dad norman macrae died of cancer june 2010- his obituaries- his last article dec 2008 on the sad consequences subprime would trap youth in - coming notes on remembrance parties across the globe- on his 10th parting we are also zoom-remembering- rsvp chris.macrae@yahoo.co.uk..
next only to education/health/safety, change in banking immediately changes lives of families and generations whereas infrastructure and natural resources multiply national impacts over time- financial services have at least 3 segments - how its designed for people, for big organisations, for pensions ang government
since 1950, in developed countries - quarter of humans) changes in tech have caused changes in finance first- some peoples have leaped into banking consider those most linked to developed west, development of china region, rest of developing world- we will map what happened to innovation of tech to the west which has had access to 4 tech revolutions from 1950 rural, space-communications, engineering , computing brain power- china that had access to rural revolution in 1970s, engineering from 1980s, all tech from about 2005, and bangladesh which accesses rural change from 1970, has for most of its people not yet accessed engineering change, has joined in other tech between 1995-2005 thanks to being the epicentre of ngo sdg economy - epicentre fazle abed- of course in a world of 200 nations there are other hybrid models but decide which if any of these three is one your peoples need to understand first because big data collection has gone global - see society 5.0 and osaka track g20 2019
key system transformations -paper non-digital banking operations, digital operations, consumer digital atm and cards and end of community banking. mobilising change in commerce and banking, integrating all post 1950 tech revolution- finance needed to be a future affair that teachers and students questioned before youth began livelihoods- since 1760 alumni of adam smith and james watt glasgow u birth of industrial revolution have recommended mediating these questions openly - how much of wealth and natural resources do the top 10 and 500 people control- is your society one in which 3 halves of people - women youth and poor each have less than 10% voice in the future of their generation

putting our species at risk- wall streets bankers and washington lobbyists and careless media moguls did the worst job ever at end of 2000s- can ny's biggest fund managers return the planet to all families as we enter 2020s - search worldrecordjobs -biggest marketmakers bezos and ma - then join us at economishealth.com -or help us value goal of worlds biggest -search - google versus microsoft; health&safety investor bloomberg vs soros; largest funds fink versus mitsubishi ; education for all schwarzman versus hongkong-singapore partners -supercity adaptability ban ki-moon versus masa-son; big decision makers events schwab vs guterres; rural villages fazle abed partners

we also thank the baltimore branch of www.chinacybercenter.com for sharing its investigative scholars of everything that's crazy about 21st financial services that thurgood marshall wouldn't have let rip chris.macrae@yahoo.co.uk

dec 2020 Washington thinktanks have become in most cases as dismal as the supreme leader trump making these exceptions absolutely brilliant 1 2
this economics policy series shows how banking in america has been serially designed to tip off the poor and the young - and even when the rich elders mess up they demand the poor and young bail them out- i now see why my father as early as 1980s described macroeconomics as totally fame political chicanery nothing to do with the origins system designs of the first 200 years of followers of adam smith moral sentiments- see also economistscotland.com
.

Tuesday, March 2, 2021

 

Welcome back!

The little-known agency at the heart of the FinCEN Files investigation is in the spotlight again, thanks to a new report by anti-corruption group Global Financial Integrity.

The organization brought together 19 anti-money laundering experts from government, the financial industry and academia to develop recommendations to reinvent the U.S. Treasury’s Financial Crimes Enforcement Network, an intelligence unit the report describes as underfunded, overstretched and behind the times.

The policy paper cites ICIJ and BuzzFeed News’ international investigation on the failures of the U.S.-led global enforcement system, which we found allows trillions in tainted dollars to flow freely through major banks despite repeated crackdowns.

Their recommendations echo many of the things experts told us need to be done to make the agency more effective. The group also calls for FinCEN to launch a “Manhattan Project” to improve its technology to keep up in the battle against dirty money, terrorism financing, and other emerging money laundering challenges.

The global fight against cross-border financial corruption was a focus of several high-profile reports published in the last week by leading international organizations …

ENDING THE SHELL GAME
The OECD, a club of rich nations, credited ICIJ investigations for fostering public interest in targeting the facilitators of sophisticated financial crimes in its first-ever report on what countries can do to crack down on lawyers, accountants, offshore specialists and other “professional enablers” who help rogue actors hide money and outsmart law enforcement.

