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Keyword: banks

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  • FDIC retreats on Operation Choke Point?

    01/30/2015 9:17:46 AM PST · by right-wing agnostic · 3 replies
    The Volokh Conspiracy ^ | January 29, 2015 | Todd Zywicki
    In what seems to be a retreat from its Operation Choke Point initiative, the FDIC has announced new regulatory guidance that instructs banks to judge their relationships with their customers on a case-by-case basis, rather than refusing to provide banking services to entire categories of industries. From the Press Release: The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter today encouraging supervised institutions to take a risk-based approach in assessing individual customer relationships, rather than declining to provide banking services to entire categories of customers without regard to the risks presented by an individual customer or the financial...
  • Cubs Legend Ernie Banks Has Died [HOF SS, at 83 RIP, Pres Obama will probably mention]

    01/23/2015 8:09:42 PM PST · by Steelers6 · 39 replies
    WGN TV ^ | January 23, 2015 | Steelers6
    Cubs legend Ernie Banks has died, according to a Cubs source. This is a developing news story, check back for details.
  • Analysis: Freed former al Qaeda operative was part of intelligence dispute

    01/21/2015 8:59:44 PM PST · by Brad from Tennessee · 11 replies
    Long War Journal ^ | January 21, 2015 | By Thomas Joscelyn
    Last month, Senator Dianne Feinstein and other Democrats on the Senate Select Committee on Intelligence released the executive summary of their final report investigating the CIA's controversial detention and interrogation program. As part of their study, the Democrats compiled twenty case studies, which were intended to address claims made by the CIA regarding the efficacy of its interrogations. One of those case studies focused on the identification and arrest of Ali Saleh Kahlah al Marri, who was freed from a US prison just days ago. Al Marri served as a "sleeper" operative for al Qaeda inside the US in 2001....
  • 50,000 Wall Street jobs cut [There’s blood on the Street]

    01/19/2015 6:15:07 AM PST · by SeekAndFind · 31 replies
    New York Post ^ | 01/19/2015 | By John Aidan Byrne
    There’s blood on the Street. In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up. And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history. But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before — from lower trading and...
  • It's Not Just 'Retail': Head Of European FX Sales Out After Citi Admits Massive Loss

    01/16/2015 10:08:18 AM PST · by tcrlaf · 11 replies
    Zerohedge ^ | 1-16-2015 | Durden
    All morning, mainstream media has been down-playing the insolvency of various retail-focused FX brokers using words like "contained" and even suggesting retail "moms-and-pops" should not be allowed to trade FX. Now, we get more news from a non-retail institution: -CITIGROUP SAID TO LOSE MORE THAN $150 MLN ON CURRENCY MOVES So should Citi be banned from FX trading too? It appears so. Citi's head of European FX sales is "said to leave" the company. -CITIGROUP HEAD OF EUROPEAN INVESTOR SALES, FX, SAID TO LEAVE
  • Bank Data Mined in Secret by U.S. to Block Terror

    06/22/2006 5:03:39 PM PDT · by Norman Rogers · 76 replies · 1,033+ views
    NY Times ^ | 6/22/2006 | ERIC LICHTBLAU and JAMES RISEN
    WASHINGTON, June 22 - Under a secret Bush administration program initiated weeks after the Sept. 11 attacks, counterterrorism officials have gained access to financial records from a vast international database and examined banking transactions involving thousands of Americans and others in the United States, according to government and industry officials.
  • Warning: Bond rates are going negative

    01/15/2015 6:38:42 PM PST · by MeneMeneTekelUpharsin · 57 replies
    CNN Money ^ | 15 January 2015 | Matt Egan
    Investors are so nervous that they are basically willing to lose money when they buy some government bonds. It's part of the latest fad in finance that's all the rage: "going negative." The yields on government bonds in Europe and Japan have dipped into the uncharted waters of negative territory. That means buyers of those bonds are essentially taking a loss just to hold onto those assets. They think their money is better off losing a few cents than putting it elsewhere. "It's basically a fee for fear," said Nicholas Colas, chief market strategist at ConvergEx. "Fear of deflation, fear...
  • Politically connected ex-Mutual Bank president barred from banking ( Obama mentioned )

