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Keyword: banking

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  • Pro-marriage group asks for boycott of Chase

    07/23/2014 10:53:37 AM PDT · by Faith Presses On · 5 replies
    One News Now ^ | 7/21/14 | Charlie Butts
    The National Organization for Marriage is calling for a public response to an employee survey conducted internally by J.P. Morgan Chase Bank. Workers at the financial institution leaked information on the so-called confidential survey, which asked in part if they identified as LGBT and whether they were an ally of the LGBT community (see earlier story). Joe Grabowski, with the National Organization for Marriage, tells OneNewsNow that this survey was intrusive into the private beliefs of the employees. “It's a very invasive question,” he says. “And one could certainly imagine - especially in the wake of things like the forced...
  • Bill to Curb “Operation Choke Point” Introduced

    07/22/2014 9:11:17 AM PDT · by John Semmens · 1 replies
    Semi-News/Semi-Satire ^ | 20 July 2014 | John Semmens
    Rep. Blaine Luetkemeyer (R-Mo) is sponsoring H.R. 4986, the End Operation Choke Point Act of 2014. The bill aims to stem Department of Justice abuse of legitimate businesses. Under Operation Choke Point the DOJ working in concert with the FTC, FDIC, OCC, CFPB, and FBI has been intimidating banks in order to deny these financial resources to targeted commercial operations. While DOJ claims it is merely combating criminal activity, legal, but pariah businesses like firearms vending, marijuana dispensaries and check cashing firms have frequently been shut off from the banking system. The Administration opposes the bill. “Even though some businesses...
  • Chase Bank Has Pattern of Partisanship on LGBT Issues

    07/11/2014 12:49:25 AM PDT · by 2ndDivisionVet · 7 replies
    Breitbart's Big Government ^ | July 10, 2014 | Austin Ruse
    The recent exposé of the employee survey that asked probing questions about employee support for the “LGBT community” has focused attention on something that the typical depositor might not be aware of, and that is the massive time and attention JP Morgan Chase lavishes on the LGBT issue. Four years ago JP Morgan Chase told a local businessman that he had to remove a Christmas tree he donated to the lobby of a branch bank in Southlake, Texas. The reason given was that some found the Christmas decoration offensive. The order to remove was not made locally. It came from...
  • How Chase Bank and other Corporations Coerce and Bully Christians

    07/04/2014 12:40:12 PM PDT · by NYer · 27 replies
    Crisis Magazine ^ | July 4, 2014 | AUSTIN RUSE
    How would you feel if your boss came into your office one day and asked if you are supportive of the “LGBT community”?Maybe you are sympathetic to gays who face discrimination but you do not support the overall agenda. Maybe you are a faithful Catholic who accepts the teaching of the Church on homosexuality, that it is disordered and if acted upon, mortally sinful. Maybe you are simply bone weary of the LGBTs jamming their message into your face and the faces of your children all day long.And there is the man who holds your job in his hands...
  • The Dark Road: The Worst Tax Law You've Never Heard About (effective July 1st)

    06/28/2014 11:11:55 AM PDT · by TigerClaws · 34 replies
    It broke Ruth Freeborn’s heart to give up her U.S. citizenship that fateful day last year. Unfortunately for the Oklahoma native, though, it was either that, or her family. Ruth’s Canadian husband of 33 years, who earns all of the middle-class family’s income, “simply could not go along with this situation,” she explained. “To find myself suddenly not able to live, bank, save or to keep peace in my marriage while being American at the same time was shocking at first and deeply disturbing to me.” Ruth wrote “what must have been” hundreds of letters to U.S. senators and officials,...
  • The Export-Import Bank faces extinction under new GOP leadership

    06/26/2014 4:06:40 PM PDT · by right-wing agnostic · 5 replies
    The Washington Post ^ | June 25, 2014 | Charles Lane
    Of all the purposes for which you might put U.S. taxpayer dollars at risk, helping wealthy petro-states borrow millions to buy Boeing jets would not rank among the most urgent. Yet that is what the Export-Import Bank does: In fiscal 2013, Ex-Im backed $8.3 billion in aircraft and related sales, including a $117.5 million loan guarantee to support Boeing 737 purchases by Dubai — a typical transaction for an agency that has, over the years, earned the sobriquet “Bank of Boeing,” though it does also support Caterpillar and General Electric, among others. Now Ex-Im suddenly faces extinction: Its charter expires...
  • Forward guidance: making it up as you go along

