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Keyword: banks

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  • Questions grow over banks as profit warnings pile up

    02/11/2016 6:18:56 PM PST · by SkyPilot · 8 replies
    The Associated Press ^ | 11 Feb 16 | GREG KELLER
    PARIS (AP) -- Questions are growing over the financial health of banks, particularly in Europe and the U.S., as they face a toxic mix of low economic growth, bad loans and squeezed earnings. France's Societe Generale became Thursday the latest bank to issue a confidence-shattering profit warning, which helped trigger a new sell-off in financial stocks. The bank saw its share price stumble 12 percent and major rivals like Deutsche Bank and UniCredit saw losses of nearly 10 percent. European banks are not the only ones to suffer. Japanese bank Mitsubishi Financial fell 7 percent on Thursday. In the U.S.,...
  • Don’t Break Up the Banks. They’re Not Our Real Problem.

    02/08/2016 9:33:22 PM PST · by Citizen Zed · 13 replies
    ny times ^ | 2-6-2016 | STEVE EISMAN
    In the movie "The Big Short," Steve Carell plays a slightly altered version of me. In real life, I am a portfolio manager and financial services analyst who over a 25-year career has, at times, been highly critical of bank behavior. More than eight years after the financial crisis, many people say that the large banks still pose a threat to the economy and should be broken up. Such a view captures the justifiable anger many Americans still feel toward the large banks. But I don't agree. Breaking up the banks would ignore the significant progress made by regulators to...
  • "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...
  • U.S. bank stocks and bonds clobbered by recession worry

    02/09/2016 4:31:58 AM PST · by EBH · 17 replies
    Yahoo Finance ^ | 2/9/2016 | Caroline Valetkevitch and Will Caiger-Smith
    NEW YORK (Reuters/IFR) - U.S. bank stocks and bonds took a pounding on Monday as recession fears compounded concern about their exposure to the energy sector and expectations that global interest rates are unlikely to rise quickly.... Meanwhile, bonds issued by U.S. banks extended their decline, with the yield premium demanded by investors to hold these securities, rather than safer U.S. Treasury debt, climbing to the highest in three-and-a-half years, according to Bank of America Merrill Lynch Fixed Income Index data. "Investors' attitudes seem to be worsening relative to the likelihood of a global recession. I think that's what financials...
  • 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...
  • Here It Comes: Title Insurance Problems

    09/30/2010 10:26:19 PM PDT · by Future Useless Eater · 29 replies
    The Market Ticker ^ | September 30, 2010 | Karl Denninger
    Now we got trouble.I am in receipt of a copy of a bulletin from Old Republic Title in which it states: The Company will not insure title to any property which has been foreclosed by Ally Financial, Ally Bank or GMAC until further notice. Oops.I suspect this is going to spread fast, given that this "wee problem" is NOT specific to GMAC and Ally. In fact, JP Morgan/Chase has reported "similar discrepancies", and then today we had my report on a ruling from a court in which a counterfeit summons was issued not by the court, but by a...
  • Obama bullied bank to pay racial settlement without proof: report

    02/07/2016 10:55:49 AM PST · by DCdude · 21 replies
    NY Post ^ | 2/7/2016 | Paul Sperry
    Newly uncovered internal memos reveal the Obama administration knowingly exaggerated charges of racial discrimination in probes of Ally Bank and other defendants in the $900 billion car-lending business as part of a “racial justice” campaign that’s looking more like a massive government extortion and shakedown operation Obama’s Consumer Financial Protection Bureau has reached more than $220 million in settlements with several auto lenders since the agency launched its anti-discrimination crusade against the industry in 2013. Several other banks are under active investigation. That’s despite the fact that the CFPB had no actual complaints of racial discrimination — it was all...
  • Obama admin accused of forcing bank to pay baseless racial settlement

    02/08/2016 8:10:50 AM PST · by SeekAndFind · 11 replies
    Hotair ^ | 02/08/2016 | Jazz Shaw
    The New York Post had something of an overlooked bombshell report this weekend regarding a settlement reached between the Consumer Financial Protection Bureau and Ally Bank last year. This is a strange story and if it proves true it could seriously affect the reputation and position of the CFPB. The case in question was a very expensive settlement reached between the Bureau and Ally over charges that they engaged in a pattern of racial discrimination in their automotive loan lending practices, denying applications or charging higher fees to minority applicants. But according to some new documentation revealed by the...
  • Tipton asks board to consider small banks ( Colorado Congressman )