    07/01/2013 6:59:49 PM PDT · by george76 · 8 replies
    Crain's Chicago Business ^ | July 01, 2013 | Steve Daniels
    Amrish Mahajan, former president of failed Mutual Bank of Harvey and a major fundraiser for imprisoned former Gov. Rod Blagojevich, has been barred from future participation in the banking industry under a newly released regulatory order. Mr. Mahajan consented, without admitting or denying unsafe or unsound banking practices, to a May 1 order by the Federal Deposit Insurance Corp. prohibiting him from participating “in any manner” in the conduct of the affairs of any federally insured institution. ... Mr. Mahajan was known for his political connections, particularly to Mr. Blagojevich. Mutual Bank briefly entered the realm of national politics after...
  • The Hoarder, The Miser, The Gold And Silver Investor

    01/09/2015 11:17:46 AM PST · by blam · 11 replies
    TMO ^ | 1-9-2015 | Dr Jeff Lewis
    January 09, 2015 Dr Jeff Lewis A subscriber sent me the following note recently: You know I was driving home tonight and was observing all the cars building etc. I thought maybe I am nuts this can't all stop. Then I also said to myself this is an illusion that massive un-payable debt has created. I hope for all of our sakes the former wins because the latter would be unbearable. Do you honestly believe a collapse war and poverty is truly going to happen? What's the difference even if you have a ton of silver people just would take...
  • Elizabeth Warren and Nancy Pelosi are right

    12/13/2014 8:43:49 AM PST · by C19fan · 15 replies
    Hot Air ^ | November 13, 2014 | Dustin Siggins
    The end times are upon us. I find myself in agreement with not just Senator Elizabeth Warren (D-MA), but House Minority Leader Nancy Pelosi (D-CA). It’s not just me. Right Wing News’ John Hawkins — not exactly a cheerleader for bipartisan consensus — is publicly standing with Warren, Pelosi, and their liberal allies in the House and Senate. As have conservative Senators Mike Lee (R-UT) and Ted Cruz (R-TX), Townhall.com’s Amy Otto, and Tea Party Patriots, among many others. And I’m not only opposed to the omnibus bill that squeaked through the House and may fail in the Senate. I’m...
  • Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For

    12/12/2014 6:25:55 AM PST · by coloradan · 57 replies
    Zerohedge ^ | 12/12/2014 | Zerohedge
    Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street's blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp, explicitly putting taxpayers on the hook for losses caused by these contracts. Recall: (more at link)
  • Big Banks Will Take Depositors Money In Next Crash -Ellen Brown

    12/11/2014 11:14:26 AM PST · by GilGil · 87 replies
    USAWathdog ^ | 12/10/2014 | Ellen Brown
    "... if you had a big derivatives bust that brought down JP Morgan or Bank of America, there is no way there is going to be collateral left for the FDIC or for the secured depositors. This would include state and local governments. They all put their money in these big banks. So, even though we are protected by the FDIC, the FDIC is not going to have the money. . . . This makes it legal for these big 30 banks to take our money when they become insolvent. They are too-big-to-fail. This was supposed to avoid too-big-to-fail, but...
  • Lending Club Set to Debut, and Industry Is Watching

    12/11/2014 6:37:51 AM PST · by SoFloFreeper · 2 replies
    NY TIMES ^ | 12/10/14 | MICHAEL J. DE LA MERCED
    Search SHARETWEETMORE SUBSCRIBELOG IN DealBook Lending Club Set to Debut, and Industry Is Watching By MICHAEL J. DE LA MERCED DECEMBER 10, 2014 When Lending Club makes its debut on the New York Stock Exchange on Thursday, it will carry the hopes of an entire industry. The company, whose online marketplace matches people who are seeking loans with investors willing to provide them, emboldened its peers late Wednesday when it raised about $870 million in its initial public offering, surpassing expectations. Lending Club’s offering — which values the company at $5.4 billion — will set a template for potentially dozens...
  • Left revolts over funding bill