TRILLIONS AT STAKE
The UN FACTI panel convened world leaders and high-level stakeholders to discuss international strategies to rein in rampant tax abuse costing countries urgently-needed revenue to tackle poverty, climate change, inequality and the post-pandemic economic recovery. Here’s what they had to say about the recommendations.

#AMPLIFYRAPPLER
Journalist Maria Ressa, founder of the Philippine news outlet Rappler, faces up to six years in prison on cyber libel charges for reporting connected to President Rodrigo Duterte. Last week, journalists around the world showed their support with a video series by Forbidden Stories chronicling Rappler’s investigations on financial crime and corruption.

SEE YOU AT MOZFEST
ICIJ’s Emilia Díaz-Struck and Miguel Fiandor Gutiérrez will be presenting a session on how AI can help investigative journalism at MozFest on Tuesday, March 9, sharing what they’ve learned and uncovered from ICIJ’s experiments with machine learning.
 

Thanks for reading!

Asraa Mustufa

ICIJ's digital editor

P.S. If you've enjoyed our coverage this week, remember to tell your friends and family and share our work on social media. Send them an email now!
 

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Tuesday, February 2, 2021

hunger project publication update

 https://mcld.org/download-the-unpacking-cld-report/?contact-form-id=9222&contact-form-sent=9266&contact-form-hash=f7daaa9965180b304f5c6df8d56cd6e4d58d5941&_wpnonce=47faf425a4#contact-form-9222



see also new york tour 

zoom clinton community finance

 

PROGRAM

Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) often serve as a bridge between low-income communities, economic resources, and access to capital. This is all the more evident and important following the events of 2020 with corporations, philanthropists, and government institutions further recognizing the power of these community lenders to accelerate a much-needed economic recovery. For well over 25 years, CDFIs and MDIs have reached communities who have been historically excluded from the financial mainstream – and today, they are reaching those who are struggling to survive financially during the COVID-19 pandemic. With unprecedented financial support in 2020, including $12 billion in federal aid through the Cares Act, the CDFI industry will be at the forefront of the much-needed work to address the issues of economic equity and inclusion that have stymied community and small business growth especially in Black, Latino, and Native American communities across the US.

 

There is more work still to be done. In this virtual event, leaders will identify ways to deploy more capital, build innovative products and services, and educate investors and borrowers alike. These actions will support the CDFI industry so that it can continue to make meaningful strides to close America’s longest-standing wealth and opportunity gaps while powering an inclusive economic recovery.

Featuring

  • Tawney Brunsch, Executive Director, Lakota Funds
  • Governor Michelle Lujan Grisham, State of New Mexico
  • Donna Gambrell, President & CEO, Appalachian Community Capital
  • Dr. Rajiv Shah, President, Rockefeller Foundation

include mastercard center inclusive growth
launch action network on community finance

minority deposit institutions
early 1980s arkansas first rural microcredit bank while clinto state gov
cfdi bill
start upcapital small business- basic banking; transparent home loans for smallest families, locally

hubt for people centred appri]=oaches ready to scale



8,2 unemployment rate net lost 64k- 200mn out to sme 120 mn local gov; 200mn grants to keep or retrain employees
new mexico- minority majority state
were investing 9 sector plan just when epidemic hit

we are a tourism state- need to timerebound
without community funance cant buid brodges so mone moves quickly into rural areas most need of rebounding

new mexicofirst cf on tribal lands in usa

chance rebuild with less inequality because so much hasto be built back up
cdfi fund
==================
welcome appalacian community capital started 2013- earlier work with clinton friends
- leader app capital
acc is intermediary cdfi - raise capital for 23 app members cfdi who do the loans and savings
elder care man sites farms renewable eergy town development restaurants economic self-sufficiency
dula croses health and business hit us hard
cfdi help centres transalted state and fed knowhow
cfdi members sprung to action - emergency microloans
grants, business advisory services - how pivot from brick/mortar to online

how continue pay rents o both brick businesses and family homes

clinton 38 years ago dan piercy intro'd to yunus
300k$ - now called souther bank- and dana gov new mexico now on board

