Keyword: bank

Brevity: Headers | « Text »
  • Chinese Banks Need a Pre-emptive Bailout

    10/16/2011 4:37:27 PM PDT · by TigerLikesRooster · 8 replies
    WSJ ^ | 10/17/11 | STEPHEN GREEN
    Chinese Banks Need a Pre-emptive Bailout Beijing can tackle tough reforms now, or wait until problems grow more severe. By STEPHEN GREEN China's banks are much unloved these days. The government is pressing them to maintain small-business lending even as Beijing scales back broader credit creation to fight inflation. Analysts fret about the growing risks of nonperforming loans. Last week, an arm of the sovereign wealth fund Central Huijin had to buy bank shares in an effort to arrest a sell-off that has seen share prices fall some 30% this year. China is not suffering a banking crisis now, but...
  • How I Learned to Stop Worrying and Love Bank of America

    10/06/2011 11:07:35 AM PDT · by Starman417 · 7 replies
    Flopping Aces ^ | 10-06-11 | Brother Bob
    With the uproar over Bank of America introducing $5 monthly fees for the privilege of using their debit cards, there is an angle to this that everyone is missing - the law of unintended consequences. Wizbang's Jay Tea blogged about this very point over the weekend, and I want to take his point a bit further. The law of unintended consequences is going to be one of the chapters in my ongoing (which will end up being nine or ten parts) Economics for Politicians series, but this particular incident warranted its own post. First let's step back a minute...
  • Why Your Bank Is Charging More Fees

    10/05/2011 6:42:15 AM PDT · by SeekAndFind · 9 replies
    National Review ^ | 10/05/2011 | John Berlau
    There are many observations that can be made about President Obama’s remark Monday to ABC News that businesses “don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated.” In and of itself, this comment reveals much about his beliefs and knowledge (or lack thereof) on economics, consumer choice, and the private sector in general. But in the context in which it was made — Bank of America, Citi, and other banks’ recently announced debit-card and checking-account fees for consumers, which they are charging to recoup losses from the Dodd-Frank financial-overhaul law’s...
  • SWAT Teams in St. Louis Protecting Bank of America; Refusing Customer Withdrawals

    10/04/2011 1:55:45 PM PDT · by Nachum · 114 replies · 1+ views
    Your ^ | 10/4/11 | notalemming 0
    more: From what we can gather, according to eye witness testimony, St. Louis PD has barricaded the Bank of America building and is refusing customer access to deposits. Eye witness account: ‘They would not let me get past that barricade, where those three guys are. I talked to the liutenant of the St. Louis Police Department – and he said they [customers?] don’t have a legal right – but he was going to try to work out something, a symbolic gesture where eight people to pull out their money, I being one of them.’ He came back later and...
  • Debit Durbin

    09/30/2011 9:22:41 AM PDT · by WOBBLY BOB · 10 replies
    American Spectator ^ | 9-30-11 | John Berlau
    As I detailed here in February in "Dick Durbin Is Stealing Your Free Checking," thanks to price controls on debit card transactions from the Durbin Amendment of the 2010 Dodd-Frank "financial reform" law, free checking is going the way of the dodo bird. The Durbin price controls on interchange fees -- the so-called "swipe fees" that retailers pay to bank and credit unions that process debit card transactions, go into effect this Saturday, October 1, and are already showing more dire effects than originally predicted. Not only is free checking disappearing at a rapid pace -- a new survey...
  • China: Chinese Banks Close to Collapse. Fears of zero growth

    09/30/2011 4:11:33 AM PDT · by TigerLikesRooster · 34 replies · 1+ views
    Spero News ^ | 09/29/11
    China: Chinese Banks Close to Collapse. Fears of zero growth The Chinese Financial Index fell by 24%, more than that of European and American bank stocks. Chinese banks are plagued by insolvent debts due to loans to local governments and the stagnant property market. The country's growth, currently estimated at 9.5%, is at risk Thursday, September 29, 2011 By Asia News Hong Kong (AsiaNews / Agencies) - The listings of Chinese banks have dropped to very low levels, raising fears that a collapse could wipe out the country's growth. This is what emerges from news announced today by Bloomberg, according...
  • Bank of America to charge $5 debit card fee

