Keyword: banking

Brevity: Headers | « Text »
  • U.S.: Wells Fargo illegally repossessed 413 service members' cars

    09/29/2016 11:07:10 PM PDT · by Enterprise · 27 replies
    http://money.cnn.com/ ^ | September 29, 2016 | Jackie Wattles
    Wells Fargo will pay $24 million to settle allegations that it mistreated members of the military -- including illegally repossessing their cars. The bank, already reeling from a scandal over fake accounts, will pay $4.1 million to settle Justice Department charges that it seized 413 cars owned by service members without a court order, a violation of federal law. The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan. Wells...
  • Hedge Funds Pull Business From Deutsche Bank

    09/29/2016 7:40:50 PM PDT · by drewh · 11 replies
    The Financial Times of London ^ | James Shotter in Berlin, Martin Arnold and Laura Noonan in London | 6 HOURS AGO by: James Shotter in Berlin, Martin Arnold and Laura Noonan in London
    Hedge funds have started to pull some of their business from Deutsche Bank, setting up a potential showdown with German authorities over the future of the country’s largest lender. As its shares fell sharply in New York trading, Deutsche recirculated a statement emphasising its strong financial position. European regulators and government officials have kept a low profile in public over Deutsche’s deepening woes. However, in private they have struck a sanguine tone, stressing that in extremis there is scope under European regulation to inject state funds to support the bank, provided it is done in line with market conditions. Marcel...
  • Pressure is building for Germany to show it's ready to rescue Deutsche Bank

    09/29/2016 3:56:36 PM PDT · by SkyPilot · 36 replies
    CNBC ^ | 29 Sep 16 | Jef Cox
    German officials could be about to find themselves in an uncomfortable position: Being called on to show they're ready to rescue a bank in a part of the world where such operations are considered taboo. Deutsche Bank came under intensified market fire Thursday, the latest salvo being a Bloomberg report that a small number of hedge funds are trimming their sails at the German bank. In a broad perspective, the move would represent a minor dent in Deutsche's derivatives clearing business. Barry Bausano, chairman of Deutsche's hedge fund business, told CNBC on Thursday that while there have been some outflows,...
  • PANIC As Margin Calls Begin: Deutsche Bank Has Financial System On The Cusp Of Collapse

    09/29/2016 4:35:35 PM PDT · by The Bat Ladys Husband · 97 replies
    Silver doctors.com ^ | 09/29/2016 | The Bat Ladys Husband
    DB stock is now in a full panic sell-off as I write this. It just hit another new all-time NYSE low on by the heaviest volume ever in the stock since its 2001 NYSE listing. It’s currently down almost 10%. No doubt the Central Banks will try to bounce it.
  • Deutsche Bank can only be saved by the German government, strategist says

    09/29/2016 9:28:44 AM PDT · by TigerLikesRooster · 33 replies
    CNBC ^ | 2016/09/29 | Matt Clinch
    Deutsche Bank can only be saved by the German government, strategist says Matt Clinch | @mattclinch81 Only a substantial intervention by the German government can stop the collapse of the country's largest lender, Deutsche Bank, according to Stefan Müller, the CEO of Frankfurt-based boutique research company DGAW. "Deutsche Bank doesn't realize that something serious needs to happen," he told CNBC via telephone on Thursday morning. "(CEO John) Cryan clearly showed that he has no idea how to survive." The embattled German lender saw a respite on Wednesday from hefty selling seen in previous sessions amid contradictory reports on whether the...
  • Dow sheds 200 points as bank stocks fall sharply ( Markets unhappy with Machado porn queen story)

    09/29/2016 11:08:59 AM PDT · by GilGil · 42 replies
    CNBC ^ | 9/29/2016 | Fred Imbert
    Full title: Dow sheds 200 points as bank stocks fall sharply; Deutsche Bank tumbles 8% U.S. stocks traded sharply lower on Thursday after banking stocks fell sharply. The three major indexes hit session lows shortly after Bloomberg reported that approximately 10 hedge funds were reducing their exposure to embattled European bank Deutsche Bank. Deutsche shares fell 8 percent in afternoon trade.
  • Commerzbank set to cut 9,000 jobs, dividend in revamp [Germany]