    06/25/2014 5:24:10 PM PDT · by Lorianne
    CNBC ^ | 24 June 2014 | Moorad Choudhry
    The banking industry likes superfluous language. There's "quantitative finance" for example, which (given that finance isalready a quantitative subject) is a bit like saying "aerial flight" or "wet swimming". And then there's "forward guidance". What, as opposed to backward guidance? I mean, what other type of guidance is there? Last summer the Bank of England (BoE) decided it wanted to import the U.S. Federal Reserve's forward guidance policy. In short this went along the lines of "we'll link future moves in the base rate to other external market indicators, so that as these other indicators move then so will base...
  • Hedge fund chiefs and former bankers enter the shadows close

    06/20/2014 5:15:52 PM PDT · by Lorianne · 2 replies
    Financial Times ^ | 20 June 2014
    In the six years since the financial crisis, the financial services world has seen all kinds of new institutions take over lending deals and clients that were once the domain of traditional banks. There has also been a parallel transformation: the mutation of bankers into shadow bankers, writes Patrick Jenkins in London. The bosses of many shadow banks – hedge funds, private equity and debt funds, tax-efficient “business development companies” and peer-to-peer lenders – seem increasingly to have been drawn from the upper ranks of the big traditional lenders. Many bankers have become disillusioned with the old ways of doing...
  • Central banks becoming major investors in stock markets

    06/17/2014 6:47:55 PM PDT · by Lorianne · 17 replies
    Market Watch ^ | 16 June 2014 | David Marsh
    LONDON (MarketWatch) — Some leading central banks have become major players on world equity markets in a development that could potentially contribute to overheated asset prices. The buildup of central-banking interest in equities is one of the unexpected consequences of the last few years’ fall in interest rates, which has depressed the returns on central banks’ foreign exchange reserves and driven them to find alternative investment targets. In the years since the financial crisis, central banks have leapt to the forefront of public policy making. They have taken responsibility for lowering interest rates, for maintaining stability of financial institutions, and...
  • What Does Europe’s Adoption of Negative Interest Rates Mean for America?

    06/17/2014 12:39:37 PM PDT · by Kaslin · 21 replies
    Townhall.com ^ | June 17, 2014 | Paul Dykewicz
    The European Central Bank’s (ECB) recent move to adopt what is described as “negative interest rates” to guard against deflation should lift stock prices, spur businesses to invest and help to aid lagging economic growth on the continent. With the U.S. Federal Reserve scaling back on its easy-money policies as the American economy recovers, the ECB seems focused on adopting some of the same methods that helped the United States. However, such policies are artificial ways to fuel the economy and encourage businesses to take on additional debt that may need to be paid off at much higher interest rates...
  • This Will Be the Primary Reason for World War III

    06/17/2014 12:31:56 PM PDT · by PoloSec · 26 replies
    DC Clothesline ^ | June 17 2014 | Dave Hodges
    The Bank of International Settlements Even if Putin and Obama fail to realize the obvious, they are playing for the same team in a script that has been written for them to play out, the script will culminate in World War III. The grand master controlling the world’s central banks needs World War III to happen. They need a war to unify the planet, socially, politically, economically and religiously. We are soon to learn the meaning of the popular NWO phrase, “Out of chaos comes order”.The Death of the Dollar Is the Motivating Force Behind WW III Russia is...
  • NEGATIVE INTEREST ON PRIVATE BANK ACCOUNTS COMING TO THE US?

