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Learning More About Ways To Send Money Online

Learning More About Ways To Send Money Online

It is becoming a part of life to send money online. The internet has led to this increasing way of life. Most everyone is doing this today.

There are many different ways to send money online with varying fees. Banks are a popular source of this service. They provide a way to organize their bank accounts of all types. They can transfer funds from one account to another or pay bills. Customers with the bank are provided many of these services for free. Sometimes there are fees related to certain services though, especially if large sums of money are involved.

Others using this service are all forms of Internet business. It is an easy way to receive payment for goods and services they provide. Having their business online increases their customer base. It is especially good business since for the independent business person perhaps working out of their home. They would never have been able to sell their product in a different country without internet access.

There are also prepaid cards that could be linked to a banking account or cards that are not attached to a banking account that are purchased for up to $5. There is money put on the card online or over the phone through a credit card or a banking account. Many use these while traveling or to just protect their regular credit card from theft. They can be used online to make purchases, in ATMs to obtain cash or in restaurants and stores. Some prefer to not work with a bank to send money online. Using this card is an option and is it also an option if they have no banking account.

It might be a cause for concern for security when sending money online. One way to reduce risk is to use your own computer. Another option is if you work with a money transfer company is to make sure they are reputable. Check that they have been in business for many years and has a good reputation through customer comments. Work with a company that allows you to keep track of the money as it is being transferred. One way to do this is to set up the transfer online through such a. This is becoming a popular option because using the internet is so popular and used for many things.

Whether you are in US or Antarctica, you can send money online to any place where there is a bank and internet facility. All it needs is a few seconds of you time and just a click of the mouse. Now payment on time are a part of life and no on can make excuses about not sending money on time. Banks all over the world have been integrated with the internet making sending and receiving money easy, night and day.…

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Banking Manipulation – One Of The Biggest Deceptions

Banking Manipulation – One Of The Biggest Deceptions

Let’s give the definition of banking manipulation:

Manipulation in general: manipulate people is to present things in a way that encourages them to think and act according to the goals of the manipulator.

Almost everyone, from childhood, tries to manipulate the people around them.

Definition (specific): Financial market manipulation is a criminal operation to create false appearances on the evolution of asset prices. Deception designed to induce investors to commit resources in one direction (purchases or sales) which, far from corresponding to their interest, provides undeserved gains to the manipulator.

Effects of banking manipulation on investors, markets, economy are resources diverted to the wrong pockets.

Banking manipulation has two negative effects:

Damage to investors. These victims can overpay an asset whose price was artificially inflated, or sell at prices artificially depressed.

Economic inefficiency in the allocation of resources,

Flooding in certain economic sectors and creating serious imbalances (wasted capital, overvaluation…),

Depriving other sectors of funds that would be better used.

Techniques of banking manipulation:

Two main categories of techniques are used usually for these frauds:

A) Falsifying information.

Various information channels are used: traditional media and internet, consultants, word of mouth (“viral communication”).

B) Divert market tool

By direct manipulation of the price / trend / market signals by initiating artificially purchases.

Banks are experts in building a web of hypercomplex operations characterised by a total lack of transparency which even sophisticated investors have trouble understanding exactly what they are, but are impressed by their “modernity”.

New clients of banks are paying – without knowing it – the interest and repayment of those leaving. This happens at small (a few victims) or large scale Ponzi pyramid chains like the case with Madoff where a considerable number of victims were affected.

Banking manipulation allows financial institutions to:

Offer cocktails of deceptive banking investment products combining unique background of various financial instruments to fit closely to the needs of investors (liquidity, profitability, safety, time horizon, tax and legal aspects).

Contribute to the creation of debt and bankruptcy of its clients by offering them incomprehensible bank contracts.

We can however hope that investors and ordinary people will have in the future more financial literacy to interact with the banking system and not “to be fooled” by it. As in any field, policy makers, rather than experts, must remain.…

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Changes in E-Banking

Changes in E-Banking

E-banking is the way services are offered through electronic delivery channels. The first technology to offer this was the automatic teller machines, better known as ATMs. However, with the internet revolution there are new avenues available for both the bank as well as the customer.