    12/10/2014 11:15:02 AM PST · by what's up · 32 replies
    The Hill ^ | Dec 10, 2014 | Peter Schroeder
    Sen. Elizabeth Warren urged Democrats Wednesday to withhold support for a massive government funding bill, as opposition on the political left mounted over a set of changes to the Dodd-Frank Wall Street reform law buried in the legislation.
  • Plummeting Oil Prices Could Destroy The Banks That Are Holding Trillions In Commodity Derivatives

    12/08/2014 10:10:30 AM PST · by SeekAndFind · 43 replies
    The Economic Collapse Blog ^ | 12/08/2014 | Michael Snyder
    Could rapidly falling oil prices trigger a nightmare scenario for the commodity derivatives market? The big Wall Street banks did not expect plunging home prices to cause a mortgage-backed securities implosion back in 2008, and their models did not anticipate a decline in the price of oil by more than 40 dollars in less than six months this time either. If the price of oil stays at this level or goes down even more, someone out there is going to have to absorb some absolutely massive losses. In some cases, the losses will be absorbed by oil producers, but many...
  • New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses

    12/07/2014 4:30:18 PM PST · by dontreadthis · 28 replies
    The Economic Collapse ^ | December 7th, 2014 | Michael Snyder
    If the quadrillion dollar derivatives bubble implodes, who should be stuck with the bill? Well, if the “too big to fail” banks have their way it will be you and I. Right now, lobbyists for the big Wall Street banks are pushing really hard to include an extremely insidious provision in a bill that would keep the federal government funded past the upcoming December 11th deadline. This provision would allow these big banks to trade derivatives through subsidiaries that are federally insured by the FDIC. What this would mean is that the big banks would be able to continue their...
  • Swiss Voters Reject Increasing Gold Reserves In Referendum

    11/30/2014 4:24:52 PM PST · by grumpygresh · 7 replies
    Forbes ^ | 11/30/14 | Hartley, Jon
    In today’s Swiss gold referendum, roughly 78% voted against expanding central bank gold reserves to 20% of central bank assets from the current 7%, according to Swiss national broadcaster SRF. The vote is a blow to the movement to “Save Our Swiss Gold” that had the hopes of moving Switzerland back toward a gold standard which the country left in 1999.
  • Former Goldman Banker Reveals The Path To The Next Depression And Stock Market Collapse

    11/12/2014 6:26:38 AM PST · by blam · 17 replies
    Zero Hedge ^ | 11-12-2014 | Tyler Durden
    Tyler Durden 11/11/2014 A funny thing happened on the way to the ‘end’ of the multi-trillion dollar bond buying program known as QE - the Fed chronicles. Aside from the shift to a globalization of QE via the European Central Bank (ECB) and Bank of Japan (BOJ) as I wrote about earlier, what lingers in the air of “post-taper” time is an absence of absence. For QE is not over. Instead, in the United States, the process has simply morphed from being predominantly executed by the Federal Reserve (Fed) to being executed by its major private bank members. Fed Chair,...
  • “Too Big To Fail” Banks Are Now Bigger Than Ever Before

    11/03/2014 8:04:40 AM PST · by Citizen Zed · 12 replies
    ETF Daily News blog courtesy of Michael Snyder Economic Collapse blog ^ | November 2nd, 2014 | courtesy of Michael Snyder Economic Collapse blog
    At this point, the five largest banks account for 42 percent of all loans in the United States, and the six largest banks account for 67 percent of all assets in our financial system. The bets that I am most concerned about are known as “derivatives“.  In essence, they are bets about what will or will not happen in the future.  The big banks use very sophisticated algorithms that are supposed to help them be on the winning side of these bets the vast majority of the time, but these algorithms are not perfect.  The reason these algorithms are not perfect is because they...
  • The Wrath of Draghi: First German Bank Hits Savers with ‘Negative Interest Rates’

    11/01/2014 2:24:54 PM PDT · by aimhigh · 17 replies
    Wolf Street ^ | 10/30/2014 | Wolf Richter
    Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859, is not the biggest bank in Germany, but it’s the first bank to confirm what German savers have been dreading for a while: the wrath of Draghi. Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%. In less euphemistic terms, they have to pay 0.25% per annum to the bank for the privilege of handing the bank their hard-earned money or their business cash. Inflation has had a similar effect in the zero-interest-rate environment that...
  • Making It Easy to Predict the Next Financial Crisis

