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Keyword: toobigtofail

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  • EU explores account freezes to prevent runs at failing banks

    07/29/2017 8:45:08 AM PDT · by george76 · 10 replies
    Reuters ^ | JULY 28, 2017 | Francesco Guarascio
    European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs ... The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumors of a bank being in trouble. The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender. It also come...
  • Stocks drop after Trump says he's actively considering breaking up big banks

    05/01/2017 9:59:01 AM PDT · by gwjack · 77 replies
    CNBC.com ^ | 5/1/2017 | CNBC Staff
    Stocks drop after Trump says he's actively considering breaking up big banks Headline only at this time.
  • Taxpayers are still bailing out Wall Street, eight years later

    11/11/2016 8:23:35 PM PST · by Lorianne · 22 replies
    Washington Post ^ | 07 November 2016 | Renae Merle
    Eight-years after taxpayers rescued the U.S. financial system, some of the country's largest banks, including JPMorgan Chase and Wells Fargo, continue to receive billions in bailout money, according to government data. Wells Fargo is eligible for up to $1.5 billion in bailout funds over the next seven years. JPMorgan and Bank of America could receive $1.1 billion and $964 million respectively. The continuous flow of funds is a remnant of the $700 billion bailout effort, known as the Troubled Asset Relief Program or TARP, put in place during the financial crisis. Some of that money, about $28 billion, was carved...
  • [ From January 31, 2016] Why Are These 8 Banks too Bi to Fail?

    Some banks are too big to fail, whether we like it or not. We learned this in the Great Depression, when bank failures transformed an otherwise ordinary recession into a decade-long economic cataclysm that didn't end until World War II. http://www.fool.com/investing/general/2016/01/31/these-8-banks-are-too-big-to-fail.aspx
  • What is a "Globalist"

    10/15/2016 11:32:47 AM PDT · by Yollopoliuhqui · 31 replies
    IsraPundit ^ | 10/15/2016 | Ted Belman
    The terms "Globalist" and "Globalism" defined.
  • HSBC avoided US money laundering charges because of 'market risk' fears

    07/12/2016 5:46:32 AM PDT · by RummyChick · 25 replies
    bbc ^ | 7/12 | bbc
    US officials refused to prosecute HSBC for money laundering in 2012 because of concerns within the Department of Justice that it would cause a "global financial disaster", a report says. A US Congressional report revealed UK officials, including Chancellor George Osborne, added to pressure by warning the US it could lead to market turmoil. The report alleges the UK "hampered" the probe and "influenced" the outcome. HSBC was accused of letting drug cartels use US banks to launder funds.
  • Deutsche Bank to close almost 200 branches

    07/18/2016 5:50:13 PM PDT · by Olog-hai · 9 replies
    TheLocal.de ^ | 18 Jul 2016 09:04 GMT+02:00 | (DPA/The Local)
    Germany’s largest lender is set to shut over a quarter of its branches across the country as the company goes through a major restructuring process. The closures are set to take place over the next few months, with 188 of Deutsche Bank’s 723 branches nationwide due to close their doors. […] After recording colossal losses of around €7 billion in 2015, the Frankfurt lender is desperately seeking ways to cut costs. […] The bank said it hopes to redirect funds to digital banking, in which it hopes to invest €750 million by 2020. …
  • 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 bank’s 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...
  • Brexit Chaos to Serve as Cover for ECB Bank Bailouts

    06/17/2016 10:04:01 AM PDT · by Lorianne · 4 replies
    Wolf Street ^ | 14 June 2016 | Don Quijones
    Over the course of the last few months, Brexit has become one of the biggest catch-all preemptive scapegoats of recorded human history. Even far beyond the old continent’s porous borders, politicians, central bankers, and economists are warning their respective populations to brace for a serious aftershock if the people of Britain vote to leave the EU. This is is a remarkable feat given that the UK has its own perfectly functioning currency, and as such decoupling from the EU, while bumpy, should not pose an immediate financial threat either to the UK or the EU, let alone the world at...
  • Donald Trump won't bail out Puerto Rico

    05/09/2016 1:14:14 PM PDT · by Beautiful_Gracious_Skies · 94 replies
    CNN -Money ^ | May 7, 2016 | Heather Long
    Donald Trump says Puerto Rico has "far far too much debt," and the U.S. government shouldn't bail out the island....... Puerto Rico is in crisis mode. It has run up $70 billion in debt, a staggering amount for an island of under 3.5 million people..... "You have to cut the debt way down and get back to business," he said.
  • The Next Big Bailout? Treasury Rejects Proposal To Cut Pension Benefits

    05/08/2016 8:24:07 AM PDT · by Rusty0604 · 16 replies
    Zerohedge ^ | 05/07/2016 | Tyler Durden
    UPS, and roughly 270,000 retired truck drivers, construction workers, and other service workers can breathe a collective sigh of relief... for now. As we previously reported, the Central States Pension Fund had submitted a plan to Treasury that if approved would have cut member benefits, and triggered UPS to take an estimated $3.8 billion charge. As the WSJ reports, Kenneth Feinberg (who was appointed by the Treasury to review all such applications) rejected the plan presented by the CSPF. Feinberg cited a few reasons for his decision, one being that it imposed cuts in a disproportionate manner, another was that...
  • German report: Bailout has saved banks, not Greece

