Free Republic 2nd Quarter Fundraising Target: $85,000 Receipts & Pledges to-date: $19,721
23%  
Woo hoo!! And the first 23% is in!! Thank you all very much!!

Keyword: banks

Brevity: Headers | « Text »
  • All the Presidents' Bankers: The Hidden Alliances that Drive American Power

    04/14/2014 8:05:08 AM PDT · by Yollopoliuhqui · 12 replies
    Amazon ^ | recent | Nomi Prins
    Who rules America? All the Presidents’ Bankers is a groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history. Culled from original presidential archival documents, All the Presidents’ Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics—or greed driving bankers. Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships...
  • The end of Windows XP support could hurt ATM's

    04/07/2014 8:16:48 PM PDT · by smokingfrog · 53 replies
    8 News Now ^ | 4-7-14 | Scott Daniels
    One in every three computers users could be in major trouble Tuesday, and they won't be getting any help. Microsoft is dropping its support of its operating system Windows XP. This means there will be no security updates to fend off hackers. The news gets worse. According to a CNN-Money report, 95 percent of all ATM's use Windows XP, which ATM's can be a prime target for hackers. Banking giant JP Morgan bought a one-year extension of service so Chase Banks could still run Windows XP in their ATM's and still be covered. All of the big banks should be...
  • St. Louis Fed Research Director: Bitcoin Could Be A Good Threat To Central Banks

    04/07/2014 7:28:18 AM PDT · by Errant · 8 replies
    Business Inisider ^ | 6 April 2014 | Rob Wile
    Last week, St. Louis Fed Director of Research David Andolfatto released a presentation on Bitcoin, becoming one of the most prominent central bank officials to study the cryptocurrency. We caught up with Andolfatto to ask him about why he put this deck together, where he thinks Bitcoin is going, and whether he personally has anything invested in it. Business Insider: What was the genesis for this presentation? David Andolfatto: Its genesis was a blog post I'd started, addressing arguments that gold bugs frequently put forth, that gold is superior money. Of course, Bitcoin was in the news — I read...
  • Banks Play Ball with Government to Hand Over Your Assets

    04/06/2014 11:31:58 AM PDT · by Kaslin · 38 replies
    Townhall.com ^ | April 6, 2014 | Bruce Bialosky
    Four years ago, I wrote a column about how the state of California had passed a law to make retailers turn over any unused gift cards to the State after a set period. The law did not consider any effects on the retailer; just the fact that California was grubbing for new revenue flows and once greedy politicians see a target they can devise any rationale for why the money or new tax should be placed into their coffers. The column also explored how the State was taking money from unclaimed bank assets as if it were another revenue...
  • Bitcoin Tipping Point & Mass Adoption

    03/25/2014 7:10:48 AM PDT · by Errant · 12 replies
    Bitcorati.com ^ | 23 March 2014 | Drew Carey
    The Bitcoin Tipping Point is coming and it will be the Big Bang of disruption in financial services, money and payments as we know them! I often think about the “tipping-point” in Bitcoin’s journey to mass adoption and regularly as myself several questions. When will it be noticeable and what will trigger it? Has it already begun or if not, how far away are we? How do you define or measure “mass adoption” of Bitcoin? A bitcoin meme of Morpheus and Neo posted online recently got me thinking again about how Bitcoin’s true exit most likely itself. Once a significant...
  • Criminal Actions by Obama; Two Wrongs Make a Right

    03/24/2014 9:57:54 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | March 24, 2014 | Mike Shedlock
    To President Obama, two wrongs make a right. Also, might makes right. Suppose a neighbor steals your cat. Would it be morally just to punch a different neighbor (or the neighbor's kid) in the face to retaliate? If you are president Obama, the answer is yes. Please consider How Obama Crippled a Russian Bank with a Stroke of a Pen. On Thursday, President Obama sent a message to Russian president Vladimir Putin about strength. Specifically, economic strength. The message was this: Whenever I decide to, I can pick up a pen, and kill a significant financial institution in your country....
  • Russian companies withdraw billions from west, say Moscow bankers

