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Keyword: banks

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  • Schakowsky Ire as Phony as Kited Checks

    10/18/2016 9:57:45 PM PDT · by PBRCat · 13 replies
    Chicago Tribune ^ | April 7, 2006 | John Kass
    Every time Democratic U.S. Rep. Jan Schakowsky mentions "Republicans" and "scandal" and "accountability," she'll be sticking her husband's foot in her mouth. The foot I'm talking about belongs to her spousal unit, Robert Creamer, the noted champion of the poor and the downtrodden and Democratic political organizer. Creamer's judge was U.S. District Court Judge James Moran, the former Democratic state legislator from Evanston. Moran's son-in-law is Democratic political consultant Peter Giangreco, who has worked politics with Creamer and Schakowsky and had a seat on the board of one of Creamer's many organizations. Judge Moran says he thought about recusing himself...
  • Bank accounts of Russian state broadcaster Russia Today frozen in UK; All of RBS cut off to RT

    10/17/2016 8:46:42 AM PDT · by Enlightened1 · 26 replies
    RT ^ | 10/17/16
    RT UK’s bank accounts have been blocked, RT’s editor-in-chief reported. The National Westminster Bank has informed RT UK that it will no longer have the broadcaster among its clients. The bank provided no explanation for the decision. “We have recently undertaken a review of your banking arrangements with us and reached the conclusion that we will no longer provide these facilities,” NatWest said in a letter to RT’s London office. The bank said that the entire Royal Bank of Scotland Group, of which NatWest is part of, would refuse to service RT. More in link Bank accounts of Russian state...
  • Trump (And Us!) Unshackled, Wikileaks Highlight Reel, Banking Crisis [radio]

    10/15/2016 12:45:14 PM PDT · by Randall_S · 2 replies
    USA Transnational Report ^ | October 15, 2016 | USA Transnational Report
    The Shackles are Off! WikiLeaks Highlight Reel LIVE Saturday (10/15) 8 AM EST!!! The line of the week goes to Donald J. Trump, who declared the shackles are off! He was talking about the shackles imposed on him by the politically correct GOP and the Hillary campaigning media. Yes, despite WikiLeaks releasing thousands of emails proving that Hillary Clinton is indeed a crook, indeed a liar, indeed two-faced, and indeed guilty regarding Benghazi, somehow the media tells us that Trump is one whos in trouble. And the sad thing is, the brainwashed, intellectually deficient among us believe it. Well also...
  • US goes after more than $1B taken from Malaysian fund

    07/20/2016 5:49:59 PM PDT · by blueplum · 14 replies
    Associated Press ^ | 20 July 2014 6:24PM EDT | Eric Tucker with Eileen Ng
    WASHINGTON (AP) -- The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, "The Wolf of Wall Street." The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets. The complaints, filed in Los Angeles, allege a complex money laundering...
  • Detainee Compromises Likely

    05/04/2009 2:59:33 AM PDT · by JohnHuang2 · 2 replies · 501+ views
    Washington Post ^ | Monday, May 4, 2009 | By Peter Finn and Carrie Johnson
    Nearly six years ago, President George W. Bush declared Ali Saleh Kahlah al-Marri an enemy combatant and had him swept out of federal court and into a U.S. Navy brig so he could be interrogated without the legal protections afforded by the criminal justice system. Bush said the Qatari national, arrested as a material witness in Illinois in December 2001, possessed critical intelligence that "would aid U.S. efforts to prevent attacks by al-Qaeda on the United States." In an agreement Marri entered Thursday in Peoria, Ill., he pleaded guilty to conspiracy to provide material support to al-Qaeda and admitted to...
  • Al-Qaeda 'sleeper agent' in Marion federal prison

    11/15/2009 2:56:18 AM PST · by Cindy · 18 replies · 1,410+ views ^ | November 13, 2009 | n/a
    Posted: Nov 13, 2009 3:14 PM Updated: Nov 13, 2009 3:15 PM MARION, IL (KFVS) - SNIPPET: "Ali Al-Marri, 43, is serving an eight year sentence for being a so called "sleeper agent." He has admitted to training in Al-Qaeda camps and having contact with the alleged planner of the September 11th attacks."
  • Did US Ally Qatar Free Imprisoned Americans in Exchange for Al Qaeda Terrorist?