Customers have faster access as well as 24/7 availability. The banks are seeing a more efficient way of operating offering cost-saving capabilities. Today technological advancements allow a customer to make a deposit by iPhone. This might one day result in making mobile payments at ATMs much less used. Another of the recent advancements in e-Banking is using the iPhone to make a bank deposit. The customer first takes a photo of the front and back of the check and these images are then transmitted to the bank. Once the bank verifies the images the check is then deposited.

This technology has also opened the door to allow customers to perform on-phone trading. Customers can also file claims if they have been involved in an automobile accident. If someone is in the process of purchasing a new home, or car, or other “big-ticket” item there are also loan calculation abilities. Several banks are using what is called, “touch phone to pay.” This is also known as ‘contactless payments.” One of the major phone carriers, Nokia, is one of the phone companies marketing the person-to-person payments. The company allows customers to send money to other users of mobiles. Customers can also pay monthly bills, including utilities. Mobile companies are taking a long look at the fact there are more than four billion mobile users globally and only 1.6 billion bank accounts.

All businesses are presently taking a look at what the future might offer. These companies must look at what is already available; what is available in the U.S. and Europe; what is (and is not) available in many foreign countries. There is a wide-open market for phone to phone payments. This could result in being an answer to cashless payments. These payment abilities are already available in Africa and South Asia. Other countries, such as India, offer huge potential. The mobile payment technology will make it possible to pay babysitters as well as e-retail purchases.

There is no doubt that the world, as a whole, is facing a new technology that will once again make life a little easier. The competition will add tremendous options for consumers in the future.…

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Monetizing Instruments – What Is Monetizing an Instrument and Why Do It?

Monetizing Instruments – What Is Monetizing an Instrument and Why Do It?

The word instrument in the world of money typically refers to a banking instrument. This may be a Certificate of Deposit or various letters of credit including standby letters of credit and directors’ letters of credit. This term also included bank guarantees. When a bank instrument is monetized, it is converted to legal tender that can basically be used just like cash. This could be done for many reasons, but usually it is done when the owner needs cash quickly. Often it is discounted in the monetization process. An example of this is cashing in a Certificate of Deposit early and losing some of the value. This means that the amount of legal tender it is worth is less than the original CD was worth.

The monetization process usually begins when the owner realized they need money and do not have any immediately liquid assets accessible. A certificate of deposit, for example, may have been purchased but does not mature for another two year. If it is a $200 CD, it can be monetized, but the owner may only get $150 for it. More uncommon type of monetization has to do with a letter of credit. This is a letter from a bank that states the owner is good for a certain amount of money. This money is going to be loaned to the owner by the issuer of the letter.

Letters of credit can be monetized in a selling process. An institution that offers a service of monetizing instruments will buy the letter for an amount less than what it guarantees. The previous owner now has the cash, and the new owner can then exercise the letter. This is becoming more common, but it is still looked upon by some in the investing world as a little shaky. Many consider this type of transaction a red flag, but there are credible banking institutions that offer the service.

Monetizing instruments is a lucrative business. When instrument owners need liquid assets quickly, they are often willing to take a deep discount. The sum of the discount is profit to the monetizing institution as they will receive the full value for the instrument even though they paid less than full value for it. This process is deemed unfair by some owners, but it is the way business works. A profit must be made for the business to be successful. And as long as people need money, the demand for these types of services will definitely be more information on investing in investment opportunities usually or normally not found in the marketplace, click here!…

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Risk Analysis for Islamic Banks

Risk Analysis for Islamic Banks

For a long time now, the idea of operating Islamic banking has generated a lot of debate or argument, especially in Nigeria which has different religions. I was therefore excited when I was handed this book by a former boss of mine on his return from a World Bank conference in the United States of America recently. At least, reviewing it will shed more light on the supposed grey areas of Islamic banking.

This text entitled “Risk Analysis for Islamic Banks”, published by the World Bank, is co-authored by Hennie van Greuning and Zamir Iqbal. Iqbal is a principal financial officer with the Quantitative Strategies, Risk and Analytics (QRA) Department of the World Bank Treasury. He earned his Ph.D. in International Finance from the George Washington University, where he also serves as the adjunct faculty of international finance. Iqbal has written extensively in the area of Islamic finance in leading academic journals.