    06/07/2014 9:53:10 PM PDT · by kingattax · 70 replies
    Breitbart ^ | 7 Jun 2014 | by HUNTER LEWIS
    We just reported about how the European Central Bank has instituted negative interest rates for member banks. This could soon spread to the US and also to consumer accounts. If so, you would find money taken out of your bank account each quarter unless you spend it. The idea is that if low rates are not yet persuading you to spend, then why not punish you even more for saving? To make this more effective, there would also be a push for all electronic money to keep you from stashing any away from the confiscation agents. Ken Rogoff, leading Harvard...
  • Art World in Review (Fine ART -the bankers' new toilet)

    05/28/2014 5:37:17 PM PDT · by Yollopoliuhqui · 3 replies
    Art World in Review ^ | May 28, 2014 | Peter Dobey
    It is a rare occurrence for conversations about contemporary art to happen outside of the insular circles of the art world. Contemporary art, by and large, exists as a bubble. So it should come as no great surprise that other “bubbles” are the only thing that may collide with contemporary art. Like, for instance, the elite insider world of high finance that purchases much contemporary art at auction. Last week, one such collision came to light when Credit Suisse was criminally convicted for assisting tax evasion and further revealed what more and more people realize: art can be quite the...
  • Iran Hangs Crooked Banker and Billionaire

    05/25/2014 2:05:28 PM PDT · by apoliticalone · 18 replies
    AP - Fox News ^ | 05-24-2014 | AP
    TEHRAN, Iran – A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported. Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence. Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that his client was put to death without any notice.
  • Tim Geithner is no hero, no matter how many times he says that he is one

    05/14/2014 10:46:33 AM PDT · by Kaslin · 9 replies
    Townhall.com ^ | May 14, 2014 | Nick Sorrentino
    TARP was the absolute height of crony capitalism. Many of the big banks should have gone down, but in the midst of a “Blackberry panic” – as David Stockman puts it – the masters of the masters of the universe lost sight of reality and the nature of markets. Yes, Goldman Sachs would have gone down. But this would have been a GOOD THING. The blood which should have filled the the streets of Downtown Manhattan would have washed the unsustainable leverage clean from the system (for a while.) Giants are meant to fall. It would have been good for...
  • Russian History Is on Our Side: Putin Will Surely Screw Himself

    05/11/2014 6:18:39 PM PDT · by SeekAndFind · 64 replies
    The Daily Beast ^ | 05/11/2014 | P. J. O’Rourke
    <p>So the international sanctions aren’t working—don’t worry! If 1,000 years of Russian screw-ups are anything to go by, it won’t be long before Vladimir Putin brings himself down.</p> <p>Now that we’ve failed to use Russia’s corrupt and degenerating economy, subservience to the international banking system, and vulnerability to falling energy prices to pop Vladimir Putin like a zit, we’re going to have sit on our NATO, E.U., and OSCE duffs and take the long view of Russian imperialism.</p>
  • Colorado Lawmakers Approve Plan for Pot Banking

    05/08/2014 3:18:43 PM PDT · by SeekAndFind · 8 replies
    NBC News ^ | 05/08/2014
    Colorado lawmakers approved the first financial system for the marijuana industry Wednesday, a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services. The plan seeks to move the marijuana industry away from its cash-only roots. Banks routinely reject pot businesses for even basic services such as checking accounts because they fear running afoul of federal law, which considers marijuana and its proceeds illegal. The result: Pot shop owners deal in large amounts of cash, which makes them targets for criminals. Or they try to find ways around the problem, like drenching their proceeds...
  • DOJ's 'Operation Choke Point' May Be Root of Porn Star Bank Account Closings

    04/29/2014 5:11:21 AM PDT · by GrootheWanderer · 49 replies
    Reason Hit & Run ^ | April 29, 2014 | Elizabeth Nolan Brown
    Despite being in good financial standing, adult film performers and others in the porn industry have had bank accounts abruptly terminated—and the U.S. Department of Justice (DOJ) may have had something to do with it. Under "Operation Choke Point," the DOJ and its allies are going after legal but subjectively undesirable business ventures by pressuring banks to terminate their bank accounts or refuse their business. The very premise is clearly chilling—the DOJ is coercing private businesses in an attempt to centrally engineer the American marketplace based on it's own politically biased moral judgements. Targeted business categories so far have included...
  • CODE RED: Central Banks Will Frantically Pound The Panic Button - Executioners, World's Currencies

    04/27/2014 7:26:04 AM PDT · by blam · 19 replies
    BI ^ | 4-27-2014 | John Mauldin, Thoughts From The Frontline
    CODE RED: Central Banks Will Frantically Pound The Panic Button And Eventually Become Executioners To The World's Currencies John Mauldin, Thoughts From The FrontlineApr. 27, 2014, 9:21 AM (It is especially important to read the opening quotes this week. They set up the theme in the proper context.) “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” –...
  • Guess Who Makes More Than Bankers: Their Regulators

