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Butifldrm
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Coming war between U.S. and Iran over Strait of Hormuz
If Iran can block Strait of Hormuz for over 112 days, prestige of U.S. as a super power will be damaged.
FOR IMMEDIATE RELEASE
PRLog (Press Release) - Jun 30, 2012 -
Top U.S. negotiator in the nuclear talks, Wendy Sherman, is asking Iran to cap enrichment at 5 percent and close the deeply buried Fordow facility, where 20 percent enrichment work is currently under way. Iran has stated it has an “inalienable right” to enrich uranium, and appears unwilling to close its underground facilities. Israel worries Iran soon could enter a “zone of immunity”, in which nuclear materials are beyond reach of Israel's power to stop the construction of a nuclear bomb. A European and U.S. embargo on sale of Iran oil, starting July 1, will cause expected lost sales of over a million barrels a day, a 50% drop. However, even if Iran’s exports are cut by half, its oil revenues will be more than they were in the late 1990s.
Israel has purportedly agreed to allow sanctions time to work, and for Iran to voluntarily stop its nuclear weapons program. P5 +1 (UN Security Council, plus Germany) talks are expected to end by July or August. Senior Israel officials have purportedly said a pre-emptive strike would have to occur by this summer to be effective. By September, if Iran has not voluntarily stopped, Israel will commence preparations for a pre-emptive air attack to destroy Iran’s nuclear program. If Israel attacks Iran, the expected response from Iran would be to launch Shahab-3 ballistic missiles towards Israel, have its Hezbollah and Hamas proxies fire Katyusha missiles from closer range, and close the Straight of Hormuz. If Iran closes the Strait of Hormuz, this would be considered and act of war against the United States, and draw the U.S. into the war.
The Strait of Hormuz connects the Persian gulf with the gulf of Oman, the Arabian Sea, and the open ocean. At its narrowest point, the strait is 21 miles wide, but the deep water shipping lane is two miles wide in either direction, separated by a two-mile buffer zone. 14 crude oil tankers a day, carrying 17 million barrels, pass through the strait, carrying 20 per cent of the world’s traded oil.
During U.S. directed war game simulations, it was anticipated Iran will use their three stealthy Russian-made Kilo-class submarines and small fast boats to mine the Strait of Hormuz and close it to ship traffic. The U.S. and British navy have brought twelve mine sweeper vessels into the theater, plus airborne mine countermeasure helicopters to keep Hormuz open.
Iran controls three fortified islands, Aba Musa, Lesser Tumb and Greater Tumb, which could be used as a base for helicopter, gunboat, and anti-ship cruse missile attacks. Some military experts refer to these Islands, at the entrance of the Strait of Hormuz, as Iran’s three aircraft carriers. They are unsinkable, and will require boots on the ground to neutralize.
If a shooting war breaks out in the Persian Gulf between Iran and the United States, the fortified island of Abu Musa could make front-page news. In addition to building an airstrip there, Iran has Chinese “Silkworm” and Russian made “Sunburn” anti-ship missiles. The Russian Sunburn delivers a 750-pount conventional warhead at twice the speed of sound. It can arrive at target nine feet off the water, and can maneuver to elude enemy defenses. A single missile can sink a large warship, The majority of current U.S. warships are defenseless against the Russian Sunburn missile. U.S. Navy casualties could be large if a shooting war starts.
The Persian Gulf is basically a large lake, with one narrow outlet. U.S. navel vessels may find themselves trapped in the Gulf and venerable to Sunburn missiles, which have a range of approximately 100 miles. With two aircraft carriers in the Indian ocean, the U.S. navy will control the air space over Iran and the Persian Gulf. They will pound Iran military installations, and destroy the Iranian air force. However, without boots on the ground, the Iran Revolutionary Guard will be able to fire anti-ship missiles off the back of movable trucks. The Sunburn missile may be to the U. S. Navy, what the Stinger missiles was to the Soviet helicopter gunship’s and MiGs in Afghanistan in the 1980s.
