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Keyword: banking

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  • Bloomberg Op-Ed Calls For An End Of Cash

    01/31/2016 10:57:04 PM PST · by MarchonDC09122009 · 173 replies
    Zerohedge.com ^ | 01/31/2016 | Tyler Durden
    So It Begins: Bloomberg Op-Ed Calls For An End Of Cash http://www.zerohedge.com/news/2016-01-31/bloomberg-op-ed-calls-end-cash So It Begins: Bloomberg Op-Ed Calls For An End Of Cash Submitted by Tyler Durden on 01/31/2016 In a moment of curious serendipity, a little over 90 minutes after we showed what a dystopian, centrally-planned, cashless society unleashed in a negative interest rate world would look like ("by forcing people and companies to convert their paper money into bank deposits, the hope is that they can be persuaded (coerced?) to spend that money rather than save it because those deposits will carry considerable costs"), and briefly after we...
  • Exclusive: Dallas Fed Quietly Suspends Energy Mark-To-Market

    01/16/2016 6:10:57 PM PST · by Lorianne · 13 replies
    Zero Hedge ^ | 16 January 2016 | Tyler Durden
    Earlier this week, before first JPM and then Wells Fargo revealed that not all is well when it comes to bank energy loan exposure, a small Tulsa-based lender, BOK Financial, said that its fourth-quarter earnings would miss analysts’ expectations because its loan-loss provisions would be higher than expected as a result of a single unidentified energy-industry borrower. We can now make it official, because moments ago we got confirmation from a second source who reports that according to an energy analyst who had recently met Houston funds to give his 1H16e update, one of his clients indicated that his firm...
  • Beyond Strauss-Kahn, to the IMF and Iran

    07/06/2011 12:31:22 PM PDT · by Kaslin · 2 replies
    Pajamas Media ^ | July 5, 2011 | Claudia Rosett
    When it comes to selling copy, it’s a good bet that sex trumps multilateral finance. That’s an axiom of human nature. It would be asking too much to expect that the media, or its customers, would be as fascinated by the in-house diplomacy of the International Monetary Fund as all concerned have been by the scandal surrounding the recently handcuffed and dethroned IMF managing director, Dominique Strauss-Kahn. Most eyes are now on the prosecutor’s cratering case, the curious past of the maid who alleged the sexual assault, and the media now analyzing its own coverage of these sordid events. But...
  • Australia's banks sign up to Android Pay

    12/15/2015 8:02:46 PM PST · by Utilizer · 8 replies
    iTnews AUS ^ | Dec 16 2015 7:16AM (AUS) | Allie Coyne
    Still no deal with Apple. Five of Australia's biggest banks have signed up with Google's Android Pay payments service as they continue to butt heads with Apple over Cupertino's own Apple Pay platform. ANZ Bank, Westpac, ING Direct, Macquarie Bank, St George, Bank of Melbourne, Bank of South Australia and Bendigo Bank will all support the Android payment service when it lands in Australia in the first half of next year. At launch, Android Pay will support Mastercard and Visa credit and debit cards, Google said in a blog post today. The company is currently "working with Eftpos" on similar...
  • The Reason For Bitcoin's Recent 60% Surge Revealed

    11/02/2015 8:45:53 PM PST · by Another Post-American · 26 replies
    Zero Hedge ^ | 11/2/15 | Tyler Durden
    It was precisely two months ago, on September 2nd, when we explained that as a result of China's recent currency devaluation, in order to mitigate the inevitable capital outflows that such an FX move would unleash, China was "scrambling to enforce capital controls" in order to prevent the exit of hot (and not so hot) money from China's economy. We then said the following to explain why "this is great news for bitcoin": Which is why we would not be surprised to see another push higher in the value of bitcoin: it was earlier this summer when the digital currency,...
  • Banks are seriously discussing negative interest rates for normal people's savings

    10/24/2015 5:12:37 PM PDT · by SeekAndFind · 92 replies
    Business Insider ^ | 10/24/2015 | Jim Edwards
    The concept of earning interest on money in the bank is so deeply ingrained into economic life that few people even know that the opposite can happen too: Banks can take a percentage of cash from your account in the form of negative interest rates, under certain conditions. Normally, this doesn't happen. Banks want your cash, and pay you interest on it, because the more deposits they have, the more they can lend it to others who pay them even more on their investments. But interest rates in Europe are so close to zero and economic activity is so...
  • A Historical Perspective: The Banking Monopoly

