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Keyword: banking

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  • Trump Starts Taking Steps to Dismantle Obama-Era Financial Regulations

    04/21/2017 7:08:22 PM PDT · by Innovative · 2 replies
    Fortune ^ | Apr. 21, 2017 | AP
    Hoping to spur economic growth, President Donald Trump embarked Friday on new steps to dismantle some of the tax and financial regulations established by former President Barack Obama. Trump signed an executive order to review any major tax regulations set last year by his predecessor, as well as two memos to potentially revamp or eliminate fundamental elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession. "This is really the beginning of a whole new way of life that this country hasn't seen in really many, many years," the president said before signing the measures...
  • Trump to order U.S. Treasury to delve into taxes, post-crisis reforms

    04/20/2017 7:20:09 PM PDT · by Innovative · 11 replies
    Reuters ^ | Apr. 20, 2017 | Lisa Lambert
    U.S. President Donald Trump will order the Treasury on Friday to find and reduce tax burdens and review post-financial crisis reforms that banks and insurance companies have said hinder their ability to do business. A White House official said on Thursday that Trump will issue an executive order directing the Treasury on the tax issues. He will also issue two memoranda asking for reviews of two parts of the 2010 Dodd-Frank Wall Street reform law - the Orderly Liquidation Authority that sets out how big banks can wind down during a crisis and the Financial Stability Oversight Council (FSOC), which...
  • US government 'hacked global bank system'

    04/14/2017 9:57:49 PM PDT · by Fedora · 9 replies
    BBC ^ | 04/15/2017 | Dave Lee
    A huge range of security exploits, said to be worth over $2m if sold on the black market, have been leaked online.The tools are said to have been created by the US National Security Agency (NSA), and accompanying documents appear to indicate a possible breach of the Swift global banking system.Such a hack could have enabled the US to covertly monitor financial transactions, researchers said.The files were released by Shadow Brokers, a hacking group that has previously leaked malware.If genuine, it represents perhaps the most significant exposure of NSA files since the Edward Snowden leaks in 2013.On Twitter, Mr Snowden...
  • Trump throws support behind Ex-Im Bank

    04/12/2017 12:55:22 PM PDT · by ColdOne · 29 replies
    thehill.com ^ | 4/12/17 | Jordan Fabian
    President Trump on Wednesday threw his support behind the Export-Import Bank, a stark reversal of his opposition to the lender during the 2016 presidential campaign. “It turns out that, first of all, lots of small companies are really helped, the vendor companies,” Trump said in an interview with The Wall Street Journal. “But also, maybe more important, other countries give [assistance]. When other countries give it we lose a tremendous amount of business.” ADVERTISEMENT The president’s about-face is likely to anger conservative Republican critics of the bank, who say it has enabled crony capitalism. Many believed that with Trump in...
  • IMF Working Paper: The Macroeconomics of De-Cashing

    04/08/2017 7:43:04 AM PDT · by oblomov · 17 replies
    International Monetary Fund ^ | March 2017 | Alexei Kireyev
    I. INTRODUCTION 1. De-cashing is defined as the gradual phasing out of currency from circulation and its replacement with convertible deposits. This initiative does not in any way target the abolition of money as an institution, but is, rather, a sweeping reduction of the role of currency, its cash component, in favor of transferrable deposits, its non-cash component. The monetary authorities in many countries have already taken steps towards de-cashing. These steps include abolishing large denomination bills, imposing ceilings on cash transactions, introducing declaration requirements on the carriage of cash in and out of the country, reporting requirements for cash...
  • Dear Fellow Shareholders (JP Morgan Chase)

    04/05/2017 10:56:31 AM PDT · by proxy_user · 7 replies
    JP Morgan Chase ^ | April 4, 2017 | Jamie Dimon
    Essentially, Too Big to Fail has been solved — taxpayers will not pay if a bank fails. The American public has the right to demand that if a major bank fails, they, as taxpayers, would not have to pay for it, and the failure wouldn’t unduly harm the U.S. economy. In my view, these demands have now both been met. On the first count, if a bank fails, taxpayers do not pay. Shareholders and debtholders, now due to total loss absorbing capacity (TLAC) rules, are at risk for all losses. To add belts and suspenders, if all that capital is...
  • Russia's banking system has SWIFT alternative ready