Dr. Talmadge, a Persian Gulf authority, at George Washington University, estimates it could take 72 days to remove Iran’s threat of missiles attacks, and 40 days for disabling Iran’s navel mines in the Strait of Hormuz. If the Persian Gulf was closed for shipping for 112 days, the price of oil would spike, and throw the world economy into a deep recession. If the U.S. lost several large navel vessels to relatively inexpensive missiles, cheaper to manufacture than an airplane, the traditional navy strategy of big armament would come under review. Given their low cost, Russian and Chinese anti-ship missiles are perfectly suited for close quarter navel conflicts in the pond like environment of the Persian Gulf.
The Sunburn is versatile and easy to use. It can be fired from practically any platform, including the back of a flatbed truck. It has a 100-mile range, which is all that is necessary in the narrow Persian Gulf. If Iran and the U.S. start a shooting war, Russia and China will watch with tremendous interest. The Iranians will have mapped every firing angle along their Gulf coastline. The rugged terrain will not make detection easy. Some suggest it will be like shooting fish in a barrel. The British have deployed the HMS Daring, a billion dollar destroyer, with the world’s most sophisticated naval radar, and defense weapons which can shoot down sea skimming missiles.
If Iran can keep the Hormuz straits blocked for longer than a nominal 112 days, U.S. allies may begin to lose faith in her as the guarantor of the lifeblood of their economies, energy. This loss of confidence would threaten to unravel the U.S. global empire, and its reserve currency status. President Barack Obama may start a war in the Middle East, but President Mitt Romney may have to finish it.
Written by Dr. Stephen Johnston, author of “Tea Party Culture War: A clash of Worldviews.”
For more information on the oil market, and conditions in the Middle East go to: "Tea Party Culture War.com."
For media interviews contact Dr. Stephen Johnston at: 1 (541) 469-2115.
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Government: $ 150 billion GDP in 2014
02/07/2012 0:00
Shaways reveals plan for major development
Baghdad - Al Sabah
government unveiled yesterday plans for major development for the advancement of economic reality in the country. The Deputy Prime Minister Ruz Nuri Shawis from the expectations that up GDP in 2014 to 150 billion dollars.
and Shaways said in a speech at the Forum Krantz Montana, which was held in Baku yesterday: "The Iraqi economy has witnessed in the framework of his readiness to return to the global economy shifts the task on the path of openness and freedom and the adoption of the forces of supply and demand mechanisms essential in economic relations in the form which facilitates the integration process in the system of international economic and this is part of our vision of economic new, which contributed positively to the achievement of significant growth in many sectors of the economy. " and added that Iraq has made on the economic level a number of positive developments over the past years in a number of indicators, has doubled the gross domestic product has doubled with per capita GDP, according to IMF forecasts the gross domestic product will reach the limits of (150) billion dollars in 2014, has also succeeded the Iraqi government in developing a policy efficient to control inflation and controlling government spending and restructuring State-owned banks to keep pace with developments in the banking world, as well as our success in collaboration with the international community to reduce indebtedness resulting from the Iraq during the past decades. " The Deputy Prime Minister: "Iraq has oil reserves of up to 143 billion barrels and probable reserves exceed its estimates of proven reserves, as well as large reserves of natural gas of up to 126.7 trillion cubic feet, and we expect to contribute investments in this sector, the development of major in the field of oil industry in Iraq through the rounds of licensing contracts with dozens of major international oil companies. " and pointed out that "the electricity sector needs significant investment to double generating capacity to meet domestic demand through the construction of new generating stations in the whole Iraq, and there is a need for significant investment in this sector to meet the growing demand which is expected to double by the year 2015 up to 20000 MW (twenty thousand megawatts), "noting that in" the housing sector, the development plan five-year 2010-2014 point to a need to build two million housing units and infrastructure, has raised the Iraqi government through the National Investment Commission, a national project to build (million) and housing units across Iraq. "Shaways noted that" there are great opportunities in the transport sector to invest in road construction, bridges, airports and ports have been put forward a draft port of Faw and build a modern network of railways, highways and rehabilitation of a number of airports. "and on the telecommunications sector, said: "The Iraqi market is the fastest growing in the region in mobile communications, although much of the infrastructure in this sector still needs to large investments are also available opportunities to invest in projects for telecommunications and Internet service and telephone Ground (fiber optic). "The new Shaways that Iraq sought to increase economic cooperation and exchange of experiences with friendly countries and various international companies sober located in this forum to learn that their experiences of deep worthy of study.