    10/21/2015 4:35:26 AM PDT · by george76 · 3 replies
    The Banking Swindle ^ | 02/20/2014 | Stack Jones
    In 1913, the U.S. Congress passed a bill called the Federal Reserve Act of 1913. This bill allowed an independent group to privatize, and take control of Americas monetary system. The Federal Reserve Banks name was chosen to deceive the American people into believing that it is a branch of the U.S. government. It isnt. This privately held monopoly gives great power to a handful of international bankers ... The Federal Reserve has no reserves. The name was created prior to the Federal Reserve Act being passed in 1913. This was done to make Americans believe the U.S. banking system...
  • Hackers being hunted after stealing $30.7M via malware

    10/18/2015 5:36:24 AM PDT · by nuconvert · 20 replies
    CNBC ^ | Oct. 14, 2015
    Global law enforcement agencies have arrested a gang member behind the theft of 20 million ($30.7 million) via a piece of malicious software that records banking details, and are on the hunt for the remaining members. The malware known as Dridex is believed to be developed by in eastern Europe and it's able to harvest bank details online in order to steal money from people. Global financial institutions and a variety of different payment systems have been targeted, the U.K.'s National Crime Agency (NCA), one of the authorities involved, said on Tuesday. "Thousands" of Brits have been infected...
  • Fed Audit Shocker: They Come from Planet Klepto(maniac)

    09/20/2015 2:17:29 PM PDT · by entropy12 · 5 replies
    Youtube ^ | Sep 14, 2015 | Best Evidence
    While the world breathlessly awaits the outcome of this weeks FOMC meetingwill the Federal Reserve raise interest rates or wont it?one thing is clear regardless: the Fed is driving the U.S. into a 2nd depression in order to carry out its one and only remit now that Americas ability to produce real jobs has been reduced to ash, namely, propping up criminal banks with multi-trillion-dollar giveaways. Whats so disturbing about the fatal path that the Fed has been on for 7 years is that it's one the Fed went down before, whenby its own admissionit extended and deepened the Great...
  • Learning From Arafat: Terrorism Is Big Business

    11/15/2004 7:40:37 PM PST · by CHARLITE · 2 replies · 294+ views
    CHRONWATCH.COM ^ | NOVEMBER 15, 2004 | NOEL SHEPPARD
    For a variety of reasons, there is a lot of enthusiasm and optimism surrounding the death of Palestinian Authority (''PA'') leader, Yasser Arafat, and how his demise might advance an expeditious resolution of the Palestinian/Israeli conflict. To be sure, I would love to jump on this bandwagon, and offer another in a litany of cheery op-eds issued internationally since the passing of the former leader of the PLO. However, though I agree that Arafat has been a huge stumbling block to peace in this region that has now been removed, it is unquestionably much more than just him that has...
  • FBI says hackers shake down big banks, threaten to shut sites if they dont pay up

    07/30/2015 3:44:28 PM PDT · by Oldeconomybuyer · 11 replies
    Market Watch ^ | July 30, 2015 | By Priya Anand
    Financial companies are facing extortion threats from hackers who threaten to knock their websites offline unless firms pay tens of thousands of dollars, an FBI agent told MarketWatch Thursday. More than 100 companies, including targets from big banks to brokerages in the financial sector, have received distributed denial of service threats since about April, says Richard Jacobs, assistant special agency in charge of the cyber branch at the FBIs New York office. With these types of attacks, known as DDoS, criminals jam websites by flooding them with useless traffic. The ransom requests typically run in the tens of thousands of...
  • Dodd-Franks Nasty Double Whammy... hurting the recovery, the rule of law

