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Keyword: treasury

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  • Here Is Who Donald Trump Wants for Treasury Secretary

    07/20/2016 11:36:36 AM PDT · by Maceman · 20 replies
    Fortune ^ | JULY 19, 2016 | Dan Primack
    Believe it or not, the job may go to a former Clinton donor if Trump is elected. Donald Trump has told prospective donors that, if elected president, he plans to nominate former Goldman Sachs banker Steve Mnuchin for U.S. Treasury Secretary. That’s according to Anthony Scaramucci, a high-profile hedge fund manager and Trump fundraiser. Mnuchin, who is a former donor to Hillary Clinton, spent 17 years with Goldman Sachs, where his father also had been a prominent executive. He later worked with investment groups affiliated with George Soros, including as chairman of controversial mortgage lender OneWest Bank Group (which would...
  • Republican ex-Treasury chief Paulson slams Trump, to vote for Clinton

    06/25/2016 7:28:18 AM PDT · by Olog-hai · 90 replies
    Reuters ^ | Fri Jun 24, 2016 8:37pm EDT | Eric Beech
    Henry Paulson, a Republican who was U.S. Treasury secretary during the 2008 financial meltdown, on Friday called a Donald Trump presidency “unthinkable” and said he will vote for Democrat Hillary Clinton. Paulson joins a growing list of establishment Republicans who say they will not cast a ballot in the Nov. 8 election for Trump, the party’s presumptive nominee and a political neophyte whose populist rhetoric runs counter to many long-held Republican principles. […] “I’ll be voting for Hillary Clinton, with the hope that she can bring Americans together to do the things necessary to strengthen our economy, our environment and...
  • 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...
  • Treasury rejects plan to slash Teamsters pension benefits

    05/06/2016 7:34:51 PM PDT · by Olog-hai · 16 replies
    Associated Press ^ | May 6, 2016 6:01 PM EDT | Martin Crutsinger
    The Treasury Department on Friday rejected an effort by the Teamsters Central States Pension Plan to cut benefits for 270,000 retired workers starting in July. Treasury Secretary Jacob Lew said in a letter to members of Congress that while the decision blocks the pending pension cuts, it does not resolve the issue because the pension plan remains severely underfunded and is projected to become insolvent within the next 10 years. …
  • Harriet Tubman to appear on $20 bill (in 2030)

    04/20/2016 7:55:02 PM PDT · by MinorityRepublican · 83 replies
    Hot Air ^ | April 20, 2016 | JOHN SEXTON
    Treasury Secretary Jack Lew will make an announcement today about several changes to U.S. currency. Contrary to a suggestion last year, Alexander Hamilton will apparently be staying on the $10 bill but women’s rights leaders will be added to the back of the bill. The big change will be to the $20 bill according to Politico: Treasury will also announce that it plans to replace former President Andrew Jackson on the $20 bill with Harriet Tubman, the sources said. There will also be changes to the $5 bill to depict civil rights era leaders. The Treasury Department announced last June...
  • Harriet Tubman is the next face of the $20 bill; $5 and $10 bills will also change

    04/20/2016 7:29:55 PM PDT · by Cheerio · 69 replies
    LAT ^ | April 20, 2016 | Samantha Masunaga
    arriet Tubman will replace President Andrew Jackson as the face of the $20 bill, and Jackson will be moved to the back of the bill alongside an image of the White House, Treasury Secretary Jacob J. Lew said Wednesday. Alexander Hamilton, the nation’s first Treasury secretary, will remain on the front of the $10 bill, but the back of that bill, which currently bears an image of the Treasury building, will feature leaders of the suffrage movement. The reverse of the $5 bill will be overhauled to include opera singer Marian Anderson, First Lady Eleanor Roosevelt and civil rights leader...
  • Treasury Dept. Announces Big Changes to $10, $5 Bills Following Tubman News

    04/20/2016 1:39:10 PM PDT · by markomalley · 42 replies
    Mediaite ^ | 4/20/16 | Josh Feldman
    The Treasury Department made it official this afternoon: Harriet Tubman is replacing Andrew Jackson on the front of the $20, and there are other bills getting big changes too.Treasury Secretary Jacob Lew announced today that in addition to Tubman, the $10 and $5 bills are getting makeovers. And don’t worry, Alexander Hamilton isn’t going anywhere.But the back will be changed to this: The new $10 will honor the story and the heroes of the women’s suffrage movement against the backdrop of the Treasury building… The new $10 design will depict that historic march and honor Lucretia Mott, Sojourner Truth, Susan...
  • Martin Luther King to go on $5 bill