    09/29/2011 11:19:56 AM PDT · by monkeyshine · 56 replies
    AP ^ | September 29, 2011 | Candice Choi, AP Personal Finance Writer
    Bank of America plans to start charging customers a $5 monthly fee for using their debit card for purchases. The fee will be rolled out starting early next year. [snip]...Anne Pace, a Bank of America Corp. spokeswoman, said Thursday that customers will only be charged the fee if they use their debit cards for purchases in any given month. Customers won't be charged if they only use their cards at an ATM. The fee will apply to basic accounts and will be in addition to any monthly fees customers are already being charged. For example, one of the bank's basic...
  • Feinstein campaign sues bank, ex-treasurer (RAT Kinde Durkee) over missing funds

    09/23/2011 8:27:58 PM PDT · by Libloather · 17 replies · 1+ views
    Reuters ^ | 9/23/11 | Mary Slosson
    Feinstein campaign sues bank, ex-treasurer over missing fundsBy Mary Slosson LOS ANGELES | Fri Sep 23, 2011 9:59pm EDT LOS ANGELES (Reuters) - Senator Dianne Feinstein's campaign sued its former treasurer and the First California Bank on Friday, seeking the return of millions of dollars in missing funds the campaign believes were embezzled. Campaign officials said the action came after the bank failed to provide the campaign access to its own account records when a tangle of unauthorized money transfers and co-mingling of funds was unearthed. The irregularities were spread across 400 bank accounts and dozens of organizations over a...
  • KC man who created his own bank found guilty of fraud

    09/16/2011 8:15:18 PM PDT · by woofie · 40 replies
    Kansas City Star ^ | Wed, Sep. 14,
    A Kansas City man who marketed and sold $100 million in worthless financial documents was found guilty of multiple federal fraud charges Wednesday. Denny Ray Hardin, 52, who ran the Private Bank of Denny Ray Hardin out of his home, was convicted of 11 counts of creating fictitious obligations and 10 counts of mail fraud. A judge found him guilty after a three-day trial in U.S. District Court in Kansas City. According to trial testimony, Hardin used his home computer to produce more than 2,000 “bonded promissory notes,” which he claimed were backed by a U.S. Treasury Department account and...
  • European banks face collapse under [mark to market], warns Deutsche Bank's Josef Ackermann

    09/05/2011 3:56:36 PM PDT · by DeaconBenjamin · 18 replies · 1+ views
    Telegraph (UK) ^ | 6:39PM BST 05 Sep 2011 | By Louise Armitstead
    Josef Ackermann, chief executive of Deutsche Bank, Germany's biggest bank, has warned that "numerous" European lenders would collapse if they were forced to book their losses on stricken sovereign bonds.Mr Ackermann said that the value of billions of euros of loans has plunged to a level that could overwhelm smaller banks. "Numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels." "We should resign ourselves to the fact that the 'new normality' is characterised by volatility and uncertainty," he said. "All this reminds one of the autumn of 2008." Deutsche Bank...
  • Europe Is Finally Forced into a Corner

    09/05/2011 4:20:03 PM PDT · by TigerLikesRooster · 19 replies
    Forbes ^ | 09/05/11 | Tero Kuittinen
    Tero Kuittinen 9/05/2011 @ 6:10PM |1,338 views Europe Is Finally Forced into a Corner The author is a Forbes contributor. The opinions expressed are those of the writer. After a lull of few weeks, markets are suddenly starting to demand a decision from Europe. EU countries may have only days or weeks to finally agree on how to handle the rapidly escalating sovereign debt mess. As America celebrated Labor Day, Europe lurched decisively towards a culmination of its long-brewing debt crisis as several different plot lines started converging into a single, grim narrative. Greece’s 2-year bond yields finally cracked the...
  • Bank of Political Works- A Fannie Mae for 'infrastructure.'