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Laws on the table of Parliament economically
02/07/2012 0:00
Most notably the amendment of the law of investment, infrastructure and Iraqi agreement - German
BAGHDAD - The morning
began the economy, investment and reconstruction in the House of Representatives by moving the 16 draft law and presented it to read the first or second ahead of the vote in a move aimed at supporting the economic file in the country.
According to the Commission's decision Mahma Khalil said in a statement particularly for the "Center Brief for the Iraqi Media Network", that "there are a number of laws exist in the hands of members of the committee, which was modified or waiting to read the first or second or vote."
Khalil said: "The most prominent of these laws that have been finished to read the first reading is "Law of the National Council for Reconstruction and Development, and the proposed National Commission for Renewable Energy, and Bank of Iraq trade, and the law to stop charges of production, and the law amended the first Act funding agencies, commercial No. 51 of 2000, in addition to the law of Basra, capital of Iraq's economy."
He continued that the law of Basra, capital of Iraq's economic progress to his application more than 160 members.
It is said that the reason for selecting Basra as the capital economic of Iraq as a result of its location which is surrounded by lakes and rivers are linked to its borders with several countries, as well as natural resources owned by and the presence of the Faw area that can benefit from the future in "transit "and trade exchanges. said Khalil said: "The laws that have been read the second reading are:" the law of the reconstruction of infrastructure and service sectors, and the law amending the companies of 1997 No. 22, the law of finance construction projects, and the second amendment to a standardization and quality control, "noting that" the There is a range agreements, including with the Republic of Turkey and Arab countries on electronic signatures and electronic transactions, as well as an agreement with the Hashemite Kingdom of Jordan, and another on the accession of Iraq to the Arab League to establish a fund for cooperation and agreement between Iraq and the Republic of China (PRC), as well as Project Agreement Act to encourage exchange of investment between Iraq and the Republic of Federal Republic of Germany. "
Observers expect to open the Convention on the Iraqi - German moving Parliament to approve a broad prospect for cooperation between Iraq and the countries of the euro with the pursuit of Berlin to head the European group, as the purpose of this Convention, which will remain in force for ten years, to protect and encourage investment and exchanged between the Iraqi government and its counterpart German.
and according to a copy of the Convention on Iraqi economic - German is scheduled to be approved by Parliament, received the "morning", both from the Republic of Iraq and the Federal Republic of Germany have a desire to intensify economic cooperation between the two countries, whose goal is to create better conditions for investments by investors of any of the the two countries and within the limits of the territory of the other country, and to encourage investment and provide protection contractual her two best incentive to push the initiatives of individual investment and increase the prosperity of both peoples.
He pointed out that "these laws will be presented to the House of Representatives for a vote," noting that the Economic Commission of the committees active in the House of Representatives , as there are about 60 law initiated by the parliament, ten of which is the share of the Economic Commission.
He added by saying: "The Committee attaches importance is the Law of the reconstruction of infrastructure and service sectors, one of the laws phase from the previous session and read the first reading and again."
revealed the Economic Commission in the House of Representatives for an initial agreement on a bill the reconstruction of infrastructure and service sectors in preparation for approval in the parliament.
The aim of the law, according to a copy obtained by the «morning» to the implementation of strategic projects and services and the reconstruction of facilities and infrastructure in a payment term in order to promote the economic reality of Iraq.
It is said that a Government commission had met and had identified the amounts proposed for each sector and the total cost of a proposed program of development is estimated at (37) billion dollars spread over different sectors vital to the exclusion of projects detailed to be to identify those projects for each sector after the approval of the bill, as decided House of Representatives climb the Ministers of Planning and Finance to discuss the law of the infrastructure.
decision of the Economic Commission announced the approach to amend the investment law No. 13 of 2006 for the presence of some obstacles and these amendments will be made on paragraph legislative and ownership of land and a paragraph on the banks.