    07/24/2015 4:45:57 AM PDT · by expat_panama · 19 replies
    Wall Street Journal ^ | July 23, 2015 | Phil Gramm
    Five years after the passage of the Dodd-Frank financial law, the causes and effects of the failed economic recovery are apparent throughout the banking system. The Federal Reserves monetary easing has inflated bank reserves, but lending has barely increased. Today banks maintain an extraordinary $29 of reserves for every dollar they are required to hold. In the first quarter of 2015 banks actually deposited more money in the Fed ($65.1 billion) than they lent ($52.5 billion). According to the Federal Deposit Insurance Corp., 1,341 commercial banks have disappeared since 2010. Remarkably, only two new banks have been chartered. By comparison,...
  • McCain: The Most Reprehensible of the Keating Five

    07/19/2015 11:48:10 AM PDT · by HarleyLady27 · 21 replies
    Phoenix newstimes.com ^ | Nov 29, 1989 | Tom Fitzpatric
    You're John McCain, a fallen hero who wanted to become president so desperately that you sold yourself to Charlie Keating, the wealthy con man who bears such an incredible resemblance to The Joker. Yes this was written in 1989, but has John McCain changed that much????
  • A Tiny Banks Surreal Trip Through a Fraud Prosecution

    07/17/2015 8:49:19 AM PDT · by proxy_user · 22 replies
    New York Times ^ | JULY 17, 2015 | GRETCHEN MORGENSON
    **snip** Although she didnt know it immediately, Ms. Sung had stumbled on a fraudulent scheme involving false borrower income verifications and documentation. The bank began investigating and Mr. Yu was fired the following Monday. The discovery put an end to the scheme at Abacus. But it was only the beginning of a five-and-a-half-year odyssey through the New York State criminal justice system for the Sung family and the community lender the family had built from nothing. Bank officials uncovered the fraud, fired the mastermind, investigated and reported it to regulators and provided New York State prosecutors with over 900,000 pages...
  • Hillary Clinton's Subprime Memory: Now She Says She warned About Risky Loans

    07/17/2015 4:55:05 AM PDT · by SeekAndFind · 15 replies
    IBD ^ | 07/17/2015
    If only Wall Street bankers had listened to St. Hillary during the subprime mortgage frenzy. She now claims she warned about the risky loans. Yep, a Clinton actually went there. Her campaign may regret it. While bashing Wall Street for risky acts and "criminal behavior," Clinton in her first economic stump speech portrayed herself as the voice of financial sanity in a casino of wild greed. "As we all know, in the years before the crash, financial firms piled risk upon risk," she intoned, "and regulators in Washington either wouldn't or couldn't keep up. "I was alarmed by this gathering...
  • The Largest Loan in Ex-Im History Is Covered in the Clintons Fingerprints

    07/13/2015 8:40:02 AM PDT · by afraidfortherepublic · 9 replies
    The National Review ^ | 7-13-15 | Brendon Bordelon
    Few in the odd coalition of Left and Right pushing for reauthorization of the 81-year-old Export-Import Bank have been louder than Democratic presidential candidate Hillary Clinton. Its wrong that candidates for president, who really should know better, are jumping on this bandwagon, she said at a May 22 campaign stop in New Hampshire. Its wrong, its embarrassing. . . . The idea that we would remove this relatively small but vital source of funding for our businesses to compete is absolutely backwards. Clintons defense of Ex-Im may be motivated by more than mere concern for American businesses. Critics have argued...
  • Fears major bank is 'hours from collapse' as millions vote on Greeces financial future

    07/05/2015 5:44:45 AM PDT · by RKBA Democrat · 61 replies
    Daily Mail UK ^ | 7-5-15 | Lydia Willgress
    (Title edited due to lemgth) Fears the central bank of Greece will collapse following today's referendum are rising as voters flocked to the polls to decide on their country's future. [snip] Officials are set to ask the European Central Bank (ECB) for emergency cash in a bid to stave off financial ruin following tonight's result, it has been reported. [snip] It comes as some sources also suggested ATMs will not open this evening in a bid to save money after EU leaders threatened to withdraw the euro in the event of a 'No' vote.
  • You wont believe how the co-author of one of America's biggest banking regulations cashed in

