Keyword: banking

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  • Trump Day One To-Do List: Repeal $1.7 Billion Of Dodd-Frank Rules

    12/07/2016 5:47:04 AM PST · by IBD editorial writer · 19 replies
    Investor's Business Daily ^ | 12/6/2016 | Staff
    Regulations: Donald Trump will have a busy first day if he plans to undo much of the damage inflicted on the economy by President Obama. Nevertheless, here's one more item to add to his list: Overturn $1.7 billion in Dodd-Frank rules. The Dodd-Frank financial "reform," passed by Democrats and signed into law by President Obama in 2010, is arguably the most misguided and economically harmful piece of legislation ever imposed on the country (the second, arguably, is ObamaCare). As we've noted in this space before, one of the main reasons the economy has been stuck in neutral for the past...
  • ABC NEWS Breaking: Trump Announces SoftBank to Invest $50 Billion, create 50,000 American Jobs!

    12/06/2016 11:28:48 AM PST · by tcrlaf · 258 replies
    ABC News ^ | 12-6-2016 | ABC NEws
    ABC News Verified account ABC 49 seconds ago Trump announces that Masayoshi Son, CEO of SoftBank, has agreed to invest $50 billion in U.S., create 50K new jobs.
  • Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S.

    12/06/2016 11:15:18 AM PST · by jennychase · 30 replies
    twitter ^ | 12/6/2016 | Trump
    Donald J. Trump ‏@realDonaldTrump 8m8 minutes ago Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S. toward businesses and 50,000 new jobs....
  • Euro skids as Italy votes 'No' on reform, dollar in demand

    12/04/2016 3:45:55 PM PST · by aquila48 · 71 replies
    Reuters ^ | Dec 4, 2016 | Wayne Cole
    The euro slid in Asia on Monday after exit polls showed Italian Prime Minster Matteo Renzi clearly losing a constitutional referendum that could end his career and destabilize the country's shaky banking system. The single currency dropped to $1.0577 in thin trade, after starting around $1.0645 earlier. The dollar was underpinned by expectations of a U.S. rate rise this month, and even held its ground on the safe-haven yen at 113.20. Dealers said Italian bonds were set to come under pressure as top-rated U.S. Treasuries and German bunds gained. Asian investors are often reluctant to trade on European developments, preferring...
  • Trump Effect – Mexico’s Central Bank Chief Resigns…

    12/02/2016 7:24:45 AM PST · by HarleyLady27 · 69 replies
    The Conservative Treehouse ^ | Dec 2, 2016 | Sundance
    Media reports of Agustin Carstens resignation as chief of Mexico’s central bank have left MSM pundits and even business analysts scratching their heads. It appears no-one has any idea why Carstens is leaving… well, almost no-one.
  • 6 million Americans have stopped paying their car loans, and it's becoming a 'significant concern'

    11/30/2016 10:18:58 AM PST · by SeekAndFind · 86 replies
    Business Insider ^ | 11/30/2016 | Matt Turner
    There is a lot of talk out there about the auto-loan market right now. Hedge fund manager Jim Chanos has said the auto-lending market should "scare the heck out of everybody," while the auto-lending practices of some used-car dealerships has been given the John Oliver treatment on TV. It's a topic we've been paying attention to as well. In a presentation in September at the Barclays Financial Services Conference, Gordon Smith, the chief executive for consumer and community banking at JPMorgan, set out some eye-opening statistics on the market. Now the New York Federal Reserve is taking a closer look...
  • Trump Meets With Former Banker Who Wants to End the Fed

    11/29/2016 1:43:58 PM PST · by VitacoreVision · 47 replies
    The New American ^ | 29 November 2016 | Bob Adelmann
    Donald Trump met with former banker John Allison (shown) on Monday in a meeting that was largely ignored by the mainstream media. It remains unclear whether Allison was being interviewed for the job of secretary of the Treasury or was just giving Trump some advice from a free market perspective.Either way, it’s a breath of fresh air in an era where statism and excessive hubris (the idea that mere politicians and economists can guide, even stimulate a $20-trillion-dollar economy with monetary policy) has reigned for decades.Right after graduating Phi Beta Kappa from the University of North Carolina in 1971, Allison joined...
  • Nauru loses contact with the world

    02/21/2003 8:39:17 AM PST · by HAL9000 · 16 replies · 1,126+ views
    BBC News ^ | Feburary 21, 2003
    The tiny Pacific island of Nauru has spent weeks completely cut off from the outside world after its telecommunications network collapsed. Its isolation is so complete that no one is even sure who the country's president is any more. Nauru, an isolated speck in the southwest Pacific with a population of 12,000, is in a "critical situation", according to the last message received by the outside world. That came via an address given three weeks ago by the man last believed to be running the country, President Bernard Dowiyogo, details of which were given on Friday by Radio Australia....
  • Wells Fargo says that its customers gave up right to sue by having their signatures forged

    11/26/2016 5:03:48 PM PST · by Lorianne · 40 replies
    BoingBoing ^ | 25 November 2016 | Cory Doctorow
    Even though disgraced Wells Fargo CEO John Stumpf has left the building, his most outrageous legal theories live on: on Wednesday, the company filed a motion in a federal court in Utah seeking dismissal of a class action suit by the customers it defrauded -- the bank argues that since customers sign a binding arbitration "agreement" when they open new accounts, that the customers whose signatures were forged on fraudulent new accounts should be subject to this agreement and denied a day in court. REPORT THIS AD This is the same argument that Stumpf made during his disastrous performance in...
  • Surprise! Switzerland STILL world’s richest country

    11/22/2016 10:01:04 PM PST · by aquila48 · 53 replies
    The Local ^ | 22 Nov 2016
    A drop in millionaires in Switzerland this year has failed to significantly dent the country’s impressive wealth, as a report by Credit Suisse declares it the richest country in the world yet again. The Global Wealth Report 2016, published on Tuesday by the Swiss bank’s Research Institute, said Switzerland had an average wealth per person of $561,900 in 2016, making Swiss adults 11 times richer than the average world citizen. However Switzerland’s average wealth in 2016 was slightly down on last year’s figure of $567,100. The country experienced the second biggest drop in wealth per adult behind the UK, meaning...
  • Revealed: 'Invisible man' rogue trader, 31, behind Ł3.7 BILLION bank fraud

    01/24/2008 10:38:25 AM PST · by GovernmentShrinker · 63 replies · 58+ views
    "He finally broke and he walked them through what he had done. "They totted up his losses and by Sunday night they worked out that the losses were about Ł1.2 billion. The bank's bosses decided it had to cancel the bets immediately when the markets opened on Monday. "They started unwinding them on Monday morning - but because the market was failing the Ł1.2 billion loss became a Ł3.7 billion loss." Some senior City figures said the "positions" were so huge that dumping them on one day could have been enough to trigger Monday's stock market meltdown, the worst since...
  • This Is How Steve Bannon Sees The Entire World

    11/16/2016 3:39:47 AM PST · by CapitalistCrusader · 23 replies
    BuzzFeed ^ | 11/15/2013 | J. Lester Feder
    The soon-to-be White House chief strategist laid out a global vision in a rare 2014 talk, one where he said racism in the far right gets “washed out” and called Vladimir Putin a kleptocrat. BuzzFeed News publishes the complete transcript for the first time.
  • Jamie Dimon Tells Us We Need to Leave Too Big to Fail Banks Alone

    04/10/2016 3:21:52 PM PDT · by Lorianne · 19 replies
    Naked Capitalism ^ | 07 April 2016 | Yves Smith
    Jamie Dimon likes to write grandiose letters to shareholders. Unfortunately, the financial media sees fit to treat them seriously. And his minders manage to save him from himself. Right after the crisis, DimonÂ’s annual missive contained an section praising the heroics of his staff, comparing them at length to the soldiers at Iowa Jima. Dimon was persuaded to get rid of that bit only because his outside PR firm threatened to quit. This yearÂ’s letter, as recapped by the Financial Times, is every bit as exaggerated, although less obviously so to the outsider. The theme this year is why too...
  • FLASHBACK: Spy found dead in a bag 'had infuriated his MI6 bosses by hacking Bill Clinton' (tr)

    08/31/2016 12:48:19 PM PDT · by TigerClaws · 27 replies
    The British spy whose body was found padlocked inside a bag in his flat had illegally hacked into secret data on former U.S. president Bill Clinton, it has been revealed. Gareth Williams, 31, was discovered in a holdall in the bath at his London home five years ago this month, but the mystery surrounding his death has never been solved. Today, it has been revealed the spy had dug out a guest list for an event Clinton was due to attend as a favour for a friend. The hack breached Mr Williams' security clearance and this sparked anger among MI6...
  • Schakowsky Ire as Phony as Kited Checks

    10/18/2016 9:57:45 PM PDT · by PBRCat · 13 replies
    Chicago Tribune ^ | April 7, 2006 | John Kass
    Every time Democratic U.S. Rep. Jan Schakowsky mentions "Republicans" and "scandal" and "accountability," she'll be sticking her husband's foot in her mouth. The foot I'm talking about belongs to her spousal unit, Robert Creamer, the noted champion of the poor and the downtrodden and Democratic political organizer. Creamer's judge was U.S. District Court Judge James Moran, the former Democratic state legislator from Evanston. Moran's son-in-law is Democratic political consultant Peter Giangreco, who has worked politics with Creamer and Schakowsky and had a seat on the board of one of Creamer's many organizations. Judge Moran says he thought about recusing himself...
  • Bank accounts of Russian state broadcaster Russia Today frozen in UK; All of RBS cut off to RT

    10/17/2016 8:46:42 AM PDT · by Enlightened1 · 26 replies
    RT ^ | 10/17/16
    RT UK’s bank accounts have been blocked, RT’s editor-in-chief reported. The National Westminster Bank has informed RT UK that it will no longer have the broadcaster among its clients. The bank provided no explanation for the decision. “We have recently undertaken a review of your banking arrangements with us and reached the conclusion that we will no longer provide these facilities,” NatWest said in a letter to RT’s London office. The bank said that the entire Royal Bank of Scotland Group, of which NatWest is part of, would refuse to service RT. More in linkhttps://www.rt.com/news/363013-rt-uk-accounts-blocked/ Bank accounts of Russian state...
  • US goes after more than $1B taken from Malaysian fund

    07/20/2016 5:49:59 PM PDT · by blueplum · 14 replies
    Associated Press ^ | 20 July 2014 6:24PM EDT | Eric Tucker with Eileen Ng
    WASHINGTON (AP) -- The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, "The Wolf of Wall Street." The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets. The complaints, filed in Los Angeles, allege a complex money laundering...
  • Terror suspect named as 'enemy combatant'

    06/23/2003 10:25:43 PM PDT · by JohnHuang2 · 20 replies · 1,665+ views
    Washington Times ^ | Tuesday, June 24, 2003 | Jerry Seper
    <p>A Qatar native held on charges of lying to the FBI in an investigation into the September 11 attacks was designated yesterday as an "enemy combatant" and could be tried before a military tribunal for helping al Qaeda operatives relocate in the United States. Ali Saleh Kahlah Al-Marri, 37, in Justice Department custody since late 2001, was given the new designation by President Bush and handed over to the Defense Department.</p>
  • Bank of America has a recession warning that's downright 'scary' (Wall St & MSM pivot on Hillary)

    10/10/2016 12:56:12 PM PDT · by MarchonDC09122009 · 57 replies
    Yahoo Finance ^ | 10/09/2016 | Stephanie Landsman
    <p>Bank of America has a recession warning that's downright 'scary'</p> <p>There's a chilling trend in the market, and it could wreak havoc on your portfolio, a top market watcher said.</p> <p>"We are seven years into a full-fledged, all out, central bankers doing everything they can to stimulate demand," Bank of America-Merrill Lynch's head of U.S. equity and quantitative strategy Savita Subramanian recently warned on CNBC's " Fast Money ."</p>
  • IMF says global debt tops $152 trillion, urges some to spend more

    10/06/2016 7:22:45 PM PDT · by Lorianne · 6 replies
    Reuters ^ | 05 October 2016 | David Lawder
    The world is swimming in a record $152 trillion in debt, the IMF said on Wednesday, even as the institution encourages some countries to spend more to boost flagging growth if they can afford it. Global debt, both public and private, reached 225 percent of global economic output last year, up from about 200 percent in 2002, the IMF said in its new Fiscal Monitor report. The IMF said about two thirds of the 2015 total, or about $100 billion, is owed by private sector borrowers, and noted that rapid increases in private debt often lead to financial crises. While...
  • IMF, global finance leaders fret over populist backlash

    10/06/2016 7:26:01 PM PDT · by Lorianne · 7 replies
    Reuters ^ | 06 October 2016 | David Lawder
    World finance leaders on Thursday decried a growing populist backlash against globalization and pledged to take steps to ensure trade and economic integration benefited more people currently left behind. Their comments at the start of the International Monetary Fund and World Bank fall meetings signaled frustration with persistently low growth rates and the surge of public anger over free trade and other pillars of the global economic system. The meetings are the first since Britain voted in June to leave the European Union and U.S. billionaire Donald Trump secured the Republican presidential nomination with a campaign that attacked trade deals....
  • Deutsche Bank “Is Probably Insolvent”

    10/05/2016 10:32:51 AM PDT · by Lorianne · 20 replies
    GoldCore ^ | 04 October 2016 | Mark O'Byrne, Tim Price
    This is getting to be a habit. Previous late summer holidays by this correspondent coincided with the run on Northern Rock, and subsequently with the failure of Lehman Brothers. So the final crawl towards the probable nationalisation of Deutsche Bank came as no particular surprise this year, but it is tiresome to relate nevertheless. The 2015 annual report for Deutsche Bank runs to some 448 pages, so one rather doubts if even its CEO, John Cryan, has read it all, or has a complete grasp of, for example, its €42 trillion in total notional derivatives exposure. Is Deutsche Bank technically...
  • Germany’s Deutsche Bank, Again in Trouble, Received a U.S. Bailout Twice as Big as Lehman Brothers

    10/05/2016 10:29:33 AM PDT · by Lorianne · 48 replies
    Wall Street on Parage ^ | 03 October 2016 | Pam Martens and Russ Martens
    The gyrations in Deutsche Bank’s shares last week together with a June report from the International Monetary Fund indicating that the bank was “the most important net contributor to systemic risks” has cast a trading pall over all of the global banks. Against that backdrop, most Americans would be stunned to learn that the German Deutsche Bank, which perpetually finds itself on the wrong side of the law, was bailed out in five separate U.S. emergency lending operations during the 2007-2010 financial crisis, receiving more than twice the emergency financial assistance as that received by Lehman Brothers, the failed U.S....
  • Heat Rises on Wells Fargo CEO After Lawmaker Grilling

    10/03/2016 5:51:51 AM PDT · by upchuck · 10 replies
    Newsmax ^ | Sep 21, 2016
    ... The white-haired, 63-year-old CEO repeatedly told a congressional panel that he had to check with staff, lacked information or was not an "expert" on a range of topics including executive compensation, credit scores and contracts that must be signed to open an account. Earlier this month, the lender agreed to pay $190 million in penalties and customer payouts to settle the case involving the creation of credit, savings and other accounts without customers' knowledge. About $5 million will directly go to customers, many of whom might have paid a small fee on the unwanted accounts. His responses gave plenty...
  • Stealth Bailout of 2 Franken-Banks Now Happening in Spain

    10/02/2016 7:39:51 PM PDT · by Lorianne · 2 replies
    Wolf Street ^ | October 1, 2016 | Don Quijones
    Obscured somewhat by the spectacular antics of Deutsche Bank, there appears to be another bailout of two of Spain’s franken-banks: mostly state-owned Bankia and wholly state-owned Banco Mare Nostrum (BMN). The news was released so quietly that even in Spain barely a living soul is aware it’s happening. For the moment, BMN is completely state-owned, after its four constituent state-owned parts — Caja Murcia, Caixa Penedčs, Caja Granada y Sa Nostra — were rescued by Spain’s taxpayers and lumped together for the modest price of €1.6 billion in 2010. But by the end of this year all that was supposed...
  • It’s not just Deutsche. European banking is utterly broken

    10/02/2016 7:43:28 PM PDT · by Lorianne · 25 replies
    Telegraph (UK) ^ | 01 October 2016 | Jeremy Warner
    Today’s mayhem is not so much the result of reckless bankers and asleep at the wheel regulators, but rather of the public policy response to the last crisis itself – that is to say, regulatory over-reach and central bank money printing. All eyes are naturally focused on the specific problems of Deutsche Bank, but Deutsche is in truth no more than the canary in the coal mine. As Tidjane Thiam, chief executive of Credit Suisse, observed last week, as an entire sector, European banks are still “not really investable”. Much the same disease as afflicts Continental banks also applies to...
  • Moody’s downgrades French Banks -- SocGen, Credit Agricole (BNP Paribas Under Review)

    09/14/2011 6:39:23 AM PDT · by SeekAndFind · 2 replies
    Marketwatch ^ | 09/14/2011 | Simon Kennedy
    Moody’s Investors Service on Wednesday downgraded French banks Credit Agricole SA and Societe Generale SA as the credit-rating company also said it has become increasingly concerned about the funding and liquidity needs of the lenders. Moody’s had said in June that it was considering downgrading France’s top three listed banks because of their exposure to Greek debt and said Wednesday that it is still reviewing BNP Paribas. The announcements came after big swings for French-bank stocks in recent days amid reports that downgrades were imminent and as investors became increasingly nervous about the banks’ funding situation. Shares in Credit Agricole...
  • U.S.: Wells Fargo illegally repossessed 413 service members' cars

    09/29/2016 11:07:10 PM PDT · by Enterprise · 29 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 · 12 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 · 38 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 · 99 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 · 43 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.’”...