aas late as 2019 had to invest in water systems for navaho nation
- different corners of state navaho in - lond-term predictability of water infrastructure- parrallels to broadband- domt want piecemeal approach - infrastructore package - new mexico needs 200mn dollR BRIADBANK- NEW MEXICO POISED TO BE LEADSING GREEN SME STATE
both s,es and from december largest wind farm


state ha lage %n of minority women smes
-// new mexico w virginia kentiucky'arkansa
applacia
internet connectedness of rural still a deep challenges
affordable, just in time healthcare
we have a resilient population but need relentless support
advice needed to be shared both small businesses and the cfdi - thats what collab tech could do- its the community that voices the needs and challenges - coming together a lot of forces then mapping out plan


rockefeelr foundation targeting 10 cities includingbaltimore as bencmark going forward -systems to change inequality of financing

also united way y city - lauch capaign for equity -300 corporate partners to target inequality nyc
  • Tawney Brunsch, Executive Director, Lakota Funds
  • Governor Michelle Lujan Grisham, State of New Mexico
  • Donna Gambrell, President & CEO, Appalachian Community Capital
  • Dr. Rajiv Shah, President, Rockefeller Foundation


  • tribal fed union 1986 - over years17 mn$ 500 businesses - 1200 jobs - no bank on pineridge
    what your new commitment raj to black and brpwn owned business-
    2/3 asking for 20k not answer
    rockeffer cdi collective in 12 cities
    expanding 12mn to 15mn$
    can bring togetherpublic- provate, tech and communityy, aim to ensures biden cares act reaches thoe in need= now is great time for philanthropy- greatest divergeceof rochest porrest- less than hundred billionaires havebmade trillion dollar over covid year
    cdfi fund
    be humble about the hows of community dev
    tawney congrats for starting first credit union on native lands -fed lakota credit union to pineridge
    native city fsi- guaranteed farm center lander
    our ag loans assist multigenerational operations
    - about half portfolio noag loans ranching industry
    also assisting credit to contractors-- construction kept goin during covid - contractors are some of bigger employers on reservation

    rockeller opportunity/collective opportunity  -mastercard ai work to identify deep cfdi data- big policy investments - eg south dakota  wind infrastructure gains to dev broadbank and local health services- its a data challenge - the moment ha now hit- local advisers

    - greatest ever bottom up opportnity just as we face greatest inequality- for moment we target 12 cities

    credit union competedpackage of fin services adjsted to community- 

    even lakota funds to quaofy fir acess to caresfund  wevonly have 8 million dollar assets
    wevhave formed partership s dakota bank - in one week upladed 75 aplication with gret plains bank


    Saturday, November 7, 2020

     

    do you know of any student groups debating this?  chris 

    economistbank.com 

    a week before ending ant ipo - ma's speech had been covered as a great leap forward for the peoples money - a conversation ant ma and melinda gates have been brewing with guterres at un for over 2 years now

    Jack Ma, Co-Founder of Alibaba Group, has seen the future: and it’s powered by digital currency. The owner of one of the largest tech companies in Asia used an opportunity at Bund Summit in Shanghai to extol the virtues of DeFi and predicted that, much like the smartphone was a giant leap for the mobile phone industry, digital currency will enable a new financial system, in both developing and developed economies, according to Bloomberg. “Digital currency could create value and we should think about how to establish a new type of financial system through digital currency,” he said.


    from bloomberg 
    What you need to know:
    How China Put the Brakes on Ant’s IPO
    Markets

    Jack Ma’s Blunt Words Just Cost Him $35 Billion

    China just showed the billionaire who’s boss in derailing fintech giant Ant Group’s monster IPO. Regulators might do better to heed his words instead.

    November 3, 2020, 9:59 AM EST Updated on November 3, 2020, 1:08 PM EST

    Jack Ma is a very busy man. 

    China’s richest man has been busy launching the world’s biggest IPO. He has been busy preparing for Alibaba Group Holding Ltd.’s grandest four-day Double Eleven shopping extravaganza. And yet two weeks ago, Ma somehow found the time to opine on China’s banking system at a high-profile financial forum in Shanghai, once again throwing himself into the eye of the storm. 