    10/30/2014 2:57:56 PM PDT · by Sean_Anthony · 5 replies
    Canada Free Press ^ | 10/30/14 | Alan Caruba
    Republicans are the adults in Congress while the Democrats, liberal to the core, will never admit we are being set up for another financial crisis It is a cliché, but true, that history repeats itself. This is largely due to the failure of each new generation to learn anything from the past as well as the human tendency toward the bad habits of greed and power-seeking. Only the names and faces change. That is why the next financial crisis is entirely predictable. On October 23, The Wall Street Journal had an article, “Relaxed Mortgage-Lending Rules Clear Final Hurdle.” The financial...
  • U.S. and UK to test big bank collapse in joint model run

    10/10/2014 5:57:53 PM PDT · by driftdiver · 16 replies
    Reuters ^ | Oct 10, 2014 | Randall Palmer and Douwe Miedema
    Oct 10 (Reuters) - Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday. Treasury Secretary Jack Lew and the UK's Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble. Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney,...
  • Things Will Get Worse Before They Get Better

    10/10/2014 8:14:00 AM PDT · by Abakumov · 15 replies
    Creators.com ^ | October 10, 2014 | Scott Rasmussen
    There was a time, not really all that long ago, when the local banker was a pillar of the community. A good relationship with him (and it was always a him) was essential to every business owner. Not only that, every potential homeowner had to trek down to his office in hopes of getting a mortgage. Countless workers walked into the branch every week to cash their paychecks, make deposits to a Christmas Club account and more. That world doesn’t exist anymore.... As the reality begins to sink in, the big banks will use their political clout to try and...
  • Ben Bernanke can't refinance: Tough lending standards

    10/04/2014 12:08:44 PM PDT · by SeekAndFind · 20 replies
    Money ^ | 10/04/2014 | By Chris Isidore and Katie Lobosco
    <p>You want proof that it's tough to get a mortgage? Ben Bernanke, the nation's top central banker until the start of this year, is having trouble refinancing his home.</p> <p>Bernanke spoke of his problems during an appearance Thursday at a conference in Chicago hosted by the National Investment Center for Senior Housing and Care.</p>
  • Five U.S. Banks Each Have More Than 40 Trillion Dollars In Exposure To Derivatives

    09/28/2014 7:00:07 PM PDT · by SeekAndFind · 101 replies
    TEC ^ | 09/27/2014 | Michael Snyder
    When is the U.S. banking system going to crash? I can sum it up in three words. Watch the derivatives. It used to be only four, but now there are five "too big to fail" banks in the United States that each have more than 40 trillion dollars in exposure to derivatives. Today, the U.S. national debt is sitting at a grand total of about 17.7 trillion dollars, so when we are talking about 40 trillion dollars we are talking about an amount of money that is almost unimaginable. And unlike stocks and bonds, these derivatives do not represent "investments"...
  • Twenty-five people at the heart of the meltdown ...

    09/25/2014 2:33:51 PM PDT · by Yollopoliuhqui · 13 replies
    The guardian ^ | 25 January 2009 | Julia Finch
    The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part. In the second part of a week-long series looking behind the slump, Guardian City editor Julia Finch picks out the individuals who have led us into the current crisis
  • Investors pull £17bn from UK as banks ratchet up Scottish independence pressure

    09/14/2014 2:00:15 AM PDT · by Enlightened1 · 14 replies
    The Telegraph ^ | 09/12/14 | Peter Spence, and Alan Tovey
    nvestors have pulled money out of the UK at the fastest pace seen since the financial crisis of 2008 amid fears that Scotland will break away from the Union, triggering a broader political crisis.
  • State Treasurers Panic as Big Bank Liquidity Rules Set for Release Today

    09/03/2014 9:42:39 AM PDT · by DeaconBenjamin · 13 replies
    Wall Street on Parade ^ | September 3, 2014 | By Pam Martens and Russ Martens
    The FDIC and the Office of the Comptroller of the Currency are set to release new liquidity rules today. The rules will redefine the types of liquid assets giant Wall Street banks must hold to meet the new Basel III Liquidity Coverage Rule. The Federal regulators are expected to emphasize banks holding short-term U.S. Treasury securities in order to meet a bank run or credit crunch lasting 30 days. The state treasurers’ panic over the rule is justified. According to press reports, the Federal regulators may exclude municipal bonds issued by states, counties, cities and school districts from the category...
  • Several Swiss banks pull out of U.S. tax program: paper

    09/01/2014 5:46:49 AM PDT · by Beave Meister · 24 replies
    Yahoo.com ^ | 8/31/2014 | Reuters
    ZURICH (Reuters) - At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources. Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a program brokered by the Swiss government to help the banks make amends for aiding tax evasion. "At least 10 banks that had decided at the end of 2013 to pay a fine have withdrawn their decision," NZZ am Sonntag said, quoting unnamed lawyers and...
  • Holder’s Justice Dept Uses Bank Settlements to Fund Democrat Nonprofits

    08/30/2014 12:29:28 PM PDT · by Kaslin · 49 replies
    Townhall.com ^ | August 30, 2014 | Michael Schaus
    Once again, our Chicago-style Attorney General has proven that corruption is the basic foundation upon which the modern Democrat Party is built. Eric Holder, the nationÂ’s top extortionist officer, has been running around the financial sector suing banks for anything (and everything) he can get away with. Ally Bank paid millions for alleged racist lending practices (an allegation the DOJ made without ever looking at loan portfolios), JP Morgan has shelled out billions for various anti-Obama comments regulatory infractions, and Bank of America just paid a $16.6 billion fine for their government-mandated role in the financial crises of 2008.Aside from...
  • It Begins: "Central Banks Should Hand Consumers Cash Directly"

    08/28/2014 6:53:33 AM PDT · by Mechanicos · 55 replies
    Zero Hedge ^ | 08/26/2014 | Tyler Durden
    ... The reasoning was very simple: in a country (and world) drowning with debt, there are only two options to extinguish said debt: inflate it away or default. Anything else is kicking the can while making the problem even worse. ... Moments ago a stunning article appearing in the "Foreign Affairs" publication of the influential and policy-setting Council of Foreign Relations, titled "Print Less but Transfer More: Why Central Banks Should Give Money Directly to the People." ... In it we read the now conventional admission of failure by Keynesians, who however, unwilling to actually admit they have been wrong,...
  • SunTrust to shutter Orlando fraud unit, lay off 105

    08/28/2014 5:49:19 AM PDT · by 2ndDivisionVet · 5 replies
    The Orlando Sentinel ^ | August 27, 2014 | Richard Burnett
    SunTrust Banks Inc. is shuttering its fraud-response call center group in Orlando and shedding more than 100 jobs, the bank confirmed Wednesday. Atlanta-based SunTrust, the largest bank in Central Florida, handed out pink slips to 105 employees on Tuesday. The effective layoff date is Oct. 31, according to documents filed with the Florida Department of Economic Opportunity. "Difficult decisions must be made to increase operational efficiencies and decrease expenses to better position the company for the future," SunTrust told employees in the layoff notice. The bank posted a $400 million profit on revenue of $2.2 billion in the second quarter,...
  • Urgent: Checking and savings account information stolen from major banks

    08/27/2014 7:30:24 PM PDT · by TurboZamboni · 119 replies
    Kommando.com ^ | 8-27-14 | Kim Kommando
    Word has leaked that JPMorgan Chase and possibly four other banks have been hacked. Details are scarce at this point, but the FBI and other government agencies are involved in the investigation. The hack allegedly took place earlier in August and hackers have siphoned off huge amounts of sensitive data from Chase, including checking and savings account information. Even more concerning, sources say that the attack goes "far beyond the capabilities of ordinary hackers." Given the timing, some security experts are speculating it was the work of high-level Russian hackers. According to an inside source, there has been no increase...
  • The Obama Bank Shakedown