As for Greuning, he is a senior advisor in the World Bank Treasury and has worked as a sector manager for financial sector operations in the Bank. He has had a career as a partner in a major international accounting firm and as chief financial officer in a central bank. Greuning holds doctoral degrees in both Accounting and Economics.

Greuning and Iqbal say over the years, the Islamic Financial Services Board and related organisations have invited them to workshops and conferences, allowing them to learn from the many scholars presenting at those gatherings.

Structre-wise, this text is segmented into four parts of 15 chapters. Part one is generically tagged “principles and key stakeholders”, and covers the first four chapters. Chapter one is entitled “principles and development of Islamic finance”. Here, these authors educate that Islamic finance is a rapidly-growing part of the financial sector in the world. They add that indeed, it is not restricted to Islamic countries and is spreading wherever there is a sizable Muslim community. They disclose that more recently, it has caught the attention of conventional financial markets as well.

Greuning and Iqbal reveal that according to estimates, more than 250 financial institutions in over 45 countries practise some form of Islamic finance, and the industry has been growing at a rate of more than 15 per cent annually for the past five years. The market’s current annual turnover is estimated to be $350 billion, compared with a mere $5 billion in 1985, add these authors.

Greuning and Iqbal stress that whereas the emergence of Islamic banks in global markets is a significant development, it is dwarfed by enormous changes taking place in the conventional banking industry. These authors educate that rapid innovations in financial markets and internationalisation of financial flows have changed the face of conventional banking almost beyond recognition.

In Greuning and Iqbal’s words, “Rapid developments in conventional banking have also influenced the reshaping of Islamic banks and financial institutions. There is a growing realisation among Islamic financial institutions that sustainable growth requires the development of a comprehensive risk management framework geared to their particular situation and requirements.” These authors add that at the same time, policy makers and regulators are taking serious steps to design an efficient corporate governance structure as well as a sound regulatory and supervisory framework to support development of a financial system conducive to Islamic principles.

Chapter two is based on the subject matter of the theory and practice of Islamic financial intermediation. Here, Greuning and Iqbal say financial systems are crucial for the efficient allocation of resources in a modern economy. They add that the landscape of financial systems is determined by the nature of financial intermediation, that is, how the function of intermediation is performed and who intermediates between suppliers and users of the funds.

According to these financial experts, financial intermediation in Islamic history has an established historical record and has made significant contributions to economic development over time. They expatiate that Shariah provides some intermediation contracts that facilitate an efficient and transparent execution and financing of economic activities. These contracts are comprehensive enough to provide a wide range of typical intermediation services such as asset transformation, a payment system, custodial services and risk management, explain Greuning and Iqbal.

They submit that for Islamic financial institutions, the nature of financial intermediation is different from that of conventional financial institutions. In the words of these authors, “A typical Islamic bank performs the functions of financial intermediation by screening profitable projects and monitoring the performance of projects on behalf of the investors who deposit their funds with the bank.”

In chapters three and four, they discuss the concepts of partnership in corporate governance and key stakeholders.

Part two is eclectically christened “risk management”, and covers six chapters, that is, chapters five to 10. Chapter five is thematically tagged “framework for risk …

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Can You Trust Free Antivirus Software For Safe Online Banking?

Can You Trust Free Antivirus Software For Safe Online Banking?

We all need antivirus and anti-malware software in our computers, especially in this time and age when hackers and online scammers are out to get money. According to Fitsec, a Finnish anti-virus company, there is a free tool called Debank, which can detect up to five major families of hacking software.

Debank, of course, was released by Fitsec and it can scan a user’s machine and other equipment that can be hacked. Most antivirus software applications use heuristics as a way to determine if malware are sent to the system. This is usually effective, most of the time. However, the best way to do it is to employ a full memory sweep. Debank, says its manufacturers, can detect various kinds of CarBerp, Gozi, SpyEye and Patcher malware programs. Interestingly, this software is free!

This software manages to detect variants of these malware because it found parts of a code that is common to all the strain of this virus. Interestingly, the company that made it is releasing this tool for free.