    04/20/2016 2:18:50 PM PDT · by markomalley · 144 replies
    Washington Examiner ^ | 4/20/16 | Joseph Lawler
    Abraham Lincoln will not be the only person depicted on the $5 bill much longer. The Treasury Department announced Wednesday that it will overhaul the design of the $5 note, a move overshadowed by its decision to revamp the back of the $10 bill to include women and to feature Harriet Tubman on the front of the $20. Civil rights icon Martin Luther King Jr., famed opera singer Marian Anderson and first lady Eleanor Roosevelt will be depicted on the back of the updated $5 bill.All three will be portrayed in historical moments in front of the Lincoln Memorial, which...
  • Official: Treasury Removes Andrew Jackson From $20 Bill, Will Replace Him With Harriet Tubman

    04/20/2016 11:49:32 AM PDT · by SeekAndFind · 130 replies
    Zero Hedge ^ | 04/20/2016 | Tyler Durden
    Presenting an artist's impression of what your new $20 bill will soon look like. It's official.Moments ago Politico reported that the U.S. Treasury will announce that it plans to replace former President Andrew Jackson on the $20 bill with Harriet Tubman, the sources said. There will also be changes to the $5 bill to depict civil rights era leaders.Not every dead president is being scraped however: treasury Secretary Jack Lew on Wednesday will announce a decision to keep Alexander Hamilton on the front of the $10 bill and put leaders of the movement to give women the right to vote...
  • Harriet Tubman will replace Andrew Jackson on the $20 bill

    04/20/2016 9:22:20 AM PDT · by ChicagoConservative27 · 211 replies
    Harriet Tubman is going to replace former President Andrew Jackson on the $20 bill, according to a report. Treasury Secretary Jack Lew is expected to make the announcement on Wednesday, according to Politico. Sources told the site that he has also decided to keep Alexander Hamilton on the front of the $10 bill.
  • Jack Lew nears decision to keep Hamilton on front of $10 bill, put a woman on the $20

    04/16/2016 9:02:05 PM PDT · by PROCON · 106 replies
    CNN ^ | April 16, 2016 | Kevin Liptak and Antoine Sanfuentes
    Treasury Secretary Jack Lew is expected to announce this week that Alexander Hamilton's face will remain on the front of the $10 bill and a woman will replace Andrew Jackson on the face of the $20 bill, a senior government source told CNN on Saturday. Lew announced last summer that he was considering redesigning the $10 bill to include the portrait of a woman. The decision to make the historic change at the expense of Hamilton drew angry rebukes from fans of the former Treasury Secretary. The pro-Hamilton movement gained steam after the smash success of the hip-hop Broadway musical...
  • U.S. Govt. Banking Program Facilitates Remittances to Mexico

    04/06/2016 3:08:25 PM PDT · by markomalley · 14 replies
    Amid the discord ignited by Donald Trump’s idea to block money transfers to Mexico until it funds a wall it’s important to note that a U.S. government program is largely responsible for the billions in remittances flowing south of the border from illegal immigrants. The program is called “Directo a Mexico” (Direct to Mexico) and the Federal Reserve, the government agency that serves as the nation’s central bank, launched it nearly a decade ago. Judicial Watch investigated the outrageous taxpayer-subsidized initiative and obtained government records back in 2006. It was created by President George W. Bush following the 2001 U.S.-Mexico...
  • Why Larry Summers wants to kill the $100 bill

    02/17/2016 9:10:47 AM PST · by jmcenanly · 25 replies
    Market Watch ^ | Feb 16, 2016 11:39 a.m. ET | Jeffry Bartash
    Get rid of the $100 bill. Heck, maybe get rid of the $50 bill, too. So says Lawrence Summers, a former economic adviser to President Obama and ex-Treasury secretary. Summers points to research showing that corruption is aided by paper currency in larger denominations, such as Uncle Sam’s $100 bill and the 500-euro bill ($557 U.S. equivalent). How so? It’s easier for criminals and terrorists to move lots of cash illicitly in large bills. A million dollars in €500 bills weighs just 2.2 pounds, Summers writes in a blog post on the Washington Post website. The same amount of money...
  • U.S. Treasury Secretary to visit Puerto Rico next week

