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Keyword: banks

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  • 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 ^ | 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 ^ | 10/31/2015 |
    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 · 9 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 ^ | 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 ^ | 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 ^ | 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...
  • Greek Banks And Stock Exchange 'To Stay Shut'

    06/28/2015 7:23:13 PM PDT · by Enlightened1 · 33 replies
    Sky News ^ | 06/28/15
    Banks and the stock exchange will remain closed today after Greek citizens queued all weekend to withdraw savings. Banks in Greece and the country's stock exchange will be shut all week in a sign of the deepening financial crisis. The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms. Under the controls, there will be a daily 60 limit on withdrawals from cash machines, which will reopen on Tuesday. Speaking in a televised address, Prime Minister Alexis Tsipras urged calm and insisted bank deposits were safe. He blamed European partners...
  • Meltdown. Greek banks: Branches may stay shut until July 7; plan for capital controls

    06/28/2015 5:10:51 PM PDT · by catnipman · 20 replies
    Daily Mail ^ | 6/28/2015 | Jason Groves and Louise Eccles
    "The cashpoint at the Greek parliament is reported to have been topped up three times during an emergency session on Saturday night as ministers and MPs scrambled to get their own money out"
  • Greek banks 'to stay shut on Monday'

    06/28/2015 10:10:25 AM PDT · by tcrlaf · 144 replies
    BBC News ^ | 6-28-2015 | BBC News
    Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens This breaking news story is being updated and more details will be published shortly
  • Why Is The EU Forcing European Nations To Adopt Bail-In Legislation By The End Of The Summer?

    06/14/2015 4:05:38 AM PDT · by SkyPilot · 43 replies
    The Economic Collapse ^ | June 5th, 2015 | by Michael Snyder
    Why Is The EU Forcing European Nations To Adopt 'Bail-In' Legislation by the End of the Summer? Are they expecting something to happen? As you will read about below, the European Union says that any nation within the EU that does not enact "bail-in" legislation within the next two months will face legal action. The countries that are being threatened in this manner include Italy and France. If you fast forward two months from this moment, that puts us in early August. So clearly the European Union wants everything to be squared away by the end of the summer. Is...
  • Houston No. 1 in US in armored car, bank takeover robberies

    06/13/2015 5:56:03 PM PDT · by Extremely Extreme Extremist · 15 replies
    KATV.COM ^ | 13 JUNE 2015 | AP
    HOUSTON (AP) - Larry Gonzales was emerging from his Garda Cash Logistics armored truck to refill an ATM at a Houston-area Chase Bank in October 2013 when a man behind him demanded money. "People joke around with us," said Gonzales. "I didn't think this dude was actually serious. Next thing, I get shot in the back. Then I knew this was for real." The 28-year-old was shot six times and, despite multiple surgeries, still has a "lucky" bullet lodged in his chest. Gonzales' case is not unique. Federal statistics indicate Texas' largest city has become a hub for bank and...
  • Iran Press TV : Food Banks In New York Are Running Out Of Food

    06/12/2015 6:43:42 PM PDT · by Nachum · 27 replies
    Iran Press TV via Zero Hedge ^ | June 7, 2015 | Iran Press TV via Tyler Durden
    Welcome to the Recovery! Food banks across the US state of New York are running out of food (37% of food pantries say they have had to turn away needy people because they ran out of food), amid falling funds and rising demand from people that have trouble affording food. About 2.6 million people have trouble affording food across New York with about 1.4 million New York City residents relying on food pantries to feed themselves, according to the Food Bank For New York City. But as PressTV reports, contrary to the belief that people visiting food pantries are homeless...
  • The Export-Import Bank Is Overdrawn

    06/11/2015 5:18:42 AM PDT · by Kaslin · 2 replies ^ | June 10, 2015 | Allen West
    The Export-Import Bank charter will expire in a few days, on June 30, unless Congress acts to reauthorize it. The Export-Import Bank was created more than 80 years ago by President Franklin D. Roosevelt to help foreign customers buy goods from the United States. Some companies benefit from the Export-Import Bank and they are the first ones to defend its reauthorization. But lets be clear: Companies benefit from Export-Import Bank loans at the expense of taxpayers and other businesses. Taxpayersnot the companies themselvesassume the risk of a foreign loan, made through a private bank (like Goldman Sachs), to purchase a...
  • Former CAIR/Egyptian prez candidate vows to complete the implementation of Islamic law in Egypt

    03/12/2012 3:55:55 PM PDT · by 2ndDivisionVet · 2 replies
    PJ Tatler ^ | March 12, 2012 | Patrick Poole
    From the Middle East Media Research Institute comes a recent video of Egyptian presidential candidate Bassem Khafagi on Al-Nas TV promising to complete the implementation of Islamic law in Egypt (HT: Zip). From the MEMRI transcript: (VIDEO AT LINK) Bassem Khafaji: Let me tell you, in all honesty, that as a Muslim Egyptian, I am convinced of [the need to] complete the implementation of Islamic law in Egypt. I do not hide this truth in any way, because it is in keeping with the inclination of the Egyptian people. We Egyptians both Muslims and non-Muslims refer to the...
  • SEC a stumbling block in banks' forex guilty pleas: sources

    05/15/2015 11:47:28 AM PDT · by Lorianne
    Reuters ^ | 14 May 2015 | Karen Freifeld, Sarah N. Lynch, Soyoung Kim
    Banks want assurances from U.S. regulators that they will not be barred from certain businesses before agreeing to plead guilty to criminal charges over the manipulation of foreign exchange rates, causing a delay in multibillion-dollar settlements, people familiar with the matter said. In an unprecedented move, the parent companies or main banking units of JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N), Royal Bank of Scotland Group Plc (RBS.L), Barclays Plc (BARC.L) and UBS Group AG (UBSG.VX) are likely to plead guilty to rigging foreign exchange rates to benefit their transactions. The banks are also scrambling to line up exemptions...
  • 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered

    05/14/2015 6:40:23 AM PDT · by Theoria · 16 replies
    The New York Times ^ | 13 May 2015 | BEN PROTESS and MICHAEL CORKERY
    For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote. But when five of the worlds biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup. The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed...
  • Our Banking System is a Giant House of Cards

    05/03/2015 1:17:50 PM PDT · by Lorianne · 21 replies
    Institute for New Economic Thinking ^ | 21 April 2015 | Lynn Parramore inteviews Anat Admati
    Lynn Parramore: How would you describe the problem of Too Big to Fail banks. Whey does it matter to an ordinary person? Anat Admati: Too Big to Fail is a license for recklessness. These institutions defy notions of fairness, accountability, and responsibility. They are the largest, most complex, and most indebted corporations in the entire economy. We all have to be really alarmed by the fact that not only do we still have such institutions, but many of them are ever-larger and more complex and at least as dangerous, if not more so, than they were before the financial crisis....
  • Greece's Piraeus Bank offers relief to poverty-stricken borrowers (writes off debt)

    04/23/2015 6:41:40 PM PDT · by dynachrome · 5 replies
    Reuters ^ | 4-23-15 | George Georgiopoulos
    Piraeus Bank will write off credit cards and retail loans up to 20,000 euros ($21,484) for Greeks who qualify for help under a law the leftist government passed to provide relief to poverty-stricken borrowers, it said on Thursday.
  • The big banks on Wall Street have fired 80,000 people in the past 5 years

    04/21/2015 9:53:42 AM PDT · by SeekAndFind · 8 replies
    Business Insider ^ | 04/21/2015 | Portia Crowe
    Wall Street's six biggest banks have cut nearly 80,000 jobs over the past 5 years, according to Bloomberg. The majority of the cuts have come from Bank of America. That's over both the past 5 years and the past 12 months, as well as in the first quarter of 2015. Wells Fargo, Goldman Sachs, and Morgan Stanley added jobs in the first quarter of 2015, but 4,000 jobs were still cut across Wall Street last quarter. Bloomberg looked at data from JPMorgan, Goldman Sachs, Morgan Stanley, Wells Fargo, Citigroup, and Bank of America. Over the past 5 years, JPMorgan has...
  • Wesley Clark a Business Success After Military

    09/28/2003 10:31:26 PM PDT · by HAL9000 · 18 replies · 511+ views
    Associated Press | September 28, 2003 | DAVID PACE
    WASHINGTON - When two Russian immigrants and their American financial backer needed marketing help for their innovative electric motor, they turned to a merchant banker at one of the nation's largest investment houses - retired Army Gen. Wesley Clark. The meeting at the Washington office of Stephens Inc. in late 2001 proved fortuitous for both Clark, the former supreme commander of NATO, and the principals in WaveCrest Laboratories, at the time a small research and development company in Dulles, Va. "They hit it off pretty much right away," said WaveCrest spokesman Tom McMahon. Clark signed on as a consultant...
  • Carter's Arab Financiers

    12/21/2006 8:52:59 AM PST · by venizelos · 25 replies · 1,781+ views
    The Washington Times ^ | December 21, 2006 | Rachel Ehrenfeld
    To understand what feeds former president Jimmy Carter's anti-Israeli frenzy, look at his early links to Arab business. Between 1976-1977, the Carter family peanut business received a bailout in the form of a $4.6 million, "poorly managed" and highly irregular loan from the National Bank of Georgia (NBG). According to a July 29, 1980 Jack Anderson expose in The Washington Post, the bank's biggest borrower was Mr. Carter, and its chairman at that time was Mr. Carter's confidant, and later his director of the Office of Management and Budget, Bert Lance.
  • Citi Economist: Abolish Cash (People Should Have to Pay Banks to Use Money)

    04/18/2015 6:54:20 AM PDT · by Kaslin · 20 replies ^ | April 18, 2015 | Nick Sorrentino
    The central banks dont like that cash makes it hard to cut rates to below zero. 0% is pretty much as far as they can go (though there are exceptions such as in Denmark.) Bloomberg reports;
  • Citi Economist Says It Might Be Time to Abolish Cash [Zech 5]

    04/17/2015 2:48:36 PM PDT · by Jan_Sobieski · 27 replies
    YaLibnan ^ | 4/17/2015 | Staff
    The world's central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy. In a new piece, Citi's Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates. Fundamentally, the...
  • Banks are bailing on the student loan business and it couldn't come at a worse time

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

    04/06/2015 8:40:50 PM PDT · by ConservativeStatement · 26 replies
    New York Daily News ^ | April 4, 2015 | Larry Mcshane
    Hell yeah to the chief. Rapper Azealia Banks, in an interview with Billboard magazine, confessed to a major crush on President Obama. Hes so fine, declared the 23-year-old Banks. Those big-ass white teeth and ears hanging off his head? Im like, Oh my God...
  • The Next Bubble

    04/01/2015 7:35:03 AM PDT · by Kaslin · 16 replies ^ | April 1, 2015 | John Stossel
    They're doing it again! When the last housing bubble burst, politicians blamed "greedy banks." They said mortgage companies lent money recklessly, making loans to people with dubious credit, for down payments as low as 3 percent. "It will work out," said the optimistic bankers. Regulators didn't disagree. Everyone said, "Home prices will keep going up." And home prices did -- until they didn't. The bubble popped in 2007. Lots of people were hurt, and politicians took more of your tax money to bail out Fannie Mae and Freddie Mac along with reckless banks. They also gave the Federal Housing Administration...