    01/29/2015 8:05:19 AM PST · by SeekAndFind · 18 replies
    FrontPage Mag ^ | 01/29/2015 | Daniel Greenfield
    Problematic, in a very big way even if the offer was made.Qatar’s ties to Al Qaeda and ISIS aren’t news. They’ve effectively served as intermediaries in everything from ransom exchanges for hostages to Taliban negotiations. But actually trying to secure terrorist swaps for prisoners on their own behalf would have been a new frontier. Before he was released from a U.S. maximum-security prison last week, a confessed al Qaeda sleeper agent was offered up in a potential prisoner swap that would have freed two Americans held abroad.According to two individuals with direct knowledge of the case, the proposition was...

    10/09/2016 5:12:54 AM PDT · by ColdOne · 60 replies ^ | 10/8/16 | Donald Trump/Jason Miller
    Leaked Transcripts of Hillary Clinton's Closed Door Paid Speeches Reveal What Clinton's Title Should Actually Be, (D-Wall Street) "Hillary Clinton's secret Wall Street speeches prove what we have known all along - that Clinton is a self-serving Washington insider who has continued to deceive the American people for 30 years. Now we finally get confirmation of Clintons catastrophic plans for completely open borders and diminishing Americas influence in the world. There is a reason Clinton gave these high-paid speeches in secret behind closed doors - her real intentions will destroy American sovereignty as we know it, further illustrating why Hillary...
  • Wells Fargo Employees Say They Were Fired for Being Whistleblowers

    10/03/2016 4:54:04 AM PDT · by Wolfie · 13 replies
    Newsmax ^ | Sept. 24, 2016
    Wells Fargo Employees Say They Were Fired for Being Whistleblowers Wells Fargo fired 5,300 employees for creating fake accounts and pin numbers, but several former employees say they were fired for a far different reason: whistleblowing. "They ruined my life," Bill Bado, a former employee in Pennsylvania, told CNNMoney this week, explaining that he was fired after calling an ethics hotline and sending an email to Wells Fargo's human resources department in 2013 to report he'd been ordered to open fake accounts. Eight days after he sent his email, Bado was fired from his job, under the grounds of tardiness....
  • Moodys downgrades French Banks -- SocGen, Credit Agricole (BNP Paribas Under Review)

    09/14/2011 6:39:23 AM PDT · by SeekAndFind · 2 replies
    Marketwatch ^ | 09/14/2011 | Simon Kennedy
    Moodys Investors Service on Wednesday downgraded French banks Credit Agricole SA and Societe Generale SA as the credit-rating company also said it has become increasingly concerned about the funding and liquidity needs of the lenders. Moodys had said in June that it was considering downgrading Frances top three listed banks because of their exposure to Greek debt and said Wednesday that it is still reviewing BNP Paribas. The announcements came after big swings for French-bank stocks in recent days amid reports that downgrades were imminent and as investors became increasingly nervous about the banks funding situation. Shares in Credit Agricole...
  • U.S. Signed Secret Document to Lift U.N. Sanctions on Iranian Banks [same day Tehran released..]

