The EU Has No Credibility

Ursula von der Leyen wins another term as President of the EU Commission, despite yesterday losing a case for the Covid vaccines. July 19, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Editor’s Note: I wanted to write about Donald Trump’s speech at the RNC, but it came out too late. I’ll have my thoughts on it for you on Monday. The EU Has No Credibility SEAN RING You’ve just got to laugh. Yesterday, Ursula von der Leyen lost a massive court case, which the Green Party MEPs (Members of the European Parliament) brought against her. Today, she was renamed the President of the EU Commission. It’s beyond parody. The Green MEPs had filed requests to access the vaccine contracts and certain related documents to understand the agreement between the Commission and COVID-19 vaccine manufacturers in 2021. From [Politico]( The Commission only agreed to give partial access to certain contracts, arguing that some sections had been redacted to protect commercial interests or for privacy matters. The Green MEPs then took the Commission to court over the refusal. The General Court on Wednesday partially upheld the MEPs’ lawsuit and annulled the Commission’s decision to redact parts of the contracts. It pushed against the Commission’s decision to conceal provisions on indemnification, arguing that the Commission failed to prove how those clauses would undermine the commercial interests of the pharmaceutical companies. The Commission had also refused to disclose the personal details of the officials who negotiated the purchase of the vaccines over privacy concerns. But the court found that the MEPs demonstrated the “public interest” in identifying that team, in order to ascertain if they had any conflicts of interest. Tilly Metz, one of the Green MEPs who filed the lawsuit, said the ruling is “significant for the future” as the Commission is expected to perform more joint procurements — in health, but potentially also in defense. “It is important that the court has confirmed the importance of proper justifications for protecting commercial interests,” she said in a statement. “The new European Commission must now adapt their handling of access to documents requests to be in line with today’s ruling,” she added. Peter Liese, an MEP from the European People’s Party (the same political group as von der Leyen), played down the court ruling. He considers it “justifiable” that the Commission agreed to some of the pharmaceutical companies’ demands — including redacting certain clauses — to ensure quick access to vaccines for Europe. But here’s the thing: vdL’s husband is the man who sold her the vaccines! Questions Were Asked This [question]( was asked in the European Parliament: COVID-19: does the position of Ursula von der Leyen’s husband create a conflict of interest with some of the Commission’s activities? Commission President Ursula von der Leyen indicated in her declaration of interest that her husband runs an American laboratory, Orgenesis, in Germany and that he is a member of an association for musically gifted children and a non-profit association. However, in view of the commitments to purchase COVID-19 vaccines worth EUR 71 billion, there are a number of crucial omissions in her declaration: – Orgenesis states that it has been active in the area of COVID-19 vaccines since 19 May 2020. – Orgenesis reported a turnover of only USD 13 million and losses of USD 9 million in the first six months of 2022. An Orgenesis joint venture is said to have obtained around EUR 32 million from the European Union through the Greek Recovery Plan at the end of 2021[5]. It is reported that on 30 September 2022, Heiko von der Leyen was appointed to the Supervisory Board of an Italian research entity said to have received EUR 320 million from the European Union under the Italian Recovery Plan. Orgenesis is managing a EUR 4 million grant obtained from the Commission on 3 May 2022. In the past, this company has received public funds from Belgium. How much EU funding was paid or committed to Orgenesis in 2020, 2021 and 2022? Submitted: 17.11.2022 This is the salient part of the [answer]( that came back: The Commission and its President were neither involved in the management of the relevant tender procedure nor the selection or award decision. Therefore, any situation of conflict of interest of the President can be excluded. This, of course, is questionable. [ SELL-OFF WARNING ]( The stock market is entering a cycle of HISTORIC manipulation. Prices have surged recently… But when this trend reverses – and trends always do… Millions of investors could be on the wrong side of a historic “pump-and-dump.” [Click Here To Learn What You Need To Do]( Giorgia Choked But it was business as usual, because although Italian Prime Minister Giorgia Meloni held von der Leyen’s fate in her hands, she pulled her punch. Credit: [@TFL1728]( Oh, how I wish the inimitable Tom Luongo got his wish. You see, the EU insiders got together and chose everyone’s positions in the next Parliament… without Italy’s involvement. This is a disgrace, as Italy is a net contributor to the EU budget and deserves far more respect than it gets. But Meloni blew it. She could’ve been The Godmother. She could’ve been a contender… What’s worse is that we’ve seen all this before. ECB President and Convicted Fraudster Christine Lagarde I guess the EU doesn’t like punishing females. Christine Lagarde, the former Managing Director of the International Monetary Fund (IMF), was convicted of negligence in December 2016 by a French court. The case stemmed from her time as France's Finance Minister, specifically her handling of a long-running legal dispute involving businessman Bernard Tapie and the state-owned bank Crédit Lyonnais. The dispute, which began in the 1990s, centered on Tapie's claim that Crédit Lyonnais had defrauded him in the sale of his stake in the sportswear company Adidas. The case was eventually referred to arbitration in 2007, during Lagarde's tenure as Finance Minister. The arbitration panel awarded Tapie €403 million in compensation, a highly controversial decision that led to allegations of political interference and misuse of public funds. Lagarde was accused of failing to challenge the arbitration decision and of being negligent in allowing the substantial payout to Tapie. The French Court of Justice of the Republic, which handles cases involving government ministers, found her guilty of negligence but didn’t impose a fine or jail sentence. The court acknowledged her distinguished career and the case's complexity, which contributed to the decision to spare her any penalty. Despite the conviction, Lagarde's career didn’t suffer. She remained at the helm of the IMF, with the organization's board expressing continued confidence in her leadership. Moreover, this episode didn’t hinder her subsequent appointment as President of the European Central Bank (ECB). In fact, Lagarde was named as Mario Draghi's successor at the ECB in July 2019, roughly two and a half years after her conviction. She took office on November 1, 2019, becoming the first woman to hold the position. It seems Ms. Lagarde knows where all the bodies are buried. Wrap Up When you’re letting stuff like this pass, you wreck your credibility. Of course, Londoners are still crying about not being a part of such a sterling organization. But then again, they moan about everything. The EU is a mess of an organization. Hungary’s presidency started with Prime Minister Viktor Orban flying around the world for peace talks, only to have vassals like von der Leyen poo-poo him for conducting an “appeasement mission.” It’s embarrassing, and it's time for her to step down. Unfortunately, in Brussels, you can only fail upward. All the best, Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( Rate this email Like Dislike Thanks for rating this content! Looks like something went wrong. Please try to rate again. In Case You Missed It… Training Shiny Young Things SEAN RING Dear Reader, Yours truly speaking to 1,600 new hires at a big bank’s graduate training. While writing the Rude is the most incredible job in the world, to shake things up every summer, I teach banking graduates. What are banking graduates, you ask? So, who exactly are these “banking graduates?” They’re the fresh-faced, eager minds who have just stepped out of university or business school and landed a job at a bank. Every bank conducts its own training, but since the senior staff are already tied up with their own responsibilities, they call on experts like me to show these graduates the ropes. Our mission, as trainers, is to equip these graduates with the necessary skills and knowledge to be 'desk ready '. This banking jargon essentially means they'll be at a level of competence that won’t leave their colleagues regretting the decision to hire them. I love that job, too. If you’ve been reading the Rude for any fraction of time, you’ll know that no one loves the sound of my voice more than I do. When writing the Rude, I hear my subvocalized thoughts as I type. But when I’m teaching, I get to shout to the rooftops. While I’m here, I thought I’d take you through what I do and how I do it during the summers. First Things First You must know I partied through Villanova and had no chance of going through one of these fancy programs myself. Only a few of my college professors were worth listening to; the rest were garbage. I felt the same way about London Business School. I thought my education hurt my career. So when I left my broking job in London, I felt passionate about teaching finance and economics in an exciting and easily digestible way. When I started in March 2007, my teaching colleagues were excellent at their jobs and generous about sharing how they made their classes enjoyable. My firm at the time, 7city Learning, practically ran all the graduate training for the big banks in New York and London, along with CFA training and preparation for the British equivalent of the Series 7 examinations. I got more of an education after I left banking than when I was in the business! And funnily enough, I feel I’ve taken another leap forward working with Jim, Byron, Dan, Zach, Ray, and the rest of my most excellent Paradigm Press colleagues. How do we go about teaching all this stuff? The Course(s) I remember when I got my offer letter from Lehman Brothers in 1997. I was thrilled. My mother told me how proud she was. And then she asked this question: How do banks make all that money? I had no idea. So, the first thing we cover is banking: how it works, why it’s so important, and how banks profit from their clients. We’d be in a bank for three to six weeks in a perfect world. But that’s not reality anymore. But for old time’s sake, let me show you an ideal couple of weeks. After the first day covering banking, we’d move into what I call Trader Macroeconomics. We talk about mathematical economics, so they know what that is. However, it’s mainly focused on the numbers the Bureau of Labor Statistics and other organizations release throughout the month. GDP, inflation, and unemployment are heavily covered, for example. Next, we’d have a day on foreign exchange. Currencies are a pain to understand, so you need a full day. What mainly moves currencies is the macroeconomic outlook of the country where the currency is from and the interest rate differentials between the home currency and the foreign currency. After that come bonds, as interest rates would’ve been introduced in foreign exchange. Since this is the market's largest segment, it needs its own day. For the final day of the week, it’s equities, which is what most of the kids were waiting for, anyway. The following week, we’d kick off with a day of accounting, mainly learning about the big three financial statements. Then, we’d do derivatives over the next two days. On Thursday, we’d do the lifecycle of a client. That deals with how a client evolves through time. Finally, we’d end the course with the lifecycle of a trade, which goes through the operational aspects of trading and clearing. We offer financial and soft skills training. This entails learning to talk to clients, write emails, and build spreadsheets and presentations. Then, the kids would break off into specialist groups, such as investment banking, sales and trading, operations, or private banking. Private Banking I used to train the markets division much more, but they shrunk, thanks to algorithmic trading. Algorithmic trading is when machines buy and sell instead of humans. Because of my experience working with private bankers in Hong Kong, I've mainly taught the private banking curriculum for the past few years. What are the essential parts of that curriculum? Let me explain. Asset protection This answers the question, “How do I protect what I’ve already earned, saved, and invested?” Trusts, foundations, and companies are used as asset wrappers to protect and manage assets. Each structure has its unique features and benefits. Here's an overview of how they can be used: 1. Trusts: A trust is a legal arrangement where a person or entity (the trustee) holds and manages assets to benefit another person or group of people (the beneficiaries). Trusts provide a high level of control, flexibility, and privacy. Here's how they work: - The settlor: The person who creates the trust and transfers assets into it. - Trustee: The person or entity responsible for managing the trust assets and ensuring they are used for the beneficiaries’ benefit. - Beneficiaries: Individuals or groups who will receive the benefits or assets from the trust. Benefits of using trusts: - Asset protection: Trusts can shield assets from creditors or legal claims, as the trust, not the individual, legally owns the assets. - Estate planning: Trusts allow for the efficient transfer of assets upon the settlor's death, potentially minimizing estate taxes and avoiding probate. - Privacy: Trusts provide confidentiality, as they aren’t publicly disclosed. - Control: Trust documents specify how the assets should be managed and distributed, giving the settlor control over them even after they are transferred. 2. Foundations: Foundations are legal entities established for charitable, philanthropic, or social purposes. They are typically funded by a donation or endowment and operated for the benefit of a specific cause or group. Here's how foundations are used as asset wrappers: - Founder: This person or entity establishes the foundation and provides the initial endowment. - Board of Directors: Individuals responsible for managing the foundation's activities and ensuring compliance with its mission. - Beneficiaries: The recipients of the foundation's charitable activities or support. Benefits of using foundations: - Philanthropy: Foundations provide a structured approach to supporting charitable causes and positively impacting society. - Asset protection: Assets transferred to a foundation are legally separate from the founder's assets, protecting them from personal liabilities. - Tax benefits: Depending on the jurisdiction, foundations may enjoy tax advantages, such as exemptions or deductions for charitable donations. 