    03/14/2014 2:58:26 PM PDT · by SkyPilot · 10 replies
    Financial Times ^ | 14 March 14 | Patrick Jenkins and Daniel Schäfer in London and Courtney Weaver and Jack Farchy in Moscow
    Russian companies are pulling billions out of western banks, fearful that any US sanctions over the Crimean crisis could lead to an asset freeze, according to bankers in Moscow. Sberbank and VTB, Russia’s giant partly state-owned banks, as well as industrial companies, such as energy group Lukoil, are among those repatriating cash from western lenders with operations in the US. VTB has also cancelled a planned US investor summit next month, according to bankers. The flight comes as last-ditch diplomatic talks between Russia’s foreign minister and the US secretary of state to resolve the tensions in Ukraine ended without an...
  • U.S. regulator sues 16 banks for rigging key interest rate

    03/14/2014 12:31:57 PM PDT · by gooblah · 14 replies
    Reuters ^ | Fri Mar 14, 2014 3:26pm EDT | By Nate Raymond
    (Reuters) - The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of colluding to suppress interest rates. The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate. The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.
  • Wells Fargo cuts 700 mortgage jobs

    02/27/2014 5:50:54 AM PST · by 2ndDivisionVet · 16 replies
    The Minneapolis/St Paul Star Tribune ^ | February 27, 2014 | Jennifer Bjorhus
    Wells Fargo cuts 700 employees, including 203 in the Twin Cities, as demand for mortgages declines.Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink. The San Francisco-based bank said it notified affected employees Wednesday, and that almost all of them work at the Wells Fargo Home Mortgage campus in south Minneapolis. Some work elsewhere in the Twin Cities. The cuts follow scattered layoffs in the Twin Cities in January in which Wells Fargo laid off fewer than 30 mortgage-related workers. “We currently expect mortgage...
  • Bank Run Full Frontal: Ukrainians Withdrew 7% Of All Deposits In Two Days

    02/26/2014 8:39:10 AM PST · by Svartalfiar · 11 replies
    Zero Hedge ^ | 02/25/2014 12:33 -0500 | "Tyler Durden"
    Well that escalated quickly. It seems the ouster of Yanukovych, heralded by so many in the West as a positive, has done nothing to quell the fear of further economic collapse in Ukraine: *UKRAINIANS WITHDREW AS MUCH AS 7% OF DEPOSITS FEB. 18-20: KUBIV *DEPOSIT WITHDRAWALS STILL HIGH IN THE EAST, KUBIV SAYS This is around a 30 billion Hyrvnia loss (over $3 billion) in just 2 days for the banks and the new central bank chief is considering "stabilizing loans" to help banks deal with the liquidity crisis (though Ukraine's reserves stand at a mere $15 billion). Reserves are...
  • Since 2000, There Are 29 Percent More Big Banks and 24 Percent Fewer Small Banks

    02/25/2014 12:43:29 PM PST · by grundle · 8 replies
    National Review ^ | February 25, 2014 | Veronique de Rugy
    My colleagues Hester Peirce and Robert Greene have put together a series of charts showing the recent concentration of the U.S. banking system — small banks are disappearing and large banks are growing in number. Here is one of their charts that shows the changes: Repeated waves of bank regulation — most recently Dodd-Frank — can be particularly burdensome for small banks. Peirce and Green explain: Regulatory compliance can be a particular challenge for small banks with limited compliance expertise. Regulatory expenses absorb a larger percentage of small banks’ budgets than of their larger counterparts’ budgets. Although correlation is not...
  • Federal guidance on pot business leaves banks wary

    02/15/2014 1:48:31 PM PST · by steve86 · 18 replies
    Seattle PI / Associated Press ^ | 2/15/2014 | GENE JOHNSON
    SEATTLE (AP) — For marijuana dispensaries around the country, the days of doing business in cash — driving around with bill-stuffed envelopes to pay the rent, or showing up at a state revenue office with $20,000 in paper bags for the tax man — can't end soon enough.
  • The US Is Now Encouraging Banks To Do Business With Licensed Pot Dealers