    02/03/2016 2:36:03 PM PST · by george76 · 2 replies
    Grand Junction Media ^ | February 2, 2016 | Gary Harmon
    A coming change in accounting standards could do irreversible damage to community banks, U.S. Rep. Scott Tipton, R-Colo., said in a letter to the Financial Accounting Standards Board. An accounting-standards update due to be issued by the board would change the way all lenders set aside reserve funds in anticipation of possible losses. The board, wrote Tipton and Rep. Patrick Murphy, D-Fla., should take "utmost caution" in proceeding because it has the potential to "irreversibly damage community banks' and credit unions' ability to continue to adequately serve their customers/members and communities and sustain the economic recovery." ... Tipton, a member...
  • Elizabeth Banks, Retta tell real-life abortion stories honoring 43rd anniversary of Roe Vs. Wade

    01/21/2016 7:05:53 AM PST · by ConservativeStatement · 11 replies
    UPI ^ | January 21, 2016 | Marilyn Malara
    WASHINGTON, Jan. 21 (UPI) -- Elizabeth Banks, Retta, Dascha Polanco and other actresses came together to tell real abortion stories as part of the Center for Reproductive Rights' Draw The Line campaign. In the clips, published Wednesday, the actresses, including Mary McCormack, Amy Brenneman, Mercedes Mason and Bellamy Young, retell stories from women who have had abortions to represent the myriad of reasons why everyday women choose to undergo the procedure.
  • How The Banks Are Tightening The Noose On U.S. Oil Firms

    01/20/2016 12:59:48 PM PST · by SeekAndFind
    Zero Hedge ^ | 01/20/2016 | Tyler Durden
    Two weeks ago, we reported that even as U.S. lenders were professing to their investors that there is no risks with their energy exposure and that they are comfortably reserved for any potential losses, they were reducing their unfunded (and total) exposure to oil and gas exploration companies due to balance sheet, default and contagion concerns.We showed a list 25 deeply distressed companies, whose banks we found have quietly shrunk the borrowing base of their credit facilities anywhere from 6% in the case of Black Ridge Oil and Gas to a whopping 51% for soon to be insolvent New...
  • Re-Suicide: Obama Adopts Bush-era Tricks To Re-inflate Property Bubble

    01/13/2016 12:39:53 PM PST · by Whenifhow · 15 replies
    Breitbart ^ | Jan 11 2016 | JOHN HAYWARD
    President Barack Obama is bringing the subprime-mortgage crisis back, fueled by the progressives' political urge to treat borrowed money loans as a "right" that everyone is "entitled" to get, and by the willingness to dismiss mathematical probability as a racist conspiracy. The last time liberals ran this mortgage ponzi-scheme, from 1995 to 2007, they almost crashed the financial system of the entire planet. They managed to largely evade responsibility by pinning the blame on their junior partners -- the banks, the stock-market and the GOP -- and even found political profit in the ensuing panic, so why shouldn't President Obama...
  • Now Obama Bank Regulators Scheming To Degrade Mortgage Credit Scoring

    01/18/2016 6:31:53 AM PST · by Renkluaf · 27 replies
    Investor's Business Daily ^ | 1/15/16 | Editorial Board
    Subprime 2.0: In an orchestrated assault on the credit standards underpinning mortgages, no fewer than four Obama agencies have gone to war against FICO. If politicians don't want another bank crisis, they'll stop the attack. Home loan approvals hinge on FICO credit scores. But the Obama regime views FICO scoring as too strict, cutting off millions of low-income minorities and immigrants from mortgages. So it's pressuring Fannie and Freddie, which control 90% of the mortgage market and set the underwriting standards for the entire mortgage industry, to abandon FICO for a softer standard in evaluating credit risk. Obama's regulators look...
  • Shadowy federal bureau probably has your credit card information

    01/17/2016 11:53:37 AM PST · by george76 · 11 replies
    Watchdog ^ | January 15, 2016 | M.D. Kittle
    The Consumer Financial Protection Bureau remains "the most out-of-control, unaccountable, and nontransparent agency in the federal government... And we can say that without reservation because this is one of the only agencies that literally operates outside of congressional oversight," added Wise, whose Virgina-based organization "works to protect consumers' right to access free-market goods and services." The CFPB, created under the 2010 Dodd-Frank Act, is funded largely by fees banks pay to the Federal Reserve. While its director, Richard Cordray, has bragged that his bureau has levied more than $141 million in fines used for CFPB education programs or reparation to...
  • Trump is the best choice for NH Democrats

    01/17/2016 11:51:05 AM PST · by justlittleoleme · 92 replies
    Union Leader ^ | December 14. 2015 10:55PM | Grant Bosse
    New Hampshire Democrats have an important choice to make on Feb. 9. And the choice is clear: Donald Trump for President. For decades, Trump has consistently supported bigger government, and ridiculed conservative principles.During his first - run for the Presidency in 1999, Trump told Larry King, “I believe in universal health care.” He repeated that support in his 2000 book, backing a system like Canada’s single-payer system. And Trump has been consistent, praising Scotland’s single-payer health care system this year. Trump can carry the Democrat’s banner as a longtime advocate for government takeover of health care.Trump has a long history...
  • Michael Burry, Real Market Genius From The Big Short, Thinks Another Financial Crisis Is Looming

    01/17/2016 6:56:40 AM PST · by Beave Meister · 13 replies
    New York Magazine ^ | 12/28/2015 | Jessica Pressler
    If The Big Short, Adam McKay’s adaptation of Michael Lewis’s book about the 2008 financial crisis and the subject of last month’s Vulture cover story, got you all worked up over the holidays, you’re probably wondering what Michael Burry, the economic soothsayer portrayed by Christian Bale who’s always just a few steps ahead of everyone else, is up to these days. In an email, which readers of the book will recognize as his preferred method of communication, the real-life head of Scion Asset Management answered some of our panicked questions about the state of the financial system, his ominous-sounding water...
  • Suntrust Bank Closes Business Account Over Gun Purchase

    12/20/2015 4:40:34 PM PST · by Brandonmark · 44 replies
    Florida News Flash ^ | December 17, 2015 | Sam McCall
    Bart Daley and his employees at Capitol Quality Corp watched in horror the reports from San Bernardino of the mass shooting carried out by two Islamic terrorists. Fourteen people were killed in the attack. Twenty-two others were injured. Four hours after the attack began, police pursued and stopped a black SUV carrying Syed Rizwan Farook, 28, and Tashfeen Malik, 27, a married couple, and after a fierce gun battle killed the two Islamic extremist. Daley watched the unfolding events and as he says, “I made the difficult decision to arm members of my management team to provide a level of...
  • Connecticut life insurance executive stabbed to death running near her home: cops (VIDEO)

    11/24/2014 11:08:41 AM PST · by george76 · 59 replies
    NEW YORK DAILY NEWS ^ | November 24, 2014 | JASON MOLINET
    A popular bike path became the scene of a gruesome murder late Thursday when a life insurance executive was killed while running near her Connecticut home. Melissa Millan, 54, a triathlete and mother of two, was found stabbed at about 8 p.m. in the Hartford suburb of Simsbury, Conn. Police have stepped up patrols of the bike path and scoured the area on Saturday, but no suspect has been named and the murder weapon has not been recovered, WFSB reported. Millan, a senior vice president who had been with MassMutual Financial Group since 2001, was transported to an area hospital,...
  • Regulator Fines Barclays for Gold Manipulation: Permanent Price Suppression?

    05/25/2014 8:55:15 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | May 25, 2014 | Mike Shedlock
    A couple of readers asked me to comment on the news Regulator Fines Barclays Over the Pricing of Gold. A British financial regulator has fined Barclays $43.9 million after accusing a former trader at the bank of improperly influencing gold prices at the expense of a customer. The F.C.A. also fined the former Barclays trader, Daniel James Plunkett, 95,600 and barred him from participating in any regulated financial activity. The authority said Mr. Plunkett, who settled with it, had profited at the expense of a customer, who was later fully compensated by Barclays. Mr. Plunketts improper conduct occurred on June...
  • Bitcoin in a Suit: Why the Tech's Big Battle is Already Won

    11/29/2015 6:33:21 PM PST · by Another Post-American · 18 replies
    CoinDesk ^ | 11/29/15 | John Biggs
    A week ago I was in Belgrade watching a panel on "blockchain." The makeup of the panel was typical: a young, plugged-in VC, an older banker guy and a crypto-anarchistic dude in a T-shirt. It was like watching a movie called "Bitcoin is Good And Bad" for the 50th time. I knew what was happening but I couldn't look away. The panel started normally - VC guy said he liked the blockchain specifically but was iffy about those bitcoins, the older gentleman said bitcoin was bad, but then the anarchist dude was quiet. He let the banker talk. The banker...
  • Republicans Flunk Stress Test On Bank Bailouts: They Forget 2008?

