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Keyword: banking

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  • Exclusive: SWIFT warns customers of multiple cyber fraud cases

    04/26/2016 6:10:48 AM PDT · by Oldeconomybuyer · 3 replies
    Reuters ^ | April 26, 2016 | By Jim Finkle
    SWIFT, the global financial network that banks use to transfer billions of dollars every day, warned its customers on Monday that it was aware of "a number of recent cyber incidents" where attackers had sent fraudulent messages over its system. The disclosure came as law enforcement authorities in Bangladesh and elsewhere investigated the February cyber theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank. SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a cooperative owned by 3,000 financial institutions.
  • U.S. Government Is Now a Major Counterparty to Wall Street Derivatives

    04/24/2016 7:43:59 PM PDT · by Lorianne · 19 replies
    Wall Street on Parade ^ | 21 April 2016 | Pam Martens and Russ Martens
    According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayersí tab....
  • Mobs of Angry Investors Fight Market Rigging, Maul Deutsche Bank

    04/20/2016 1:18:11 PM PDT · by Lorianne · 5 replies
    Wolf Street ^ | 20 April 2016 | Clint Siegner
    Prior to last week, Deutsche Bank made headlines for a string of huge losses and massive exposure to risky derivatives. The last time the firmís shares traded at prices this low, the world was in the midst of 2008ís financial apocalypse. Deutsche Bank didnít need more bad news, but a group of investors who brought suit against the massive German bank for cheating them by rigging the London ďfixĒ price for gold and silver certainly must be smiling. Last week, the bank offered to settle their class action suit for an undisclosed amount. Perhaps more importantly, DB promises to provide...
  • Morgan Stanley begins layoffs in credit division

    04/19/2016 2:58:32 PM PDT · by SeekAndFind · 4 replies
    Yahoo Finance Via Reuters ^ | 04/19/2016 | Olivia Oran and Richard Leong
    Morgan Stanley this week cut staff covering short-term credit and regional broker-dealers, after a quarter in which the bank posted a 42 percent drop in bond trading, several sources told Reuters. The sources blamed the shakeup at the No. 6 U.S. bank by assets on tougher capital rules, mounting competition from faster and cheaper trading on electronic systems and expectations that the Federal Reserve will raise U.S. interest rates next week for the first time in nearly a decade. The decision to downsize followed one of Morgan Stanley's slowest quarters for bond trading since the global credit crunch. The bank...
  • Wells Far Gone

    04/19/2016 6:17:47 AM PDT · by Kaslin · 77 replies
    Townhall.com ^ | April 19, 2016 | Mike Adams
    Dear Wells Fargo Customer Service: Recently, a friend sent me a picture of your 54-story Charlotte headquarters lit up with the colors of the transgendered pride flag. I attempted to contact you privately to register my strong objection to your companyís decision to take the wrong side in the nationís raging cultural war. Unfortunately, your website was not sufficiently inclusive. It only allowed me 1,000 characters of space to leave a comment. Itís going to take a lot more than that so I decided to make this issue the subject of my weekly opinion column. This isnít my first negative...
  • Deutsche Bank cancels US growth plans over LGBT laws

    04/12/2016 12:11:14 PM PDT · by Olog-hai · 60 replies
    TheLocal.de ^ | 12 Apr 2016 16:13 GMT+02:00 | (AFP)
    Deutsche Bank, Germanyís biggest lender, on Tuesday added its voice to a growing protest by major companies against legislation recently passed in some US states targeting gay and transgender people. The bank said in a statement that it would ďfreeze plans to create 250 new jobs at its Cary, North Carolina, locationĒ by the end of 2017. The decision was ďdue to state-wide legislation enacted in North Carolina on March 23 that invalidated existing protections of the rights of lesbian, gay, bisexual and transgender fellow citizens in some municipalities and prevents municipalities from adopting such protections in the future,Ē the...
  • Miserable Year for Banks: Stocks Suffer as Rates Stay Low