    05/07/2016 11:15:18 AM PDT · by Lorianne · 8 replies
    Ekathimerini ^ | 04 May 2016
    Some 95 percent of the 220 billion euros disbursed to Greece since the start of the financial crisis as loans from the bailout mechanism has been directed toward saving the European banks. That means about 210 billion euros was eventually channeled to the eurozone credit sector while just 5 percent ended up in state coffers, according to a study by the European School of Management and Technology (ESMT) in Berlin. “Europe and the International Monetary Fund have in previous years mainly saved the banks and other private creditors,” concluded the report, published yesterday in German newspaper Handelsblatt. ESMT director Jorg...
  • Fannie Mae posts $1.1B profit in 1Q; paying $919M dividend

    05/05/2016 5:50:04 AM PDT · by Olog-hai · 3 replies
    Associated Press ^ | May 5, 2016 8:14 AM EDT
    Mortgage giant Fannie Mae posted net income of $1.1 billion for the first quarter, down from a year ago as declining interest rates reduced the value of the financial instruments it uses to hedge against rate swings. […] Washington-based Fannie is paying a dividend of $919 million to the U.S. Treasury next month. Fannie will then have paid a total $148.5 billion in dividends, exceeding the $116 billion it received from taxpayers during the financial crisis. …
  • U.S. Government Is Now a Major Counterparty to Wall Street Derivatives

    04/24/2016 7:43:59 PM PDT · by Lorianne · 19 replies
    Wall Street on Parade ^ | 21 April 2016 | Pam Martens and Russ Martens
    According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayers’ tab....
  • US banks not prepared for another financial crisis, say federal regulators

    04/14/2016 6:42:10 PM PDT · by Lorianne · 10 replies
    Guardian UK ^ | 13 | Jana Kasperkevic
    Some of the US’s biggest banks still lack a proper plan for bankruptcy, in the event of another major financial crisis, US regulators said on Wednesday. In the wake of the great recession banks were required to come up with “living wills” to prove they had a credible plan for bankruptcy that would not require another bailout from the taxpayers. But after reviewing the plans of five institutions – JP Morgan Chase, Wells Fargo, Bank of America, Bank of New York Mellon and State Street Corp – the Federal Reserve and the Federal Deposit Insurance Corp (FDIC) have determined that...
  • Jamie Dimon Tells Us We Need to Leave Too Big to Fail Banks Alone

    04/10/2016 3:21:52 PM PDT · by Lorianne · 19 replies
    Naked Capitalism ^ | 07 April 2016 | Yves Smith
    Jamie Dimon likes to write grandiose letters to shareholders. Unfortunately, the financial media sees fit to treat them seriously. And his minders manage to save him from himself. Right after the crisis, DimonÂ’s annual missive contained an section praising the heroics of his staff, comparing them at length to the soldiers at Iowa Jima. Dimon was persuaded to get rid of that bit only because his outside PR firm threatened to quit. This yearÂ’s letter, as recapped by the Financial Times, is every bit as exaggerated, although less obviously so to the outsider. The theme this year is why too...
  • Job totals trail pre-recession levels in 10 US states

    03/25/2016 9:22:44 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Mar. 25, 2016 12:18 PM EDT | Christopher S. Rugaber
    Ten U.S. states still have not regained all the jobs they lost in the Great Recession, even after six and a half years of recovery, while many more have seen only modest gains. […] Wyoming had 3 percent fewer jobs last month than it did in December 2007, when the recession began, the Labor Department said Friday. That is the biggest percentage decline among the states. Alabama's job total trails its pre-recession level by 2.7 percent, followed by New Mexico, where job totals are 2.6 percent lower. Some larger states are also still behind. New Jersey has nearly 1 percent...
  • Germany ends audits against Deutsche Bank over price fixing

    02/27/2016 5:49:13 AM PST · by Olog-hai · 2 replies
    Deutsche Welle ^ | 25.02.2016 | [mg/jr (Reuters, dpa)]
    Germany's financial regulator has said it won't take further action against the country's largest bank over alleged interest rate rigging and precious metals price fixing. The moves takes the spotlight off a former boss. The watchdog, known as Bafin, announced on Thursday it had ended several major special audits against Deutsche Bank. [...] Deutsche Bank paid $2.5 billion (2.26 billion euros) in fines in April last year after investigations on manipulating interest rates. The bank was also probed for its role in rigging prices of gold, silver, platinum and palladium. It also recorded a multibillion-euro loss for 2015. Bafin officials...
  • Big banks brace for oil loans to implode

    02/24/2016 6:13:37 PM PST · by Lorianne · 17 replies
    CNN ^ | 18 February 2016 | Matt Egan
    Big banks are cringing as crude oil is crumbling. Firms on Wall Street helped bankroll America's energy boom, financing very expensive drilling projects that ended up flooding the world with oil. Now that the oil glut has caused prices to crash below $30 a barrel, turmoil is rippling through the energy industry and souring many of those loans. Dozens of oil companies have gone bankrupt and the ones that haven't are feeling enough financial stress to slash spending and cut tens of thousands of jobs. Three of America's biggest banks warned last week that oil prices will continue to create...
  • J.P. Morgan’s exposure to oil, gas debt has Wall Street jittery

    02/24/2016 6:09:07 PM PST · by Lorianne · 4 replies
    Market Watch ^ | 23 February 2016 | Mark DeCambre
    J.P. Morgan Chase CEO Jamie Dimon is focused on building a so-called fortress balance sheet at his behemoth bank. To that end, he said the bank JPM, +0.04% has added around $500 million to its reserves against loans losses in the oil-and-gas sector in the first quarter of 2016. The move comes as crude-oil prices have fallen about 12% so far this year and have plunged 34% over the past 12 months, putting the finances of energy companies under pressure. Offering details about its balance sheet at an event for investors in New York on Tuesday, the sprawling bank said...