    09/28/2016 9:29:16 PM PDT · by Lorianne · 1 replies
    RTE ^ | 27 September 2016
    Commerzbank aims to cut around 9,000 jobs in the next few years and will scrap its 2016 dividend as part of efforts to reduce costs in the face of negative interest rates. This is according to a source close to the bank's supervisory board. The job cuts will be spread over the next few years up to 2020, but the size of the cull, representing nearly a fifth of the workforce at Germany's second biggest bank, implies that compulsory layoffs cannot be ruled out, the person said. "This is much more radical than previous measures," the person said. The revamp...
  • "Deutsche Bank May Ultimately Need A State Bailout" - Handelsblatt

    09/23/2016 10:20:22 AM PDT · by Lorianne · 4 replies
    Zero Hedge ^ | 21 September 2016 | Tyler Durden
    While the most recent set of troubles plaguing Deutsche Bank have been duly documented here, most recently yesterday when the stock price tumbled once again just shy of all time lows over fears the bank's multi-billion DOJ settlement could severely impact its liquidity and/or solvency, this may be the first time we have heard the "n"-word tossed around in an official German publication: as Germany's top financial newspaper, Handelsblatt said, "German financial officials reacted with shock and dismay to the leaking of a U.S. government demand for a $14 billion fine against Deutsche Bank, which may ultimately need a state...
  • WHO THE HELL ARE THE ROTHSCHILDS?

    09/21/2016 9:05:33 AM PDT · by Sean_Anthony · 52 replies
    Canada Free Press ^ | 09/21/16 | Jeffrey A. Friedberg
    Can you say, “George Soros”? Does this remind anyone of Soros’ breaking the Bank of England? Jeffrey A. Friedberg image By Jeffrey A. Friedberg —— Bio and Archives September 21, 2016 1 Comment | Print Friendly | Subscribe | Email Us At the last Mixer of the International Jewish Conspiracy, I was asked, “Hey—who the hell are the Rothschilds?” They are a dynastic, secretive, influential, world-wide, business family of interbred Jews. As a conglomerate with hidden assets, they are said to be worth as much as $1 TRILLION, and major players in global finance and intrigue. For centuries they have...
  • Warren Buffett buys more Wells Fargo stock on a dip [Hillary supporter is its largest stockholder!]

    09/20/2016 11:29:45 AM PDT · by SoFloFreeper · 10 replies
    Market Watch ^ | 3.29.2016
    Warren Buffett showed that the selloff in Wells Fargo & Co.’s stock this year has just made him love the banking giant even more, as he boosted his stake in the company to 504.3 million shares, according to regulatory filings. Buffett’s investment vehicle Berkshire Hathaway Inc. BRK.B, +0.01% now owns 10% of Wells Fargo’s common stock outstanding, making him by far the largest shareholder. That is up from 479.7 million shares, or a 9.45% stake, as of Dec. 31, filings show.
  • Elizabeth Warren's epic takedown of Wells Fargo CEO

    09/20/2016 11:07:57 AM PDT · by um1990 · 82 replies
    CNN Money ^ | 09/20/2016 | Matt Egan
    Elizabeth Warren unleashed a verbal barrage at Wells Fargo CEO John Stumpf on Tuesday, calling the embattled bank boss "gutless" and demanding he step down. "You should resign...You should be criminally investigated," Warren told Stumpf during a fiery one-sided exchange at the Senate Banking Committee's Wells Fargo hearing. Warren, a vocal critic of big banks like Wells Fargo, demanded both the Department of Justice and SEC criminally investigate Stumpf for his "gutless leadership." Last week, a U.S. official told CNN that the DOJ has issued subpoenas to Wells Fargo.
  • China facing full-blown banking crisis, world's top financial watchdog warns

    09/19/2016 5:34:29 AM PDT · by drop 50 and fire for effect · 12 replies
    The Telegraph (UK) ^ | 19 September 2016 | Ambrose Evans-Pritchard
    China has failed to curb excesses in its credit system and faces mounting risks of a full-blown banking crisis, according to early warning indicators released by the world’s top financial watchdog. A key gauge of credit vulnerability is now three times over the danger threshold and has continued to deteriorate, despite pledges by Chinese premier Li Keqiang to wean the economy off debt-driven growth before it is too late. The Bank for International Settlements warned in its quarterly report that China’s "credit to GDP gap" has reached 30.1, the highest to date and in a different league altogether from any...
  • Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million

    09/14/2016 11:16:39 AM PDT · by Wolfie · 15 replies
    Fortune ^ | Sept. 12, 2016
    Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million Wells Fargo & Co’s “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million. In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring its former consumer banking chief Carrie Tolstedt to give back any of her nine-figure pay. Until recently, Tolstedt was in charge of the unit where Wells Fargo employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees...
  • 5,300 Wells Fargo employees fired for creating over 2 million phony accounts

    09/08/2016 1:14:35 PM PDT · by Red Badger · 136 replies
    money.cnn.com ^ | September 8, 2016: 3:52 PM ET | by Matt Egan
    <p>Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.</p> <p>That's exactly what happened to Wells Fargo customers nationwide.</p> <p>On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.</p>
  • The Fed may be preparing for the unthinkable — negative interest rates in America

    09/04/2016 12:30:58 AM PDT · by SaveFerris · 194 replies
    Yahooooo ^ | 12 hours ago | John Mauldin, Yahoo Finance Contributor
    Negative interest rates are spreading like a virus. Central banks in the Eurozone, Switzerland, Sweden, and Japan all have below-zero policy rates. “NIRP,” as economists call a negative interest rate policy, is a desperation move—but the only move those central banks have. The Federal Reserve hasn’t followed—yet. When the next recession strikes, I believe Janet Yellen will choose to break the zero lower bound. The rationale was laid out in Jackson Hole. Look behind the headlines and you’ll see the Fed already preparing for NIRP. In theory, negative rates should encourage consumers and businesses to spend more freely and stimulate...
  • ECB Board Member Lashes Out At Central Banking: Ignore "Mathematical Models", Focus On Reality

    09/04/2016 10:18:32 AM PDT · by amorphous · 7 replies
    Zero Hedge ^ | 4 Sep 2016 | Tyler Durden
    At first (literally the day the Fed announced QE1) it was just "tinfoil fringe blogs" who predicted the failure of the central bank's attempt to boost the economy by printing money, instead warning that all the Fed would do is unleash an unprecedented income and wealth divide that may culminate in civil war and hyperinflation. Then, gradually, analysts, pundits and even the mainstream press admitted the truth, i.e., that tin-foilers were right all along, until recently even the Fed's own mouthpiece, Jon Hilsenrath, one day before the Jackson Hole meeting wrote that "Years of Fed Missteps Fueled Disillusion With the...
  • VISA to Test Blockchain Payments among Banks; a SWIFT Rival?

    09/01/2016 8:51:37 AM PDT · by amorphous · 1 replies
    Cryptocoin News ^ | 1 Sept 2016 | Samburaj Das
    VISA and blockchain-technology partner BTL will invite a select group of European banks to participate in a blockchain project that will see inter-bank payments made via transfers over the ledger. Hot on the heels of the likes of R3, Visa will experiment its own blockchain-based payments platform with a select group of banks who will send money over a blockchain. The proof-of-concept project will use Interbit, a cross-border blockchain remittance and settlement platform developed by industry startup BTL. Launched earlier this year, the Interbit platform is seen by Visa as the solution to “reduce cost, settlement time, credit risk, and...
  • Banks are preparing for an ‘economic nuclear winter’

    08/30/2016 7:47:57 AM PDT · by Lorianne · 59 replies
    CNBC ^ | 29 August 2016 | Spriha Srivastava
    The first half of 2016 has been a roller-coaster for financial markets. A combination of uncertainties surrounding the U.K.'s vote to leave the European Union and weaker-than-expected corporate earnings results across the region means a tough second half looms. European banks, in particular, have had a very tough six months as the shock and volatility around Brexit sent banking stocks south. Major European banks like Deutsche Bank and Credit Suisse saw their shares in free-fall after the referendum's results were announced. In the U.K., RBS was the worst-hit, with its shares plunging by more than 30 percent since June 24....
  • German Savers Lose Faith in Banks, Stash Cash at Home