    11/16/2015 6:37:27 AM PST · by SeekAndFind · 12 replies
    IBD ^ | 11/16/2015
    In an otherwise sensible economic debate last week, all the Republican candidates flunked the stress test on bank bailouts. Instead of pledging to end bailouts forever, they said they might do it all over again. This a big problem for the party, because the 2008 taxpayer rescue of the big banks, AIG and investment houses continues to cast a long shadow. Americans still think of the GOP as the party of corporate bailouts. Here's how John Kasich put it: "When a bank is ready to go under, and depositors are getting ready to lose their life savings, you just don't...
  • Of Course We Should Let the Big Banks Fail

    11/13/2015 7:12:23 AM PST · by Kaslin · 17 replies
    Townhall.com ^ | November 13, 2015 | Scott Rasmussen
    At the Republican Presidential debate earlier this week, Texas Senator Ted Cruz did something unusual for a politician -- he gave a straightforward answer to a question. Yes, Cruz made clear, if the Bank of America was on the brink, he would let it fail. That answer made perfect sense to millions of Americans who are tired of politicians doing special favors for their well-connected friends on Wall Street. But doing such favors is what Washington politics is all about. That reality was highlighted by Neil Barofsky, who served as the Special Inspector General for the TARP bailouts. His book...
  • Bank Of Ireland Bans "Small" Cash Withdrawals At Branches

    11/05/2015 11:23:26 AM PST · by amorphous · 43 replies
    Zero Hedge ^ | 5 Nov 2015 | Tyler
    As central planners the world over grapple with the effective "lower bound" that's imposed by the existence of physical banknotes, there’s been no shortage of calls for a ban on cash. Put simply, if you eliminate physical currency, you also eliminate the idea of a floor for depo rates. After all, if people can't withdraw paper money and stash it under the mattress, then interest rates can be as negative as the government wants them to be in order to "encourage" consumption. If, for instance, you’re being charged 10% for saving your money, then by God you will probably spend...
  • Protesters hijack Monday Night Football: Two men abseil from the stands and dangle unhindered

    11/03/2015 2:18:31 AM PST · by Libloather · 43 replies
    Daily Mail ^ | 11/03/15 | Kelly Mclaughlin
    Protesters hijack Monday Night Football: Two men abseil from the stands and dangle unhindered for TWO QUARTERS as Colts play Panthers - but how did they get rappelling gear past security? Two protesters rappelled down from the upper balcony to unfurl a banner protesting against Bank of America during Monday night's game between the Indianapolis Colts and the Carolina Panthers. The protesters dangled over fans in the lower bowl and in front of press-box windows in Bank of America Stadium in Charlotte, North Carolina, late in the third quarter, then displayed a banner telling the Charlotte-based financial institution to 'dump...
  • Fed proposal puts $168b debt burden on big US banks

    10/31/2015 4:00:34 PM PDT · by aimhigh · 10 replies
    Straitstimes.com ^ | 10/31/2015 | Straitstimes.com
    The largest United States banks would face a US$120 billion (S$168 billion) total shortfall of long-term debt under a Federal Reserve proposal aimed at ensuring their failure would not hurt the broader financial system. The rule on total loss-absorbing capacity, or TLAC, is a key part of regulators' efforts to avoid another financial crisis. If US banks were to fail, investors in their stock would lose everything, but the debt would be converted into equity in a new, reconstituted bank under the plan.
  • Hillary tells Colbert: 'Yes yes yes' I would let big banks fail

    10/28/2015 1:41:12 AM PDT · by Libloather · 25 replies
    The Hill ^ | 10/27/15 | Elliot Smilowitz
    Democratic presidential front-runner Hillary Clinton on Tuesday said she would be willing to let big banks fail a break from what President Obama did in 2009, according to CNN. Appearing on The Late Show with Stephen Colbert, Clinton was asked by Colbert, If you're president and the banks are failing, do we let them fail? Her response was clear: Yes, yes, yes, yes, yes, yes, yes. First of all, under Dodd-Frank, that is what will happen because we now have stress tests and I'm going to impose a risk fee on the big bank if they engage in risky...
  • Obama Administration Waives Penalty Against Convicted Bank Credit Suisse (received pmts)

    10/27/2015 9:17:53 AM PDT · by Titus-Maximus · 12 replies
    International Business Times ^ | 10/26/2015 | David Sirota
    Only weeks after the White House made headlines with a directive urging prosecutors to get tougher on corporate crime, the Obama administration has moved to protect a convicted financial firm from punishment. The bank, Credit Suisse, has donated hundreds of thousands of dollars to President Barack Obamas political campaigns. It also employs the Podesta Group, a lobbying firm with family connections to the Obama administration and Hillary Clintons 2016 campaign. In 2014, Credit Suisse pleaded guilty to criminal charges for operating an illegal cross-border banking business that knowingly and willfully aided and assisted thousands of U.S. clients in opening and...
  • 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...
  • 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...
  • Wall Street firms that bankrolled oil boom are hurting

    10/15/2015 10:36:55 AM PDT · by thackney · 23 replies
    CNN MOney ^ | Oct 14, 2015 | Matt Egan
    Cheap oil is creating headaches for the Wall Street firms that bankrolled America's oil boom. That's because the crash in oil prices is putting energy companies under financial stress. Oil revenue has dried up, yet these companies are still saddled with tons of debt. America's largest banks are now raising red flags about the health of those loans. For the second-straight quarter, the banks have warned investors about an uptick in troubled energy loans. Banks "are going to lose money on the loans they've made. That's pretty evident -- whether oil prices go to $30 or $80 a barrel," said...
  • Court to rule on Congresss power over courts

    10/01/2015 6:21:30 PM PDT · by Twotone · 18 replies
    SCOTUS Blog ^ | Oct. 1, 2015 | Lyle Denniston
    Taking on a new case that tests Congresss power over the courts, but also gets into a sensitive question of U.S.-Iran dealings, the Supreme Court agreed on Thursday to review a legislative mandate on legal rights at issue in a case filed by victims of terrorism. The case filed by Irans central bank, Bank Markazi v. Peterson, was one of thirteen new cases that the Justices accepted for review in the new Term that formally opens next Monday. It is likely that the Court will hear oral arguments in the new cases in January and February.
  • UBS Is About To Blow The Cover On A Massive Gold-Rigging Scandal

    09/28/2015 5:06:30 PM PDT · by SkyPilot · 83 replies
    Zero Hedge ^ | 28 Sep 15 | Tyler Durden
    With countless settlements documenting the rigging of every single asset class, it was only a matter of time before the regulators - some 10 years behind the curve as usual - finally cracked down on gold manipulation as well, even though as we have shown in the past, central banks in general and the Fed in particular are among the biggest gold manipulators. That said, we are confident by now nobody will be surprised that there was manipulation going on in the gold casino. In fact, ever since Germany's Bafin launched a probe into Deutsche Bank for gold and silver...
  • S&P Says Chinas Banks Face Growing Risk From Bad Debt

    09/22/2015 12:10:49 AM PDT · by TigerLikesRooster · 4 replies
    WSJ ^ | Sept. 21, 2015 | Mark Magnier
    S&P Says Chinas Banks Face Growing Risk From Bad Debt Problems in the real-estate sector are also a factor as ratings firm revises assessment to negative from stable By Mark Magnier Sept. 21, 2015 8:18 a.m. ET 0 COMMENTS BEIJINGIn the latest sign of headwinds hitting the Chinese economy, a U.S. credit-rating firm said Chinas banks face growing risk tied to rising bad loans and problems in its real-estate sector. Standard & Poors Ratings Services said Monday it had revised to negative from stable its assessment of the economic risks facing Chinas banking industry, one of Beijings major levers as...
  • 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...
  • Banks are threatening more layoffs if the Fed doesn't hike

    09/19/2015 10:37:18 AM PDT · by SeekAndFind · 16 replies
    Business Insider ^ | 09/19/2015 | Wolf Richter
    Let me assure you, if the revenue environment weakens or interest-rate structures dont move up, and the economy slows down, well have to take out more costs, Bank of America CEO Brian Moynihan said on Thursday at the Barclays Global Financial Services Conference. And that would mean more job cuts.BofA is famous for whittling down its headcount in recent years. In Moynihans 25-slide presentation, there was this chart that shows just how skillfully he has trimmed down his workforce, chopping it by 25% overall since the second quarter of 2011:Wolf Street So if, as he said, interest-rate structures dont move...
  • U.S. Treasury: Al-Qaida Worked Closely With Iran