    02/14/2014 7:44:37 PM PST · by SeekAndFind · 5 replies
    Reuters via Business Insider ^ | 02/14/2014 | DAVID INGRAM AND JASON LANGE, REUTERS
    The Obama administration on Friday issued new law-enforcement guidelines aimed at encouraging banks to start doing business with state-licensed marijuana suppliers, like those in Colorado, even though such enterprises remain illegal under federal law. Administration officials said the policy shift seeks to address problems faced by newly licensed recreational marijuana retailers in Colorado, and medical cannabis dispensaries in other states, that must operate on a cash-only basis, without access to financial services or credit. It remained to be seen whether many banks would feel sufficiently assured by the new policy, which the Justice and Treasury departments outlined in writing to...
  • Treasury Will Allow Banks to Take Weed Money

    02/14/2014 5:51:25 PM PST · by 2ndDivisionVet · 18 replies
    The Atlantic Wire ^ | February 14, 2014 | Allie Jones
    As promised, the Obama administration has now officially spoken on the matter of banks and pot dispensaries. According to a memo from the Justice Department, the Treasury will allow banks to accept accounts from marijuana shops. This announcement is meant to encourage banks to do business with legal state dealers, despite the fact that selling marijuana is still illegal under federal law. It's unclear whether banks will take this encouragement to heart. As Ryan J. Reilly at The Huffington Post explains, "The DOJ memo falls short of expressly protecting banks that work with state-compliant marijuana businesses from prosecution. It states...
  • 9 die in fire destroying Argentine bank archives

    02/05/2014 3:40:31 PM PST · by dynachrome · 40 replies
    Washington Post ^ | 2-25-14 | AP
    Nine first-responders were killed and seven others injured as they battled a fire of unknown origin that destroyed an archive of corporate and banking industry documents in Argentina’s capital on Wednesday. The fire at the Iron Mountain warehouse took hours to control and at least half of the sprawling building was ruined despite the efforts of at least 10 squads of firefighters.
  • Is Anyone Really Surprised That The System Is On The Brink Again?

    02/05/2014 5:32:42 AM PST · by blam · 27 replies
    Is Anyone Really Surprised That The System Is On The Brink Again? Phoenix Capital ResearchZero Hedge 02/04/2014 15:07 -0500 We find it truly extraordinary that anyone is surprised the financial system is under duress again. After all, what have the Central Banks accomplished in the last five years? 1) Did they clear out the bad debts that caused the 2008 collapse? NOPE 2) Did they implement structural reforms to insure another 2008 didn’t happen? NOPE 3) Did they punish fraud or corruption in any way to insure that the system was clean? NOPE So what did they do? They cut...
  • Celente Warns Of Coming Riots: “The Collapse Is Engulfing The World”

    01/31/2014 4:24:17 PM PST · by Kartographer · 78 replies
    SHTF Plan ^ | 1/31/14 | Mac Slavo
    Celente isn’t suggesting that a massive collapse is going to happen in the future. He says we’re already in it – and it’s taking hold right before our eyes across the entirety of the globe:
  • Why This Harvard Economist Is Pulling All His Money From Bank Of America

    01/31/2014 5:00:19 PM PST · by Kartographer · 65 replies
    Zerohedge ^ | 1/31/14 | Tyler Durden
    From Terry Burnham, former Harvard economics professor, author of “Mean Genes” and “Mean Markets and Lizard Brains,” provocative poster on this page and long-time critic of the Federal Reserve, argues that the Fed’s efforts to strengthen America’s banks have perversely weakened them. First posted in PBS. Is your money safe at the bank? An economist says ‘no’ and withdraws his Last week I had over $1,000,000 in a checking account at Bank of America. Next week, I will have $10,000.
  • European Banks Boycott Israeli Banks Because of 'Settlements'

    02/01/2014 6:57:41 PM PST · by Nachum · 18 replies
    inn ^ | 2/1/14 | Elad Benari
    Two of the largest banks in northern Europe have announced they will boycott Israeli banks because they operate in “occupied territories”, the Walla! Hebrew-language news website reported on Saturday. The two banks in question are the Swedish Nordea Bank, which is the largest bank in Scandinavia, and the Norwegian Danske Bank, which is the largest bank in Denmark. Danske Bank, which serves five ​​million customers in Denmark and Northern Europe , publishes on its website a list of companies which are boycotted for legal and ethical reasons. Two weeks ago the list was updated and, according to Walla!, for the...
  • Thanks to Government, Banks Now Treat You Like Crap and Spy on You