Given that it’s free, does it mean that it is reliable over the long run?

Free antivirus software provides some important value to customers, as well as to those who develop them. For users who are not connected to the Internet very much, free antivirus software may suffice. On the part of developers, this free software can help users test the software before they can purchase the full version. Beta testers can also alert the developers of any bugs they need to fix. However, paid applications can still do wonders.

One of the pitfalls of free software is support. If anything goes wrong, you cannot call the customer service of the software. After all, they have given it for free. If you want to have support, then you better sign up for the paid version of the anti-virus software.

Some people, however, prefer to do things by themselves. If you belong to this group, you can easily go to forums and other computer sites. You can learn about troubleshooting and error handling just by reading hundreds of posts. Still, free antivirus applications are standalone and will not receive support from the company.

Another pitfall of free software is the update. Paid antivirus solutions provide people with the regular updates they need to combat the growing aggressiveness of spammers and hackers. With each new update, you successfully protect your personal information, as well as your overall identity. Hackers will need to learn more ways to break into the system.

But then again, sometimes, it is not about the antivirus or anti-malware that is at fault. Rather, it is through human error that most incidences of identity theft occur. It is about how careful you are in keeping your information safe.

To answer the question for the beginning of this article, YES, you can trust free anti-virus software for safe online banking. However, this kind of trust should be tempered by your experiences and your level of carefulness.…

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An Investment Guide for NRIs

An Investment Guide for NRIs

NRI and PIO, do you fit the legal definition of one? NRI is a Non-Resident Indian, a citizen of India now residing overseas. PIO is Person of Indian Origin, usually not a citizen of India, but an individual of Indian descent. According to the Government of India, anyone of Indian descent up to four generations removed is a PIO.

If you are an NRI, you will have a wealth of opportunities available for you to invest and grow your money. The one you should not overlook is the option offered by the Indian banking system. Many NRIs want to remit money to India, this is the practice of sending money earned abroad back to your home country. Remittances to India have increased from USD 2.1 billion in 1990-91 to 55.06 billion in 2009-2010.

It is now much easier to remit money to India. Earlier this was done either through electronic means or by demand draft. Today many banks offer money transfer facilities which are incredibly useful when you want to remit money to India. The NRI Bank Account is essentially an Indian account opened for an NRI. It is a wonderful tool of the Indian banking system for NRIs with banking needs in India and abroad. NRI Bank Accounts are divided into 3 further account types; NRE, NRO and FCNR. NRE and NRO are both rupee denominated accounts. The NRE receives funds from outside India and is fully repatriable while the NRO is non-repatriable and receives funds generated in India. FCNR accounts can be opened in 5 different currencies; dollars (US, Australian and Canadian), pound sterling, euro and Japanese yen.

As an NRI, placing your money in an NRI Bank Account is a means of diversification as it allows you to maintain funds in India separate from other investments. In addition, the NRI Bank Account can serve as a means of minimizing the risk of fluctuation in currency rate by maintaining some amount in Indian rupees in case of a fall in the value of the dollar. You can compare interest rates in India and in foreign countries, and decide where investment would yield the best returns.

You can also invest your money in deposits in Indian banks. Similar to fully fledged bank accounts, these deposits can be NR(E)RA and FCNR. NR(E)RA deposits are in Indian currency while FCNR is in 5 foreign currencies as mentioned above. Thanks to the watchdog stance of the RBI (Reserve Bank of India), you can be assured your hard earned wealth will be safe in an Indian bank deposit and will suffer a negligible impact from turmoil in foreign economies. Indian banks also won’t be as reckless with your money as a foreign bank, owing to stricter regulations in India.…

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Turning the Corner Onto Wall Street

Turning the Corner Onto Wall Street

Applying for finance jobs is a bit like applying for college: You have your reach, target, and safety options. Except it isn’t as likely to find a “safety” firm as it is to find a safety college. Of the estimated 1.5 million people graduating from four-year colleges, hundreds of thousands will try to go into finance. It takes a lot of time, effort, and savvy to get Wall Street to notice you-the one, individual you-back.

