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Keyword: banking

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  • House of Cards - How Joe Biden helped build a financial system that’s great for Delaware banks and terrible for the rest of us.

    10/16/2020 1:22:49 PM PDT · by nickcarraway · 7 replies
    Mother Jones ^ | DECEMBER 2019 | Tim Murphy
    In early 1973, as Joe Biden was settling into his new job in Washington, DC, Ralph Nader published a deconstruction of what made the freshman Democratic senator’s state of Delaware, the most anodyne of states, so exceptional. The answer, The Company State explained, had to do with the unique relationship between government and commerce: Delaware was less a democracy than a fiefdom, contorting its laws to meet the demands of its corporate lords. Preeminent among them was the chemical giant DuPont. Nader took readers to Rodney Square, in the heart of Wilmington. There was the ritzy Hotel du Pont, housed...
  • Medieval Banking- Twelfth and Thirteenth Centuries

    08/31/2020 10:14:57 PM PDT · by SunkenCiv · 28 replies
    Ohio State University Department of History ^ | prior to 1-10-2008 | Roberto Naranjo
    Modern banking has its auspicious beginnings in the early to mid Middle Ages. Primitive banking transactions existed before, but until the economic revival of the thirteenth century they were limited in scope and occurrence. By the dawn of the twelfth and thirteenth centuries, bankers were grouped into three distinct categories: the pawnbrokers, the moneychangers, and the merchant bankers. But with these economic specializations came religious denunciation and backlash. However, these bankers persevered and a new industry was born. After the collapse of the Roman Empire in the late fifth century, there followed centuries of deep economic depression, sharp deflation of...
  • The Original Deep State

    08/26/2020 4:45:12 AM PDT · by MtnClimber · 2 replies
    American Thinker ^ | 26 Aug, 2020 | Robert Spencer
    Donald Trump is not the first president to face down a deep-state cabal, that is, an unelected oligarchy of shadowy figures who wielded enormous power while being unaccountable to the American public. The first was President Andrew Jackson, who faced down the Bank of the United States in the 1820s and 1830s; then as now, the deep state has apparently included a significant financial element. Trump’s top economic aide Lawrence Kudlow said it last October: “I don’t want to get into a lot of Fed bashing,” but “their models are highly flawed. The deep state board staff, of course, has...
  • Netflix moving $100 million of cash holdings to black-owned banks

    06/30/2020 7:49:23 PM PDT · by ConservativeStatement · 69 replies
    New York Post ^ | June 30, 2020 | Nicolas Vega
    Netflix is pledging $100 million to support black-owned banks, the company announced Tuesday. The streaming video giant announced that it would shift 2 percent of its cash holdings to African American-owned US financial institutions in order to “directly support Black communities in the US.”
  • Modern Monetary Theory: The little-known consequence of the massive coronavirus bills

    05/16/2020 2:41:10 AM PDT · by a little elbow grease · 41 replies ^ | 5/15/20 | JD Rucker
    The worst part about spending $6 trillion or more on coronavirus recovery isn't what's in it. The worst part is what happens if it doesn't destroy us. (snip) --- The issue of our constitutional rights being suppressed is a huge one, but it’s not the biggest. I know what you’re thinking… “How can you say it’s not the biggest?!?!?!” Don’t get me wrong. It’s definitely huge. But it’s not nearly as destructive to the United States of America as the little-known consequence of all of these bailout bills, including the proposed $3 trillion bill Speaker of the House Nancy Pelosi...
  • Coronavirus economic threat -- A mortgage industry calamity is looming

    04/15/2020 7:14:25 AM PDT · by littleharbour · 35 replies
    Fox Business ^ | April 15, 2020 | FoxBusiness
    Under the CARES Act, Congress has invited millions of Americans to stop paying their mortgages. The impact of this massive unfunded mandate is that the U.S. financial system is headed for a potential default when the cash flow expected from millions of Americans does not arrive.
  • JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

    From Tuesday, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.
  • Negative interest rates, explained — and how they could turn the world of banking upside down