    08/23/2014 9:58:49 AM PDT · by jazusamo · 28 replies
    Creators Syndicate ^ | August 23, 2014 | Larry Kudlow
    The $16.65 billion settlement by Bank of America over financial-crisis-era mortgage securities "highlights a pattern of the government extorting the banks," Dick Kovacevich said on CNBC this week. Kovacevich is the former Wells Fargo chairman and CEO. I've known him for years. He ran a great bank. He kept Wells Fargo clean during the credit meltdown. And, unusual for a big-bank CEO, he strongly supports free-market principles. Kovacevich went on to say, "It's definitely politics. It has nothing to do with justice or restitution to the innocent victims. In fact, more of the money is going to the coffers of...
  • Vanity - A useless $141K check from the US Treasury - frustrating

    08/20/2014 12:55:18 PM PDT · by Cementjungle · 69 replies
    self | 08/20/2014 | self
    RANT! It's a frustrating situation to have in your hands a check from the US Treasury for over $141,000 and you can't do a darned thing with it except frame it and hang it on the wall as a souvenir. My MIL passed away in 2011, and my wife (as the only surviving relative) was named in the will as the executor of the estate and successor to the trust. The will was filed with the courts in L.A. and the long process began. We paid the IRS $240K the first year in estimated estate taxes along with a request...
  • Fear factor created by banks’ cost cutting and layoff threats will cause staff exodus

    08/05/2014 2:54:53 PM PDT · by SeekAndFind · 1 replies
    eFinancial Careers ^ | 08/05/2014 | Ed Silverstein
    Employees on Wall Street, and those working at other financial institutions, are concerned about keeping their jobs. But a recent survey showed that financial services companies may underrate the value employees put on job security. This comes as the threat of layoffs is seen at many top banks. For instance, JPMorgan is laying off hundreds of tech-support workers, and the Bank of America is letting staff go, too, as well as Citigroup and Bank of New York Mellon. Laura Sejen, a managing director at Towers Watson, which released the recent survey, told eFinancialCareers, “US employees working in financial services indicate...
  • Mountain West Banks Closing in Great Falls [ Montana ]

    07/21/2014 10:10:30 AM PDT · by george76 · 2 replies
    kfbb ^ | Jul 17, 2014 | Joe Biega,
    Following a merger between Mountain West Bank and First Interstate Bank, several Mountain West locations will be closing across the state ... While the merger of the two well known Montana banks is still pending, Interstate Bank has announced a list of banks that will be closing or relocating
  • Why Is Fed Considering Paying Banks Not To Lend To Main Street

    07/21/2014 5:39:12 AM PDT · by SeekAndFind · 35 replies
    IBD ^ | 07/21/2014 | Mike Cosgrove
    The Federal Reserve created a monster $4.3 trillion balance sheet, up by $3 trillion from 2008, through quantitative easing. QE ends this fall. Now the Fed is trying to figure out what to do with this monster. Their thinking seems to be that they can maintain control over it by paying banks more money to not make loans. So let's get this right. Households and businesses are attempting to borrow money from banks. But the Federal Reserve may eventually pay banks $100 billion per year not to lend to Main Street. Politicians will have a field day with that. The...
  • Holding Company Of Portugal's 2nd Largest Bank Just Filed For Bankruptcy Protection

    07/18/2014 12:41:10 PM PDT · by Former Proud Canadian · 10 replies
    Zerohedge ^ | July 18, 2014 | Tyler Durden
    Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly... *ESPIRITO SANTO INTERNATIONAL SAYS IT CAN'T MEET OBLIGATIONS *ES INTERNATIONAL APPLIES FOR `CONTROLLED MANAGEMENT' REGIME *ES INTERNATIONAL APPLIES FOR REGIME UNDER LUXEMBOURG LAW The "controlled management" application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.
  • Congress needs to choke off Operation Choke Point