    In that speech, apart from labeling the global banking Basel Accords as an “old people’s club,” Ma said “systemic risk” is not the issue in China. Rather, China’s biggest risk is that it “lacks a financial ecosystem.” Chinese banks are like “pawn shops”, where collateral and guarantees are the hard currencies. As a result, some decided to go so big they are not allowed to fail. “As the Chinese like to say, if you borrow 100,000 yuan from the bank, you are a bit scared; if you borrow a million yuan, both you and the bank are a little nervous; but if you take a 1 billion yuan loan, you are not scared at all, the bank is,” Ma said. 

    The consequences came this week. On Monday, Beijing’s top financial watchdogs summoned Ma and dressed him down. Beijing also issued draft rules on online micro lending, stipulating stricter capital requirements and operational rules for some of Ant Group Co.’s consumer credit businesses. But the big shocker came on Tuesday night. The Shanghai Stock Exchange suspended Ant’s listing on its Star board, citing Monday's meeting and subsequent regulatory changes. Ant then said in a filing it would suspend its Hong Kong IPO as well. The fintech giant was scheduled to start trading on Thursday. The news sparked a slide in Alibaba shares on Tuesday in New York, while dragging down other Chinese companies’ U.S.-listed stocks.

    What Ma said was a bit sensational, perhaps. But he was right. China’s bankers are so averse to extending credit to smaller borrowers that Beijing redefined “inclusive financing” to make its banks’ loan books look prettier. In fact, it’s been so difficult for small businesses to obtain bank credit in the last decade that they have become hard wired not to invest for the future. Here’s the latest tidbit of evidence: In the third quarter, even as China’s economy recovered and 86% of 300 smaller manufacturers CLSA spoke to became profitable, most remained wary. A record-breaking 59% of their capital expenses went into mere “regular maintenance,” the brokerage found.

    Ma’s words were blunt, but these phrases, such as “pawn shops,” are not his concoctions. Bureaucrats at the People’s Bank of China, for instance, had used the same words themselves. So why is Ma being singled out? 

    Could it be that Ant is too profitable and is now being targeted? Ant is raising at least $34.5 billion in an IPO that attracted more than $3 trillion of retail orders. Meanwhile, regional banks are still in the doghouse, struggling and sometimes being restructured because they lack capital buffers. 

    In the fast-growing consumer credit business, Ant is essentially a matchmaker while banks lend and put aside cash in case some loans go sour. Fintech giants are making much more than lenders, city commercial banks complained to local media. 

    Ant’s vast consumer base appreciates its small loan offerings. But going forward, to appease its banks, Beijing may want to level the regulatory playing field. For instance, Ant may no longer operate just as a matchmaker and might be asked to keep 30% of the loans on its balance sheet, compared with only about 2% now. That should have been no problem because Ant’s IPO would have brought in billions of dollars of capital for loan provisions.

    In its statement, the Shanghai exchange cited the changing regulatory landscape as one reason Ant no longer qualified for a listing. But in reality, nothing has changed. Since 2017, Beijing’s watchdogs have been debating whether to allow online micro lenders to take a simple loan facilitation model or require them to put away loan provisions. This new draft rule is just a continuation of the debate. 




    At the opening of his speech, Ma admitted he was conflicted as to whether to attend the forum and speak up. Now he probably regrets it. But here’s the thing: If China is serious about financial innovation, “inclusive financing” or the digital yuan, let the man who pioneered the business and made billions along the way share his experiences and thoughts. If Ma says systemic risk is not China’s Achilles’ heel, hear him out. He knows where the real problem is and could be part of the solution.

    (Updates with Alibaba shares in the fourth paragraph. An earlier version was corrected to show China is averse to extending credit to smaller borrowers, not lenders, in the fifth paragraph.)













    More from


    If Jack Ma says systemic risk is not China’s Achilles heel, hear him out. He could be part of the solution.
    If Jack Ma says systemic risk is not China’s Achilles heel, hear him out. He could be part of the solution. Photographer: Anthony Kwan/Bloomberg
    Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.
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      This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

      To contact the author of this story:
      Shuli Ren at sren38@bloomberg.net

      To contact the editor responsible for this story:
      Beth Williams at bewilliams@bloomberg.net