The aim of the investment law, according to a copy obtained by the "morning" to the following: "First - To encourage investment and transfer modern technologies to contribute to the process of developing and enhancing Iraq, and the expansion of its production and service and diversification. Second - To encourage the Iraqi private sector and foreign investment in Iraq by providing the required facilities for establishing investment projects and enhancing the competitiveness of enterprises covered by the provisions of this law in local and foreign markets. III - Development of human resources based on market demands and provide job opportunities for Iraqis. IV - Protection of the rights and property investors. V. - To expand exports and improve the balance of payments and the balance of trade of Iraq. "
and saw Khalil said a vote on these laws give to be vital to turning the wheels of investment in the Iraqi state.
and held several specialists in the economic hopes on the investment law to attract more investments to Iraq, but they at the same time emphasize the importance of marketing investment laws to major international companies and countries industrial and commercial markets in order to display as much as possible of investors , capital and companies, and confirms the economists that the investment laws of Iraq and one of the best laws for attracting investment in the region, but they attributed the delay in the arrival of companies in large numbers to the absence of the Promotion of this law and what he brought from tax exemptions or customs, as well as the privileges of the other large.
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Oh God please let this be true. Thanks for the post K98nights
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Good Lord! Is there just one honest man in Iraq?
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Thank You Beautiful Dream
40% Increase! That is Great!
When you read articles like this it makes you think ( What the heck is going On?) Looks like economically, Iraq is holding it's own despite all the political shannigans and lack of legislation. Of course, economically the rest of the world doesn't look to hot and it may be sad but true, that Iraq appears to be one of the best horses in the glue factory.
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Great great news thanks Howie
I guess we'll let you go to sleep tonight Butifldrm I know that's right. I stayed up till 1:00 AM this morning reading news, I never do that, but it was a good news day.
I'm going to bed early tonight. It's finally raining here (Thank God). Looks like good sleeping weather to me. -
HowieC! This great news. I have been looking for this news. I had heard rumor that the tarriffs had been postponed until August.
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Stability pay international companies to invest in Iraq
30/06/2012 0:00
BAGHDAD - The agency
is seeking major international companies to expand remarkably in Iraq after the security and stability in the country in years, something sought by the Iraqi government, especially as it has provided and visibly all the necessary needs that can be established for important projects in the country, which made Iraq kiss real investment for all major international companies, both companies have been building or car companies or companies Electronics, which began to spread widely in Iraq after the deprivation Great in which he was the people of this country in the years leading up to the year 2003, therefore, this openness in Iraq was now longer outlet true to his sons and then a viable market for companies E major.
recorded economic reports that Nokia mobile phones, for example, recorded the presence, than noted in the major countries, the World, which enjoyed economic openness, before enjoying Iraq, where the hair Consumers value of what has been put in markets of the products of this company, which has increased the volume of sales in Iraq has exceeded what was expected due to the sensitivity of consumers of the importance of what has been raised from the products.
says Haitham Yasin, director of Nokia: "We consider Iraq a major countries where the company that was represented in Iraq strongly over many years. Therefore, and based on our determination to support our customers, we have launched several initiatives and special to ensure the satisfaction of all our consumers from the values of Nokia and enhance their experience purchasing our products. "
noting that the strong competition of the companies global electronic in Iraq prompted us to enhance communication consumers with us through several programs, most recently providing television LCD 41 "to three lucky winners a week in Iraq during the month of July and August of 2012. And this confirms that Iraq has become a competitive market a real major international companies, and the evidence that one of the largest of these companies began to expand its presence through the provision of prizes to consumers in a move designed to revive the competition with the rest of the international companies in Iraq.
says expert at Washington's Center for Economic Studies, Hayward L: The Iraq and due to the lack of influence of economic crises the world is limited and the nature of its economy, which depends mainly on oil, it is now the eyes of many investment companies a safe haven for their business, so it is natural to resort electronics companies world to him being one of the countries that have opened recently on those regulations, as well as after the effects of the global economy, volatile.