    03/21/2020 10:38:28 AM PDT · by ConservativeMind · 43 replies ^ | March 20, 2020 | Sarah Foster
    What are negative interest rates? A negative interest rate is exactly how it sounds — it’s when an interest rate (or a yield) falls below 0 percent. It seems counterintuitive. After all, how can a rate actually fall below zero, a number that’s literally meant to be a floor for traditional borrowing and lending activities? Take Germany, for example. Its government bond yields are trading in the negative territory all the way out to 20 years. Bond yields are negative in France, Denmark and the Netherlands right now, and they were once sub-zero in Belgium. The Riksbank of Sweden, the...
  • The Federal Reserve Now Owns 15 Percent of the U.S. Treasury Market; At Its Current Rate, It Could Own the Whole Market in Less than Two Years

    03/28/2020 5:38:53 PM PDT · by NRx · 15 replies
    Wall Street on Parade ^ | 03-28-2020 | Pam Martens and Russ Martens
    According to the U.S. Treasury, as of February 29, 2020, there was $16.9 trillion in marketable U.S. Treasury securities outstanding. Of that amount, at the end of February, the Federal Reserve held $2.47 trillion or 14.6 percent – making it, by far, the largest single holder of U.S. Treasuries anywhere in the world. ...But exactly how can a so-called “free market” function smoothly if the country’s own central bank is cornering the market. Salomon Brothers paid a $290 million fine and came close to getting slapped with criminal charges by the U.S. Department of Justice in 1992 for manipulating prices...
  • FINANCE Private Equity Eyes Coronavirus-Struck Industries: ‘They Have Been Waiting For This’

    03/25/2020 10:15:01 AM PDT · by Kenny Bania · 9 replies
    CNBC ^ | March 25, 2020 | Hugh Son, Alex Sherman, Lauren Hirsch
    The coronavirus pandemic is shutting down entire sectors of the economy and putting millions of Americans out of work, but one corner of Wall Street may find opportunity amid the carnage: private equity. Private equity firms have been stockpiling cash in recent years as rising markets made it harder for them to invest, accumulating a record pile of “dry powder” for deals. The industry typically buys undervalued companies with borrowed money, taking them private to spruce up operations for an eventual sale. The high company valuations that kept them at bay collapsed this month amid widespread business closures and quarantines...
  • The Retail Supply Chain Has Inverted – Formerly Efficient Operations Now Least Effective – Small Markets Best

    03/18/2020 1:13:57 PM PDT · by Texas Fossil · 42 replies
    The Conservative Treehouse ^ | 3-17-2020 | Sundance
    CTH is spending time on this issue because the food distribution sector is the most important sector in all commerce. Having some familiarity with the supply chain might help people to understand the challenges; and possibly help you locate product.The Inversion – Big chain markets; those who spent millions developing their own proprietary ‘just-in-time’ distribution networks and automated ordering systems; are currently the least equipped to deal with the level of demand.  Meanwhile smaller chains, or mom-and-pops, who rely on third-party brokered distribution are faster to respond.Several factors have increased retail market demand for food products and non-perishables.  People stocking...
  • If you have anything stored in a bank safe deposit box that you may need or want in an emergency... GET IT OUT NOW!

    03/18/2020 12:59:21 PM PDT · by NRx · 25 replies
    Vanity | 03-18-2020 | NRx
    JPMorgan Chase says it will close 20% of its branches because of the coronavirus pandemic...
  • Ben Bernanke and Janet Yellen are urging the Fed to go beyond authority and buy corporate bonds

    03/18/2020 11:27:44 AM PDT · by C19fan · 11 replies
    CNBC ^ | March 18, 2020 | Jeff Cox
    Former Federal Reserve chairs Ben Bernanke and Janet Yellen are recommending that the central bank continue trying to shore up the economy against the coronavirus threat, even suggesting that it go beyond the powers it now has. In a Financial Times essay, the two say the Fed should look for more authority that would give it the power to purchase corporate bonds on top of the Treasurys and mortgage-backed securities it already plans to buy. “The Fed’s intervention could help restart that part of the corporate debt market, which is under significant stress,” Bernanke and Yellen wrote. “Such a program...
  • Loan Interest Cap Threatens Credit Access for Millions of Americans

    02/27/2020 6:35:48 AM PST · by Kaslin · 17 replies ^ | February 27, 2020 | Andrew Quinlan
    Congress is taking aim at short-term loans. The Veterans and Consumers Fair Credit Act (H.R. 5050) would set a federal cap on loan interest rates. The intention is to protect consumers, but capping interest rates would have the opposite effect, doing the most harm to those with the least financial means. Proponents cite high annual percentage rates (APR) on small-dollar loans to argue that lenders are taking advantage of desperate borrowers. One problem with this argument is that an annual rate is a poor metric by which to judge a loan with a two-week term. For example, the 36 percent...
  • JPMorgan Chase to stop loans for fossil fuel drilling in the Arctic