    01/19/2009 3:54:19 PM PST · by Ooh-Ah · 10 replies · 879+ views
    NewsMax ^ | January 19, 2009 | Kenneth R. Timmerman
    n an unusual last-minute act before the new administration takes over the reins, acting Treasury Secretary Stuart A. Levys former office issued a stunning report on Friday, laying out long-standing ties between Iran and the top leadership of al-Qaida. As undersecretary for terrorism and financial intelligence since that job was created in July 2004, Levy spearheaded the Treasury Departments efforts to take the war on international terrorists to the financial battlefield, by denying individual terrorists and terrorist-support states such as Iran access to international financial markets. Less known, until last Friday, was Levys involvement in tracking down fugitive al-Qaida members...
  • How Jeb Bush Funneled Pension Money to Lehman Before Getting a $1.3 Million a Year Consulting

    08/26/2015 12:37:39 PM PDT · by GilGil · 19 replies
    SilverDoctors ^ | 08/26/2015 | Michael Krieger
    For Florida taxpayers, the move by the administration of then-Gov. Jeb Bush to forge a relationship with Lehman Brothers would ultimately prove disastrous. Transactions in 2005 and 2006 put the Wall Street investment bank in charge of some $250 million worth of pension funds for Florida cops, teachers and firefighters. Lehman would capture more than $5 million in fees on these deals, while gaining additional contracts to manage another $1.2 billion of Floridas money. Then, in the fall of 2008, Lehman collapsed into bankruptcy, leaving Florida facing up to $1 billion in losses. But for Jeb Bush personally, his enduring...
  • Why I cant get a mortgage: One mans tale of woe in the abused middle class

    08/24/2015 6:04:06 AM PDT · by SeekAndFind · 97 replies
    Washington Times ^ | 08/24/2015 | Stephen Moore, Heritage Institute
    Last month I bought a house in Potomac, Md., a trade up on my current home, and was shocked to learn in the ensuing weeks that I couldnt get a mortgage loan. First, I went to PNC bank. Then Wells Fargo. Then another. Denied. Denied. Denied. No, I dont feel entitled to a loan, and the banks have every right not to lend me money. But my tale of woe tells a broader tale of what is going on in the lending industry these days. All the bankers told me the same thing: Steve, if youd walked in our bank...
  • How Dodd-Frank Ate The U.S. Economic Recovery

    07/29/2015 4:48:32 AM PDT · by expat_panama · 22 replies
    Investors Busniness Daily ^ | 07/28/2015 | IBD Editorial
    Regulation: The Dodd-Frank Act's fifth anniversary this month has received surprisingly little notice. Too bad. It's a pernicious law, one that a devastating new report suggests is largely to blame for our lackluster economy. How bad is Dodd-Frank? One of its main goals, cited by both the White House and the then-Democrat-run Senate, was to get rid of the "too big to fail" doctrine that made some banks too important to allow to go bust. It sounded good at the time. But in fact, it's had the exact opposite effect, leading to a decline in small banks and rising market...
  • Tipton: Federal red tape hurts small banks ( Colorado and .. )

    07/24/2015 8:36:25 AM PDT · by george76 · 6 replies
    Durango Herald ^ | July 23, 2015 | Mariam Baksh
    financial reform increases staffing costs. Small banks are struggling to comply with the Dodd-Frank Act, which was passed to regulate the financial industry in the wake of the 2008 financial crisis, said Rep. Scott Tipton. The Republican from Cortez received some national attention this week for challenging Federal Reserve Chairwoman Janet Yellen to support his plan to ease the burden of Dodd-Frank on small banks. ... Mike Burns, president of Alpine Bank for the Southwest region, said in a phone interview that Dodd-Frank is creating head winds. We really want to focus our time and energy in supporting the communities...
  • Banks Union appeals to Greeks to return their money to banks

    07/21/2015 3:16:14 PM PDT · by dynachrome · 16 replies
    http://www.keeptalkinggreece.com/ ^ | 7-20-15 | Keep Talking greece
    President of Greek Banks Association Louka Katseli appealed at the citiznes to return their money to the banks. Banks are absolutely trustworthy, Katseli told Mega TV as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months. Katseli, a former PASOK Minister, appealed to citizens to return their deposits to the banks now that the banks are open after a three-week holiday and capital controls. Lets all help our economy, Katseli urged Greeks and added If you take your money out of...
  • After Five Years, Dodd-Frank Is a Failure