turn The International Monetary Fund: The extrapolations from the Iraqi economy that he predicts will grow by 11.1 percent this year to reach $ 144 billion, of encouraging signs that attest to the Iraqi economy to take the recovery in foreign investment. In the last year attracted Iraq foreign investment worth 55.67 billion dollars in addition to other economic activities, and this represents an increase of 40 percent from the previous year, as indicated by the company «High Frontier Consulting», and this means that investors have over that view, which was longer Iraq, the violence, analysts say. Says chief economist at the World Bank Kevin Carey: «when you can attract the attention of foreign investors, it means that you are on the right track
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Vision to solve the crisis the Syrian-Iraq
30/06/2012 0:00
Baghdad - Cairo - morning - Isra Khalifa
is scheduled to be put Iraq at the Ministerial Meeting to be held in Geneva today a vision to resolve the crisis in Syria. Iraq is represented at the meeting, Foreign Minister Hoshyar Zebari, being the head of the Arab summit. Said Dr. Qais Al-Azzawi representative of Iraq to the Arab League's "Center Brief for the Iraqi Media Network": "The Foreign Minister will ask to see Iraq to solve the Syrian crisis as countries active in the Arab and regional issues and neighbor to Syria. "said Azzawi," Iraq has contributed significantly to putting forward many initiatives to resolve the crisis the Syrian in a peaceful manner and in reducing the shedding of innocent blood from both sides, the opposition and the government. "He continued:" The Minister of Foreign Affairs received an invitation from the Joint Special Envoy of the United Nations and Arab League Kofi Annan to attend the meeting, "noting that Iraq was involved in this important meeting with foreign ministers of the five permanent members of the Security Council, namely, (the United States, Britain, France, Russia and China), in his capacity as Chairman of the Arab League summit, and Kuwait to presiding over the University Council of Ministers and Qatar for the Chairmanship of the Committee on follow-up Syrian issue, in addition to Turkey. In addition, the government confirmed that it supports the grant of the Syrian people a chance at the Geneva Conference to find a peaceful solution to end the crisis in Syria. said government spokesman Ali al-Dabbagh's (Center Brief for the Iraqi Media Network): "Iraq supports this position in Geneva through the granting of the Syrian people for the right opportunity to decide what kind of solution he wants, instead of importing prescriptions from abroad and therefore, the presence of Iraq, this conference will be one of the important guarantees to reach a solution. " He also said Undersecretary of the Ministry of Foreign Affairs, however, Abawi's (Center Brief for the Iraqi Media Network): "The Iraqi delegation will consult with Annan will discuss the issue put forward policy options to resolve the crisis in Syria, and will emphasize the gathering that Iraq against any solution to the violence, or procedures may Tazm situation." the center of this picture, newspaper, Alandipandant in an article written by Robert Fisk translated "morning" about the likelihood of the survival of Syrian President Bashar al-Assad in power for much longer than his opponents with the tacit approval of the Western leaders who seek to secure new methods of oil to Europe through Syria before the fall of the regime.
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Thanks for the post Shelley, I guess we just wait and see what tomorrow brings.
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OH WOW. Happy Birthday to You SWFG.
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Thanks Carrello for the post, Maliki never ceases to amaze me! I truly believe he needs psychiatric help.
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Ok, I am a little surprised, noone has commented on this article. I would love to hear some DV interpretations on this article. JMO, but does this article state Iraq traded 18T IDQ electronically in Iraq? Just wondering.
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Government allocated 200bn IQD for compensating political prisoners, says parliamentary committee
30/06/2012 17:58
ERBIL, June 30 (AKnews) – The Iraqi Parliament's committee for martyrs and political prisoners announced that the government allotted 200bn IQD ($172m) as compensation for political prisoners who spent time in the former regime's prisons.
Head of the committee Mohammed al-Hindawi said: "The committee put forward a project to the Cabinet of Ministers to compensate all political prisoners with 50,000 IQD ($43.00) for each day spent in prison during the former regime era.
"Prime Minister Nouri al-Maliki agreed on the suggestion and ordered allocating 200bn IQD for this purpose.
"The committee finished studying a proposal for giving political prisoners a right of inclusion of studies, missions, fellowships, as well as granting the political prisoners’ families functions and privileges who did not receive land in the past as part of restorative justice."
By Yazn al-Shamari
HH/DM/AKnews
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60 billion dinars financial compensation for the 12 provinces
30/06/2012 0:00
BAGHDAD - Al Sabah
announced the General Secretariat of the Council of Ministers, for the payment of 60 billion dinars in compensation money for the 12 provinces as of last April. An official relations and the media in the Central Committee to compensate victims of terrorism in the General Secretariat of the Council of Ministers Jassim Al Oraibi's (Center Brief for the Iraqi Media Network) that « After the launch of the public budget and the allocation of 300 billion dinars can be increased in the Iraqi provinces were distributing grants to the victims of terrorist attacks and military mistakes ». And between Oraibi that «since last April were distributed compensation for 12 counties and the granting of a different proportion to those affected by the», pointing out that «the total distributed so far is 60 billion Iraqi dinars». And that «the next week will be the distribution of compensation to the province of Dhi Qar, and then will jump to the province of Diwaniyah and then to Nineveh ».
and distribute such compensation under the Act No. 20 of 2009 which provided for the inclusion of the affected grant money and a piece of land and a pension of 340 thousand dinars per month and retroactively from the date of implementation of the law in 1/1/2010. The law included segments of the martyrs and the wounded, injured, missing and abducted persons and damaged property
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Big banks craft “living wills” in case they fail
JUNE 29TH, 2012 09:42 AM ·
(Reuters) – Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations.