    06/25/2015 6:29:55 AM PDT · by fredericbastiat1 · 6 replies
    TheBlaze Books ^ | 2015-06-25 | Benjamin Weingarten
    Recently, the financial services company Signature Bank announced the appointment of a prominent new board member. Perhaps to the surprise of some, the individual receiving the board seat was none other than the co-author and namesake of one of the nations largest and arguably most significant pieces of banking regulation since the Great Depression, former Massachusetts Democratic Rep. Barney Frank. How much can Frank expect to earn for his services? Fortune writes that Signatures non-employee board members earned approximately $375,000 in cash and stock for their services last year. Rep. Frank was reportedly also granted restricted shares vesting in March...
  • Executive Branch could lose much of its unconstitutional power

    06/21/2015 10:18:45 AM PDT · by Oldpuppymax · 31 replies
    Coach is Right ^ | 6/21/15 | Doug Book
    An injunction issued against the Securities and Exchange Commission (SEC) by federal judge Leigh Martin May could spell the beginning of the end for Administrative Law Courts and with them, 80 years of unconstitutional abuse of power by the Executive branch. Administrative Law allows for the creation of public regulatory agencies and contains all of the statutes, judicial decisions, and regulations that govern them. These regulatory bodies include the EPA and the SEC. Many came into being during the reign of Franklin Roosevelt, the one president more arrogant and power hungry than Barack Obama. The law itself is created by...
  • Why Americans are getting new credit cards

    06/10/2015 1:26:05 PM PDT · by Red Badger · 58 replies
    PHYS.ORG ^ | 06-10-2015 | By Ken Sweet
    A big change is happening inside your wallet. U.S. banks, tired of spending billions each year to pay back fleeced consumers, are in the process of replacing tens of millions of old magnetic strip credit and debit cards with new cards that are equipped with computer chips that store account data more securely. By autumn, millions of Americans will have made the switch from the old magnetic strip cards. That 50-year-old technology, replaced in most of world, lingers on the back of U.S. cards and is easily copied by thieves, leaving people vulnerable to fraud. Roughly half of all credit...
  • MAJOR US BANKS CLOSING BORDER BRANCHES TO FIGHT MONEY LAUNDERING

    05/31/2015 9:14:53 AM PDT · by Whenifhow · 17 replies
    Breitbart ^ | May 30 2015 | SYLVIA LONGMIRE
    As more money continues to flow into the pockets of Mexican drug cartels, traffickers need to maintain a solid network of placesoften along the southwest borderwhere they can launder drug money. However, in an attempt to stymie these efforts, several major US banks have been closing numerous branches in the region and shutting down hundreds of customer accounts. According to a WSJ report, the Arizona border town of Nogales, population 21,000, is feeling the financial pinch most strongly. In the past several months, J.P. Morgan, Bank of America Corp. and Citigroup Inc.-owned Banamex USA have shut a total of four...
  • 29-year-old investment banker died after leaping from his Financial District apartment building

    05/29/2015 8:28:18 PM PDT · by bgill · 38 replies
    Business Insider ^ | May 29, 2015 | Julia La Rouche
    Witnesses told The Post that tourists snapped pictures on their cellphones of the gruesome aftermath. In the past year or so, there's been a spate of suicides among financial-services employees. Financial firms have been trying to do more to improve the lifestyles of their employees, especially younger ones.
  • J.P. Morgan Chase expected to lay off more than 5,000 by next year

    05/29/2015 4:52:55 PM PDT · by 2ndDivisionVet · 16 replies
    MarketWatch ^ | May 28, 2015 | Emily Glazer
    J.P. Morgan Chase & Co. has begun layoffs that are expected to total more than 5,000 by next year, people familiar with the matter said. This latest phase of cuts started earlier this year and would eliminate at least 2% of the banks JPM, workforce over the next year. The moves come as the nations largest bank overhauls its 5,570 branches to rely more on technology and less on human tellers. Chairman and Chief Executive James Dimon said Wednesday that the average J.P. Morgan Chase branch would lose one employee over the next two years, mostly through attrition....
  • Larger Than Ever, Big Banks Poised to Fail Again: The Damage Will Not Be Contained

    05/11/2015 4:59:13 PM PDT · by Kartographer · 36 replies
    SHTF Plan ^ | 5/11/15 | Mac Salvo
    The top six bank holding companies are considerably larger than before, and are still permitted to borrow excessively relative to the assets they hold, the report states. They are dangerously interconnected and remain vulnerable to sudden runs, because they borrow billions of dollars from wholesale lenders who can often demand their cash back each and every day. It goes on: Banks can still use taxpayer-backed insured deposits to engage in high-risk derivative transactions here and overseas. Compensation incentives fail to discourage mismanagement and illegality, given that when legal fees, settlements, and fines mount, it is usually the shareholders, not the...
  • Elizabeth Warren Could Learn a Thing Or Two About Banking From the Chinese