3. Companies: Companies, also known as corporations or business entities, are widely used for commercial purposes. While their primary function is not typically asset protection, they can be utilized as asset wrappers in certain situations. Here's how companies can be used: - Shareholders: Individuals or entities who own shares in the company, representing their ownership interest. - Directors: Individuals responsible for managing the company's affairs and making operational decisions. - Officers: Executives appointed to oversee specific functions within the company, such as CEO, CFO, etc. Benefits of using companies: - Limited liability: A company's shareholders generally have limited liability, meaning their personal assets are separate from the company's liabilities. - Business operations: Companies can be used to conduct business activities, generate income, and accumulate assets. - Investment management: Companies can hold and manage investments on behalf of their shareholders, providing a layer of separation between the individual and the assets. It's important to note that the specific rules and regulations governing trusts, foundations, and companies can vary significantly between jurisdictions. Always consult with legal and financial professionals familiar with the laws in your jurisdiction to determine the most appropriate asset wrapper for your needs. [Joe Biden’s Inner Circle Has Officially Turned Against Him]( The Democrats’ plan to replace Joe Biden is no longer a secret. After Biden’s funeral-zombie debate performance, his inner circle is now plotting to rig the election. Come August 19’s DNC, the Democratic presidential nominee may NOT be Joe Biden. And the man they may nominate instead is dumber… more dangerous… and more easily manipulated than even Joe Biden. A former CIA advisor has revealed this potential “shadow candidate’s” identity. [Click Here To See]( Portfolio management This answers the question, “Where do I put all my money?” Portfolio management in private banking refers to the professional management of investment portfolios for high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). Private banks offer specialized services to clients with substantial financial resources, aiming to preserve and grow their wealth over time. You can do the same without the bells and whistles. Here's a quick overview of portfolio management: - Client Assessment - Investment Strategy - Investment Selection - Ongoing Monitoring and Reporting The key here is to put your wealth in investments that don’t keep you up at night. Minimizing tax liability This answers the question, “How do I keep my wealth in my children’s hands and not the government’s?” Minimizing tax liability involves employing legitimate strategies and taking advantage of available deductions, exemptions, credits, and incentives to reduce the overall tax burden. Here are some general approaches to minimizing tax liability: - Optimize Deductions and Credits - Maximize Retirement Contributions - Consider Tax-Advantaged Investments - Timing of Income and Expenses - Capital Gains and Losses - Tax-efficient Asset Allocation - Consider Tax Treaties and International Tax Planning: - Charitable Giving (see below) Why give your money to the government, which redistributes it to complete strangers, when you can ensure your children’s futures? Estate planning This answers the question, “How do I know things will be ok after I shuffle off my mortal coil?” Succession planning involves creating a comprehensive strategy to address the transition of both financial and non-financial assets. Here are key steps and considerations involved in succession planning: - Define Objectives and Goals - Identify Successors and Roles - Estate Planning and Wealth Transfer - Business Succession Planning - Family Governance and Communication - Philanthropic Planning - Tax Planning and Professional Advice - Periodic Review and Updating The trick here is to make sure the smart kids get the company to run. The slow ones will still get the dividends to reap, but keep them away from the machine. Philanthropy When a high-net-worth individual (HNWI) or ultra-high-net-worth individual (UHNWI) engages in philanthropy, several key considerations should be considered to ensure effective and impactful charitable giving. Here are the primary considerations: - Mission and Values - Impact and Outcomes - Strategic Approach - Due Diligence - Sustainability and Scalability - Engaging Stakeholders - Collaboration and Partnerships - Measurement and Evaluation - Professional Expertise - Ethical Considerations One of my buddies loves elephants. He donates pallets of cash to elephant charities. To each his own. Wrap Up I hope you enjoyed the little trip around what I do over the summers. It should give you a clue about what you need to do, in case you missed anything. All the best, Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. 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