The plans, known as living wills, are due to regulators no later than July 1 under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government. The living wills could be as long as 4,000 pages.
Since the law allows regulators to go so far as to order a bank to divest subsidiaries if it cannot plan an orderly resolution in bankruptcy, the deadline is pushing even healthy institutions to start a multi-year process to untangle their complex global operations, according to industry consultants.
“The resolution process is now going to be part of the cost-benefit analysis on where banks will do business,” said Dan Ryan, leader of the financial services regulatory practice at PricewaterhouseCoopers in New York. “The complexity of the organizations will shrink.”
JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N), Goldman Sachs & Co (GS.N) and Morgan Stanley (MS.N) are among those submitting the first liquidation scenarios to regulators at the Federal Reserve and the Federal Deposit Insurance Corp, according to people familiar with the matter.
The five firms, which declined to discuss their plans for this story, have some of the biggest balance sheets, trading desks and derivatives portfolios of financial institutions in the United States.
Great Britain and other major countries are imposing similar requirements for “resolution” plans on their big banks, too.
The liquidation plans are coming amid renewed questions about the safety of big banks following JPMorgan’s stunning announcement last month that a trading debacle has cost it more than $2 billion – a sum far too small to endanger the bank, but shocking enough to bring back memories of the financial crisis.
A NOD TO GLASS-STEAGALL
If the extensive planning and review process works as proponents hope, big banks will become less hazardous to the public and regulators will be more confident that they can let wounded institutions die without wrecking the economy.
In congressional hearings earlier this month, JPMorgan CEO Jamie Dimon said that the bank’s contingency plan for going out of business would let it fail without cost to taxpayers. Living wills reduce the systemic risk of a big bank failing, Dimon said.
The living will requirement could actually yield similar results to restoring Glass-Steagall without actual re-enactment of the Depression-era laws separating commercial banking from investment banking, former FDIC Chairman Sheila Bair told Reuters TV earlier this month.
Bair said regulators may determine that for a liquidation plan to work, a bank must separate traditional banking and insured deposits into subsidiaries set apart from volatile securities trading and securities underwriting.
The rules push banks to untangle their complex structures, which can include thousands of legal entities, and which, in Bair’s opinion, have effectively blocked proposals for breaking up the corporations.
Whether the Fed and the FDIC would actually force any banks to sell businesses or cordon off insured deposits remains to be seen, cautioned Richard Herring, a banking professor at the University of Pennsylvania.
“We don’t know if they will have the guts to do it, but the tools are there,” said Herring, a leading proponent of living wills for more than a decade, who was appointed to an FDIC advisory panel on the plans.
Herring worries, too, that the plans will be so long and complex that they will overwhelm the staff at the agencies.
Still, that the plans are being written at all is progress, Herring said.
PLAN FOR TWO WAYS TO DIE
Under the Dodd-Frank Act, banks and regulators must imagine liquidations in two different ways. The first is through bankruptcy courts with banks negotiating with their creditors. This is the going-out-of-business method planned in the living wills due July 1. The living wills must include how subsidiaries in foreign jurisdictions will be liquidated.
The second way is through a new kind of liquidation process in which the FDIC takes control of putting a financial giant down. This method has more flexibility than is allowed in bankruptcy courts, but still uses critical information collected in the banks’ living wills, such as where exactly to find collateral.
The new rules stagger deadlines for the banks to file plans, depending on their size and complexity. Nine banks will file first, including five based in the United States and four owned abroad. Regulators have declined to name the nine banks included in the first round.
Other large banks will have until July and December of next year to hand in their plans, according to the FDIC. Eventually about 124 banks are expected to submit plans, according to the FDIC. There are about 7,300 banks in the United States.