    01/29/2014 8:08:45 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | January 29, 2014 | Daniel J. Mitchell
    People are getting increasingly agitated about being spied on by government. The snoops at the National Security Agency have gotten the most attention, and those bureaucrats are in the challenging position of trying to justify massive invasions of our privacy when they can’t show any evidence that this voyeurism has stopped a single terrorist attack. And let’s not forget that some politicians and bureaucrats want to track our driving habits with GPS devices. Their immediate goal is taxing us (gee, what a surprise), but does anyone doubt that the next step would be a database of our movements? But the...
  • China Halts Bank Cash Transfers

    01/26/2014 2:56:28 PM PST · by Errant · 54 replies
    Forbes ^ | 26 January 2014 | Gordon G. Chang
    The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers. ---Clip--- In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency. The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers. A better explanation is that the country’s banking system is...
  • Bank Run Fears: Customers Being Forced to Provide Evidence For Why They Need Cash

    01/25/2014 4:29:20 PM PST · by Kartographer · 98 replies
    SHTF Plan ^ | 1/25/14 | Mac Slavo
    HSBC is imposing restrictions on large cash withdrawals raising a number of red flags. The BBC reports that some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it. HSBC admitted it has not informed customers of the change in policy, which was implemented in November for their own good: “We ask our customers about the purpose of large cash withdrawals when they are unusual… the reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime.” As one customer responded:...
  • Dimon Disses Bitcoin, and Bitcoiners Diss Back

    01/24/2014 7:42:26 AM PST · by Errant · 21 replies
    The Wall Street Journal ^ | 24 January 2014 | Paul Vigna
    Jamie Dimon isn’t very impressed by bitcoin. Bitcoiners, in turn, don’t appear terribly impressed by Jamie Dimon. The virtual currency, which a year ago at this time was known only by a small band of enthusiastic libertarians, techies, and alleged drug traffickers, has gotten so much larger in the intervening time that it gets talked about at the big Capitalismpalooza called the World Economic Forum at Davos. That in itself is interesting. But J.P. Morgan'sJPM -1.35% Jamie Dimon and U.S. Treasury Secretary Jacob Lew were both asked their opinions and both talked it down, and both harped on its use...
  • German Gold Manipulation Blowback Escalates: Deutsche Bank Exits Gold Price Fixing

    01/17/2014 8:04:49 AM PST · by Errant · 33 replies
    Zero Hedge ^ | 17 January, 2014 | Tyler Durden
    Germany's blowback against gold manipulation is accelerating. Following yesterday's report that Bafin took a hard line against precious metals manipulation, after its president Eike Koenig said possible manipulation of precious metals "is worse than the Libor-rigging scandal", today the response has trickled down to Germany and Europe's largest bank, Deutsche Bank, which announced that it would withdraw from the appropriately named gold and silver price "fixing", as European regulators investigate suspected manipulation of precious metals prices by banks. As a reminder, Deutsche is one of five banks involved in the twice-daily gold fix for global price setting and said it...
  • Wells Fargo, America's Largest Bank By Market Cap, Pushing To Offer Bitcoin Services

    01/15/2014 7:15:24 AM PST · by Errant · 11 replies
    Zero Hedge ^ | 14 January, 2014 | Tyler Durden
    Earlier we pointed out that mortgage origination at Wells Fargo - the bank's bread and butter - is crashing at an unprecedented pace, and as per the conference call, Q1 isn't looking any better. Naturally, it stood to reason that the bank would seek alternative business and product lines to supplant the declining revenue it used to generate when it would originate some $100 billion in mortgages every quarter, now half that number. However, not even in our wildest dreams did we predict just what this "alternative" product would be. Because, as the FT reports, Wells Fargo, the largest US...
  • Big U.S. custody banks mining Big Data need more engineers

    01/06/2014 11:56:38 PM PST · by 2ndDivisionVet · 4 replies
    Reuters ^ | December 10, 2013 | Tim McLaughlin
    The world's two largest custody banks, BNY Mellon Corp and State Street Corp, are loading up on engineers to crunch mountains of data into juicy chunks of information that they can use to win more customers and generate more fees. The shift in hiring strategy comes as the cost of computing power, data storage and bandwidth plunges, giving the U.S. banks more opportunities to capitalize on information about customers that include the world's largest hedge, mutual and pension funds. "At State Street this year, we've hired more engineers than MBAs," said John Klinck, the bank's head of global strategy and...
  • Washington & Wall Street: Too Big to Fail and the Detroit Bankruptcy