    09/29/2016 5:26:44 PM PDT · by Sub-Driver · 13 replies
    U.S. Signed Secret Document to Lift U.N. Sanctions on Iranian Banks Administration backed measures on the same day Tehran released four American citizens from prison By Jay Solomon and Carol E. Lee Sept. 29, 2016 8:02 p.m. ET 0 COMMENTS WASHINGTONThe Obama administration agreed to back the lifting of United Nations sanctions on two Iranian state banks blacklisted for financing Irans ballistic-missile program on the same day in January that Tehran released four American citizens from prison, according to U.S. officials and congressional staff briefed on the deliberations. The U.N. sanctions on the two banks werent initially to be lifted...
  • Pressure is building for Germany to show it's ready to rescue Deutsche Bank

    09/29/2016 3:56:36 PM PDT · by SkyPilot · 38 replies
    CNBC ^ | 29 Sep 16 | Jef Cox
    German officials could be about to find themselves in an uncomfortable position: Being called on to show they're ready to rescue a bank in a part of the world where such operations are considered taboo. Deutsche Bank came under intensified market fire Thursday, the latest salvo being a Bloomberg report that a small number of hedge funds are trimming their sails at the German bank. In a broad perspective, the move would represent a minor dent in Deutsche's derivatives clearing business. Barry Bausano, chairman of Deutsche's hedge fund business, told CNBC on Thursday that while there have been some outflows,...
  • Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million

    09/14/2016 11:16:39 AM PDT · by Wolfie · 15 replies
    Fortune ^ | Sept. 12, 2016
    Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million Wells Fargo & Cos sandbagger-in-chief is leaving the giant bank with an enormous pay day$124.6 million. In fact, despite beefed-up clawback provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring its former consumer banking chief Carrie Tolstedt to give back any of her nine-figure pay. Until recently, Tolstedt was in charge of the unit where Wells Fargo employees opened more than 2 million largely unauthorized customer accountsa seemingly routine practice that employees...
  • Banks are preparing for an economic nuclear winter

    08/30/2016 7:47:57 AM PDT · by Lorianne · 59 replies
    CNBC ^ | 29 August 2016 | Spriha Srivastava
    The first half of 2016 has been a roller-coaster for financial markets. A combination of uncertainties surrounding the U.K.'s vote to leave the European Union and weaker-than-expected corporate earnings results across the region means a tough second half looms. European banks, in particular, have had a very tough six months as the shock and volatility around Brexit sent banking stocks south. Major European banks like Deutsche Bank and Credit Suisse saw their shares in free-fall after the referendum's results were announced. In the U.K., RBS was the worst-hit, with its shares plunging by more than 30 percent since June 24....
  • German Savers Lose Faith in Banks, Stash Cash at Home

    08/29/2016 4:47:59 PM PDT · by ameribbean expat · 25 replies
    HAMBURGGerman savers are leaving the security of savings banks for what many now consider an even safer place to park their cash: home safes.
  • Canada to allow banks to use deposits to cover the banks debts

    08/26/2016 9:42:23 AM PDT · by MeganC · 56 replies
    Government of Canada - 2016 Budget ^ | 26 August 2016 | Government of Canada
    Introducing a Bank Recapitalization Bail-in Regime To protect Canadian taxpayers in the unlikely event of a large bank failure, the Government is proposing to implement a bail-in regime that would reinforce that bank shareholders and creditors are responsible for the banks risksnot taxpayers. This would allow authorities to convert eligible long-term debt of a failing systemically important bank into common shares to recapitalize the bank and allow it to remain open and operating. Such a measure is in line with international efforts to address the potential risks to the financial system and broader economy of institutions perceived as too-big-to-fail. The...
  • Trudeaus Bail-In Now Law to Allow Banks to Confiscate Your Deposits

    08/21/2016 7:47:07 AM PDT · by Sean_Anthony · 38 replies
    Canada Free Press ^ | 08/21/16 | Dr. Charles McVety
    In the crash of 2008 governments "bailed out" banks with billions of dollars. The next time around banks will be permitted to seize your deposits and exchange them for shares, shares in a failed bank. On June 22, 2016 Bill C15 became law along with its controversial Bail-In Regime. In the crash of 2008 governments bailed out banks with billions of dollars. The next time around banks will be permitted to seize your deposits and exchange them for shares, shares in a failed bank. Some say that Canadian banks are so strong Canadians dont have to worry. But the experts...
  • Report: Blockchain to Rewrite the Financial Infrastructures Future