    01/15/2016 8:12:47 AM PST · by rrstar96 · 8 replies
    NotiUno.com (Spanish) ^ | January 15, 2016 | NotiUno
    (English translation) United States Secretary of the Treasury Jacob Lew will visit Puerto Rico next Wednesday to meet with government and civic leaders. It was reported that they will discuss the island's fiscal and public-debt crisis. According to Treasury's spokesman, among the people Lew is scheduled to meet with are Governor Alejandro Garcia Padilla, Resident Commissioner Pedro Pierluisi, and legislative, community, labor, and business leaders.
  • Exclusive: Scandal-tainted U.S. Secret Service to hire 1,100 staff - sources

    08/15/2015 1:55:46 AM PDT · by bob_denard · 26 replies
    Reuters ^ | Fri Aug 14, 2015 | BY JULIA EDWARDS AND JASON SZEP
    Facing accusations that it cannot adequately protect the White House, the U.S. Secret Service plans to hire 1,100 more officers and agents for an agency besieged by embarrassing scandals and security lapses, two law enforcement sources with direct knowledge of the plans said. The addition of 700 uniformed division officers and 400 agents over five years would expand its staff of 6,647 by nearly 17 percent, the biggest hiring increase in more than a decade at the 150-year-old agency whose job it is to protect the president, his family, and senior officials, along with fighting financial crime. The Secret Service...
  • The Numbers Are In: China Dumps A Record $94 Billion In US Treasurys In One Month

    09/07/2015 10:25:51 AM PDT · by SeekAndFind · 17 replies
    Zero Hedge ^ | 09/06/2015 | Tyler Durden
    Shortly after the PBoC’s move to devalue the yuan, we noted with some alarm that it looked as though China may have drawn down its reserves by more than $100 billion in the space of just two weeks. That, we went on the point out, would represent a stunning increase over the previous pace of the country’s reserve draw down, which we began documenting months ahead of the devaluation (see here, for instance). We went on to estimate, based on the projected size of the RMB carry trade unwind, how large the FX reserve liquidation might need to be to...
  • Billionaire Carl Icahn wants to be Trump's Treasury Secretary after all

    08/20/2015 10:45:19 AM PDT · by SeekAndFind · 9 replies
    CNN Money ^ | 08/20/2015
    Score another point for Donald Trump. Investor and Hedge fund manager Carl Icahn was so impressed with Trump's debate performance Thursday night that he's ready to be part of President Trump's cabinet. "After last night's debate I decided to accept @realDonaldTrump offer for Secretary of Treasury," Icahn tweeted Friday afternoon. It's a major turnaround for Trump. Only a few weeks ago, Icahn, a 79-year-old billionaire famous for pressuring companies to restructure, told Trump "no thanks" to the offer to be Treasury Secretary. "I was extremely surprised to learn that Donald was running for president and even more surprised that he...
  • For America's economy, the end is nigh [Fundamental Transformation Complete]

    07/13/2015 3:47:47 PM PDT · by Jan_Sobieski · 31 replies
    World Net Daily ^ | 7/12/2015 | Lord Monckton
    ...Mr. Obama’s mission to destroy America’s economy is complete. The damage he has done is irreversible. The dollar is history. The American economy is going down, and soon. The posh commentators say the collapse will be gradual rather than sudden. But few are now predicting there will not be collapse at all. Here are just some of the pointers. First and foremost, U.S. public debt is $18.3 trillion. By the time Mr. Obama leaves the White House late next year, he will have doubled it in a single “presidency.” On top of that, Uncle Sam has unfunded liabilities of at...
  • The Ten Dollar Bill - So Much More than a Means of Exchange

    06/23/2015 6:48:27 PM PDT · by jfd1776 · 13 replies
    Illinois Review ^ | June 23, 2015 A.D. | John F. Di Leo
    What is a nation’s currency? Ask an economist, and he’ll tell you that a U.S. Dollar bill, or a European Euro note, or a British Pound note, for that matter, is not really objectively worth its denomination. It’s just a piece of cotton paper, with a drop of ink and a magnetic strip. It’s not worth much. But it represents confidence in the nation’s economy, and it serves the economy as a means of exchange – a few pennies worth of decorated cotton serving to enable the purchase of a $1 loaf of bread, or a $10 lunch, or a...
  • Alexander-the-Not-So-Great: Hamilton Out on $10 Bill

