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Seven Bankers That Never Miss Bilderberg Sarah Butcher eFinancial Careers June 3, 2013

[...] Although banking and financial services regulation aren’t on the agenda, it seems that plenty of bankers and banks attend Bilderberg meetings on a regular basis. We’ve combed through attendee lists for the past five years and noted that some names and organisations appear repetitively. They are: 1. Josef Ackermann, former chief executive of Deutsche Bank According to our research, Ackermann has been at every Bilderberg meeting since 2008 and is a member of the steering committee. Despite having stepped down from Deutsche Bank in May last year, Ackermann will be at Bilderberg again this week. Neither Anshu Jain nor Jurgen Fitschen are on the 2013 guest list. 2. Marcus Agius, ex-chairman of Barclays Marcus Agius, the former Barclays chairman who stepped down after the Libor scandal, has also been a regular fixture on the Bilderberg circuit. Like Ackermann, Agius attended Bilderberg meetings between 2008 and 2012 and is a member of the steering committee. Even though Agius is effectively retired, he’s attending again this week. Sir David Walker, Barclays’ new chairman, isn’t attending; David Wright, vice chairman of Barclays, is. 3. Roger Altman, chairman of Evercore Partners Roger Altman, the ex-Lehman banker and founder and chairman of US-based ’boutique’ investment bank Evercore Partners, has also been at Bilderberg meetings on multiple occasions. Altman was there in 2009, 2010 and 2011. 4. Peter Sutherland, Goldman Sachs Lloyd Blankfein was allegedly on the Bilderberg guest list in 2007, but since then he seems to have deferred attendance on behalf of Goldman to Peter Sutherland, a former chairman of BP turned

chairman and managing director at Goldman Sachs International in London. Also attending this year is Michael Evans, a vice chairman of Goldman Sachs globally. 5. Douglas Flint, chairman of HSBC Douglas Flint, chairman of HSBC, is also all over Bilderberg. Guest lists suggest that Flint attended the event in 2011 and 2012. By comparison, HSBC chief executive Stuart Gulliver appears to have given the event a pass. 6. Henry Kravis, co-founder KKR Henry Kravis, the billionaire co-founder of private equity firm Kohlberg Kravis Roberts & Co, has also been attending Bilderberg meetings for many years. Guest lists posted on the web indicate that Kravis has been every year since 2009. 7. Kenneth Jacobs, chief executive of Lazard Both Kenneth Jacons, Lazard CEO, and Vernon Jordan, managing director of Lazard, are Bilderberg devotees. It doesn’t appear that Bruce Wasserstein, the ex-Lazard chief and dealmaker, attended on any occasions. Read full article

The Legacy Of The Bernanke Regime Will Be Stagflation Tyler Durden Zero Hedge June 3, 2013 Several months ago we presented a dramatic change in David Rosenberg’s outlook when from a die hard deflationist, he uttered the first rumblings of an inflationista. Since then he has further

focused his substantial shift in perception culminating with this: “The number of firings, in fact, are more than 10% lower today with a 7.5% unemployment rate than they were in May 2007 when the unemployment rate had hit its cycle trough of 4.4%. Right there that tells you that 7.5% is the “new 4.4%”. Yikes. Sounds very 1970sish — and recall in that decade, real spending growth was weak but the supply curve was so sclerotic that inflation stayed stubbornly high. At the same time, at a time when firings are at record lows and job openings are rising at a double-digit annual rate, the number of people quitting their current job for greener pastures elsewhere is on a discernible uptrend. All this points to higher wage growth ahead, and frankly, this is a good thing for society.” Of course, Rosie is simply picking up on what we discussed over a year ago: namely that courtesy of central planning, Okun’s law is now terminally broken. It also means that higher wages for those workers who are in demand (and perpetual part-time status for those who aren’t) will lead to another unpleasant side effect for those forecasting soaring EPS for the S&P: a further drop in corporate margins, which as we keep on showing are now the lowest they have been in over two years: “But the flip side is that as the labour share of the national income pie mean reverts off its all-time lows, we are likely to see profit margins pinched. This is the big risk: margin compression affects the ‘E’, while inflation, insofar as the tight historical relationship with final prices holds, even if to a smaller degree this time around, affects the P/E.” Some claim to see this in the chart of the Labor Share of income, which to the delight of Marxists everywhere, may have finally broken its long term downtrend and found a support level: Image: Zero Hedge

But wrapping it all together, there is one word for what follows: stagflation. The next major theme is stagflation — this will be the legacy of the Bernanke regime. You cannot keep real short-term rates negative for this long in the face of even modestly positive real economic growth without generating financial excesses today and inflationary pressures in the future. Imagine dusting off the Phillips Curve and getting away with it — it’s as if the Fed has changed religions as it now believes there is some trade-off between inflation and unemployment The last time we had negative real policy rates for this long with a central bank wedded to the Phillips Curve was under the Burns-led Fed of the early 1970s. As I have said recently — I am undergoing my own epiphany. I am renowned for being very early — to a fault — in my calls and no doubt am early yet again. Little by little all the deflationists are starting to fold. Zeitgeist Addendum The Scam of The U.S. Banking System VIDEO BELOW Fiat Empire: Why The Federal Reserve Violates The U.S. Constitution VIDEO BELOW Money, Banking and the Federal Reserve VIDEO BELOW The Money Masters a History of Money VIDEO BELOW Theft By Deception Deciphering The Federal Income Tax VIDEO BELOW

Seven Bankers That Never Miss Bilderberg  

Although banking and financial services regulation aren’t on the agenda, it seems that plenty of bankers and banks attend Bilderberg meeting...

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