    07/16/2014 5:16:02 PM PDT · by 2ndDivisionVet · 8 replies
    The Hill ^ | July 14, 2014 | William M. Isaac, former FDIC Chairman
    From small businesses on Main Street to the halls of Congress and the state legislatures, concern is mounting over Operation Choke Point, a coordinated effort among the Department of Justice (DOJ) and bank regulators to cut off banking services for a variety of legal, state-regulated businesses. This week alone, there are three congressional hearings on Operation Choke Point, hearings which will hopefully bring an end this misguided operation. Operation Choke Point is one of the most dangerous programs I have experienced in my 45 years of service as a bank regulator, bank attorney and consultant, and bank board member. Operating...
  • Chase Bank Has Pattern of Partisanship on LGBT Issues

    07/11/2014 12:49:25 AM PDT · by 2ndDivisionVet · 7 replies
    Breitbart's Big Government ^ | July 10, 2014 | Austin Ruse
    The recent exposé of the employee survey that asked probing questions about employee support for the “LGBT community” has focused attention on something that the typical depositor might not be aware of, and that is the massive time and attention JP Morgan Chase lavishes on the LGBT issue. Four years ago JP Morgan Chase told a local businessman that he had to remove a Christmas tree he donated to the lobby of a branch bank in Southlake, Texas. The reason given was that some found the Christmas decoration offensive. The order to remove was not made locally. It came from...
  • Immigrants From Latin America and Africa Squeezed as Banks Curtail International Money Transfers

    07/07/2014 12:03:56 PM PDT · by Oldeconomybuyer · 3 replies
    New York Times ^ | July 6, 2014 | By MICHAEL CORKERY
    As government regulators crack down on the financing of terrorists and drug traffickers, many big banks are abandoning the business of transferring money from the United States to other countries, moves that are expected to reverse years of declines in the cost of immigrants sending money home to their families. While Mexico may be most affected — nearly half of the $51.1 billion in remittances sent from the United States in 2012 ended up in that country — the banks’ broad retreat over the last year is affecting other countries in Latin America and parts of Africa as well. The...
  • Bank Analysts Say Stocks Are In 'Euphoric' Territory And We're Screwed When The Recession Hits

    06/30/2014 5:24:17 AM PDT · by blam · 22 replies
    BI ^ | 6-30-2014 | Jim Edwards
    Jim EdwardsJune 30, 2014  The Bank for International Settlements — the Swiss-based financial institution that acts as a counterparty to national central banks — has declared that stock markets are currently in a "euphoric" state and has urged central banks globally to begin tightening interest rate policies now while economies are growing rather than wait for another recession, when it will be too late. Those are scary words, coming from a set of economists whose job it is to monitor how capable central banks are of responding to economic conditions with flexible monetary policy. The subtext (and not-so-subtext) of...
  • DOJ Intimidates Banks to drop Ammunition Suppliers, Firearm Sales, Coin Dealers

    05/28/2014 5:07:39 AM PDT · by marktwain · 30 replies
    Gun Watch ^ | 27 May, 2014 | Dean Weingarten
    Here is a list of businesses claimed to have been targeted with operation "Choke Point".   The administration characterization of "high risk" seems to  translate into "Those I do not like."  These  "High Risk" merchant categories are listed on an fdic.gov site: Ammunition SalesCable Box De-scramblersCoin DealersCredit Card SchemesCredit Repair ServicesDating ServicesDebt Consolidation ScamsDrug ParaphernaliaEscort ServicesFirearms SalesFireworks SalesGet Rich ProductsGovernment GrantsHome-Based CharitiesLife-Time Guarantees Life-Time MembershipsLottery SalesMailing Lists/Personal InfoMoney Transfer Networks On-line GamblingPayDay LoansPharmaceutical SalesPonzi SchemesPornographyPyramid-Type SalesRacist MaterialsSurveillance EquipmentTelemarketingTobacco SalesTravel Clubs  Some of these companies/activities will be offensive to some.  Others will be astonished that they are included on a...
  • Justice Department secretly stifling 'objectionable' businesses: House committee