    06/22/2015 11:20:10 AM PDT · by Mozilla · 85 replies
    Breitbart ^ | June 18, 2015 | Jarrett Stepman
    The Treasury Department announced on June 17, that Hamilton would be replaced and diminished on the $10 bill in order to feature a woman to be announced at a later date. The goal is to have new bills out by 2020, the 100th anniversary of the 19th amendment that guaranteed women the right to vote. “Our democracy is a work in progress. We’ve always been committed to a more perfect union,” Treasury Secretary Jack Lew said according to CBS News. ”This decision to put a woman on the $10 reflects our aspirations for the future, as much as it is...
  • Obama Administration to Take Alexander Hamilton – First Treasury Secretary – Off the $10 Bill

    06/17/2015 7:51:06 PM PDT · by Nachum · 95 replies
    The Gateway Pundit ^ | 6/17/15 | Jim Hoft
    The Obama administration is taking Alexander Hamilton, the first Treasury Secretary, off of the ten dollar bill.They will replace him with a woman. Scoop: Goodbye Alexander Hamilton. Hello 1st woman on the $10 bill. http://t.co/S1Or49drYo pic.twitter.com/088rppV4dP— Benny (@bennyjohnson) June 17, 2015 Dana Loesch added: There is nothing wrong now with Hamilton, a Founder, Constitution signer, and founder of the Federalist Party, on the $10 bill. The choice to remove him for a yet-to-be-named woman while a genocidal, Democrat bigot who defied a Supreme Court ruling to tickle his “relocation” fetish remains on the $20 is insulting.
  • Congress Asked to Investigate Whether Obama Administration Delayed GM Ignition Switch Recall

    12/08/2014 10:12:40 AM PST · by jazusamo · 7 replies
    NLPC ^ | December 8, 2014 | Peter Flaherty
    Today, we requested that the House Committee on Oversight & Government Reform undertake an "independent" investigation of the General Motors ignition switch recall delay, in light of newly obtained emails by lawyers suing GM. Those emails suggest that the Treasury may have timed its final sale of GM shares to precede public knowledge of the ignition switch fiasco. They also cast doubt on GM CEO Mary Barra's previous account of what she knew and when she knew it. Here is the text of a letter I sent today to Rep. Jason Chaffetz, in photo, the incoming Chairman of the...
  • Report: IRS Deliberately Cut Its Own Customer Service Budget

    04/22/2015 6:49:57 AM PDT · by Zakeet · 20 replies
    Weekly Standard ^ | April 22, 2015 | John McCormack
    If you tried to contact the IRS with a question about your taxes this year, chances are you didn't get a response. The IRS estimated that it would only answer 17 million of the 49 million calls received this filing season. Taxpayers lucky enough to have the IRS answer their calls waited an average of 34.4 minutes for assistance--nearly double the wait time last year (18.7 minutes). IRS Commissioner John Koskinen has blamed the IRS's "abysmal" customer service on congressional budget cuts--funding is down $1.2 billion from its 2010 peak--but a new congressional report points the finger back at the...
  • $100 Trillion American Economic Collapse with Jim Rickards

    12/11/2014 8:11:12 AM PST · by Ghost of SVR4 · 11 replies
    Youtube ^ | Oct 21, 2014 | Jim Rickards
    I don't know too much about Jim Rickards, just found this to be an interesting video about the overall economy and some tidbits about what our government agencies are up to. The video is a 45 minutes long interview of sorts and discussion. Just posting in the event other are interested.
  • Lew to Congress: US hits debt limit on March 16, must be raised ASAP

    03/06/2015 10:13:30 AM PST · by Theoria · 43 replies
    CNBC ^ | 06 Mar 2015 | Everett Rosenfeld
    Unless Congress takes action, the U.S. will hit its debt limit on Mar. 16, but would begin taking "extraordinary measures" to finance the government on a temporary basis, according to the U.S. Treasury. In a Friday morning letter to House Speaker John Boehner and other House and Senate leaders, Treasury Secretary Jack Lew said that his office will be forced to suspend the issuance of State and Local Government Series securities on Mar. 13 unless the debt limit is decreased. "Accordingly, I respectfully ask Congress to raise the debt limit as soon as possible," Lew wrote in his letter. The...
  • Treasury IG: New Lois Lerner e-mails shows “potential criminal activity”