    08/13/2016 11:59:18 AM PDT · by amorphous · 5 replies
    CryptoCoinsNews.Com ^ | 13 August 2013
    Blockchain technology is expected to change the way financial organizations conduct business with banks implementing distributed ledger technology (DLT) projects by 2017, according to the World Economic Forum. After 12 months of research which saw the WEF engage over 200 industry leaders and subject matter experts through interviews and multi-stakeholder workshops, the organization compiled a 130-page report on the impact distributed ledger technology (DLT), also known as blockchain, will have on the financial infrastructures future. WEFs The Future of Financial Infrastructure report found that applications of DLT will differ by use case, each leveraging the technology in different ways for...
  • Man Finds $32,000 CD, But Bank Won't Cash It

    07/27/2016 9:33:25 PM PDT · by nickcarraway · 66 replies
    NBC Bay Area ^ | 7/27/16 | Chrs Chmura, Christine Roher, Joe Rojas and Carrie McParland
    Craig Haskell says his grandmother saved everything. So, even though she died in 1998, he just recently found something of hers in a safe deposit box: a certificate of deposit from 1997. "I just took it out and I looked at it and said, 'Oh my god. Thats $32,000,'" he explained. The paper reads $32,308.97, to be exact, with Haskell's name on it. But when he tried to cash the CD, Wells Fargo denied him. "Shes gone now; I have the death certificate to prove it," Haskell said. "My names on the check. And Wells Fargo cant tell me what...
  • Tim Kaine Calls To Deregulate Banks As He Campaigns To Be Clinton's VP

    07/24/2016 6:58:21 AM PDT · by Zakeet · 16 replies
    Huffington Post ^ | July 20, 2016 | Zach Carter
    Sen. Tim Kaine (D-Va.) is on Hillary Clinton’s short list of potential vice presidential nominees. He’s also actively pushing bank deregulation this week as he campaigns for the job. Kaine signed two letters on Monday urging federal regulators to go easy on banks ― one to help big banks dodge risk management rules, and another to help small banks avoid consumer protection standards. Presumptive Democratic presidential nominee Hillary Clinton's ... pick is widely viewed in Washington as a sign of her governing intentions.
  • GOP Whiffs On Bank Reform, Big Time

    07/22/2016 4:07:28 AM PDT · by expat_panama · 70 replies
    Investors Business Daily ^ | July 21, 2016 | Editorial
    Financial Crisis: The Republican platform put forward in Cleveland is a lively and conservative document, full of great ideas to make America great again. But one thing stands out as a truly bad idea: reviving the partly-repealed Glass-Steagall Act. "We support reinstating the Glass-Steagall Act, which prohibits commercial banks from engaging in high risk activities," says the platform document. What? It was one of the Democrats' big talking points during the 2007-2008 financial crisis and after that a major cause of the panic was due to Bill Clinton in 1999 foolishly going along with the Republicans to get rid of...
  • In surprise, GOP looks to revive Depression-era banking law (Glass-Steagall)

    07/20/2016 4:23:23 PM PDT · by Olog-hai · 59 replies
    Associated Press ^ | Jul 20, 2016 3:59 PM EDT | Ken Sweet
    The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren. What? No, were not kidding. In the partys 2016 platform, the GOP advocates for reinstating the Glass-Steagall Act, a Depression-era law that regulated the U.S. banking industry until it was repealed in 1999. Bringing the law back would lead to the breakup of major U.S. banks like JPMorgan Chase in order to separate investment banking from commercial banking.
  • G.O.P. Joins Democrats Urging Glass-Steagalls Revival. (Dont Hold Your Breath.)