    02/24/2020 6:44:59 PM PST · by yesthatjallen · 34 replies
    The Hill ^ | 02 24 2020 | John Bowden
    JPMorgan Chase announced Monday that it is planning to end loans to companies pursuing fossil fuel drilling in the Arctic Circle, according to reports. The Washington Post reported that the bank said that it will soon complete a 2017 commitment to help fund $200 billion in projects to help meet the U.N.'s sustainable development goals, as well as $50 billion for "green initiatives." The bank also plans to phase out all existing and future loans to the coal industry by 2024, and end the financing of oil and gas extraction projects in the Arctic, a region vulnerable to the effects...
  • GOP lawmaker accuses California public pension fund of investing in blacklisted Chinese companies

    02/17/2020 5:51:57 PM PST · by bitt · 11 replies
    The Hill ^ | 02/13/20 | BY KAELAN DEESE
    Rep. Jim Banks (R-Ind.) on Thursday said that he has written a letter to California Gov. Gavin Newsom (D) to voice concerns over the state's public pension fund chief and his connections with China. The Indiana congressman is calling out the California Public Employees' Retirement System (CalPERS), the largest state pension fund in the U.S., for allegedly investing in numerous select blacklisted Chinese companies that manufacture military products. The California-based fund invested $3.1 billion into 172 different Chinese companies, Banks said in an appearance on Fox Business Network. He said that some of the companies invested in have been blacklisted...
  • Progressives Find New Ways To Discriminate Against Conservatives

    02/11/2020 4:10:03 AM PST · by Kaslin · 15 replies ^ | February 11, 2020 | Derek Hunter
    Imagine starting a business, risking everything and deciding to give it a go on your own. That entrepreneurial spirit is what sets the United States apart from most of the rest of the world; the American Spirit. Now imagine, after all that hard work and risk, some leftist decides they don’t like you or what you’re doing and sets out to ruin what you’ve built, to destroy you. It happens all the time, actually. The “cancel culture,” as it’s called, is just one of many tools in the progressive arsenal. And while stories like the attempted destruction of Gibson’s Bakery...
  • Democratic senators ask banks to prohibit funding Arctic drilling

    02/03/2020 6:21:03 PM PST · by karpov · 39 replies
    The Hill ^ | February 3, 2020 | Rachel Frazin
    A group of 15 Democratic senators wrote to 11 major banks last week asking them to ban funding oil and gas drilling or exploration in the Arctic National Wildlife Refuge. "The scale of your banks’ assets individually, let alone together, give you the ability to drive change in protecting the Arctic National Wildlife Refuge and in shifting towards a U.S. financial sector that effectively analyzes and plans for climate risks," the senators wrote. "We respectfully urge you to reassess your current environmental and climate policies and update them to include a prohibition on funding for oil and gas drilling or...
  • Bank calls cops on black man trying to cash check from discrimination lawsuit

    01/24/2020 4:53:00 AM PST · by grey_whiskers · 41 replies
    The New York Post ^ | Jan 23, 2020 | Joshua Rhett Miller
    A Detroit man is suing a Michigan bank for refusing to cash a settlement check awarded to him in a racial discrimination lawsuit, according to a report. Sauntore Thomas, 44, claims TCF Bank employees refused to cash or deposit his settlement check on Tuesday at a branch in Livonia, leading cops to respond and a fraud investigation to be launched, the Detroit Free Press reports.
  • How Ukrainian Oligarchs Secretly Became the Largest Real Estate Owners in Downtown Cleveland

    12/24/2019 4:05:36 AM PST · by Pontiac · 20 replies
    SCENE ^ | Jun 11, 2019 | Sam Allard
    In an explosive legal complaint filed last month in Delaware, attorneys for a major Ukrainian bank alleged that two oligarchs who founded the bank and controlled it from 2006 to 2016 laundered hundreds of millions of dollars in fraudulent corporate loans to purchase assets in the United States and unjustly enrich themselves and their associates. Dubbed the "Optima Schemes" in the 104-page document, these "brazen fraudulent schemes" were successful, among other things, in making the oligarchs and their co-defendants the largest commercial real estate holders in Cleveland. With money siphoned from public bonds and 20 million private Ukrainian citizens who'd...