    04/22/2014 7:22:47 AM PDT · by SeekAndFind · 2 replies
    Wall Street Journal ^ | 04/22/2014 | PAUL KUPIEC
    Long before George Bailey wrestled with Mr. Potter in "It's a Wonderful Life," the public decried the pay of top executives in large financial institutions. Overpaid bank executives are the villains in regulatory morality tales and feed distorted public perceptions about bankers' pay. It is true that the very top bank executives make more in a year than most of us make in a lifetime, but compensation of this magnitude is rare. Most banks in this country are small businesses and pay employees modest salaries. The Bureau of Labor Statistics reports that the average annual salary of a bank employee...
  • What the hell is this American plane owned by the Bank of Utah doing in IRAN?

    04/18/2014 10:10:47 AM PDT · by mandaladon · 28 replies
    The Daily Caller ^ | 18 Apr 2014 | Eric Owens
    On Tuesday morning, a plane owned in trust by the Bank of Utah showed up in a very visible area of the Mehrabad Airport in Tehran, the capital of the Islamic Republic of Iran. What was it doing there exactly? Nobody knows, reports The New York Times. Under President Barack Obama, the United States has eased some of the long-standing punitive economic sanctions against Iran. Still, very little American — or European — economic activity is allowed inside the religious theocracy. The Bank of Utah is certainly no Wells Fargo. The Ogden-based community bank has all of 13 branches including...
  • All the Presidents' Bankers: The Hidden Alliances that Drive American Power

    04/14/2014 8:05:08 AM PDT · by Yollopoliuhqui · 12 replies
    Amazon ^ | recent | Nomi Prins
    Who rules America? All the Presidents’ Bankers is a groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history. Culled from original presidential archival documents, All the Presidents’ Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics—or greed driving bankers. Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships...
  • Former Top Dutch Banker Found Dead

    04/06/2014 6:42:20 AM PDT · by Wiz-Nerd · 24 replies
    Business Standard ^ | April 6, 2014 | Reuters
    A Dutch former top banker who came under fire for taking a large pay-off after the nationalisation of his troubled bank was found dead along with his wife and daughter on Saturday in what police called a family tragedy. Jan Peter Schmittmann, 57, ran the domestic operations of Dutch bank ABN Amro between 2003 and 2007 and was widely criticised for landing an 8 million euro pay-off after the bank's collapse and subsequent nationalisation.
  • Ukraine Shocks Population With Staggered 100% Heating Price Increase While Restricting Cash Use

    03/28/2014 4:34:02 PM PDT · by dynachrome · 19 replies
    Zero Hedge ^ | 3-28-14 | Yatsenyuk
    Yatsenyuk addressed the nation in a TV appearance: •*UKRAINE TO RAISE GAS, HEATING PRICES GRADUALLY, PREMIER SAYS •*UKRAINE TO RAISE HEATING PRICES 40% THIS YEAR, 40% NEXT YEAR •*UKRAINE TO RAISE HEATING PRICES 20% IN 2016 AND 20% IN 2017 So a 182% increase by 2017 •*YATSENYUK SAYS PRICE INCREASE WILL BRING IT TO MARKET LEVELS •*UKRAINE HOUSEHOLDS PAY $84 PER 1,000 CUBIC METERS GAS:YATSENYUK •*IMPORTED RUSSIAN GAS WILL BE ABOUT $500: YATSENYUK •*HOUSEHOLD RATE INCREASE IS `ONLY RIGHT DECISION:' YATSENYUK And then, via The Ukraine Central Bank, they implement tougher capital controls: •*UKRAINE CENTRAL BANK SETS LIMITS ON FOREIGN...
  • Hundreds rush to rural Chinese banks after solvency rumours

    03/25/2014 5:40:55 PM PDT · by dynachrome · 10 replies
    Reuters ^ | 3-25-14 | Gabriel Wildau and Kazunori Takada
    Hundreds of people rushed on Tuesday to withdraw money from branches of two small Chinese banks after rumours spread about solvency at one of them, reflecting growing anxiety among investors as regulators signal greater tolerance for credit defaults. The case highlights the urgency of plans to put in place a deposit insurance system to protect investors against bank insolvency, as Chinese grow increasingly nervous about the impact of slowing economic growth on financial institutions. Regulators have said they will roll out deposit insurance as soon as possible, without giving a firm deadline.
  • Trader kills self in finance world’s latest suicide

    03/12/2014 4:57:25 PM PDT · by Nachum · 30 replies
    New York Post ^ | 3/12/14 | Michael Gray March 12, 2014 | 5:45pm
    A Manhattan trader was killed Tuesday morning by a speeding Long Island Rail Road commuter train, marking at least the seventh suicide of a financial professional this year. Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, jumped in front of an LIRR train at 6 a.m. near the Syosset train station. He was declared dead at the scene. Reilly’s identity was confirmed by Salvatore Arena, an LIRR spokesperson, who said an investigation into the incident was continuing. Passengers on the west-bound express train told MTA investigators they saw a man standing by the tracks before he jumped in...
  • JP Morgan Cutting 17,000 Jobs – Banking Has Turned Down

    03/11/2014 3:14:19 PM PDT · by aMorePerfectUnion · 9 replies
    Martin Armstrong blog ^ | 3/11/14 | Martin Armstrong
    "We warned that the banks have turned the corner when their cycle finished last year. The NY Post has come out stating that being a banker is not so great anymore. When the ECM turns down 2015.75 into 2020, things for the banks are going to get a lot worse. They are hated perhaps even more than politicians. Their proprietary trading has destroyed the industry and been the worst public image than any sector can have."
  • Bitcoin refuses to flip: Virtual currency stays strong despite bankruptcies, gyrating rates

    03/09/2014 2:03:34 PM PDT · by Errant · 21 replies
    The Washington Post ^ | 8 March 2014 | Craig Timberg
    Future generations of Bitcoin billionaires may someday look back on 2014 with knowing smiles. Here was a year when thefts spread, exchanges collapsed, rates gyrated like a teenager’s moods. And yet the buying of bitcoins showed no signs of abating. The past week was particularly extreme. The apparent suicide of an American business executive in Singapore was investigated for possible ties to her Bitcoin investments. A California man fingered as the currency’s mysterious inventor reacted to his sudden fame by asking that journalists buy him lunch. After finishing his meal at a sushi restaurant, he went on to deny any...
  • Malicious Malware Uses Photos of Sunsets and Cats to Steal Banking Credentials

    03/05/2014 12:16:51 PM PST · by SWAMPSNIPER · 75 replies
    PETAPIXEL ^ | March 05,2014 | Gannon Burgett
    It’s a sad day for the Internet… according to Trend Micro’s security analysts, it’s been discovered that photographs of both sunsets and — even more heartbreaking — cats being shared across the web contain malware capable of getting into your bank accounts.
  • What’s Behind The Growing Pile Of Dead Banker Bodies? Here's a background of some of the dead...

    03/01/2014 8:24:03 PM PST · by SeekAndFind · 31 replies
    Personal Liberty ^ | 02/25/2014 | Bob Livingston
    It’s become a health hazard to be a banker. What evil lurks beneath the pile of bodies?In growing numbers, the bodies of bankers are piling up in the streets — at least eight global financial types in recent weeks (and five others in the past year). And a financial reporter for The Wall Street Journal walked out of his house and mysteriously hasn’t been seen or heard from in weeks.So what gives? Three of the bankers worked for JPMorgan. One worked for Deutsche Bank AG. Others for companies not so prominent, i.e., not “too big to fail,” but possibly...
  • Wells Fargo cuts 700 mortgage jobs

    02/27/2014 5:50:54 AM PST · by 2ndDivisionVet · 16 replies
    The Minneapolis/St Paul Star Tribune ^ | February 27, 2014 | Jennifer Bjorhus
    Wells Fargo cuts 700 employees, including 203 in the Twin Cities, as demand for mortgages declines.Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink. The San Francisco-based bank said it notified affected employees Wednesday, and that almost all of them work at the Wells Fargo Home Mortgage campus in south Minneapolis. Some work elsewhere in the Twin Cities. The cuts follow scattered layoffs in the Twin Cities in January in which Wells Fargo laid off fewer than 30 mortgage-related workers. “We currently expect mortgage...
  • Since 2000, There Are 29 Percent More Big Banks and 24 Percent Fewer Small Banks

    02/25/2014 12:43:29 PM PST · by grundle · 8 replies
    National Review ^ | February 25, 2014 | Veronique de Rugy
    My colleagues Hester Peirce and Robert Greene have put together a series of charts showing the recent concentration of the U.S. banking system — small banks are disappearing and large banks are growing in number. Here is one of their charts that shows the changes: Repeated waves of bank regulation — most recently Dodd-Frank — can be particularly burdensome for small banks. Peirce and Green explain: Regulatory compliance can be a particular challenge for small banks with limited compliance expertise. Regulatory expenses absorb a larger percentage of small banks’ budgets than of their larger counterparts’ budgets. Although correlation is not...
  • JP Morgan To Lay Off 17,000 Mortgage Bankers In 2013 And 2014, Because The "Housing Recovery"

    02/25/2014 8:53:01 AM PST · by SeekAndFind · 20 replies
    Zero Hedge ^ | 02/25/2014 | Tyler Durden
    The last time JPMorgan had an investor day, Jamie Dimon explained to Mike Mayo why he is richer than him (and pretty much anyone else). This year, Jamie will be more focused on explaining to 8,000 JPM workers why after firing 16,500 people in consumer and mortgage banking, the bank will now let go another 2K and 6K in those same two groups (which will bring total mortgage and consumer banking headcount reductions between 2013 and 2014 to at least 17K and 7.5K, respectively). This may be tricky especially in the context of, you know, the housing and economic...
  • Does The Trail Of Dead Bankers Lead Somewhere?

    02/24/2014 5:27:39 PM PST · by ilovesarah2012 · 47 replies
    theeconomiccollapseblog.com ^ | February 18, 2014 | Michael Snyder
    What are we to make of this sudden rash of banker suicides? Does this trail of dead bankers lead somewhere? Or could it be just a coincidence that so many bankers have died in such close proximity? I will be perfectly honest and admit that I do not know what is going on. But there are some common themes that seem to link at least some of these deaths together. First of all, most of these men were in good health and in their prime working years. Secondly, most of these "suicides" seem to have come out of nowhere and...
  • Another "Successful Banker" Found Dead

    02/24/2014 6:17:24 PM PST · by Nachum · 45 replies
    zero hedge ^ | 2/24/14 | tyler durden
      The dismal trail of dead bankers continues. As The Journal Star reports, a successful Lincoln businessman and member of a prominent local family died last week. Former National Bank of Commerce CEO James Stuart Jr. was found dead in Scottsdale, Ariz., the morning of Feb. 19. A family spokesman did not say what caused the death. This brings the total of banker deaths in recent weeks to 9 as Stuart is sadly survived by three sons and four daughters.  Mr Stuart's background (via The Journal Star), Stuart was a native of Lincoln and graduated from the University of Nebraska-Lincoln with...
  • Banks Are Obsolete: The Entire Parasitic Sector Can Be Eliminated

    02/20/2014 3:44:09 PM PST · by Renfield · 8 replies
    Zero Hedge ^ | 2-20-2014 | Charles Hugh-Smith
    What else can we do with the $1.25 trillion we'll save by eliminating these obsolete financial middleman parasites? A lot. Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite? Financial sector profits now total a staggering 4.5% of GDP (gross domestic product), while the expenses generated by financial churning account for another 4.5% of the economy....
  • Following a Wave of Banker Suicides, 3 Former Barclays Bankers Now Charged in LIBOR Scandal

    02/20/2014 11:48:10 AM PST · by Renfield · 18 replies
    Activist Post ^ | 2-18-2014 | Melissa Melton
    Three former Barclays bank employees have now been charged with “conspiracy to defraud” in the continuing LIBOR scandal, bringing the total to 13 people charged in America and the U.K. It has been reported that three ex-ICAP brokers are next on the list for helping traders manipulate interest rates. Three former Barclays bankers have been charged “in connection with the manipulation of Libor” interest rates, the Serious Fraud Office said. The SFO alleges the three – Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas – "conspired to defraud between 1 June 2005 and 31 August 2007". They will appear...
  • 33-year-old banker leaps to his death from JPMorgan’s Hong Kong headquarters, latest in string....

    02/18/2014 9:15:33 AM PST · by BRK · 83 replies
    JPMorgan banker jumps from Hong Kong headquarters A 33-year-old man jumped to his death from the skyscraper roof of U.S. investment bank JPMorgan Chase & Co’s Asia headquarters on Tuesday, police said. JP Morgan has confirmed that the man who jumped was an employee at the firm with the last name Li. He was a junior investment banker.
  • Federal guidance on pot business leaves banks wary

    02/15/2014 1:48:31 PM PST · by steve86 · 18 replies
    Seattle PI / Associated Press ^ | 2/15/2014 | GENE JOHNSON
    SEATTLE (AP) — For marijuana dispensaries around the country, the days of doing business in cash — driving around with bill-stuffed envelopes to pay the rent, or showing up at a state revenue office with $20,000 in paper bags for the tax man — can't end soon enough.
  • World Bank a security risk to the world order?

    02/12/2014 2:22:19 PM PST · by Yollopoliuhqui · 5 replies
    Lars Schall.com ^ | May 8, 2013 | Lars Schall
    Former senior legal counsel at the World Bank turned whistleblower Karen Hudes talks about the corruption inside the World Bank and her personal saga to find out about it. She says a worldwide currency war is certain and NATO in jeopardy, if the wrongdoing isn’t finally addressed. By Lars Schall Karen Hudes studied law at Yale Law School (J.D.) and economics at the University of Amsterdam (M.Phil). She worked as a corporate and securities lawyer at a major New York law firm and for several years at the Export Import Bank of the US, before she became a senior counsel...
  • Third Banker, Former Fed Member, "Found Dead" Inside A Week

    01/31/2014 10:43:06 AM PST · by RightGeek · 96 replies
    Zero Hedge ^ | 1/31/2014 | "Tyler Durden"
    <p>If the stock market were already crashing then it would be simple to blame the dismally sad rash of dead bankers in the last week on that - certainly that was reflected in 1929. However, for the third time in the last week, a senior financial executive has died in what appears to be a suicide. As Bloomberg reports, following the deaths of a JPMorgan senior manager (Tuesday) and a Deutsche Bank executive (Sunday), Russell Investments' Chief Economist (and former Fed economist) Mike Dueker was found dead at the side of a highway in Washington State. Police said the death appeared to be a suicide.</p>
  • Thanks to Government, Banks Now Treat You Like Crap and Spy on You

    01/29/2014 8:08:45 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | January 29, 2014 | Daniel J. Mitchell
    People are getting increasingly agitated about being spied on by government. The snoops at the National Security Agency have gotten the most attention, and those bureaucrats are in the challenging position of trying to justify massive invasions of our privacy when they can’t show any evidence that this voyeurism has stopped a single terrorist attack. And let’s not forget that some politicians and bureaucrats want to track our driving habits with GPS devices. Their immediate goal is taxing us (gee, what a surprise), but does anyone doubt that the next step would be a database of our movements? But the...
  • Two top American bankers commit suicide in London as one jumps 500ft to his death...and another....

    01/28/2014 6:15:58 PM PST · by 1 spark · 94 replies
    Two top American bankers commit suicide in London as one jumps 500ft to his death from JP Morgan skyscraper and another hangs himself in luxury home •Gabriel Magee, a 39-year-old JP Morgan bank executive, died this morning after he threw himself off the top of the bank's European headquarters •On Sunday, former Deutsche Bank senior manager, William 'Bill' Broeksmit, 58, was found hanging in his home in South Kensington •Both deaths have been ruled non-suspicious by the Metropolitan Police •Magee had lived in London for seven years after transferring from the Unites States with JP Morgan •Broeksmit had been in...
  • Exclusive: Bank of America's trading practices have been probed, filing shows

    01/25/2014 7:37:02 AM PST · by Red in Blue PA · 4 replies
    NEW YORK/WASHINGTON (Reuters) - The U.S. Department of Justice and the Commodity Futures Trading Commission have both held investigations into whether Bank of America (BAC) engaged in improper trading by doing its own futures trades ahead of executing large orders for clients, according to a regulatory filing. The June 2013 disclosure, which Reuters recently reviewed on a website run by the securities industry regulator FINRA, sheds light on the basis for a warning by the Federal Bureau of Investigation on January 8. The warning, in the form of an intelligence bulletin to regulators and security officers at financial services firms,...
  • Bitcoin is the future, Money2020 delegates told