    08/29/2016 4:47:59 PM PDT · by ameribbean expat · 25 replies
    HAMBURG—German savers are leaving the security of savings banks for what many now consider an even safer place to park their cash: home safes.
  • Vice Chairman Of Lotte Hangs Himself Hours Before Criminal Probe

    08/26/2016 9:37:23 AM PDT · by Nachum · 16 replies
    Zero Hedge ^ | 8/26/16 | Tyler Durden
    The past several years have seen a surprising spike in professional suicides, mostly confined to the banking sector in general and Deutsche Bank in particular. Overnight this tragic group expanded into multinational corporation sector, after one the top executives at South Korea's multinational conglomerate Lotte Group was found dead on Friday, in what is a suspected suicide, hours before he was to be questioned by prosecutors conducting a criminal probe into the country's fifth-largest conglomerate. Lee, who was 69, had been scheduled to appear before prosecutors on Friday morning, a Lotte official said. Lotte Group confirmed the death of Vice...
  • Frankfurt attempts to charm banks away from London

    08/24/2016 12:43:44 AM PDT · by Olog-hai · 4 replies
    TheLocal.de ^ | 24 Aug 2016 08:54 GMT+02:00 | AFP
    The marketing team of Frankfurt never expected its English-language dummy website to attract new businesses would actually go live after Britain’s European Union referendum. “We hadn’t really assumed that we would need the site at all,” spokeswoman Michaela Kahle told AFP, as the team thought Britons would surely vote “Remain”. But as it turned out, the Welcome to FrankfurtRheinMain site was not only put to good use, but has become a hit, with 27,000 views since Britain stunned the world by deciding to leave the bloc. Quickly recovering from the shock, Kahle and her colleagues kicked into action, fielding inquiries...
  • Central Banks Now Selling US Debt at Record Pace

    08/18/2016 11:12:36 AM PDT · by milton23 · 16 replies
    Daily Signal ^ | 8/18/16 | William T. Wilson
    In the first six months of 2016, foreign central banks sold a net $192 billion of U.S. Treasury bills, notes, and bonds. This is more than double the pace from the same time last year. China, Japan, and Brazil were the leaders in selling U.S. debt. With the U.S. debt running at approximately $19.4 trillion, this could be problematic. A large selloff of U.S. bonds would decrease their price, or in other worlds, increase domestic interest rates in general (bond prices and interest rates always move in the opposite direction).
  • Wells Fargo Tells Knives Dealer It Doesn’t Provide Service to Businesses That Sell Weapons Online

    08/10/2016 4:12:09 PM PDT · by bkopto · 61 replies
    Daily Signal ^ | Aug 10, 2016 | Kelsey Harkness
    A major knives manufacturer from central California says his company was denied access to an internet payment processing service because they sell weapons online, raising questions about whether an anti-fraud program called Operation Choke Point is continuing to block legal businesses in the firearms and weapons industries from accessing basic banking services. “It was pretty simple and straightforward,” Aaron Hogue, co-owner of Hogue Inc., said of the situation he faced with Wells Fargo bank. “They called my controller, and said, ‘Sorry, but we’re not going to be able to process any credit card transactions for the sale of weapons online.’”...
  • We should nationalise German banks' Warning Deutsche Bank teetering on edge of CRISIS

    08/09/2016 7:06:46 PM PDT · by MarchonDC09122009 · 17 replies
    UK Express ^ | 08/09/2016 | SIMON OSBORNE
    http://www.express.co.uk/news/world/698305/Deutsche-Bank-financial-crisis-EU-Angela-Merkel 'We should nationalise German banks' Warning Deutsche Bank teetering on edge of CRISIS A TOP economist has warned that Germany's biggest bank is teetering on the edge of crisis and they only way to protect it against future shocks is to nationalise it. By SIMON OSBORNE 20:03, Tue, Aug 9, 2016 | UPDATED: 21:00, Tue, Aug 9, 2016 Germany central bank, the Deutsche Bank, would be hit hard in a new financial crisis Martin Hellwig said stress tests carried out by the European Central Bank revealed the Deutsche Bank would be left in a precarious position in the event of...
  • No clean bill of health for EU banks in stress test

    07/30/2016 10:54:11 AM PDT · by Olog-hai · 8 replies
    Reuters ^ | Fri Jul 29, 2016 6:03pm EDT | Huw Jones and Andrew MacAskill
    Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region’s banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc’s economy. Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europe’s banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting off investors. “While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority — that Europe’s banks are...
  • Man Finds $32,000 CD, But Bank Won't Cash It

    07/27/2016 9:33:25 PM PDT · by nickcarraway · 66 replies
    NBC Bay Area ^ | 7/27/16 | Chrs Chmura, Christine Roher, Joe Rojas and Carrie McParland
    Craig Haskell says his grandmother saved everything. So, even though she died in 1998, he just recently found something of hers in a safe deposit box: a certificate of deposit from 1997. "I just took it out and I looked at it and said, 'Oh my god. That’s $32,000,'" he explained. The paper reads $32,308.97, to be exact, with Haskell's name on it. But when he tried to cash the CD, Wells Fargo denied him. "She’s gone now; I have the death certificate to prove it," Haskell said. "My name’s on the check. And Wells Fargo can’t tell me what...
  • Tim Kaine Calls To Deregulate Banks As He Campaigns To Be Clinton's VP

    07/24/2016 6:58:21 AM PDT · by Zakeet · 16 replies
    Huffington Post ^ | July 20, 2016 | Zach Carter
    Sen. Tim Kaine (D-Va.) is on Hillary Clinton’s short list of potential vice presidential nominees. He’s also actively pushing bank deregulation this week as he campaigns for the job. Kaine signed two letters on Monday urging federal regulators to go easy on banks ― one to help big banks dodge risk management rules, and another to help small banks avoid consumer protection standards. Presumptive Democratic presidential nominee Hillary Clinton's ... pick is widely viewed in Washington as a sign of her governing intentions.
  • Hillary Clinton's Top VP Pick Lets Big Banks Know He's in Their Corner

    07/22/2016 5:54:23 AM PDT · by HomerBohn · 13 replies
    Leg Room ^ | 7/22/2016 | Dierdre Fulton
    (Sen. Tim Kaine is reportedly Bill Clinton's favorite for the VP slot. (Photo: US Department of Education/flickr/cc) Sounding another alarm for progressives wary of the Democratic establishment's support for Wall Street, the man said to be leading the pack of potential Hillary Clinton running mates—Virginia Sen. Tim Kaine—has just this week sent a clear message to big banks: He's in their corner. Kaine, who is reportedly Bill Clinton's favorite for the vice presidential slot, signed onto two letters on Monday pushing for financial deregulation—letters that show the Clinton camp "how Kaine could be an asset with banking interests on...
  • GOP Whiffs On Bank Reform, Big Time

    07/22/2016 4:07:28 AM PDT · by expat_panama · 70 replies
    Investors Business Daily ^ | July 21, 2016 | Editorial
    Financial Crisis: The Republican platform put forward in Cleveland is a lively and conservative document, full of great ideas to make America great again. But one thing stands out as a truly bad idea: reviving the partly-repealed Glass-Steagall Act. "We support reinstating the Glass-Steagall Act, which prohibits commercial banks from engaging in high risk activities," says the platform document. What? It was one of the Democrats' big talking points during the 2007-2008 financial crisis and after that a major cause of the panic was due to Bill Clinton in 1999 foolishly going along with the Republicans to get rid of...
  • 120 Years Ago Today: BANKS GIVE UP GOLD - Pledge to Contribute $15 Million to the Treasury

    07/21/2016 12:32:31 PM PDT · by NRx · 13 replies
    Library of Congress ^ | 07-21-2016 | New York Tribune
    A (mostly) daily posting for those interested in history and the day to day news, politics and culture of a bygone world. The full edition of the New York Tribune from Tuesday July 21, 1896 (digitized). Some other headlines from today's paper... VENEZUELA MAKES RELY: An Elaborate Brief Filed with the Boundary Commission| THREATS OF LYNCHING: A Brooklyn Prisoner Kept in Police Station for Protection| LOUD THREATS OF BOLTING - WAR CLOUDS OVER ST. LOUIS: Populists Divided Over Bryan Into Hostile Camps
  • In surprise, GOP looks to revive Depression-era banking law (Glass-Steagall)

    07/20/2016 4:23:23 PM PDT · by Olog-hai · 59 replies
    Associated Press ^ | Jul 20, 2016 3:59 PM EDT | Ken Sweet
    The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren. What? No, we’re not kidding. In the party’s 2016 platform, the GOP advocates for reinstating the Glass-Steagall Act, a Depression-era law that regulated the U.S. banking industry until it was repealed in 1999. Bringing the law back would lead to the breakup of major U.S. banks like JPMorgan Chase in order to separate investment banking from commercial banking. …
  • G.O.P. Joins Democrats Urging Glass-Steagall’s Revival. (Don’t Hold Your Breath.)

    07/20/2016 4:20:02 AM PDT · by expat_panama · 53 replies
    New York Times ^ | JULY 19, 2016 | JEFF SOMMER
    Attacking big banks is as American as apple pie. But it’s a new entry on this year’s Republican menu. In a convention surprise, the Republicans inserted a plank in the party platform calling for the restoration of a Depression-era law, the Glass-Steagall Act, that separated commercial and investment banking. The law was repealed in 1999 during the Clinton administration, with bipartisan support, at the behest of the big banks, which said they needed to combine their investment and commercial functions in order to compete on the global stage. It didn’t turn out so well, of course... ...What the Republican Party...
  • Comey / Clonton HSBC Money (vanity)

    07/12/2016 10:18:01 AM PDT · by TigerClaws · 17 replies
    Comey was an HSBC board member. HSBC funneled $81 million to Clinton Foundation http://www.hsbc.com/news-and-insight/2013/former-us-deputy-attorney-general-joins-hsbc-board https://www.theguardian.com/us-news/2015/feb/10/hillary-clinton-foundation-donors-hsbc-swiss-bank Close the donation page and read the hence links. https://www.clintonfoundation.org/search/node/HSBC Should Comey have recused himself?
  • FBI Director Comey is a board member of Clinton Foundation connected bank HSBC.

    07/12/2016 11:09:43 AM PDT · by blueyon · 132 replies
    InvestmentWatch.com ^ | 7/12/16 | IWB
    It seems that our beloved FBI Director is or until very recently was a director and board member of HSBC, which is tightly connected to the Clinton Foundation. Check out some of these links:
  • Citibank: We’re Nearing A Bull Market For Oil

    07/12/2016 10:01:52 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 12-07-2016 | Citi
    Citigroup is “especially bullish” on commodities in 2017, the bank says. “The oil market is treading water for now, but the oil price overshot to the downside earlier this year and this is clearly setting the stage for a bullish end to the decade,” Citi analysts, led by Ed Morse, wrote in a research note published on July 11. There is a quite a bit of volatility in commodity markets, especially for oil, but global demand continues to grow at a steady pace. Prices have crashed on oversupply, but with oil production going offline, particularly in the U.S., the markets...
  • Surprise! Most Corrupt Bankster in U.S. Endorses Hillary Clinton

    06/27/2016 9:23:00 AM PDT · by all the best · 16 replies
    LewRockwell.com ^ | June 27, 2016 | Thomas DiLorenzo
    It’s hard to imagine a better endorsement of Donald Trump’s economic policies – whatever they may be, whenever he finds the time to explain them – than the recent endorsement of Hillary Clinton by former Goldman Sachs CEO and U.S. Treasury Secretary Hank Paulson. As the man in charge of the biggest explosion of corporate welfare in world history – the “TARP” bailouts, he defined himself as a sworn enemy of capitalism and a socialist when it comes to the capital markets. Socializing billions of dollars in investment bank, insurance company, and automobile industry losses with taxpayer dollars qualifies Paulson...
  • Pound Plummets To New Lows; British Banks Halted After Crashing

    06/27/2016 4:22:34 AM PDT · by Helicondelta · 43 replies
    zerohedge.com ^ | June 27, 2016
    After a modestly stronger open, which saw sterling rebound to just under 1.35, the British currency has taken another sharp leg lower in recent trading tumbling another 3%, to a low of 1.3224 - taking out Friday's post-vote lows when the currency plunged over 8% - and dropping to fresh 31 year lows, as it remains under heavy selling pressure as of this moment.
  • HSBC, Standard Chartered Fall on Early Results of UK Vote

    06/24/2016 4:10:40 AM PDT · by Cronos · 2 replies
    NewsMax ^ | 24 June 2016 | NewsMax
    London-based banks HSBC Holdings Plc and Standard Chartered Plc tumbled in Hong Kong after early results from Britain’s European Union referendum indicated greater support for an exit than academics had forecast. HSBC, which made about a third of its 2015 revenue in Europe, fell as much as 3.1 percent and Standard Chartered as much as 3.7 percent. Financial institutions including JPMorgan Chase & Co., HSBC and Deutsche Bank AG warned ahead of Britain’s vote that they could shift some operations from London if the U.K. left the EU. HSBC would probably move about 1,000 investment bankers to Paris in the...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central bank’s annual “stress tests” show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • Wells Fargo: Proudly Plunging Toward Bankruptcy

    06/23/2016 4:55:05 AM PDT · by Kaslin · 84 replies
    Townhall.com ^ | June 23, 2016 | Mike Adams
    Market watch recently reported that Wells Fargo stock has plunged into its greatest losing streak in nearly nine years. This comes as little surprise given the fact that the company has experienced a takeover at the hands of radical leftists. Leftists may be experts in certain things like organic gardening, herbal healing, and folk music. But they are not known for their expertise in economics and personal finance. In case you have missed Wells Fargo’s recent radical political shift, here are some of the highlights:-GOP Convention Boycott. It is pretty difficult to imagine a bank boycotting a major political party...
  • Germany sets conditions for EU banking union

    06/18/2016 3:44:56 AM PDT · by Olog-hai · 4 replies
    TheLocal.de ^ | 18 Jun 2016 08:12 GMT+02:00
    Germany on Friday set its conditions to deepen banking union in the European Union, demanding that risks be reduced at Europe’s banks before deposits could be guaranteed EU-wide. Many EU governments such as France and Italy see a deposit guarantee across Europe as the next logical step to avoid the problems that brought on the euro debt crisis and the financial collapse of 2009. At talks in Luxembourg, the EU’s 28 finance ministers agreed for the first time to an EU roadmap towards a deposit guarantee scheme across Europe. …
  • Bank Of America Set To Fire 8,000 As Banker Layoffs Accelerate

    06/15/2016 11:02:03 AM PDT · by dennisw · 19 replies
    zerohedge ^ | Jun 15, 2016 | Tyler Durden
    A few months ago we pointed out that mass layoffs were coming for bankers due to declining revenues and more difficult market conditions, and now we're seeing the first major wave of that come to fruition. Bank of America has announced that it will fire as many as 8,000 employees within its consumer division the FT reports.The core reason given for the headcount reduction in this instance is that digital banking is picking up the pace, and has reduced the need for "back office staff" and bank tellers. This is a trend that BofA highlighted in its In its Q1...
  • Investment scam shocks muslims in Chicago (phony "Sharia compliant" firm)

    09/27/2008 12:00:31 PM PDT · by FocusNexus · 17 replies · 1,103+ views
    The Economic Times ^ | Sept. 27, 2008 | News
    Both Indian and Pakistani community of Chicago and its suburbs are in a state of unrest and shock due to an unbelievable investment scam worth millions-of- dollars targeting the community and sudden disappearance of Sunrise Equities's CEO Salman Ibrahim. State regulators are considering criminal charges against a developer named Ibrahim, who fraudulently persuaded hundreds of muslims to invest in real estate deals. Some gave Ibrahim their life savings or mortgaged their homes before he disappeared in August. Investors say they may loose more than USD 50 million. Salman Ibrahim, CEO and President of the Chicago-based Shariah compliant financial services firm,...
  • European Banks Fleeing German Banks Like Rats From A Sinking Ship

    06/13/2016 1:27:31 PM PDT · by Lorianne · 4 replies
    Contra Corner ^ | 10 June 2016 | Lee Adler
    Smaller banks often deposit funds in bigger banks. The level of banks’ deposits at other banks is a reflection of their confidence in the system as a whole. The ECB measures and is kind enough to share with us the level of bank deposits in other banks in Europe, breaking the data down by country and the Eurozone as a whole. Banks have been pulling their money out of other banks in Europe like rats deserting a sinking ship since 2012. Even the advent of QE in 2014 only slowed the stampede. European banks are still gettin’ out of Dodge....
  • Why are so many bankers committing suicide?