    05/01/2015 2:50:53 AM PDT · by IBD editorial writer · 9 replies
    Investor's Business Daily ^ | 04/30/2015 | John Merline
    China is trying to fix its banking system. Not by piling on more regulations in the name of protecting consumers and the financial markets. Instead, it's trying to inject more free-market competition into the system so as to improve its stability and efficiency.
  • The Known and Unknown of the Ex-Im Bank

    04/30/2015 3:52:49 PM PDT · by Kaslin
    Townhall.com ^ | April 30, 2015 | Debra J. Saunders
    Editor's Note: The following column is by Veronique de Rugy. Have you noticed that everyone in the top tier of Republican presidential candidates -- Ted Cruz, Marco Rubio, Rand Paul, Scott Walker and Jeb Bush -- has gone on record against a small New Deal-era crony agency called the Export-Import Bank of the United States? In fact, Sen. Rubio recently came out with all guns blazing against the bank, arguing that it picks winners and losers and shouldn't be reauthorized once its charter expires June 30. Maybe their commitment to end Ex-Im cronyism and corruption will rub off on their...
  • Banks are bailing on the student loan business and it couldn't come at a worse time

    04/15/2015 12:22:31 PM PDT · by SeekAndFind · 32 replies
    Business Insider ^ | 04/15/2015 | Jonathan Marino
    Some of the world's biggest banks, including JP Morgan, Bank of America and US Bancorp, are withdrawing from the student loan market. That's according to a series of reports over the past couple years.It couldn't come at a worse time.That is because it coincides with a rise in students who want student loans.And, the amount of money those students want to borrow is also going up because the price of of a college education keeps rising.This chart tells the story: Federal Reserve Bank of New York -- Staff Reports April 2014 NY Federal Reserve report shows borrowers, and their average...
  • Chase Bank new policy on Safe Boxes -- Beware!

    04/08/2015 2:09:58 PM PDT · by Migraine · 56 replies
    Chase Letter to Safe Box Customers | 4/8/15 | self
    I received a letter this past week from Chase because I was a safe-deposit-box customer. It was heavy handed and startling. Some of the terms included that lessee agrees not to have more than $25K worth in there (what's that? half of a good diamond?), that you can't have cash or coins in there (right away I thought Krugerrands, etc), and that the bank can restrict access to the box for any reason, or for no reason (unexpected circumstances, natural or manmade -- the sky is the limit). The contents are not protected against loss or damage. Oh, and they...
  • There's 'no demand' for senior bankers on Wall Street today

    04/07/2015 8:36:32 AM PDT · by SeekAndFind · 15 replies
    Business Insider ^ | 04/07/2015 | SARAH BUTCHER, EFINANCIALCAREERS
    There was a time when it was possible to retire from investment banking in your 30s. That time has passed. As the the trajectory of banking careers changes, 30 has instead become the age at which you must be positioned at a firm that will see you through to your 40s and beyond. Swapping banks when youre aged 30+ is increasingly challenging. Headhunters working across business areas bemoan the lack of recruitment beyond vice president (VP) level. Banks have become incredibly cost-conscious, says a partner at an M&A search boutique. Theyre not making a 25% return on equity any more...
  • Stockman: Corporate America Is Cannibalizing Itself

    04/01/2015 12:35:16 AM PDT · by concernedcitizen76 · 13 replies
    NewsMax ^ | March 9, 2015 | John Morgan
    American businesses are borrowing at historic high levels, but the only thing growing as a result is how fast their equity capital is vanishing, according to David Stockman, White House budget chief during the Reagan administration. Stockman blamed the Fed and the Fed's Wall Street cheerleaders. He said the Feds balance sheet has ballooned by nine times since 2000, yet real net investment in the business sector has cratered by 33 percent during the same time period. Once upon a time businesses borrowed long term money if they borrowed at all in order to fund plant, equipment and...
  • Ex OMB chief Stockman: "It is the biggest speculative disaster in human history."