    05/29/2014 11:18:29 AM PDT · by PoloSec · 14 replies
    Washington Examiner ^ | May 29 2014 | Susan Ferrechio
    The House Committee on Oversight and Government reform has compiled a scathing report on the Department of Justice's “Operation Choke Point” program that critics believe is aimed at “targeting industries deemed objectionable” by the Obama administration. The report, released Thursday by panel chairman Darrell Issa, R-Calif., accuses the Justice Department of abusing its authority by going after the payday lending industry and other merchants and working to put them out of business. According to the report, the Justice Department “secretly” discouraged banks from conducting business with groups deemed to be “high risk,” for triggering a federal investigation. Sign Up for...
  • Art World in Review (Fine ART -the bankers' new toilet)

    05/28/2014 5:37:17 PM PDT · by Yollopoliuhqui · 3 replies
    Art World in Review ^ | May 28, 2014 | Peter Dobey
    It is a rare occurrence for conversations about contemporary art to happen outside of the insular circles of the art world. Contemporary art, by and large, exists as a bubble. So it should come as no great surprise that other “bubbles” are the only thing that may collide with contemporary art. Like, for instance, the elite insider world of high finance that purchases much contemporary art at auction. Last week, one such collision came to light when Credit Suisse was criminally convicted for assisting tax evasion and further revealed what more and more people realize: art can be quite the...
  • “Operation Choke Point”

    05/25/2014 10:22:14 AM PDT · by Rusty0604 · 6 replies
    Washington Post ^ | 05/24/2014 | Todd Zywicki
    The general outline is the DOJ and bank regulators are putting the screws to banks and other third-party payment processors to refuse banking services to companies and industries that are deemed to pose a “reputation risk” to the bank. Most controversially, the list of dubious industries is populated by enterprises that are entirely, or at least generally, legal. The ability to destroy legal industries through secret actions to deprive them of banking services has obvious political consequences. For example, it was reported last week that firearms shops are alleging that Operation Choke Point is being used to pressure banks into...
  • How to make sure we never, ever, ever bail out Wall Street again: Let the banks fail!

    05/18/2014 6:43:28 AM PDT · by SeekAndFind · 29 replies
    The Week ^ | 05/18/2014 | James Pethokoukis
    It's easy: Let the banks fail and give the money to American taxpayers instead Are you still angry that Washington forced Main Street to bail out Wall Street during the Great Recession? Timothy Geithner can live with that. In his new book, Stress Test: Reflections on Financial Crises, the former Obama Treasury secretary insists government needed to stop the panic by whatever means necessary. During a five-alarm inferno, the thinking goes, it's smarter to focus on extinguishing the blaze than punishing the arsonists. And to Geithner, dissenters are misguided purveyors of "Old Testament vengeance" and "moral hazard fundamentalists." Geithner is...
  • Where Have You Gone, George Bailey? The Federal Gov. is Killing Small Banks on Main Street.

    05/14/2014 12:30:34 PM PDT · by SeekAndFind · 13 replies
    National Review ^ | 05/14/2014 | Lee Habeeb and Mike Leven
    He is America’s most iconic banker. Okay. He isn’t a real banker, but we all know and love him; he’s George Bailey from the quintessential Christmas movie It’s a Wonderful Life. Bailey, the local banker from Bedford Falls, N.Y., confronts slumlord and all-around bad guy Henry Potter for control of his father’s bank, Bailey Building and Loan. Potter tries to bribe Bailey, then tries to steal the bank from the young idealist and businessman. It was a movie, and it was the 1940s, so the good guy won. George Bailey got the bank and the girl, and the bad...
  • Porn Stars: Attorney General Eric Holder May Have Closed Your Bank Accounts (plus guns & ammunition)

    05/01/2014 10:51:50 AM PDT · by jazusamo · 44 replies
    PJ Media ^ | May 1, 2014 | Bryan Preston
    Porn stars say that JP Morgan Chase bank has been quietly closing their bank accounts. The skin flick starlets, including Penthouse Pet Teagan Presley, “Cougarland” actress Veronica Avluv and “White House Orgy” actress Layton Benton, are using Twitter to bash the bank over a recent rash of account closure notices. Presley, whose real name is Ashley Erickson, said her April 16 letter gave no reason for her termination. The bank also is closing her husband’s personal account and their two business accounts, including one for their studio Skinworxxx, she said. “I’m just upset and still in shock it’s even happening....