A generation or two ago, money-making jobs students hoped to land fell more into the medicine and law categories. Nowadays people want to make money, and they want to do so right out of college-not after another four years of medical school, plus residency, or after three years of law school. The two industries with the most stable right-out-of-college promise seem to be finance and tech, and many tech jobs require specific skill sets, like engineering or computer science, even at the BA level.

On the finance side, even those who do elect to (or find the need to) attend an MBA program, it is a year shorter than law school, and many first-year MBA students already have two years of Wall Street analyst salary lining their pockets. And most finance firms are not major-specific in their career recruitment; experience and personal skills matter more than a “business” concentration. Especially for those who already have student loans taking bites out of their bank accounts, finance starts to sound like an ideal industry choice.

But don’t finance jobs equal sitting at a computer all day digging through Excel spreadsheets? Most any job today requires some face-time with a computer screen. And while yes, most finance jobs do involve a close relationship with Microsoft Excel, there is also a lot more to the story. Most positions involve a great deal of research-whether it’s of stocks, commodities, companies, or industries-and an even greater deal of analytical thought. Being an analyst is not simply a matter of plugging numbers into Excel formulas.

So let’s start with the reaches. In investment banking, these would be bulge-bracket banks-the world’s current nine most-profitable firms. This list includes Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley. These are also the banks with the most stringent and hardest-to-breach recruiting processes. If you make it in and get an offer, congratulations. If you don’t, welcome to a very large crowd. Target banks might be more boutique ones. These are smaller banks with smaller staffs, so they are not necessarily looking to hire x number of analysts for every graduating class like Goldman would. Their recruitment cycles are thus less stringent, and especially if you are able to make a personal connection, it may be a slightly easier in.

This breakdown is only for investment banking. Each finance sector-from sales and trading to consulting to private wealth management-has its own hierarchy of companies. As with applying for college, if you only shoot for the ones at the very top, you might end up staying at home for the next four years. And as much as you might still appreciate mom’s cooking, that is not the most desirable option.

Wall Street is no easy street to find a parking place, but once you do get one, you will know you have earned it and deserve it. And after a couple of years, you will be able to park a very nice car.…

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A Basic Guide To Internet Banking For Small Business

A Basic Guide To Internet Banking For Small Business

Online marketing services are crucial to survive in any medium sized entrepreneur undertaking. This is the reason why internet banking for small business is important. Without such services, companies normally do not receive enough clients due to lack of traffic. There are over quite a number of companies all over the world. Out of all these, quite a number of them own a website. On the other hand, the company owners seem to have a different view when it comes to researching for new products.

Basically, online business accounts are not that many. In case one has been resisting the change from conventional to online accounts for their company needs, this may just be the time to join the tide. Currently, banks have a plethora of this kind of online solutions designed to meet banker’s needs.

There are many things that come into play when people are considering this option. This service can be a real time saver in terms of daily financial errands. This service also provides people with the freedom to manage their accounts from anywhere as long as they have access to a computer and internet connection. It also goes without saying that security is assured when managing such accounts online.

It is very easy to perform payroll chores using this system. This is among the most outsourced of all the entrepreneur systems and for worthy motives. Tax laws, employment, deductions and changing shifts may be a tricky undertaking. For people in trade, online solutions can be able to handle payroll process more adequately. This will definitely take a big weight off someone’s shoulder.

For a firm that is not big, online options that provide online invoicing and unrestricted transfers is the way to go. This allows people to set up and send invoices, keep current on all billing records, receive transactions reports as well as receive online payments. Some of even allow for free and unlimited transfers.

Bankers should also remember that with online services, these companies require accounting software integration. They should therefore, get an online solution that enables them to download and incorporate their account information with their accounting software. This will enable them to have a solution that saves them from the hassles and risks of potential human input mistakes.

It will also be an easy way top provide other people with access to ones account. Many banks these days understand the demand on hurried entrepreneurs and enable people to hand pick workforce within ones organization to handle their accounts through online services. But for this kind of service, one may only require to assign one to two people to manage their account.