    12/30/2013 2:49:03 PM PST · by george76 · 9 replies
    Breitbart ^ | 27 Dec 2013 | Christopher Whalen
    the bogey man known as “systemic risk” to gain advantage over the other creditors . ... In order for the OTC casino to work, the derivatives contracts had to be given special priority in bankruptcy. Speculative derivative instruments such as credit default swaps (CDS), which caused the failure and government bailout of American International Group, could never exist in significant size were in not for the safe harbor from bankruptcy for derivatives created by Congress in the 1980s and 1990s. Members of Congress from both parties were paid very well for their treachery. ... The intellectual author of the “systemic...
  • Target holiday cyber breach hits 40 million payment cards

    12/18/2013 7:38:18 PM PST · by afraidfortherepublic · 35 replies
    Payment card data was stolen from an unknown number of Target Corp customers starting on the busy Black Friday weekend in a major breach at the U.S. retailer, according to a person familiar with the matter. The Secret Service is investigating, according to a spokesman for the agency, which safeguards the nation's payment systems. Target officials did not respond to requests for comment. Investigators believe the data was obtained via software installed on machines that customers use to swipe magnetic strips on their cards when paying for merchandise at Target stores, according to the person who was not authorized to...
  • Too Big To Fail Banks Are Taking Over As Number Of U.S. Banks Falls To All-Time Record Low

    12/07/2013 10:37:20 AM PST · by SeekAndFind · 21 replies
    TEC ^ | 12/06/2013 | Michael Snyder
    <p>The too big to fail banks have a larger share of the U.S. banking industry than they have ever had before. So if having banks that were too big to fail was a "problem" back in 2008, what is it today? As you will read about below, the total number of banks in the United States has fallen to a brand new all-time record low and that means that the health of the too big to fail banks is now more critical to our economy than ever. In 1985, there were more than 18,000 banks in the United States. Today, there are only 6,891 left, and that number continues to drop every single year. That means that more than 10,000 U.S. banks have gone out of existence since 1985. Meanwhile, the too big to fail banks just keep on getting even bigger. In fact, the six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years. If even one of those banks collapses, it would be absolutely crippling to the U.S. economy. If several of them were to collapse at the same time, it could potentially plunge us into an economic depression unlike anything that this nation has ever seen before.</p>
  • Bitcoin Mania Bubble Bursts, China Triggers Price Crash Start, ...

    12/05/2013 8:17:24 AM PST · by Errant · 66 replies
    Market Oracle, UK ^ | 5 December, 2013 | Nadeem Walayat
    The bitcoin bubble appears to have burst as a stepped series of price crashes are underway with the price currently standing at 1074 down form 1240 barely a day earlier. A clue to its future direction can be discerned from the unfolding technical price patterns, that just as I wrote wrote in the run up to the peak of the Bitcoin bubble with the price converging on USD 1250 that the market was primed to crash and all it was waiting for was any even marginally negative news to act as trigger for increasing waves of market panics as GREED...
  • Noam Chomsky: America hates its poor

    12/02/2013 11:47:57 PM PST · by 2ndDivisionVet · 44 replies
    Salon ^ | December 1, 2013 | Chris Steele
    An article that recently came out in Rolling Stone, titled “Gangster Bankers: Too Big to Jail,” by Matt Taibbi, asserts that the government is afraid to prosecute powerful bankers, such as those running HSBC. Taibbi says that there’s “an arrestable class and an unarrestable class.” What is your view on the current state of class war in the U.S.? Well, there’s always a class war going on. The United States, to an unusual extent, is a business-run society, more so than others. The business classes are very class-conscious—they’re constantly fighting a bitter class war to improve their power and diminish...
  • Hands Off: Will the Feds Keep You From Your Money in Another Crisis?