    04/12/2016 7:31:46 AM PDT · by Lorianne · 5 replies
    Wall Street Journal ^ | 10 April 2016 | Aaron Kuriloff, Riva Gold
    Financial shares are down sharply in 2016 even as broader markets have recovered; central-bank policies squeeze interest margins --- Bank stocks are having a terrible 2016, as central-bank policies, which for years lifted asset prices, are hurting the financial sector. The impact of economic stimulus efforts on lenders will get a fresh airing this week, as big U.S. banks begin reporting their earnings for the first quarter. Trading revenue is expected to have taken a hit, but the more enduring problem will be visible in the lendersí net interest margins, the basic measure of bank profitability that gets flattened by...
  • Austria Just Announced A 54% Haircut Of Senior Creditors In First "Bail In" Under New European Rules

    04/10/2016 10:43:07 AM PDT · by Former Proud Canadian · 13 replies
    Zerohedge ^ | April 10, 2016 | Tyler Durden
    --snip-- This was the first official proposed "Bail-In" of creditors, one that took place before similar ad hoc balance sheet restructuring would take place in Greece and Portugal in the coming months. Or rather, it wasn't a fully executed "Bail-In" for the reason that creditors fought it tooth and nail. And then today, following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior...
  • Panama Law Firmís Leaked Files Detail Offshore Accounts Tied to World Leaders

    04/04/2016 9:45:35 AM PDT · by Lorianne · 21 replies
    New York Times ^ | 03 March 2016 | Mmichael S. Schmidt, Steven Lee Myers
    A group of news media outlets published articles on Sunday based on what they said were 11.5 million leaked documents from a Panama law firm that helped some of the worldís wealthiest people ó including politicians, athletes and business moguls ó establish offshore bank accounts. The German newspaper SŁddeutsche Zeitung said its reporters had obtained the documents from a confidential source. The newspaper then shared the files with other media organizations, like The Guardian and the International Consortium of Investigative Journalists. In an article, the investigative journalism organization said the documents revealed the offshore accounts of 140 politicians and public...
  • Bank of America Merrill Lynch is firing traders worldwide

    03/08/2016 8:43:30 AM PST · by SeekAndFind · 20 replies
    Business Insider ^ | 03/08/2016 | Matt Turner
    Bank of America Merrill Lynch is cutting jobs in its global banking and markets business on Tuesday. The job cuts have already taken place in Asia, and they are working their way across time zones to Europe and now the US, according to people familiar with the matter. Arnaud Droitcourt, head of equity trading in Asia Pacific, and Robert Grillo, head of fixed income e-sales, are among those to have left, according to Bloomberg. A spokesman for Bank of America declined to comment. Business Insider reported last month that the bank had asked senior executives some weeks ago to draw...
  • TD Waterhouse... Brokerage is broken.

    02/29/2016 12:25:40 PM PST · by jerod · 15 replies
    They must be having severe tech issues.... Can't even access my account.
  • Helicopter drops might not be far away

    02/24/2016 6:57:30 PM PST · by Citizen Zed · 10 replies
    FT.com ^ | 2-23-2016 | Martin Wolf
    <p>The austerity obsession, even when borrowing costs are so low, is lunatic.</p> <p>If the fiscal authorities are unwilling to behave so sensibly -- and the signs, alas, are that they are not -- central banks are the only players. They could be given the power to send money, ideally in electronic form, to every adult citizen. Would this add to demand? Absolutely. Under existing monetary arrangements, it would also generate a permanent rise in the reserves of commercial banks at the central bank. The easy way to contain any long-term monetary effects would be to raise reserve requirements. These could then become a desirable feature of our unstable banking systems.</p>
  • J.P. Morgan‚Äôs exposure to oil, gas debt has Wall Street jittery

    02/24/2016 6:09:07 PM PST · by Lorianne · 4 replies
    Market Watch ^ | 23 February 2016 | Mark DeCambre
    J.P. Morgan Chase CEO Jamie Dimon is focused on building a so-called fortress balance sheet at his behemoth bank. To that end, he said the bank JPM, +0.04% has added around $500 million to its reserves against loans losses in the oil-and-gas sector in the first quarter of 2016. The move comes as crude-oil prices have fallen about 12% so far this year and have plunged 34% over the past 12 months, putting the finances of energy companies under pressure. Offering details about its balance sheet at an event for investors in New York on Tuesday, the sprawling bank said...
  • Big banks brace for oil loans to implode