    07/20/2016 4:20:02 AM PDT · by expat_panama · 53 replies
    New York Times ^ | JULY 19, 2016 | JEFF SOMMER
    Attacking big banks is as American as apple pie. But its a new entry on this years Republican menu. In a convention surprise, the Republicans inserted a plank in the party platform calling for the restoration of a Depression-era law, the Glass-Steagall Act, that separated commercial and investment banking. The law was repealed in 1999 during the Clinton administration, with bipartisan support, at the behest of the big banks, which said they needed to combine their investment and commercial functions in order to compete on the global stage. It didnt turn out so well, of course... ...What the Republican Party...
  • Lynch admits she had whistleblower's evidence on banksters

    03/27/2015 11:44:06 AM PDT · by Nachum · 8 replies
    wnd ^ | 3/27/15 | Jerome R. Corsi
    NEW YORK President Obamas attorney-general nominee, Loretta Lynch, admitted to the Senate Judiciary Committee that her investigators in the money-laundering probe of HSBC were aware of evidence compiled by whistleblower John Cruz but she chose, nevertheless, not to bring criminal charges. Lynch provided written answers to questions submitted by committee chairman Sen. Charles Grassley, R-Iowa, in a document posted on the panels website dated Feb. 18. As WND reported, Lynchs confirmation vote in the Senate initially was postponed after Sen. David Vitter, R-La., a member of the Senate Judiciary Committee, opened the investigation of Lynchs role in the HSBC...
  • Obama advisors also back communist UN leader who would fix economy with global taxes

    05/26/2009 5:30:09 PM PDT · by AKSurprise · 18 replies · 1,159+ views
    World Tribune ^ | 05/26/09 | Cliff Kincaid
    "While meaningless United Nations hand-wringing over the North Korean nuclear weapons program garners headlines, the world body is moving ahead with a global conference to lay groundwork for world government financed by global taxes. The communist head of the U.N. General Assembly is leading the effort, but he is getting crucial support from progressive economists who advise the Obama Administration and the Democratic Party. The United Nations Conference on the World Financial and Economic Crisis" June 24-26. "U.N. General Assembly President Miguel DEscoto is the U.N. point man on these global governance issues. Now, even the New York Times is...
  • Clinton's State Dept. calendar missing scores of entries

    06/24/2016 4:22:04 AM PDT · by Bulwinkle · 62 replies
    AP ^ | 6/24/2016
    The AP review of Clinton's calendar her after-the-fact, official chronology of the events of her four-year term identified at least 75 meetings with longtime political donors and loyalists, Clinton Foundation contributors and corporate and other outside interests that were either not recorded or listed with identifying details scrubbed. The AP found the omissions by comparing the 1,500-page document with separate planning schedules supplied to Clinton by aides in advance of each day's events. The names of at least 114 outsiders who met with Clinton were missing from her calendar, the records show...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central banks annual stress tests show that the 33 largest financial institutions including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • North Korea Linked to Digital Attacks on Global Banks

    05/26/2016 6:45:16 PM PDT · by Innovative · 8 replies
    NY Times ^ | May 26, 2016 | NICOLE PERLROTH and MICHAEL CORKERY
    Security researchers have tied the recent spate of digital breaches on Asian banks to North Korea, in what they say appears to be the first known case of a nation using digital attacks for financial gain. In three recent attacks on banks, researchers working for the digital security firm Symantec said, the thieves deployed a rare piece of code that had been seen in only two previous cases: the hacking attack at Sony Pictures in December 2014 and attacks on banks and media companies in South Korea in 2013. Government officials in the United States and South Korea have blamed...
  • Sharia-Compliant Financing Secured for Lux Condos, Islamic Museum Near Ground Zero