    03/31/2015 7:59:48 PM PDT · by concernedcitizen76 · 52 replies
    Zero Hedge ^ | March 01, 2015 | Tyler Durden
    David Alan Stockman interviewed on CBS-TV 60 Minutes (October 2010) Highlights of recent interview by Harry Dent. David Stockman: People don't want to hear the reality and the truth that we're facing. But I think there is an enormous appetite out in the country to get a different perspective than what you have from the media day in and day out, so I say the fed is out of control. Its balance sheet is exploded. It's printing money like never before. Zero interest rates for 70 months have basically destroyed the pricing function in the financial markets. I said...
  • Four TBTF Banks Threaten To Withhold Funds To Democrats Over Elizabeth Warren's Wall Street Rants

    03/31/2015 10:51:03 AM PDT · by tcrlaf · 10 replies
    Zerohedge ^ | 3-31-2015 | Durden
    Having already proven that their institutions are above the law in the aftermath of the financial crisis, executives at the Too Big to Fail and Jail banks have decided its time to teach Senate Democrats a lesson. Not being content with trillions in taxpayer backed bailouts to protect and further consolidate virtually all wealth within their oligarch fiefdoms, these bankers are irate at the notion that a commoner would dare criticize their unassailable crony privilege. However, the worst part of this story, is that while Warren is harsher than most of her completely bought and paid for colleagues, she is...
  • They Are Slowly Making Cash Illegal

    03/29/2015 6:44:19 PM PDT · by SeekAndFind · 75 replies
    TEC ^ | 03/29/2015 | Michael Snyder
    The move to a cashless society won’t happen overnight. Instead, it is being implemented very slowly and systematically in a series of incremental steps. All over the planet, governments are starting to place restrictions on the use of cash for security reasons. As citizens, we are being told that this is being done to thwart criminals, terrorists, drug runners, money launderers and tax evaders. Other forms of payment are much easier for governments to track, and so they very much prefer them. But we are rapidly getting to the point where the use of cash is considered to be a...
  • The Obama Administrations Operation Choke Point, Part 2

    03/29/2015 5:39:49 AM PDT · by Oldpuppymax · 13 replies
    Coach is Right ^ | 3/29/15 | John C. Velisek USN (Ret.)
    On March 24th, Coach is Right publishedThe Obama Administrations Operation Choke Point now in the open. That piece is currently available on the CiR site under Recent Posts. On Monday, Richard Manning, Director of Communications for Americans for Limited Government, said this of the Obama Administration: Their intent is to create a government sanctioned means of driving private industry out of the business of providing payday loans. Peter Barden, of the Online Lenders Association agrees that what the Obama Administration is doing is outside its legal authority. Manning was referring to a particular, ongoing use of Operation Choke Point, a...
  • The Obama Administrations Operation Choke Point now in the open

    03/24/2015 7:04:34 AM PDT · by ConservingFreedom · 26 replies
    Coach Is Right ^ | March 24, 2015 | John Velisek USN (Ret)
    Operation Choke Point is not new. It began as an outgrowth of the Presidents Financial Fraud Task Force in 2009. Choke Point never acquired congressional authority to begin operations though it was started by the DOJ, FDIC, and the newly formed Consumer Financial Protection Bureau (CFPB) in 2009. It is called Choke Point because its main purpose is to choke off lending to industries which are out of favor with the Obama Administration. In essence, if businesses cant process payments, they cant survive. Choke Point operations were first begun against payday lenders in New York by the NY Financial Services...
  • The Obama Administrations Operation Choke Point now in the open

    03/24/2015 7:19:15 AM PDT · by Oldpuppymax · 5 replies
    Coach is Right ^ | 3/24/15 | John C. Velisek USN (Ret.)
    Operation Choke Point is not new. It began as an outgrowth of the Presidents Financial Fraud Task Force in 2009. Choke Point never acquired congressional authority to begin operations though it was started by the DOJ, FDIC, and the newly formed Consumer Financial Protection Bureau (CFPB) in 2009. It is called Choke Point because its main purpose is to choke off lending to industries which are out of favor with the Obama Administration. In essence, if businesses cant process payments, they cant survive. Choke Point operations were first begun against payday lenders in New York by the NY Financial Services...
  • The AIIB Debacle: What Washington Should Do Now (China)