    01/25/2014 6:25:34 AM PST · by Errant · 25 replies
    Banking Technology ^ | 25 January 2014
    Bitcoin is here to stay and will continue to grow, according to experts speaking on separate panels at Money2020 in Las Vegas. The recent prosecution of Silk Road, an underground online market for drugs that traded Bitcoins and the FBI’s confiscation of approximately $3.5 million in Bitcoins, looked like a severe blow to the virtual currency. But Carol Van Cleef, partner in Patton Boggs and moderator of a session on maths-based and virtual currencies, said the bust showed growing sophistication on the part of federal law enforcement agencies, reports Tom Groenfeldt. “They decided to go not after the system itself,...
  • Obama vs. Obama

    01/20/2014 9:36:27 AM PST · by afraidfortherepublic · 3 replies
    The American Thinker ^ | 1-20-14 | J. R. Dunn
    A major peculiarity of Obama's recent promises involving his upcoming "Year of Action" is that the chief enemy he's sworn to overcome is none other than... Barack Obama. Consider "income inequality." As far as this can be said to actually exist, it's a function of certain sectors of the financial industry reaping massive windfalls over the past few years while the rest of the country has stagnated under the burden of the recession. So who is responsible for this state of affairs? Consider the trillion and a half dollars handed over to the banks and other financial institutions shortly after...
  • Holder Shakes Down 'Racist' Banks For Nearly $1 Bil

    01/15/2014 5:19:47 PM PST · by jazusamo · 66 replies
    Investors.com ^ | January 15, 2014 | Editorial
    War On Banks: Attorney General Eric Holder has opened up a new front against car lenders and has forged an alliance with the Consumer Financial Protection Bureau to frame them for racism, too. We don't use the term "frame" capriciously, certainly not like Holder uses the charge of racism. His department and the president's new consumer credit watchdog agency, CFPB, have announced a new settlement with Ally Bank for nearly $100 million. It's the largest fair lending deal against the auto industry and the third-largest ever to resolve charges of lending discrimination. Throw in four new mortgage-lender settlements over equally...
  • Banks Say No to Marijuana Money, Legal or Not

    01/12/2014 6:53:57 AM PST · by rktman · 30 replies
    nytimes.com ^ | 1/11/2014 | SERGE F. KOVALESKI
    “Carrying such large amounts of cash is a terrible risk that freaks me out a bit because there is the fear in my mind that the next car pulling up beside me could be the crew that hijacks us,” he said. “So, we have to play this never-ending shell game of different cars, different routes, different dates and different times.”
  • Darrell Issa Demands Answers from Eric Holder on 'Operation Choke Point' Bank Shakedown

    01/09/2014 6:09:42 PM PST · by Nachum · 44 replies
    Breitbart Big Government ^ | 1/9/14 | Michael Patrick Leahy
    Congressman Darrell Issa (R-CA), Chairman of the House Oversight and Government Reform Committee, and Congressman Jim Jordan (R-OH), Chairman of the Economic Growth Subcommittee, sent a harsh letter to Attorney General Holder Wednesday accusing the Department of Justice of abusing its power and intimidating banks through its "Operation Choke Point." In the letter, Issa and Jordan stated, "[t]he [House Oversight and Government Reform] Committee is concerned that both the goal and mechanisms of Operation Choke Point may constitute a serious mismanagement and abuse of the Department´s FIRREA [Financial Institution Reform and Recovery Act of 1989] authority." Breitbart News broke the
  • IMF's World Tax Is a Puzzling Ploy

    01/07/2014 9:35:16 AM PST · by Renfield · 7 replies
    The Daily Bell ^ | 1-3-2014
    IMF paper warns of 'savings tax' and mass write-offs as West's debt hits 200-year high ... Debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, warns IMF paper. The paper said policy elites in the West are still clinging to the illusion that rich countries can chip away at their debts with a blend of austerity cuts and growth. – UK Telegraph Dominant Social Theme: The West is out of control and only taxes can save it. Free-Market Analysis: The UK Telegraph has discovered that the IMF wants to inflict...