    05/22/2016 5:44:50 PM PDT · by Whenifhow · 42 replies
    Truth Revolt ^ | May 20 2016 | Tiffany Gabbay
    The developer of the ill-fated Ground Zero Mosque won't relent on his goal of planting a flag on the grave of 3,000 Americans. The New York Post reports that Sharif El-Gamal and his banking partners announced Wednesday that he secured "Sharia-compliant financing" to build a luxury condominium tower and an Islamic museum on the same site as the proposed Ground Zero Mosque -- four blocks away from where the Twin Towers once stood. The $174 million dollar project features a three-story Islamic cultural museum at 51 Park Place and 48 high-end residential condos in a 43-story tower at 45 Park...
  • Bernie Sanders Goes After Big Banks -- in Theory

    05/22/2016 5:21:00 AM PDT · by Kaslin · 6 replies ^ | May 22, 2016 | Debra J. Saunders
    On Wednesday, Bernie Sanders had lunch at the Chieftain, a cozy pub near the San Francisco Chronicle. In days gone by, it served as a lunch spot for parched journalists. Earlier, Sanders had addressed a rally in San Jose; he had another scheduled in Vallejo, California, that night. When he exited the Chieftain by a back door onto Howard Street, passers-by shouted out his name. A man who hailed Sanders as his "hero" asked the Democratic presidential hopeful to pose for a photo. There were more selfies with more fans who could not believe their luck in stumbling upon a...
  • Five banks sued in U.S. for rigging $9 trillion agency bond market

    05/20/2016 5:49:11 PM PDT · by Lorianne · 5 replies
    Reuters ^ | 18 May 2016 | Jonathan Stempel
    Five major banks and four traders were sued on Wednesday in a private U.S. lawsuit claiming they conspired to rig prices worldwide in a more than $9 trillion market for bonds issued by government-linked organizations and agencies. Bank of America Corp (BAC.N), Credit Agricole SA (CAGR.PA), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE) and Nomura Holdings Inc (8604.T) were accused of secretly agreeing to widen the "bid-ask" spreads they quoted customers of supranational, sub-sovereign and agency (SSA) bonds. The lawsuit filed in Manhattan federal court by the Boston Retirement System said the collusion dates to at least 2005,...
  • Wealth Confiscation for the Digital Age: the New Cash Tax

    05/11/2016 1:35:23 PM PDT · by Lorianne · 21 replies
    Wolf Street ^ | 10 May 2016 | Brian Hunt
    Negative interest rates have become a phenomenon with economists and the media. But Im writing to tell you something about negative interest rates you havent heard. You certainly wont hear about it in the mainstream press. Whats coming at you is a historic event. Its something our grandchildren will hear stories about, much like the Great Depression or the Cold War. It could send the price of gold much higher in the coming years. If you know whats coming, it could mean the difference between having lots of free cash in retirement and barely getting by. And please remember this...
  • ANZ, Westpac hit by hundreds of Chinese home loan frauds

    05/09/2016 11:11:27 AM PDT · by ameribbean expat · 10 replies
    AFR ^ | 05.09.2016 | Christopher Joye
    ANZ Banking Group and Westpac Banking Corp have discovered they have each approved "hundreds" of home loans backed by fraudulent Chinese income documents, which were allegedly manufactured with the help of dodgy mortgage brokers.
  • Democrats are winning their war on big banks but look who elsepays

    04/22/2016 5:10:50 AM PDT · by expat_panama · 44 replies
    New York Post ^ | April 21, 2016 | Charles Gasparino
    With all the fat-cat bashing from Hillary Clinton and her socialist foe Bernie Sanders, youd think big banks have never stopped ripping off the poor, downtrodden consumer and are laughing all the way to their own bank vaults at Americans expense. The banks, of course, still make money, though increasingly a lot less... ... once-massive industry of huge profit margins and immense power in political circles is in retreat.... ...New regulations like Dodd-Frank, championed and imposed by President Obama and his minions, dont let banks perform simple tasks... ...on top of the countless billions of dollars in settlements banks are...
  • IMF Calls for Negative Interest Rates