    04/02/2017 3:35:50 PM PDT · by Tours · 12 replies
    RT ^ | 3/23/22017 | https://www.rt.com/business/382017-russia-swift-central-bank/
    If the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is shut down in Russia, the country’s banking system will not crash, according to Central Bank Governor Elvira Nabiullina. Russia has a substitute. "There were threats that we can be disconnected from SWIFT. We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. We have created an alternative," Nabiullina said at a meeting with President Vladimir Putin on Wednesday. She also added that 90 percent of ATMs in Russia are ready to accept the Mir payment system, a...
  • #BankBlack proposes moving your money, and nudging society (Kali-fornia)

    04/01/2017 6:22:34 AM PDT · by dynachrome · 18 replies
    Albuquerque Journal ^ | 3-31-17 | Tracy Jan
    For the third time that day, Akili lit up and launched into a conversation he’s been having daily, with strangers and friends alike. The 68-year-old community organizer waved his hands in the direction of his new bank about five blocks up Crenshaw Boulevard: OneUnited, the largest black-owned bank in the country. “I’ve been trying to convince as many people as I can to open up accounts with black banks and invest in our own community,” Akili said, recounting the recent interaction. “I talk about this almost every time I use my card.” This new card is part of a rescue...
  • Deepening EU Banking Crisis Meets Euro-TARP and Taxpayers

    03/18/2017 9:49:38 PM PDT · by Lorianne · 5 replies
    Wolf Street ^ | 17 March 2017 | Don Quijones
    Events are moving so fast in Europe these days, it’s almost impossible to keep up. While much of the attention is being hogged by political developments, including the election in the Netherlands, Reuters published a report warning that the European banking sector may face even higher bad loan risks if the ECB begins to scale back its monetary stimulus programs, something it has already begun, albeit extremely tentatively. The total stock of non-performing loans (NPL) in the EU is estimated at over €1 trillion, or 5.4% of total loans, a ratio three times higher than in other major regions of...
  • Trump Signs First Bill, CNN Livid

    02/14/2017 4:46:56 PM PST · by Kaslin · 22 replies
    Rush Limbaugh.com ^ | February 14, 2017 | Rush Limbaugh
    RUSH: Hey, in the midst of all of this, Trump just signed his first bill today, first piece of legislation. You know what it does? I was watching CNN. They’re just livid. CNN is reporting that Trump’s bill that he signed weakens oil and gas and mining regulations. And you should have seen them when they announced this. They’re just shaking their heads, “Oh, my God.” And what they’re shaking their heads about is he won’t stop. We can’t make him stop! We thought we had him paralyzed with Flynn, he just keeps doing it. And that’s what’s gonna continue...
  • JUST IN President Donald J Trump signs repeal of Dodd Frank provision

    02/14/2017 12:18:13 PM PST · by sheikdetailfeather · 104 replies
    You Tube ^ | 2-14-2017 | Time News
    JUST IN President Donald J Trump signs repeal of Dodd Frank provision
  • Vatican Computers Hacked in Major International Scheme

    01/12/2017 7:15:30 PM PST · by marshmallow · 16 replies
    Italian police have uncovered a major international computer-hacking operation that compromised private communications at the Vatican. Police in Rome announced the arrest of two engineers who are suspected of illicitly obtaining “information relative to state security.” The hackers, who were not identified, were described as London residents in their 40s. They had reportedly gained access to computer servers operated by Italian government leaders and European banking officials. The operation also penetrated the Vatican, police reported. Hackers gained access to computers used by Cardinal Gianfranco Ravasi, at the Pontifical Council for Culture. They also hacked into computers at a Vatican guest...
  • Orrin Hatch Spanks Dems On Obama Offshore Account Hypocrisy [VIDEO]

