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87%  
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Keyword: banks

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  • 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 · 39 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
    Townhall.com ^ | 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 ďCash TaxĒ

    05/11/2016 1:35:23 PM PDT · by Lorianne · 21 replies
    Wolf Street ^ | 10 May 2016 | Brian Hunt
    ďNegative interest ratesĒ have become a phenomenon with economists and the media. But Iím writing to tell you something about negative interest rates you havenít heard. You certainly wonít hear about it in the mainstream press. Whatís coming at you is a historic event. Itís 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 whatís 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 ó but look who else†pays

    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, youíd think big banks have never stopped ripping off the poor, downtrodden consumer and are laughing all the way to their own bank vaults at Americansí 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, donít 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 ó in which lenders have to pay to lend money or to invest ó 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. Josť ViŮals, the chief financial counselor and director of monetary and capital markets for the IMF, argued for negative interest rates in a research paper, stating, ďAlthough 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 ó 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. ďThese attacks were relentless, they were systematic, and they were widespread,Ē 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 worldís 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 worldís 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 Departmentís 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 ‚ÄėBillions‚Äô in Loans to Big Banks (Feb 1 article)

    02/12/2016 8:27:07 PM PST · by TBP · 175 replies
    PJ Media ^ | FEBRUARY 1, 2016 | MICHAEL VAN DER GALIEN
    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 ‚Äúhundreds of millions or even billions‚ÄĚ...
  • 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 CharlesOrtel.com. 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‚Äôt Break Up the Banks. They‚Äôre Not Our Real Problem.

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

    02/09/2016 4:33:25 PM PST · by SkyPilot · 14 replies
    Zero Hedge ^ | 9 Feb 16 | Tyler Durden
    "I Don't Trust Deutsche Bank" David Stockman Unleashes Truth Bomb: "When The Crunch Comes, Bank CEOs Lie" Following this morning's proclamation by Deutsche Bank co-CEO John Cryan that Germany's largest bank is "rock solid," David Stockman exposed the ugly truth that everyone appears to have forgotten from just 7 years ago... "in my experience is that when the crunch comes, bank CEOs lie" Stockman details the Morgan Stanley, BofA, Lehman, and Bear Stearns bullshit that occurred before exclaiming... "I don't trust Deutsche Bank. I don't trust what they're saying. And there's reason why the banks are being sold all across...
  • U.S. bank stocks and bonds clobbered by recession worry

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

    02/08/2016 6:01:55 PM PST · by SkyPilot · 111 replies
    Economic Collapse ^ | 8 Feb 16 | Michael Snyder
    There is so much chaos going on that I don't even know where to start. For a very long time I have been warning my readers that a major banking collapse was coming to Europe, and now it is finally unfolding. Let's start with Deutsche Bank. The stock of the most important bank in the "strongest economy in Europe" plunged another 8 percent on Monday, and it is now hovering just above the all-time record low that was set during the last financial crisis. Overall, the stock price is now down a staggering 36 percent since 2016 began, and...
  • Here It Comes: Title Insurance Problems

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    10/27/2015 9:17:53 AM PDT · by Titus-Maximus · 12 replies
    International Business Times ^ | 10/26/2015 | David Sirota
    Only weeks after the White House made headlines with a directive urging prosecutors to get tougher on corporate crime, the Obama administration has moved to protect a convicted financial firm from punishment. The bank, Credit Suisse, has donated hundreds of thousands of dollars to President Barack Obamaís political campaigns. It also employs the Podesta Group, a lobbying firm with family connections to the Obama administration and Hillary Clintonís 2016 campaign. In 2014, Credit Suisse pleaded guilty to criminal charges for operating ďan 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 ó 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 Ė known as Dridex Ė 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 Congressís 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 Congressís 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 Iranís 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...