    03/22/2015 7:29:16 AM PDT · by mac_truck · 3 replies
    The Diplomat ^ | 3/21/2015 | Elizabeth Economy
    U.S. strategy on Chinas new bank has been flawed from the start. Time to step back and regroup. It is time for Washington to take a step back and regroup. Its Asian Infrastructure Investment Bank (AIIB) strategy, ill-considered from the get-go, has now taken a major hit with the announcement this past week by the United Kingdom that it plans to join the Chinese-led AIIB. Washingtons concerns over the AIIB are well-established: the competition the AIIB poses to pre-existing development institutions such as the World Bank and Asian Development Bank; concern over the potential for weak environmental standards and social...
  • Finally, A Bank Stands Up To Obama's Shakedown

    03/18/2015 6:32:52 AM PDT · by SeekAndFind · 36 replies
    IBD ^ | 03/18/2015
    Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown. The Japanese bank's U.S. unit won't give in to extortionist regulators protecting Fannie/Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis. The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds...
  • We now know why Thad Cochran did not sign the Senate letter to Iran and its not good

    03/12/2015 5:17:11 PM PDT · by Sybeck1 · 29 replies
    Mississippi Conservative Daily ^ | 3/12/15 | Ryan S. Walters
    GOP power broker Haley Barbours lobby shop, BGR Group, represents a Russian bank that has financed a company that helped build Irans Bushehr nuclear power plant, according to corporate documents and lobbying disclosure records. The bank is owned by a secretive oligarch, Mikhail Fridman, who has met at least twice with White House officials in the last few years, according to visitor logs.
  • Important alert. You may not know this

    03/12/2015 6:38:04 AM PDT · by Shimmer1 · 69 replies
    Shimmer1
    This happened to me yesterday. 3/11/15 at Olive Garden.
  • Greece Suffers Biggest Bank Run In History: January Deposits Plunge To 2005 Levels

    02/26/2015 7:31:52 AM PST · by SeekAndFind · 14 replies
    Zero Hedge ^ | 02/26/2015 | Tyler Durden
    One of the biggest question marks surrounding the Greek negotiation and ultimately, bailout extension, was just how panicked was the Greek population and domestic corporations. Recall that as explained previously, the tension boiled down to this: the Troika did everything in its power to accelerate the bank run in order to crush any negotiating leverage Varoufakis may have; Greece on the other hand was desperate to make its cash drain appear far better than rumored. Moments ago the Bank of Greece presented its latest, January, deposit data. And it's a doozy: following a record 12.2 billion monthly outflow, greater...
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 24 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...
  • Fed: Foreign banks operating in the US not currently held to same capital standards as US Banks?

    02/24/2015 9:18:50 AM PST · by 9thLife · 13 replies
    CNBC's feed ^ | 02/23/2015 | self
    The questioner (Rep. Richard Shelby, R AL) just asked Mrs. Yellen if foreign banks operating in the US were held to the same capital standards as US banks. She responded [paraphrase] that "we have asked foreign banks to create holding companies in the US to contain their US operations"...Meaning that, apparently, such banks are not held to the same capitalization standards (6 years into the Great Financial Crisis) and have therefore a competitive advantage.
  • Bombshell: Obamas AG Nominee Loretta Lynch Could Be In Boiling Water Over Banking Scandal

    02/19/2015 1:47:26 PM PST · by cotton1706 · 36 replies
    westernjournalism.com ^ | 2/19/15 | Norvell Rose
    Lynch is reportedly being investigated by the very Senate committee considering her nomination Her nomination is stalled, caught up in a deepening investigation in the Senate Judiciary Committee. The woman President Obama wants to replace outgoing Attorney General Eric Holder as the nations top law enforcement officer could be facing legal troubles herself, the kind that might derail her hopes to head the Justice Department. According to a lengthy and detailed report by Jerome Corsi at WND, Loretta Lynch is now being investigated by the very senate committee considering her nomination to become one of the most powerful officials in...
  • US charges Iowa widow over how she deposited husband's cash