    12/01/2013 7:34:16 AM PST · by Kaslin · 86 replies
    Townhall.com ^ | December 1, 2013 | Austin Hill
    Are U.S. federal government policy makers planning for an economic meltdown? Fiscal and financial news isn’t a particularly sexy topic for broad audiences, even under normal circumstances. And over the Thanksgiving national holiday weekend, about the only news people care to consume are football scores. But as we enjoyed turkey dinners, shopping, and hopefully some quality time with friends and family – and even in the recent days leading up to the holiday weekend – some major policy ideas and changes have emerged that could keep you away from your personal finances in the face of another meltdown. Americans...
  • US banks warn Fed interest cut could force them to charge depositors

    11/25/2013 3:35:11 AM PST · by markomalley · 28 replies
    Financial Times ^ | 11/25/2013 | Tom Braithwaite, Stephen Foley and Robin Harding
    Leading US banks have warned that they could start charging companies and consumers for deposits if the US Federal Reserve cuts the interest it pays on bank reserves. Depositors already have to cope with near-zero interest rates, but paying just to leave money in the bank would be highly unusual and unwelcome for companies and households. The warning by bank executives highlights the dangers of one strategy the Fed could use to offset an eventual “tapering” of the $85bn a month in asset purchases that have fuelled global financial markets for the last year.
  • Banks Warn Fed They May Have To Start Charging Depositors

    11/24/2013 8:57:51 PM PST · by blam · 17 replies
    Zero Hedge ^ | 11-24-2013 | Tyler Durden
    Banks Warn Fed They May Have To Start Charging Depositors Tyler Durden 11/24/2013 15:24 -0500 The Fed's Catch 22 just got catchier. While most attention in the recently released FOMC minutes fell on the return of the taper as a possibility even as soon as December (making the November payrolls report the most important ever, ever, until the next one at least), a less discussed issue was the Fed's comment that it would consider lowering the Interest on Excess Reserves to zero as a means to offset the implied tightening that would result from the reduction in the monthly flow...
  • Chase Isn't the Only Bank in Trouble

    11/11/2013 8:46:59 AM PST · by Renfield · 10 replies
    Rolling Stone ^ | 11-5-2013 | Matt Taibbi
    I've been away for weeks now on a non-financial assignment (we have something unusual coming out in Rolling Stone in a few weeks) so I've fallen behind on some crazy developments on Wall Street. There are multiple scandals blowing up right now, including a whole set of ominous legal cases that could result in punishments so extreme that they might significantly alter the long-term future of the financial services sector. As one friend of mine put it, "Whatever those morons put aside for settlements, they'd better double it." Firstly, there's a huge mess involving possible manipulation of the world currency...
  • U.S. System Dependent on Crime and Fraud -Catherine Austin Fitts

    10/28/2013 9:46:36 AM PDT · by Errant · 10 replies
    USA Watchdog ^ | 27 October 2013 | Greg Hunter
    Former Assistant Housing Secretary Catherine Austin Fitts says all U.S. citizens are partly responsible for banker fraud. Fitts, also a top Wall Street Banker, says, “What popular opinion has said again and again and again is it wants the dirty money. . . . It wants the U.S. to play this geopolitical top dog game to the extent it provides subsidy to them. We can’t have our cake and eat it too. . . . If we have a model that is dependent on crime and fraud . . . we have to change the model.” Fitts calls what we...
  • Jamie Dimon’s $13B sin — bashing Obamanomics

    10/21/2013 3:47:24 AM PDT · by afraidfortherepublic · 11 replies
    The New York Post ^ | 10-21-13 | Charles Gasparino
    The folks in the Obama administration may be unable to run a health-care Web site, but they’re brutally determined and efficient when it comes to squashing those who oppose their policies — as Jamie Dimon is finding out. Today the JP Morgan chief executive could be putting the final touches on a deal with the Obama Justice Department that would make Don Corleone proud. For various alleged financial “crimes” involving the sale of fraudulent mortgages, the nation’s largest bank is slated to fork over $13 billion, admit some culpability and prepare for a barrage of lawsuits from Wall Street ambulance...
  • RMBS: Fannie Risk-Sharing Notes Trade Tighter As Wells Fargo Cuts More Home Loan Jobs

    10/17/2013 9:57:17 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 10/17/2013 | Anthony B. Sanders
    Fannie Mae Risk-sharing Notes are trading tighter, according to analysts at Credit Suisse. Mid-market spreads for Fannie Mae risk-sharing CAS securities tighter than pricing levels on Oct. 15, Credit Suisse analysts say in report today. • M1 at +167bps vs. +200 • M2 at +482bps vs. +525 • Both had priced “significantly tighter than initial guidance” • CS, BofAML were joint leads • Freddie Mac STACR indicative levels at +210, +535, CS says • Priced at +340, +715 in July • NOTE: ~75 investors participated in $675m Fannie deal, ~50 in $500m Freddie deal, meaning typically only small blocks trade,...
  • MORE Free Money! Half Of Bank-Foreclosed Properties Still Occupied By Prior Owners!