    02/24/2016 6:13:37 PM PST · by Lorianne · 17 replies
    CNN ^ | 18 February 2016 | Matt Egan
    Big banks are cringing as crude oil is crumbling. Firms on Wall Street helped bankroll America's energy boom, financing very expensive drilling projects that ended up flooding the world with oil. Now that the oil glut has caused prices to crash below $30 a barrel, turmoil is rippling through the energy industry and souring many of those loans. Dozens of oil companies have gone bankrupt and the ones that haven't are feeling enough financial stress to slash spending and cut tens of thousands of jobs. Three of America's biggest banks warned last week that oil prices will continue to create...
  • The World's Biggest Banks May Very Well Grow Even Larger

    02/23/2016 7:11:16 PM PST · by Tolerance Sucks Rocks · 14 replies
    Fortune ^ | February 23, 2016 | Eleanor Bloxham
    Ever since the financial crisis, many outside the wealthy elite (sometimes referred to as populists) have argued that the largest banks are too big and too risky. Minneapolis Federal Reserve president Neel Kashkari recently echoed those beliefs.Yet if a new Federal Reserve proposal goes through, Wells Fargo and other large banks might get even bigger and riskier, adding billions to their balance sheets that could increase the banks’ risk profiles.The Federal Reserve says the proposal, which specifies the amount and kind of debt that systemically important large banks must hold, could help make sure that those banks can be wound...
  • Chinese banks freeze N.Korean accounts- S.Korean media report

    02/21/2016 10:35:13 PM PST · by TigerClaws · 13 replies
    SEOUL, Feb 22 (Reuters) - Chinese banks including a branch of China's biggest bank Industrial and Commercial Bank of China (ICBC) have frozen accounts belonging to North Koreans, a South Korean newspaper reported on Monday. Citing phone conversations with an unnamed employee of ICBC's office in the northeastern Chinese border city of Dandong, the Dong-A Ilbo reported that since late December it had suspended all deposits and transfers of foreign currencies in and out of accounts with North Korean names. "(The bank) had never told me why it was taking such measures, but it seems that they are related with...
  • Bernie's Feckless Attacks on Wall Street

    02/21/2016 7:46:26 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | February 21, 2016 | Bruce Bialosky
    Bernie Sanders, everyone's favorite socialist running for the American Presidency, has been exciting his urchins by telling them how the big, bad wolves of Wall Street are stealing their breakfast, lunch and dinner. The other night he stated "The business model of Wall Street is a fraud." Many people think Sanders is just a cute old Grandpa type. But since he just slandered everyone in the financial and banking business in America, I thought it might be a fine time to defend them and dispute the spurious statements he is making. I don't doubt that Sanders believes what he says....
  • Central Banking Goes Negative

    02/18/2016 8:40:29 PM PST · by MtnClimber · 3 replies
    Project Syndicate ^ | 18 Feb, 2016 | STEPHEN S. ROACH
    NEW HAVEN - In what could well be a final act of desperation, central banks are abdicating effective control of the economies they have been entrusted to manage. First came zero interest rates, then quantitative easing, and now negative interest rates - one futile attempt begetting another. Just as the first two gambits failed to gain meaningful economic traction in chronically weak recoveries, the shift to negative rates will only compound the risks of financial instability and set the stage for the next crisis. The adoption of negative interest rates - initially launched in Europe in 2014 and now embraced...
  • It‚Äôs time to kill the $100 bill

    02/16/2016 11:00:17 AM PST · by TroutStalker · 80 replies
    Washington Post ^ | February 16, 2016 | Lawrence H. Summers
    Harvard's Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation. I remember that when the euro was being designed in the late 1990s, I argued with my European G7 colleagues that skirmishing over seigniorage by issuing a 500 euro note was highly irresponsible and mostly would be a boon to corruption...
  • This is How Financial Chaos Begins

    02/14/2016 8:13:53 AM PST · by Lorianne · 16 replies
    Wolf Street ^ | 12 February 2016 | Wolf Richter
    It‚Äôs not contained. There are over $1.8 trillion of US junk bonds outstanding. It‚Äôs the lifeblood of over-indebted corporate America. When yields began to soar over a year ago, and liquidity began to dry up at the bottom of the scale, it was ‚Äúcontained.‚ÄĚ Yet contagion has spread from energy, metals, and mining to other industries and up the scale. According to UBS, about $1 trillion of these junk bonds are now ‚Äústressed‚ÄĚ or ‚Äúdistressed.‚ÄĚ And the entire corporate bond market, which is far larger than the stock market, is getting antsy. The average yield of CCC or lower-rated junk...
  • Swedish Bank Move Creates a Global Shudder