    07/20/2015 12:47:08 PM PDT · by Timber Rattler · 8 replies
    The Wall Street Journal ^ | July 19, 2015 | Jeb Hensarling
    Tuesday will mark five years since President Obamas signing of the Dodd-Frank law, the most sweeping rewrite of the countrys financial laws since the New Deal. Mr. Obama told the country that the legislation would lift our economy. The statute itself declared that it would end too big to fail and promote financial stability. None of that has come to pass. Too-big-to-fail institutions have not disappeared. Big banks are bigger, small banks are fewer, and the financial system is less stable. Meanwhile, the economy remains in the doldrums. Dodd-Frank was based on the premise that the financial crisis was the...
  • Cash for Cheese: The Bank That Accepts Parmigiano Reggiano as Loan Collateral

    07/15/2015 9:40:24 AM PDT · by nickcarraway · 7 replies
    The Daily Reporter ^ | 14-Jul-2015 | Mark Astley
    Cash for cheese may sound like a parody of the cash for gold scheme, but in Italy it's a reality for many Parmigiano Reggiano producers seeking quick cash.
  • Greeks Cant Tap Cash, Gold, Silver In Bank Safety Deposit Boxes

    07/14/2015 9:04:18 AM PDT · by grumpygresh · 31 replies
    ETF Daily News ^ | 7/14/15 | unattributed
    Capital controls have been in place in Greece since the start of the month to protect the banks from mass withdrawals by nervous Greeks. They have rightly been concerned about their savings, the collapse of the banking system and the loss of their savings in deposit confiscations or bail-ins.
  • BREAKING: The Secret Plan in Place to Steal All Money in US Bank Accounts During Economic Crisis

    07/12/2015 10:13:43 AM PDT · by E. Pluribus Unum · 95 replies
    Over the past few days Sera Wilson and I have discussed the dangers of what is happening in Greece and how it could also happen here. Of course, most of our readers already know the U.S. economy is teetering on so much debt that a crisis is, in many ways, inevitable. That said, there is a common belief that thanks to FDIC depositor insurance, all cash held in banks (Under certain amounts covered by FDIC) is safe.Not so fast. Not have the FDIC and big banks been working on a way that enables them to circumvent the safeguard, they already...
  • Warren, McCain introduce bill to bring back Glass-Steagall

    07/09/2015 8:44:23 PM PDT · by 2ndDivisionVet · 62 replies
    The Hill ^ | July 7, 2015 | Kevin Cirilli
    Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, which would force big banks to split their investment and commercial banking practices. Glass-Steagall was first passed in 1933 but repealed during the Clinton administration, leading many progressives to argue that it contributed to the 2008 financial collapse. Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government bailout....
  • Greek banks will not open this week: State TV

    07/08/2015 1:19:38 PM PDT · by Enlightened1 · 22 replies
    CNBC ^ | 07/08/15 | Everett Rosenfeld & Matt Clinch
    Stay tuned for analysis on Greece, where European leaders have given the debt-stricken country a deadline of five days to achieve a reforms-for-aid deal. The Greek Finance Ministry has said that concrete reform proposals will be out by Thursday and it has applied for a 3-year loan from the European Stability Mechanism. We'll keep you updated.
  • Greeks cannot tap cash in safe deposit boxes under capital controls

    07/05/2015 12:55:50 PM PDT · by catnipman · 84 replies
    rooters ^ | 7/5/15 | staff
    Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday. ...
  • Greek banks prepare plan to raid deposits to avert collapse

    07/03/2015 5:53:34 PM PDT · by House Atreides · 85 replies
    FT.com ^ | July 3, 2015 | Kerin Hope
    Greek banks are preparing contingency plans for a possible bail-in of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday. The plans, which call for a haircut of at least 30 per cent on deposits above 8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.
  • Greek Banks Considering 30% Haircut On Deposits Over 8,000: FT

    07/03/2015 4:58:13 PM PDT · by dynachrome · 32 replies
    zerohedge.com ^ | 7-3-15 | Zero Hedge
    Greek banks are preparing contingency plans for a possible bail-in of depositors amid fears The plans, which call for a haircut of at least 30 per cent on deposits above 8,000, sketch out an increasingly likely scenario for at least one bank, the sources said. A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over 100,000. Meanwhile, Yanis Varoufakis swears this is nothing but a "malicious rumor": FT report of a Gk Bank Bail In is a malicious rumour...