    10/03/2013 8:33:47 AM PDT · by whitedog57 · 15 replies
    Confounded Interest ^ | 10/-03/2013 | Anthony B. Sanders
    As I discussed yesterday, Obamacare subsidies are available in Virginia to households making 400% of poverty line and twice the Virginia median household income. So, households making above $120,000 per year bear the subsidies for those earning under $120,000. Now we find out from RealtyTrac that half of bank-foreclosed properties are STILL occupied by prior owners! That means FREE RENT FOR DEFAULTERS!!!!!!! We already know that 43% of Americans pay no Federal income taxes. And the number of people on food stamps continues to explode. So, its FREE MONEY FOR EVERYONE!!!! At least for people making less than $120,000 a...
  • Government shutdown: Wall Street angry at tea party it has no influence over

    10/02/2013 1:32:32 PM PDT · by Tailgunner Joe · 30 replies
    politico.com ^ | October 02, 2013 | MJ LEE
    Wall Street is clear about who’s to blame for the government shutdown and a looming debt default: tea party Republicans. What’s less clear is what Wall Street can do about it. The reality is that deep-pocketed financial services executives and their lobbyists have little leverage against tea party lawmakers who don’t much care for financiers or big banks and don’t rely heavily on the industry for campaign cash. “Those are the ones who are most problematic for Boehner,” one D.C.-based lobbyist who represents financial services clients said of tea party lawmakers. “I don’t think there’s any way for Wall Street...
  • All About Banks

    09/21/2013 9:20:55 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | September 21, 2013 | Charles Payne
    I've always said that to get the market's real reaction to actions or inaction of the Federal Reserve you have to wait for the next day, not the two hours after the news. That being the case, yesterday's session suggests Wall Street still doesn't know what to make of the decision to keep buying assets as a form of accommodation ... the question is to whom is the Fed accommodating? Main Street isn't benefiting from the Fed: > Jobs are scares, and the ones that exist are low-paying or part time or (mostly) both > Wages are decreasing rapidly >...
  • Dodd-Frank Spies on You, Too

    09/16/2013 3:56:50 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | September 16, 2013 | Michael Schaus
    Say hello to Big Brother. . . Again. As if the information collected through the NSA, IRS, and FBI weren’t enough, the newly formed Consumer Financial Protection Bureau (does that Orwellian named entity not give you the full body shivers?) has decided that government does not have a stranglehold on the spending habits of enough Americans. As a result, the Bureau, which was created as part of Dodd-Frank, is planning on monitoring up to 80 percent of all debit and credit card purchases – roughly 42 billion transactions. (Ironically, the agency has not released how much this data mining program...
  • Secret Swiss Bank Accounts Have Cover Blown

    09/05/2013 7:19:55 AM PDT · by William Tell 2 · 11 replies
    MainStreet.com ^ | 9-5-13 | Michael P. Tremoglie
    NEW YORK (MainStreet) — The Department of Justice (DOJ) announced August 29 that it will "encourage" Swiss banks to cooperate with its tax evasion investigations. Part of the encouragement comes in the form of a joint statement with the Swiss Federal Department of Finance, stating the mountain nation - known for its clocks, neutrality and the tendency of its banks not to ask too many questions about depositor's money - will cooperate with DOJ. Banks that aided tax evaders - and are currently...
  • The Problem At Hand Which Must Be Understood

    09/04/2013 8:22:31 AM PDT · by Errant · 12 replies
    Jim Sinclair's Mineset ^ | 3 September, 2013 | Jim Sinclair
    Tomorrow I meet with investors making an effort to protect themselves from the inevitable that this video, the first of its kind, outlines very well. Seeing this video is a must for those that recognize that I know beforehand the major events that will shape our lives going into 2020. This is the first imperative that I have sent you that is a must see. The solution offered here is different from the GOTS strategy I discuss at our meeting, and is not the solution for the individual at any level of wealth. What is perfectly outlined is the problem...
  • AG Holder Subpoenas Mortgage Documents For Years Before Crisis (Here Is What He Will Find)