    01/19/2017 6:43:12 PM PST · by ItsOnlyDaryl · 10 replies
    Daily Caller ^ | 1.19.17 | Katie Frates
    Sen. Orrin Hatch had to remind Democrats they were being enormously hypocritical when attacking Secretary of the Treasury nominee Steven Mnuchin. Various senators on the Senate Committee on Finance, including Sen. Robert Menendez, pressed Mnuchin on offshore Cayman Island accounts. “One does not go and create offshore entities at the end of the day other than to avoid, in some form or fashion, the tax laws of the United States. That’s pretty simple,” Menendez said. “What you did may have been legal, but it certainly was to help people and entities avoid taxes.” After a contentious sparring match, Hatch jogged...
  • Panama Papers Reveal Clinton’s Kremlin Connection

    01/11/2017 4:16:02 PM PST · by HarleyLady27 · 7 replies
    Observer ^ | Apr. 4, 2016 | John R, Schindler
    This is a History Lesson: The revelations of the so-called Panama Papers that are roiling the world’s political and financial elites this week include important facts about Team Clinton. This unprecedented trove of documents purloined from a shady Panama law firm that arranged tax havens, and perhaps money laundering, for the globe’s super-rich includes juicy insights into how Russia’s elite hides its ill-gotten wealth.
  • Goldman Sachs, JP Morgan, and 12 other banks hiring for high-paying jobs like crazy right now

    01/09/2017 1:56:21 PM PST · by SeekAndFind · 10 replies
    Business Insider ^ | 01/09/2017 | Rachel Gillett
    If you're looking for a new job in finance, you may want to check out openings at Goldman Sachs, JP Morgan Chase, or Wells Fargo. Those three companies are doing some of the heaviest hiring right now for jobs in the US that pay more than $100,000 base salary a year, according to Indeed. The job search engine compiled a list of big banks currently trying to fill the most full-time jobs that pay over $100,000. The salary data is a combination of company and user input. Here are the 14 big-name banks with the largest number of job openings...
  • Elizabeth Warren seeks to pull pot shops out of banking limbo

    01/03/2017 4:38:21 PM PST · by Brad from Tennessee · 59 replies
    Associated Press ^ | January 3, 2017 | By STEVE LeBLANC
    BOSTON (AP) -- As marijuana shops sprout in states that have legalized the drug, they face a critical stumbling block - lack of access to the kind of routine banking services other businesses take for granted. U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, is leading an effort to make sure vendors working with legal marijuana businesses, from chemists who test marijuana for harmful substances to firms that provide security, don't have their banking services taken away. It's part of a wider effort by Warren and others to bring the burgeoning $7 billion marijuana industry in from a fiscal limbo she...
  • Denmark officially kills the check

    12/29/2016 7:34:32 AM PST · by Olog-hai · 37 replies
    TheLocal.dk ^ | 29 December 2016 10:43 CET+01:00
    In a country where even the smallest purchases are routinely carried out with the national debit card, Dankort, and people increasingly use smartphone payment systems like the incredibly popular MobilePay, writing a check seems hopelessly outdated. The nation’s banks agree and as of January 1st, it will no longer be possible to cash checks from other banks in Denmark. The only option that will remain is to cash a check written by the same bank that issued them, a move that essentially means the total end of they payment form. …
  • You have a few days left to dodge this 50 percent tax bill

    12/28/2016 3:01:42 PM PST · by Libloather · 75 replies
    MSN ^ | 12/28/16 | Kelli B. Grant
    Nearly a third of retirees are playing chicken with one of the steepest tax penalties out there — and they are running out of time. IRS rules on so-called required minimum distributions generally kick in once you reach age 70½. For 401(k)s and other defined contribution plans, it's either when you turn 70½. or you retire, whichever is later. If you've inherited an IRA, you might also be subject to RMDs, even if your own retirement is years away. How much you need to take is usually based on the account balance at the end of the previous year, and...
  • 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.