Internet Banking for Small Business is designed for people who never find time to go to the bank physically. This is one solution that is not tied to brick and mortar settings. It is good to check the reputation of online banks from credible sources before signing up with one. It is also important to inquire about the penalties and fess assessed for this kind of undertaking in terms of transactions and features.…

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Did the Bank Bailout Work?

Did the Bank Bailout Work?

A few months ago, the crumbling global economy was atop the agenda of many G20 leaders. Social unrest, banking sector meltdown, global growth conundrum, and stock market yo-yos were the main discussion topics among the planetary leadership.

Governments the world over addressed the most imperative issue, the banking pandemonium, with massive cash inflows into a sector that hitherto epitomized capitalism at its best (and worst), with a modus operandi more akin to central intervention in communist economies.

The global tab ranges from 4 to 5 trillion US dollars according to the most optimistic estimates, but the overall costs may run higher in the future.

The financial rescue of the ailing banking sector, in principle, was the right course of action and various experts across the political spectrum saw eye to eye on its criticality, including the staunchest free-market theorizers who routinely treat as leftist energumens out of the antediluvian era those who dare buck conventional wisdom regarding the role of government in social economics.

It was flummoxing, however, to observe how lenient authorities were vis-?�-vis banks throughout the bailout process on top of the very favorable terms under which funds were disbursed. Hence, financial institutions that benefited from state largesse were able to quickly use monies received to regain profitability and reimburse their respective governments.

Other parts of the economy didn’t experience so swift a recovery. Unemployment is still high; the mortgage sector is still in a shambles. Banks have been reluctant to lend, creating an underperforming productive sector and a lethargic private consumption. The stock market may be up but, debatably, the “real economy” is still down.

Banks played a crucial role in the current economic malaise but anti-bailout commentators were wrong to vilify them and to affirm that such guilt should have precluded public rescue. Financial intermediaries are an epochal pillar of our post-modern economies and it would have been socio-economically ruinous and politically unpalatable to let them sink.

Admittedly, a majority of banks are today more cash awash and profitable than a year ago albeit some pockets of the industry are still comatose owing to the liquidity hemorrhage that has devastated them since the recession erupted.

Regrettably, nothing has changed. These institutions are resorting again to the erstwhile practices that wrought havoc to the economy in the first place, under the aegis of a regulatory body eerily blind, deaf and tongue-tied.

Banks, evidently, should be encouraged to pursue and make profits as any private concern. But when such a financial quest comes at the expense of an entire system or poses a systemic threat to the productive sector of the economy, the argument in favor of tougher regulation becomes of preeminent import.

Companies need to utilize hedging for exposure control; yet, speculators lately seem to use derivatives to bet against their very benefactors. Although outrageous to vast swaths of the populace, such practices are explicable if one considers that the speculating camp only furthers private interests of elites (their investors) who seldom factor morality into the profitability equation.

Case in point: Greece. The Hellenic government bailed out its banking sector with billions of dollars only to see their country downgraded a few months later because of an perceived default risk.

At this moment, elected officials and central bankers should ponder the following question: did the bailout work? Or, stated differently, did the mammoth cash infusion into banks and the associated supplemental initiatives reach the initial goals?

Seasoned economists and social scientists will grapple amply with issues regarding program effectiveness and efficiency in the future, but prominent experts currently believe the answers to such interrogations are negative. George Mason University economist Peter Boettke posited that bank bailouts have created a “cycle of debt, deficits and government expansion” that in the end “will be economically crippling” to major economies, whereas Barry Ritholtz, famed author of Bailout Nation and CEO of research firm FusionIQ, thinks the rescue programs could have been conducted better.

It can be argued that the initial rescue phase of the bailouts program was effectual in that it helped avert a domestic and global banking hubbub. But, contrary to popular credence, that was the easiest part. The courageous headship of political leaders and regulators cannot be underrated in the process, but it is indisputably far facile for a powerful central bank, like the US Federal Reserve, to make journal entries to the credit of targeted institutions and replenish their corporate coffers via the much celebrated “quantitative easing”.

The Fed, just like other G8 central banks, is in an enviable position because it can create money ‘out of nothing’ by increasing the credit in its own bank account.

Regulation is where actual political bravery need be shown from authorities, and so far the lack of sweeping reforms in the financial sector may obliterate …