    04/14/2016 2:27:43 PM PDT · by Sopater · 27 replies
    The New American ^ | 4/13/2016 | Steve Byas
    The concept of negative interest rates in which lenders have to pay to lend money or to invest has gotten a big boost from the International Monetary Fund. The IMF stated this week that world central banks should move to negative interest rates because the extra monetary stimulus would ease lending conditions. Or so they claim. Jos Vials, the chief financial counselor and director of monetary and capital markets for the IMF, argued for negative interest rates in a research paper, stating, Although the experience with negative interest rates is limited, we tentatively conclude that overall, they help...
  • Toxic oil loans create trouble for big banks

    04/14/2016 9:45:02 AM PDT · by PAR35 · 7 replies
    CNN ^ | April 14, 2016: 11:55 AM ET | Matt Egan
    ... Bank of America (BAC) on Thursday announced it set aside $997 million to protect from loan losses, mainly in the bank's $22 billion energy portfolio. Wells Fargo (WFC) warned of "significant stress" and "deterioration" in the oil and gas space. The problems there forced Wells Fargo to add $200 million in loan-loss reserves, its first increase to this rainy-day fund since 2009. And JPMorgan Chase increased its provisions for credit losses by 88%, mostly due to the oil, natural gas and pipeline business. It was enough to cause JPMorgan's (JPM) first drop in profits since late 2014. ...
  • HSBC, RBS and Barclays plan to close 400 UK branches this year: sources

    04/10/2016 3:02:26 PM PDT · by Lorianne · 2 replies
    Reuters ^ | 06 April 2016 | Andrew MacAskill and Lawrence White
    Three of Britain's largest banks are planning to close about 400 branches this year, according to people familiar with the situation, a new program of closures that could leave thousands of customers without easy access to a bank. The number of branches operated by the major banking groups in the UK has halved in the last 20 years and following political pressure a new rule was set last year that requires banks to assess the impact on local communities of a branch closure. HSBC (HSBA.L) may close the highest number with about 200 branches set to go this year, the...
  • CITI: The 'Uber moment' for banks is coming and more than a million people could lose their jobs

    03/31/2016 7:49:10 AM PDT · by SeekAndFind · 25 replies
    Business Insider ^ | 03/31/2016 | Portia Crowe
    Banks are quickly approaching their "automation tipping point," and they could soon reduce headcount by as much as 30%. That's according to a new Citi Global Perspectives & Solutions (GPS) report on how financial technology is disrupting banks. "Banks' Uber moment will mean a disintermediation of bank branches rather than the banks themselves," the report said. "Specifically, it will mean the shift to mobile distribution being the main channel of interaction between customers and the bank," the report reads. That means that there will be less need for bank branches, and the people who work inside them. "We believe that...
  • U.S. indicts Iranians for hacking dozens of banks, New York dam

    03/24/2016 12:35:46 PM PDT · by BenLurkin · 5 replies
    reuters ^ | 03/24/2016
    The hackers are accused of hitting the banks with distributed-denial-of-service attacks on a near-weekly basis, a relatively unsophisticated way of knocking computer networks offline by overwhelming them with a flood of spammed traffic. These attacks were relentless, they were systematic, and they were widespread, U.S. Attorney General Loretta Lynch told a Washington news conference. The indictment from a federal grand jury in New York City said the attacks occurred from 2011 to 2013. Washington has previously accused military officers from China and the North Korean government of cyber attacks against U.S. businesses. The attack on the Bowman Avenue Dam in...
  • Global fears as markets lose faith in central banks

    03/06/2016 5:42:37 PM PST · by SkyPilot · 23 replies
    The Times ^ | 7 Mar 16 | Patrick Hosking, Financial Editor and Philip Aldrick, Economics Editor
    The global economy is heading for a storm as faith in policymakers dwindles, according to a stark warning from one of the worlds most respected financial institutions. The uneasy calm in financial markets last year has given way to turbulence, the Bank for International Settlements, known as the central bank for the worlds central banks, said in its latest quarterly report. Financial markets are losing faith in the healing power of central banks and their latest policy weapon - negative interest rates - to boost the world's main economies, the bank said.
  • The Global Run On Physical Cash Has Begun: Why It Pays To Panic First