    02/10/2015 8:21:12 PM PST · by 2ndDivisionVet · 32 replies
    Yahoo! News / The Associated Press ^ | February 10, 2015 | Ryan J. Foley
    IOWA CITY, Iowa (AP) An Iowa widow is charged with a crime and had nearly $19,000 seized from her bank after depositing her late husband's legally earned money in a way that evaded federal reporting requirements. Janet Malone, 68, of Dubuque, is facing civil and criminal proceedings under a law intended to help investigators track large sums of cash tied to criminal activity such as drug trafficking and terrorism. But some members of Congress and libertarian groups have complained that the IRS and federal prosecutors are unfairly using it against ordinary people who deposit lawfully obtained money in increments...
  • Obama, The Ultimate Senior Bankers President

    02/08/2015 10:45:28 AM PST · by Starman417 · 4 replies
    Flopping Aces ^ | 02-07-15 | James Raider
    Janet Yellen, Obama, and Bernanke For sixty four years, the world enjoyed some degree of stability, perhaps greater than at any previous period in history, with the United States performing the expensive, but indispensable role of stabilizer. There had been regional wars, and provincial atrocities often localized to sectarian disputes, but most of the world went about its business, criss-crossing oceans and borders to grow trade, or travelling to distant vacations. 9/11 changed behaviors, nevertheless, we continued on our paths, but did so with a little more caution on our air-travels. Then, with the power of wealthy and powerful senior...
  • The Puppetmasters Behind the Military Action in Libya ( Soros - Who else? )

    04/01/2011 12:02:31 PM PDT · by Halfmanhalfamazing · 20 replies · 1+ views
    The New American ^ | March 25th | Raven Clabough
    President Obamas actions in Libya were already suspicious for a number of reasons. First, during Obamas presidential campaign, he asserted that his priority was to get America out of the two wars it was already fighting. Second, Obama was a staunch critic of the Bush administration for unconstitutionally embarking on a war without congressional approval an action of which President Obama is now guilty. Finally, as the economy is teetering on collapse, one would assume the last thing the President would want is to have to fund a third war. And yet here we are. However, once we delve...
  • Oregon bank now says it won't work with Colorado marijuana businesses

    01/27/2015 11:41:26 AM PST · by george76 · 8 replies
    MBank, an Oregon bank that last week said it would allow Colorado marijuana businesses to open accounts, now says it won't. The Denver Post reports the bank is saying it doesn't have the infrastructure to handle the volume of customers in the pot industry. But the newspaper cites unnamed sources as saying federal banking regulators told MBank the move was too risky. Because marijuana remains illegal under federal law, companies in the industry haven't been able to find a bank to handle their business. MBank doesn't have a Colorado location. Instead, MBank intended to have marijuana businesses deposit their cash...
  • Euro crisis, banking crisis, debt crisis - 5 yrs rearranging deck chairs on the Titanic

    01/26/2015 5:24:20 AM PST · by alexmark1917 · 1 replies
    5 years into the euro zone crisis the ECB announces a 1.1 trillion quantitative easing programme to boost economy. Bolder than expected. Draghi Commits ECB to Trillion-Euro Asset-Purchase Plan to Fight Deflation Mario Draghi led the European Central Bank into a new era, committing to a quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral. The ECB president shrugged off determined opposition led by German officials with a pledge to buy 60 billion euros every month through September next year in a once-and-for-all push to put more cash into circulation...
  • "Cheerful" Dutch Financier Becomes 4th ABN Amro Banker Suicide [Following death of 36 last year]

    01/25/2015 7:15:56 PM PST · by SeekAndFind · 20 replies
    Zero Hedge ^ | 01/25/2015 | Tyler Durden
    Following the deaths of 36 bankers last year, 2015 has got off to an inauspicious start with the reported suicide of Chris Van Eeghen - the 4th ABN Amro banker suicide in the last few years. As Quotenet reports, the death of Van Eghen - the head of ABN's corporate finance and capital markets -"startled" friends and colleagues as the 42-year-old "had a great reputation" at work, came from an "illustrious family," and enjoyed national fame briefly as the boyfriend of a famous actress/model. As one colleague noted, "he was always cheerful, good mood, and apparently he had everything...