    02/27/2015 7:23:56 AM PST · by SeekAndFind · 35 replies
    Hotair ^ | 02/27/2015 | Ed Morrissey
    Remember when Barack Obama insisted that there wasn’t a “smidgen of corruption” in his administration related to the IRS scandal? Good times, good times. The discovery of tens of thousands of e-mails from Lois Lerner, the central figure in the IRS targeting of conservative non-profits, may rewrite the scandal — and may end up with criminal charges for Lerner:CLICK ABOVE LINK FOR THE VIDEO Federal investigators are looking for possible criminal activity in connection with the missing emails of a central figure in the Internal Revenue service’s targeting scandal.The Treasury Inspector General for Tax Administration testified at a House...
  • Lawless: Treasury throws unauthorized $3 billion to insurers under Obamacare, won’t say why

    02/27/2015 3:42:34 AM PST · by afraidfortherepublic · 36 replies
    Hot Air ^ | 2-16-15 | Noah Rothman
    It’s right there in the Constitution: “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.” Which is why this latest episode of lawlessness from the administration so particularly galling. “The U.S. Treasury Department has rebuffed a request by House Ways and Means Chairman Rep. Paul Ryan, R- Wis., to explain $3 billion in payments that were made to health insurers even though Congress never authorized the spending through annual appropriations,” The...
  • US Macro Collapses To 11-Month Lows, Russia Dumps 20% Of It's U.S. Treasury Holdings And Buys Gold

    02/20/2015 3:59:57 AM PST · by alexmark1917 · 22 replies
    US Macro Collapses To 11-Month Lows, 88% Of Data Has Missed In February Despite the total and utter cognitive dissonance of talking-heads on mainstream media channels, the US economic data is not 'strong', is not 'goldilocks', is not 'decoupled', is not 'solid'. In fact, it's absolutely terrible. Bloomberg's US Macro data indicator which tracks both beats-and-misses and improvement/deterioration in data - is at 11-month lows. February alone has seen 29 data items miss expectations (from retail sales to industrial production)with only 4 data points beating expectations (including the constantly revised nonfarm payrolls data which so many hang their hat on)....
  • Investing in the ObamaFund; Treasury rolls out a new savings plan without a Congressional vote.

    12/30/2014 3:32:07 AM PST · by Liz · 16 replies
    wsj.com ^ | 12/29/14
    EXCERPT—--the WH wants you to consider a retirement plan that will invest in nothing but US government debt. Any financial professional who advised this—would be sued for malpractice. But asset allocation is merely one of the problems with the new “myRA” fund rolling out this month. A form of Roth IRA that allows people to save after-tax dollars and watch them grow tax-free until retirement, the new myRA offers a single investment option. It’s a private version of the G Fund that is available to federal workers and has lately been delivering annual returns of about 2% on its portfolio...
  • Treasury Says Survival Kits [ordered for every major bank employe] for ‘Emergency Preparedness’

    12/18/2014 5:33:56 AM PST · by Cincinatus' Wife · 45 replies
    The Washington Free Beacon ^ | December 18, 2014 | Elizabeth Harrington
    A spokesperson for the Treasury Department told the Washington Free Beacon that survival kits being ordered for government workers at every major bank in the United States are for “emergency preparedness.” .......“The solicitation is to replace aging kits and provide kits at additional location out of a preponderance of caution,” Collins added. Once the government finds a bidder, each of OCC’s 3,814 employees will receive a survival kit, which will come in a fanny-pack or backpack that can fit all of the items, including a 33-piece personal first aid kit with “decongestant tablets,” a variety of bandages, and medicines. The...
  • Treasury Department Seeking Survival Kits For Bank Employees

    12/10/2014 12:42:13 PM PST · by Nachum · 40 replies
    Free Beacon ^ | 12/10/14 | Elizabeth Harrington
    The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets. The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4. The survival kits must come in a fanny-pack or backpack that can fit all of...
  • Why Is The US Treasury Quietly Ordering "Surival Kits" For US Bankers?