    06/12/2016 9:03:39 AM PDT · by GraceG · 16 replies
    Three bankers in New York, London and Siena, Italy, died within 17 months of each other in 2013-14 in what authorities deemed a series of unrelated suicides. But in each case, the victim had a connection to a burgeoning global banking scandal, leaving more questions than answers as to the circumstances surrounding their deaths.
  • NC gun dealer wins duel with bank that cited federal reg to drop him

    06/09/2016 4:43:25 PM PDT · by jazusamo · 8 replies
    Fox News ^ | June 9, 2016 | Malis Zimmerman
    A North Carolina gun seller won a duel with his local bank, after the lender denied his web-based business its services, erroneously citing a controversial banking regulation, he told FoxNews.com Thursday. For months, Luke Lichterman had tried to get his Hometrust Bank branch to process purchases, but officials told him a 2013 Department of Justice regulation dubbed “Operation Choke Point” barred them from serving a “risky” business, he said. "When I asked the bank representative what other businesses are considered 'risky,' the first word out of his mouth was 'pornography,’” Lichterman, who is 75 and disabled from a serious car...
  • Power of Gupta family in South Africa has people fearing ‘state capture’

    05/29/2016 12:03:33 PM PDT · by ameribbean expat · 7 replies
    Despite the denials, South Africa’s banks have had enough. In recent weeks, all four of the biggest banks have severed their links to the Guptas, closing the bank accounts of the Gupta holding company, Oakbay Investments. The Guptas were furious. In newspaper advertisements, they said the banks were jeopardizing the livelihoods of 7,500 of Oakbay’s “employees and dependents.” The Zuma government swiftly responded by delegating three cabinet ministers to meet with the banks to settle the matter. It was an extraordinary state intervention in a private business dispute. And, critics said, it was further proof of the remarkable power of...
  • Barclaycard Visa application but never applied/Vanity

    05/28/2016 8:59:15 AM PDT · by 4yearlurker · 72 replies
    Dave Widing
    I recieved a complete your application form in the mail today for a Barclaycard Visa credit card. Never heard of them and never applied. They want a original utility bill with address to verify my address. The letter has no phone number,no Internet site,and no street address.Just a P.O. box in Delaware. Anybody ever hear of this company or had dealings with them?
  • North Korea Linked to Digital Attacks on Global Banks

    05/26/2016 6:45:16 PM PDT · by Innovative · 8 replies
    NY Times ^ | May 26, 2016 | NICOLE PERLROTH and MICHAEL CORKERY
    Security researchers have tied the recent spate of digital breaches on Asian banks to North Korea, in what they say appears to be the first known case of a nation using digital attacks for financial gain. In three recent attacks on banks, researchers working for the digital security firm Symantec said, the thieves deployed a rare piece of code that had been seen in only two previous cases: the hacking attack at Sony Pictures in December 2014 and attacks on banks and media companies in South Korea in 2013. Government officials in the United States and South Korea have blamed...
  • Japan ATM scam using fraudulent cards nets $12.7m

    05/23/2016 5:43:12 PM PDT · by dynachrome · 5 replies
    BBC ^ | 5-23-16 | BBC
    Cash worth 1.4bn yen ($13m; Ł8.8m) has been taken from cash machines in Japan using credit cards created with data stolen from a South African bank. The money was withdrawn in less than three hours from 1,400 convenience store cash machines across Japan, the Kyodo news agency reports. The withdrawals targeted 7-Eleven cash machines, which unlike most in Japan accept foreign cards. South Africa's Standard Bank estimated its total losses at $19.25m.