    02/14/2016 8:55:16 AM PST · by Lorianne · 2 replies
    New York Times ^ | 11 February 2016 | Landon Thomas Jr
    What if the bazooka is shooting blanks? Since the financial crisis, it has been gospel for many investors that some combination of actions by central banks ‚ÄĒ bond buying, bold promises or flirtations with negative interest rates ‚ÄĒ would be enough to keep the global economy out of recession. But investors‚Äô distress over the latest volley by a major central bank, the surprise decision on Thursday by the Swedish central bank to lower its short-term rate to minus 0.50 percent from minus 0.35 percent, has heightened fears that brazen actions by central bankers are now making things worse, not better....
  • Deutsche Bank CoCo Holders Learn What Regulators Meant by Risk

    02/14/2016 9:00:32 AM PST · by Lorianne · 14 replies
    Swiss Info ^ | 11 February 2016
    When European regulators created a new type of bank debt, the idea was to transfer risk from taxpayers to investors. Now bondholders are learning what that really means. Yield-starved investors bought $102 billion of the contingent convertible bonds, securities created to help troubled banks hang onto cash in times of stress by skipping coupon payments without defaulting and converting the debt to equity or writing it down. Even though neither of those has yet happened, investors are already feeling the pain, as yields on Deutsche Bank AG’s 4.6 billion euros of CoCos have soared and its shares have plummeted. “CoCos...
  • Deutsche Bank: Crystallizing Europe's TBTF Problems

    02/14/2016 9:12:54 AM PST · by Lorianne · 7 replies
    Seeking Alpha ^ | 13 February 2016 | Constantin Gurdgiev
    This week was quite a tumultuous one for banks, and especially Europe's champion of the 'best in class' TBTF institutions, Deutsche Bank (NYSE:DB). Here's what happened in a nutshell. Deutsche's 6 percent perpetual bonds, CoCos (more on this below), with expected maturity in 2022, used to yield around 7 percent back in January. Having announced massive losses for fiscal year 2015 (first time full year losses were posted by the DB since 2008), Deutsche was under pressure in the equity markets. Rather gradual sell-off of shares in the bank from the start of 2015 was slowly, but noticeably eroding bank's...
  • Franco-German Central Bankers Call for Creation of Eurozone Treasury

    02/14/2016 12:24:41 AM PST · by Olog-hai · 4 replies
    Telegraph (UK) ^ | 1:30PM GMT 08 Feb 2016 | Mehreen Khan
    Two of Europe's most powerful central bankers have called on the eurozone to form its own treasury and push forward with a quantum leap in integration to secure the single currency's future. Germany's Jens Weidmann and France's newly-appointed Francois Villeroy de Galhau urged member states to move towards a "comprehensive sharing of sovereignty" which would include a common 19-member treasury and an "independent fiscal council" with a eurozone parliament. [...] Their comments are a rare sign of unity from the EU's most powerful founding member states, which have often diverged on their visions for the future of the eurozone. Germany...
  • Will crash of 2016 be worse than 2008? Interview with Charles Ortel

    02/13/2016 7:15:33 AM PST · by Randall_S · 19 replies
    USA Transnational Report ^ | February 13, 2016 | USA Transnational Report
    Will the crash of 2016 be worse than 2008? Central banks have failed to solve the crisis, and instead have taken on more debt than any time in history. At the same time, western institutions are welcoming in Islamic money. Does this mean Sharia-compliant finance? Listen here: http://usatransnationalreport.org/2016/02/13/usa-transnational-report-february-13-2016-guest-charles-ortel/ While European banks, such as Deutsche Bank, falter, what does this mean for the U.S. economy? And what does the future look like? Charles Ortel is an investor and writer interested in economics, geo-politics, history, travel and just, lasting peace. He has done extensive research on the fraudulent activities of the Clinton...
  • Interest costs will make up entire deficit in five years, White House projects