    12/10/2014 12:39:33 PM PST · by Nachum · 41 replies
    zero hedge ^ | 12/10/14 | tyler durden
    The Department of Treasury is spending $200,000 on survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. As FreeBeacon reports, survival kits will be delivered to every major bank in the United States and includes a solar blanket, food bar, water-purification tablets, and dust mask (among other things). The question, obviously, is just what do they know that the rest of us don't? As Free Beacon reports,
  • Ponzi: Treasury Issues $1T in New Debt in 8 Weeks—To Pay Old Debt

    11/28/2014 5:30:08 PM PST · by xzins · 45 replies
    CNS ^ | November 28, 2014 | Terence P. Jeffrey
    The Daily Treasury Statement that was released Wednesday afternoon as Americans were preparing to celebrate Thanksgiving revealed that the U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started just eight weeks ago in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government. During those eight weeks, Treasury took in $341,591,000,000 in revenues. That was a record for the period between Oct. 1 and Nov. 25. But that record $341,591,000,000 in revenues was not enough to finance ongoing government spending let alone...
  • This One Market Measure Has A Perfect Track Record For Predicting US Recessions

    07/08/2014 6:11:42 PM PDT · by SeekAndFind · 9 replies
    Business Insider ^ | 07/08/2014 | Sam Ro
    There are very few market indicators that can predict recessions without sending out false positives. The yield curve is one of them. At a breakfast earlier today, LPL Financial's Jeffrey Kleintop noted that the yield curve inverted just prior to every U.S. recession in the past 50 years. "That is seven out of seven times — a perfect forecasting track record," he reiterated. The yield curve is inverted when short-term interest rates (e.g. the 3-year Treasury) are higher than long-term interest rates (e.g. the 10-year Treasury yield). "The yield curve inversion usually takes place about 12 months before the start...
  • Exclusive: U.S. lawmakers probe Treasury unit's hiring, will object to Obama nominee

    06/03/2014 1:21:05 AM PDT · by blueplum · 1 replies
    Reuters ^ | June 3, 2014 3:51am EDT | EMILY FLITTER AND BRETT WOLF
    (Reuters) - Two powerful congressmen have opened separate inquiries into whether a Department of the Treasury bureau charged with policing money laundering may have flouted federal hiring rules, including regulations that require military veterans be given preference for government jobs. :snip: Reuters reported on May 2 that the Treasury had temporarily suspended FinCEN’s hiring authority and forced it to rescind 11 job offers after a federal government labor watchdog determined that the bureau had illegally screened candidates in a quest to hire only lawyers for certain positions. :snip: "The fact that FinCEN allegedly rejected pools of candidates made up of...
  • Russia Dumps 20% Of Treasury Holdings, Mystery "Belgium" Buyer Adds Another $40 Billion

    05/15/2014 10:02:41 AM PDT · by tcrlaf · 22 replies
    Zerohedge ^ | 5-15-2014 | Tyler Durden
    Back in mid-March, there was a brief scare after the start of the Ukraine conflict, when Fed custody holdings plunged by a record $104.5 billion (if promptly bouncing back the following week), leading many to believe that Russia may have dumped its Treasurys, or at least change its bond custodian. We noted that we wouldn't have a definitive answer until the May TIC number came out to know for sure how much Russia had sold, or if indeed, anything. Moments ago the May TIC numbers did come out, and as expected, Russia indeed dumped a record $26 billion, or some...
  • US Pays Half Of Gazprom's Overdue Invoice With $1 Billion Ukraine Loan Guarantee

    04/14/2014 8:00:00 AM PDT · by tcrlaf · 43 replies
    Zerohedge ^ | 3-14-2014 | Tyler Durden
    With Ukraine no longer paying for Russian gaz, and with Gazprom making it clear Kiev has to a) first pay the overdue $2+ billion in invoice and then b) prepay some $5 billion in gas until the end of the year of Europe gets it, it was only a matter of time before the US Treasury stepped in and paid off part or all of Gazprom's demands. That time is now, when moments ago Jack Lew announced a $1 billion loan guarantee for Ukraine - very much the same way that the US provided billions in loan guarnatees for the...
  • Shakedown: Treasury seizing tax refunds from adult children to pay parents' Social Security debts

    04/11/2014 12:33:11 PM PDT · by SeekAndFind · 60 replies
    Hotair ^ | 04/11/2014 | AllahPundit
    When I say “debts,” I don’t mean loans that the parents willingly sought from SSA. It would be bad enough to hold a kid responsible for that (since when are children responsible for their parents’ obligations?), but at least it would have been voluntarily incurred by mom/dad. The “debts” here are overpayments of Social Security benefits, the product of SSA’s own errors. The parents who received them might not have even realized they were getting money they weren’t supposed to have. And now, somehow, it’s junior’s problem.But wait. It gets worse. When [Mary] Grice was 4, back in 1960, her...
  • Exclusive: U.S. to require casinos to vet high rollers' funds - sources