Regulators and the big banks have been meeting since January on what the plans are expected to include. Fed and FDIC officials have said they expect the back-and-forth to continue once the plans have been submitted.
The rules give the banks a series of chances to refine their plans.
But if banks cannot come up with feasible liquidation plans, regulators could order the banks to get rid of businesses.
Government intervention is a last resort, said John Simonson, the FDIC’s deputy director of Systemic Resolution Planning and Implementation in the Office of Complex Financial Institutions.
“I think a lot of progress can be made in having these firms make themselves more resolvable before you get to that point of actually imposing those severe remedies,” Simonson said.
The regulators will want to see evidence that the banks can safely resolve their debts and transfer vital customer services and assets to healthy institutions.
The plans could easily be 2,000 or 4,000 pages long, depending on the complexity of the banks, said Ryan of PricewaterhouseCoopers. The plans include “very granular detail” about bank operations, he noted, adding that “in many cases, this is a large documentation exercise.”
For example, the banks must spell out plans for hiring lawyers and contacting regulators in key countries.
The rules for crafting the living wills are 74 pages long, including an explanatory supplement. The plans could even include drafts of press releases showing how the banks would announce that they are going out of business, Herring said.
The plans are to include summaries for the public, but most of the data will be kept confidential at the request of the banks concerned about revealing trade secrets, according to the rules.
The FDIC has not said when the summaries would be released.
The regulators estimated it will take all of the 124 banks combined about 1.3 million hours of work to write their initial plans, and each year afterwards, 267,544 hours to keep them up to date. A 40-hour work week for a single employee equals 2,080 hours a year.
http://www.reuters.com/article/2012/06/27/us-banks-bailouts-wills-idUSBRE85Q0AZ20120627
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Another great article gamaray. I really like this statement: And that "the central bank can be equal to the exchange rate of the dollar against the dinar, but the only reason that Iraq's oil reserves are very Mzachma which has implications for equality of these two currencies. What the heck does Mzachma mean?
Sounds kinda Macho to me. 
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I've made reservations - here's the confirmation number - 1.00-3.22.
Yea we can all check into the Notell Motel.
I'll take room $3.22. LMAO-
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We know we're dinar addicts when we look forward to red lights so we can catch up on the rumors.
I know! I may have to go to rehab when all this is done or I, could find another hobby to obsess over.
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Shoot! SWFG, I read this 15 mins ago in my car and had to wait to get home and reread this article again. Seems like this news would be all over Iraqi TV. We'll see
. Maybe good news when the CBI reopens tomorrow. Thanks for the post. Go RVeeee-
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Good new ReVbo, Hopefully the NA can put enough pressure on Maliki.
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Truly, from what scooter describes is that each year the Iraqi's never finish their budgeted projects and the monies left over called the "drainage fund" have been allowed to accumulate or move to the next years budget. They have been working off two sets of books for years, but 117B was there entire 2012 budget if they are talking USD here. If this is true, something is really gone astray in the finance department.
Frank and Delta, 7-2-12
in Chat Logs
Posted
There must be a typo in the translation of the conference call because the 2012 Budget is 100.5 T IQD.
Today on Iraqia TV, the ministry of Health came out with the new budget figures for 2013, which is 7 billion dinar. It is a fact that the 2012 budget is 7 trillion dinar!!
Read more:
24/02/2012 09:09
BAGHDAD, Feb.24 (AKnews)- Iraqi House of Representatives finalized the budget bill at $100.5 billion and a deficit of $12.6b, yesterday evening, following months of delay due to political disputes.
The budget is up from last year's $82.6b, which was based on an oil price of $76.50 per barrel and 2.2m barrels per day in crude exports. While this year it is based on an average oil price of $85 per barrel and 2.6m bpd in exports.
Some $31.7 billion is allocated for investment projects and the reminder goes to covering salaries and food ration items. The projected deficit will be covered by a surplus in the Development Fund of Iraq (DFI) account at the New York Federal Reserve.
The budget also allocated 17 trillion dinars ($14.6 billion) to the country's security forces.
Iraq, which has the fourth-biggest oil reserves in the world, aims to boost its oil production capacity to 8-8.5 million bpd by 2017, to become one of the top world oil producers.
By Falih Jiwari
Edited by Abdullah Sabri
Read more: