global Poverty and Allow Developing Countries to Develop Please Reject Pressure to Give President Bush New Fast Track Authority to Push WTO Escalation Via the Doha Round

More Fair Traders have been elected.

Fair Trade Gets an upgrade

The GM genocide: Thousands of Indian farmers are committing suicide after using genetically modified crops

The World Bank and IMF in Africa

Published in: on November 15, 2008 at 7:30 am  Comments Off on World Leaders Must Roll Back Radical WTO Financial Service Deregulation  
Tags: , , , , , , , , , , , , , , , , ,

President Bush: global crisis does not mean free market has failed

November 14, 2008

As he sought to deflect European calls for more regulation, President Bush told world leaders flying into Washington yesterday for an emergency meeting that the global financial crisis did not signal the failure of the free market.

Speaking on Wall Street last night, he said: “Government intervention is not a cure-all. While reforms in the financial sector are essential, the solution to today’s problems is sustained economic growth. The surest path to that growth is free markets and free people.”

His comments were a veiled warning to Nicolas Sarkozy, the French President, and Angela Merkel, the German Chancellor, who are pushing for a drastic restructuring of the world’s financial regulatory systems.

Leaders representing the Group of 20 nations are due to gather in Washington for a working dinner this evening and formal meetings tomorrow to discuss reforms that could prevent a repeat of the global financial meltdown experienced over the last three months.

While this weekend’s summit is not expected to produce dramatic actions, Mr Bush, who is hosting the meeting, has a list of topics that he wants the group to consider, including forcing banks to be more transparent in their accounts. The President is also proposing changes to the way that some complex securities are traded, and a reform of institutions such as the International Monetary Fund (IMF) and World Bank.

Other leaders have come with their own national agendas. Gordon Brown wants the IMF to create a special body of experts who would act as an early warning system for new financial crises. Arriving in New York for the summit, Mr Brown defended his own plans to cut taxes and told fellow leaders that “the cost of inaction will be far greater than the cost of any action”. He hopes to gain political cover for a package of tax cuts and public-spending increases by persuading other nations to match the giveaway at the meeting of the G20 group of nations. “It is now becoming increasingly accepted around the world that a temporary and affordable fiscal stimulus is necessary,” he said. “By acting now we can stimulate growth in all our economies.” He said that there was a “need for urgency”.

France is more preoccupied with plans to introduce cross-border regulations, which would allow them to control the operations of French banks such as Société Générale abroad. The Germans are pushing for very heavy regulation of hedge funds.

All leaders of the G20, however, are united by one factor – fear. During the last three months banks and insurers across the world have collapsed, governments and central banks have sought to cope by co-ordinating interest rate cuts and injecting billions into the global banking system to keep it afloat, and the world’s biggest economies are now facing a prolonged period of severe economic recessions.

The UN Secretary-General gave warning that the financial crisis could trigger unrest and even war. In a letter to the G20 leaders, Ban Ki Moon also underlined the perils of protectionism. “The lesson of the 1930s is that a spiral of protectionism can deepen a recession,” he said.

The ghost at this weekend’s feast is Barack Obama. He has declined an invitation to attend the summit, preferring to remain in Chicago where he is putting together policies and personnel for an administration that will take over on January 20.

According to British diplomats in Washington, Mr Brown believes that he is in broad agreement with the President-elect on the shape of international economic intervention.

Source

President Bush told world leaders flying into Washington yesterday for an emergency meeting that the global financial crisis did not signal the failure of the free market.

Speaking on Wall Street last night, he said: “Government intervention is not a cure-all. While reforms in the financial sector are essential, the solution to today’s problems is sustained economic growth. The surest path to that growth is free markets and free people.”

So he actually believes that? Well that’s fine he has the right to believe it if he wants to.

He also went on about the Weapons of mass destruction in Iraq as well, which was anything but true.

He is a flipping Genius who knows all and should be worshiped, because he thinks he is a flipping Genius.   Spare me the rhetoric of the all knowing Bush.