    08/29/2013 3:32:27 PM PDT · by whitedog57 · 8 replies
    Confounded Interest ^ | 08/29/2013 | Anthony B. Sanders
    The U.S. Justice Department has subpoenaed documents from what was Wall Street’s largest mortgage due-diligence firm as it ratchets up an investigation into bank actions in the years before the financial crisis. The Justice Department delivered a subpoena to Clayton Holdings LLC last month for an extensive number of documents related to the firm’s work on residential mortgage-backed securities deals. Information sought includes due diligence reports, internal communications related to reviews of pools of loans and correspondence with clients, according to a copy of the subpoena filed as an exhibit in federal court. Let’s take the case of the FHA....
  • Banking Scandals as a Mirror to the Struggle for World Domination (I)

    08/19/2013 5:55:11 AM PDT · by Renfield · 2 replies
    Strategic Culture Foundation ^ | 8-13-2013 | Valentin KATASONOV
    Despite some stabilisation in the financial markets by the time the first wave of the crisis had come to an end (2007-2009), global banks are still not leading a quiet life. Since the beginning of the current decade, we have seen a continuous series of scandals surrounding the banks that make up the core of the global financial system. Violations and even crimes committed by banks at different times are being uncovered, financial regulators are carrying out official investigations into the activities of banks and there have also been legal proceedings. Banks are being forced to pay out enormous amounts...
  • Posted August 17, 2013 Fake Bank Scam Targets Those Rebuilding Credit

    08/18/2013 4:33:24 AM PDT · by William Tell 2 · 1 replies
    Main Street.com ^ | 8-17-13 | Philip van Doom
    NEW YORK (TheStreet) -- A scam being operated through an imaginary bank is being used to steal money from consumers seeking to rebuild their credit ratings by signing up for secured credit cards....
  • Man who created own credit card sues bank for not sticking to terms (Stupid Bank Story)

    08/09/2013 6:47:22 AM PDT · by Innovative · 91 replies
    UK Telegraph ^ | August 8, 2013 | Andrew Trotman
    When Dmitry Argarkov was sent a letter offering him a credit card, he found the rates not to his liking. But he didn't throw the contract away or shred it. Instead, the 42-year-old from Voronezh, Russia, scanned it into his computer, altered the terms and sent it back to Tinkoff Credit Systems. Mr Argarkov's version of the contract contained a 0pc interest rate, no fees and no credit limit. Every time the bank failed to comply with the rules, he would fine them 3m rubles (£58,716). If Tinkoff tried to cancel the contract, it would have to pay him 6m...
  • 'Havoc' as HSBC prepares to close diplomatic accounts

    08/04/2013 4:43:35 PM PDT · by Whenifhow · 18 replies
    http://www.bbc.co.uk ^ | August 4, 2012 | Staff
    HSBC bank has reportedly asked more than 40 diplomatic missions to close their accounts as part of a programme to reduce business risks. The Vatican's ambassadorial office in Britain, the Apostolic Nunciature, is among those said to be affected. The head of the UK's Consular Corps told the Mail on Sunday the decision has created "havoc". The Foreign Office has been in touch with HSBC, stepping in to help diplomats open other bank accounts. HSBC said embassies were subject to the same assessments as its other business customers. They need to satisfy five criteria - international connectivity, economic development, profitability,...
  • Blackrock To Sell Rent-backed Securities (RnBS) - Will The Fed Buy These Too?

    07/30/2013 4:55:23 PM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 07/30/2013 | Anthony B. Sanders
    The Fed’s Zero Interest Rate Policy (ZIRP) have favored commercial real estate more than housing. Here is a chart of Moody’s/RCA composite commercial real indices (office in white, apartments in yellow and the composite commercial index in green). Commercial property values bottomed out at the end of 2009 and beginning of 2010, depending on the property type. rca073013 Now, if I overlay the S&P Case-Shiller 20 metro index (purple) on the commercial indices, you can see the lackluster recovery of housing (until March 2012) compared to the commercial recovery. crecs Here is a chart of the Moody’s/RCA composite commercial real...