    03/26/2014 11:55:52 AM PDT · by Oldeconomybuyer · 9 replies
    Reuters ^ | March 26, 2014 | BY BRETT WOLF
    U.S. casinos may soon have to vet where their high rollers' funds come from under a requirement being developed by the U.S. Treasury Department, according to two people familiar with the matter. The move is part of a push to address longstanding regulatory and law enforcement concerns that criminals can use casinos, which have not historically been as closely monitored as banks for compliance with anti-money laundering laws, to convert proceeds of crime into money that appears clean. Under current law, casinos are required to report suspicious activity. A customer who used a large sum of cash to buy chips,...
  • Treasury didn't check for legal authority before delaying Obamacare mandate

    03/20/2014 6:07:30 PM PDT · by Libloather · 15 replies
    Washington Examiner ^ | 3/20/14 | Joel Gehrke
    Treasury Department officials didn't check to make sure they had the legal authority to delay an Obamacare mandate before issuing guidance that flouted the text of the law, a department official told House investigators. Treasury Assistant Secretary for Tax Policy Mark Mazur, who announced the employer mandate delay in a blog post, told the House Oversight and Government Reform Committee that he didn't remember anyone considering the legal basis for the delay. "Did anyone in the Department of the Treasury inquire into the legal authority for the delays?" Mazur was asked. "I don't recall anything along those lines, no," he...
  • US Treasury Adds Digital Currency Representative to Advisory Group

    03/18/2014 10:42:53 AM PDT · by Errant · 33 replies
    Coin Desk ^ | 18 March 2014 | Pete Rizzo
    At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlet’s Matt Miller to air on Bloomberg TV. In the hour-long talk, Cohen spoke about the organisation’s role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use. Most notably,...
  • What Did Obama Tell Geithner about S&P?

    02/25/2014 6:22:42 AM PST · by afraidfortherepublic · 10 replies
    Wall Street Journal ^ | 2-25-24 | James Freeman
    Last month we wrote about the threatening phone call from then-Secretary of the Treasury Timothy Geithner to the head of the parent company of Standard & Poor's after S&P downgraded the U.S. credit rating in 2011. Now we learn that Mr. Geithner placed the call to McGraw Hill Chairman and CEO Harold McGraw III just five minutes after leaving an Oval Office meeting with President Barack Obama. This detail, drawing on information contained in Mr. Geithner's public schedule, was included late yesterday in a filing by S&P in federal court in the Central District of California. The Department of Justice...
  • Who Owns The Federal Reserve?

    02/09/2014 7:58:51 AM PST · by Errant · 77 replies
    Market Oracle, UK ^ | 9 February 2014 | Ellen_Brown
    The Federal Reserve (or Fed) has assumed sweeping new powers in the last year. In an unprecedented move in March 2008, the New York Fed advanced the funds for JPMorgan Chase Bank to buy investment bank Bear Stearns for pennies on the dollar. The deal was particularly controversial because Jamie Dimon, CEO of JPMorgan, sits on the board of the New York Fed and participated in the secret weekend negotiations.1 In September 2008, the Federal Reserve did something even more unprecedented, when it bought the world’s largest insurance company. The Fed announced on September 16 that it was giving an...
  • Treasury Dept Accuses Iran of Working with Al Qaeda: Obama Rejects Sanctions

    02/07/2014 8:34:47 AM PST · by SeekAndFind · 6 replies
    FrontPage Mag ^ | 02/07/2014 | Daniel Greenfield
    This is coming from inside Obama’s own administration. It’s not Dick Cheney or Donald Rumsfeld talking. And still Obama insists on pandering to Iran, letting it go nuclear and accusing skeptics of seeking war. The Obama administration charged that Tehran has allowed senior al Qaeda members operating from Iranian soil to facilitate the movement of Sunni fighters into Syria.The allegation by the Treasury Department on Thursday would suggest that elements of Iran’s government or military were at least tacitly supporting the opposing sides of Syria’s civil war.Iranian officials denied the accusations, saying Washington was harming diplomatic efforts aimed at ending...
  • The New Debt Ceiling Deadline Is Going To Be Earlier Than We Thought