So anyway the rest of us would believe this BS because WHY ?????????????????????????
Because we all have stupid written across out foreheads.  Right sure we do.

Bushes comments were a veiled warning to Nicolas Sarkozy, the French President, and Angela Merkel, the German Chancellor, who are pushing for a drastic restructuring of the world’s financial regulatory systems.

Restructuring and regulations are needed for sure.

The free for all and doing anything  financial institutions want too, must come to and end.

De regulation has proved to be a total failure.

Bush knows how to drive a country into a 11 trillion dollar debt, but he certainly doesn’t know how to correct the mess he and his Administration created.

His financial advice is useless.  Listening to him on any count would be absolute foolishness.

He didn’t  run his own country with any inkling of responsibility, how on earth can he tell the rest how to run theirs?

“Free people” like Bush knows anything about that, after all he has done to oppress Americans.

He has taken away their rights on more fronts then the average Dictator.

When Bush wants to help, I advise ducking for the incoming nightmare he will create.

He has created many.

Here is a little question for you.

If you had a magical little button in front of you,

Now if you  push the little button, it would magically make Bush vanish off the planet.

Would you push it?

https://i1.wp.com/www.democraticstuff.com/v/vspfiles/photos/BT94930-2T.jpg

Mortgage repayments may fall by €150 if rates cut

By LAURA SLATTERY

November 3 2008

MORTGAGE BORROWERS could see their loan repayments fall by a further €50-€150 in time for Christmas if the European Central Bank (ECB) responds to global pressure to cut interest rates on Thursday. EU and British monetary policymakers are facing mounting pressure to slash interest rates to historic lows.

The ECB’s governing council and the Bank of England’s monetary policy committee meet this week amid a clamour for rate cuts which are unprecedented in their brief histories.

Surveys suggest that economists expect cuts of at least half a percentage point, which would take the ECB rate down to 3.25 per cent and the Bank of England’s rate down to 4 per cent.

Both the Bank of England and the ECB cut rates on October 8th by a half-point as part of a globally co-ordinated move to spark economic activity.

However, dire economic news in recent data releases mean that they will probably be forced to move again.

That rate cut, which brought the ECB base rate down to 3.75 per cent, was the first decrease in euro-zone interest rates in more than five years.

It meant that Irish homeowners with typical-sized variable-rate mortgages saw their monthly repayments fall by €50-€150, as the main lending institutions passed on the rate cut.

Homeowners with a mortgage of €200,000 being repaid over 20 years saw their repayments fall from €1,381 to €1,325, assuming they were charged interest at a typical margin of 1.3 points above the ECB rate.

Some lenders waited until this month to pass the rate cut on, while others gave borrowers the benefit of the rate cut for a portion of October.

A further half-point cut would see repayments on such a mortgage shrink to €1,271, meaning the household would be better off by an extra €100 a month as a result of the two rate cuts. For homeowners repaying a mortgage of €500,000 over 30 years, the fall in their loan repayments would be more than three times that amount.

On Saturday, the Reserve Bank of India took emergency action to cut interest rates and pump liquidity into the country’s banking system amid concerns that the global financial crisis would significantly cut India’s growth. The measures followed rate cuts by the central banks of Japan and China last week. Meanwhile, French president Nicolas Sarkozy and British prime minister Gordon Brown have struck up an unlikely partnership ahead of next week’s summit in Washington aimed at overhauling the global financial system.

But Paris fears Mr Brown is committed to preserving a light-touch regulatory regime for the City of London. French officials say the strongest message that should come out of the Washington meeting on November 15th would be a broad commitment from the US, the UK and other European countries to abandon competition between regulatory systems in favour of convergence. However, they acknowledge this is unlikely.

Mr Brown and Mr Sarkozy want agreement from the leaders of the G20 group of advanced and emerging economies in the US capital for a “new Bretton Woods”, a redesign of the post-war global financial architecture.

Source