    02/28/2016 10:25:51 PM PST · by blam · 22 replies
    Zero Hedge | 2-29-2016 | Tyler Durden
    Tyler Durden2-29-2016Back in August 2012, when negative interest rates were still merely viewed as sheer monetary lunacy instead of pervasive global monetary reality that has pushed over $6 trillion in global bonds into negative yield territory, the NY Fed mused hypothetically about negative rates and wrote "Be Careful What You Wish For" saying that "if rates go negative, the U.S. Treasury Departments Bureau of Engraving and Printing will likely be called upon to print a lot more currency as individuals and small businesses substitute cash for at least some of their bank balances." Well, maybe not... especially if physical currency...
  • Hungary central bank stockpiles 200,000 rounds of live ammunition, 112 handguns

    02/22/2016 2:14:54 PM PST · by Lorianne · 19 replies
    Economic Collapse News ^ | 18 February 2016 | Andrew Moran
    Forget accumulating gold, printing money or buying mortgage-backed securities. One central bank is acquiring live ammunition and handguns instead in order to boost its security force. According to a government website for public procurements (via Bloomberg News), the National Bank of Hungry purchased 200,000 rounds of live ammunition and 112 handguns for its security company. In a letter to lawmakers, central bank Governor Gyorgy Matolcsy cited international security risks, like migration and terrorism, as reasons for the latest round of purchases. This comes as the central bank faced staunch criticism for spending money on real estate and fine art, including...
  • The Mystery of the One Bank: its Owners?

    02/16/2016 8:41:52 AM PST · by amorphous · 11 replies
    Zero Hedge ^ | 16 Feb 2016 | Jeff Nielson
    Roughly 2 1/2 years ago ; readers were introduced to a paradigm of crime, corruption, and control which they now know as "the One Bank". First they were presented with a definition and description of this crime syndicate. That definition came via a massive computer model constructed by a trio of Swiss academics, and cited with favor by Forbes magazine . The computer model was based upon data involving more than 10 million "economic actors", both individuals and corporations, and the conclusions which that model produced were nothing less than shocking. The One Bank is "a super-entity" comprised of 144...
  • Cruz: Trump May Owe ‘Billions’ in Loans to Big Banks (Feb 1 article)

    02/12/2016 8:27:07 PM PST · by TBP · 175 replies
    When Donald Trump heard that Ted Cruz had taken out a loan from Goldman Sachs (against his own investments, by the way), he lashed out at his rival. The loan proved that Cruz was owned by the banks! He could not be trusted! He'd just do Goldman's bidding! Oh my, how terrible! Yes, Cruz was clearly a crony of the big banks. This criticism caused the Cruz campaign to study Trump's own finances a bit. What they've discovered is downright shocking: Republican presidential hopeful Ted Cruz on Sunday said GOP front-runner Donald Trump owes “hundreds of millions or even billions”...
  • LIVE Interview with Charles Ortel on Banking Crisis, Hillary Clinton, and more... 2/13 8 AM EST

    02/12/2016 5:17:35 PM PST · by Randall_S · 2 replies
    USA Transnational Report ^ | January 12, 2016 | USA Transnational Report
    Don't miss this live interview!! Tomorrow, Saturday 2/13, 8 AM EST! SPECIAL INTERVIEW WITH CHARLES ORTEL! Saturday (2/13) LIVE 8 AM EST!!! Charles Ortel is an investor and writer interested in economics, geo-politics, history, travel and just, lasting peace. He has done extensive research on the fraudulent activities of the Clinton Foundation, and is known for predicting the revelation of fraud at General Electric. His work can be found at Topics of Discussion: > The Bank of England joins the IMF to embrace Islamic Finance - really? > European banks face a 2008-like crisis - will it spread? >The...
  • 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...