    01/23/2014 12:15:55 PM PST · by Brown Deer · 33 replies
    Business Insider ^ | Jan 22, 2014 | Brett LoGiurato
    The U.S. is likely to exhaust its borrowing authority on the earlier side of what Treasury Secretary Jack Lew had estimated, he said in a letter to Congressional leaders on Wednesday. Lew warned in the new letter that Congress will likely need to raise the debt ceiling by late February to avoid a potential default on the country's obligations. As part of the bill to reopen the government in mid-October, the debt limit was suspended through Feb. 7. The Treasury can use so-called "extraordinary measures" after that point to keep borrowing and paying the nation's bills for a few weeks...
  • Bombshell sworn allegation against Tim Geithner

    01/22/2014 6:50:06 AM PST · by afraidfortherepublic · 32 replies
    The American Thinker ^ | 1-22-14 | Thomas Lifson
    If anyone thinks "Bridgegate" is an example of political bullying and abuse of power, then the sworn (under penalty of perjury) allegation of a corporate heavy hitter against Secretary of the Treasury Timothy Geithner is off the charts. Bloomberg Businessweek reports: Former U.S. Treasury Secretary Timothy Geithner told McGraw Hill Financial Inc. Chairman Harold W. McGraw III in 2011 that Standard & Poor's downgrade of the U.S. debt would be met by a response, S&P said. S&P filed a declaration by McGraw yesterday in federal court in Santa Ana, California, as part of a request to force the U.S. to...
  • After 100 Years Of Failure, It's Time To End The Fed!

    12/15/2013 6:54:08 PM PST · by Errant · 142 replies
    The Market Oracle, UK ^ | 12/15/2013 | Dr. Ron Paul
    A week from now, the Federal Reserve System will celebrate the 100th anniversary of its founding. Resulting from secret negotiations between bankers and politicians at Jekyll Island, the Fed's creation established a banking cartel and a board of government overseers that has grown ever stronger through the years. One would think this anniversary would elicit some sort of public recognition of the Fed's growth from a quasi-agent of the Treasury Department intended to provide an elastic currency, to a de facto independent institution that has taken complete control of the economy through its central monetary planning. But just like the...
  • Why the Fed's 100th Birthday Could Be Its Last

    12/03/2013 8:30:16 AM PST · by Vigilanteman · 9 replies
    Money Morning ^ | Peter Krauth
    On December 23rd, the Federal Reserve will turn 100 years old. We can look back on its few successes... but its many failures far outweigh any positives it may have achieved. What's at stake now is the Fed's future. And it looks bleak. In fact, the Fed won't even exist in 100 years... America's First Three Central Banks Central banks and fiat money have been a major point of contention ever since the founding of America. Between 1775 and 1779, as the colonies delved deeper into rebellion, the fiat money supply grew by over 5,000%. Within just four years, the...
  • Treasury Forced to Issue $1T in New Debt in First 6 Weeks of FY14 - See more at:

    11/18/2013 4:00:03 PM PST · by Errant · 16 replies
    CNS News ^ | 18 November, 2013 | Terence P. Jeffrey
    Between Oct. 1, 2013, the first day of fiscal 2014, and Nov. 14—which was less than a month after Congress agreed to temporarily suspend the legal limit on the federal debt—the Treasury was forced to issue more than $1 trillion in new debt. During that time, according to the Daily Treasury Statement, the Treasury issued $1,014,215,000,000 in new bills, notes, bonds and other securities. The government needed this $1,014,215,000,000 to cover government obligations and expenses that exceeded the $255,080,000,000 it raked in through tax revenues during the same six-week period. Where did that combined $1,014,215,000,000 in newly borrowed money and...
  • Under Obama, Debt Has Increased $6 Trillion, Fed Balance Sheet Increased $2.78 Trillion

    10/09/2013 5:16:07 PM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 10/09/2013 | Anthony B. Sanders
    On September 17, 2008, the US total debt stood at $10.615 trillion and The Fed’s balance sheet was almost $1 trillion ($996 billion). Since that time, US total debt has skyrockets to … the statutory debt limit! That means that over President Obama’s Presidency (and the last couple of months of Bush’s Presidency), total debt climbs over $6 trillion. debtceilgst And The Fed’s balance sheet rose over $2.78 trillion. dcfeed With The Fed enabling massive Federal government waste (and Janet Yellen likely a willing enabler). Democrats and President Obama are refusing to negotiate on the budget or the debt ceiling....