    02/09/2016 10:16:20 AM PST · by aimhigh · 42 replies
    MarketWatch ^ | 02/09/2016 | Greg Robb
    According to the latest White House budget projections, the government's interest costs are expected to more than triple to $787 billion by 2026, as interest rates rise, from $223 billion in 2015. By 2025 and 2026, the government will spend more on interest costs than all non-defense discretionary outlays. Under the White House budget, the national debt will increase from $19 trillion to more than $27 trillion over the next decade.
  • "I Don't Trust Deutsche Bank" David Stockman Unleashes Truth Bomb

    02/09/2016 4:33:25 PM PST · by SkyPilot · 14 replies
    Zero Hedge ^ | 9 Feb 16 | Tyler Durden
    "I Don't Trust Deutsche Bank" David Stockman Unleashes Truth Bomb: "When The Crunch Comes, Bank CEOs Lie" Following this morning's proclamation by Deutsche Bank co-CEO John Cryan that Germany's largest bank is "rock solid," David Stockman exposed the ugly truth that everyone appears to have forgotten from just 7 years ago... "in my experience is that when the crunch comes, bank CEOs lie" Stockman details the Morgan Stanley, BofA, Lehman, and Bear Stearns bullshit that occurred before exclaiming... "I don't trust Deutsche Bank. I don't trust what they're saying. And there's reason why the banks are being sold all across...
  • Citi: World economy trapped in ‚Äėdeath spiral‚Äô

    02/05/2016 8:50:37 AM PST · by Enlightened1 · 39 replies
    CNBC ^ | 02/05/16 | Katy Barnato
    The global economy seems trapped in a "death spiral" that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned. Some analysts -- including those at Citi -- have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S. "The world appears to be trapped in a circular reference death spiral," Citi strategists led by Jonathan Stubbs said in a report on Thursday. "Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global...
  • Hold on Ex-Im nomination keeps cronyism crimped

    02/09/2016 4:29:56 AM PST · by Cincinatus' Wife · 1 replies
    The Hill ^ | February 9, 2015 | Diane Katz
    The president has nominated attorney J. Mark McWatters for the bank board. However, Sen. Richard Shelby (R-Ala.), chairman of the Committee on Banking, Housing and Urban Affairs, has said he's "in no hurry" to hold a hearing or a vote on the nomination. Other pending confirmations take precedence, he said.The last of the 2015 lobbying reports are in, and the top corporate spender turns out to have been the Boeing Company, at $21.9 million. Not coincidentally, the aerospace giant also outranks thousands of other firms in profiting from the subsidies doled out by the Export-Import Bank. Last year, Boeing benefitted...
  • Day Of Reckoning: The Collapse Of The Too Big To Fail Banks In Europe Is Here

    02/08/2016 6:01:55 PM PST · by SkyPilot · 111 replies
    Economic Collapse ^ | 8 Feb 16 | Michael Snyder
    There is so much chaos going on that I don't even know where to start. For a very long time I have been warning my readers that a major banking collapse was coming to Europe, and now it is finally unfolding. Let's start with Deutsche Bank. The stock of the most important bank in the "strongest economy in Europe" plunged another 8 percent on Monday, and it is now hovering just above the all-time record low that was set during the last financial crisis. Overall, the stock price is now down a staggering 36 percent since 2016 began, and...
  • 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 ó 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 Americaís monetary system. The Federal Reserve Bankís name was chosen to deceive the American people into believing that it is a branch of the U.S. government. It isnít. 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 Ė known as Dridex Ė 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 weekís FOMC meetingówill the Federal Reserve raise interest rates or wonít it?óone 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 Americaís ability to produce real jobs has been reduced to ash, namely, propping up criminal banks with multi-trillion-dollar giveaways. Whatís 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, whenóby its own admissionóit 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 donít 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 FBIís 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-Frankís 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 Reserveís 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 Bankís 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 didnít 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 Clintonsí 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. ďItís wrong that candidates for president, who really should know better, are jumping on this bandwagon,Ē she said at a May 22 campaign stop in New Hampshire. ďItís wrong, itís embarrassing. . . . The idea that we would remove this relatively small but vital source of funding for our businesses to compete is absolutely backwards.Ē Clintonís 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 Greeceís 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 wonít 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 nationís 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 Signatureís 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 ďÖallows for the creation of public regulatory agencies and contains all of the statutes, judicial decisions, and regulations that govern them.Ē 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 ďÖis 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...