    08/31/2011 6:06:57 AM PDT · by WOBBLY BOB · 6 replies
    Wall Street Journal ^ | 8-31-11 | WSJ
    Here's a novel idea: Have Congress create a "bank" that could borrow huge sums with only a small federal outlay and would be independent of any political interference. If you believe in this miracle, you probably thought Fannie Mae was a private company that wouldn't cost taxpayers a dime. We're referring to Washington's latest marketing tool to sell spending to a skeptical public, a new federal "infrastructure bank." For the low, low price of $30 billion or so, President Obama says Congress can conjure hundreds of billions in new "grants and loans" to rebuild "roads, bridges, and ports and broadband...
  • Bank of America to sell China bank stake for $8.3 billion

    08/29/2011 9:12:44 PM PDT · by Nachum · 13 replies
    Reuters ^ | 8/29/11 | Joe Rauch and Elzio Barreto
    (Reuters) - Bank of America Corp is selling about half its stake in China Construction Bank for $8.3 billion, in its latest effort to shed assets and boost capital. A group of investors is buying 13.1 billion CCB shares from Bank of America, with the deal expected to close in the third quarter. The U.S. bank declined to name the investors but two sources said Singapore state fund Temasek was among the buyers. Bank of America needs to boost capital by some $50 billion in the coming years to meet new global rules, according to multiple analyst estimates. CCB is...
  • A Run On The BANKS and aBlessing on the "TRUE" WellSprings !

    08/28/2011 9:12:19 PM PDT · by Jedediah · 19 replies
    History | Jedediah
    A RUN ON THE BANKS AND A BLESSING ON THE "TRUE" WELLSPRINGS ! A run on the banks is about to ascend , No more cards or things prepaid these to shall come to an end , It all shall be cash on the barrel head , Those living in Christ shall walk over the dead , The Poor shall be Rich, the rich shall be Poor , Only "True" trust and faith shall open a door , To "ALL" you need in Christ Alone ! I AM your provision ~ I AM your home ! The ways of the...
  • Bank of America Set to Slice Jobs: Many More Seen [BofA: Double-Dip Bellweather?]

    08/18/2011 9:42:37 PM PDT · by Steelfish · 10 replies
    Wall St J ^ | August 18, 2011 | DAN FITZPATRICK
    AUGUST 19, 2011 Bank of America Set to Slice Jobs Reductions Total 3,500 in Current Quarter; Many More Seen BY DAN FITZPATRICK Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation said. The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified. Thousands of additional reductions are expected as part of an aggressive...
  • Fed Up: A Texas Bank Is Calling It Quits (Regulated to Death)

    08/11/2011 8:35:05 AM PDT · by SeekAndFind · 22 replies
    Wall Street Journal ^ | 08/11/2011 | Robin Sidel
    Main Street Bank lends most of its money to small businesses and is earning decent profits. But the Kingwood, Texas, bank is about to get out of the banking business. In an extreme example of the frustration felt by many bankers as regulators toughen their oversight of the nation's financial institutions, Main Street's chairman, Thomas Depping, is expected to announce Wednesday that the 27-year-old bank will surrender its banking charter and sell its four branches to a nearby bank. Mr. Depping plans to set up a new lender that will operate beyond the reach of banking regulators—and the deposit-insurance safety...
  • ACORN Thugs Stink UP the Wrong Bank

    08/01/2011 5:33:37 PM PDT · by Nachum · 13 replies
    big government ^ | 8/1/11 | Matthew Vadum
    Nobody ever said all the criminal street thugs at ACORN were bright. The left-wing astroturfers of ACORN’s new front group in California, Alliance of Californians for Community Empowerment (ACCE), were behind a garbage-dumping stunt at a branch of Wells Fargo bank in San Jose, Calif. News reports consistently depict the players as angry homeowners who spontaneously erupted in a spasm of righteous indignation. As if. These “homeowners” were reportedly unhappy about the upkeep at a foreclosed property they thought Wells Fargo was responsible for so they decided to dump uncollected garbage at the bank. The problem is that while Wells...
  • Bank CEOs: Raise debt ceiling this week -- or else!

    07/28/2011 9:43:21 AM PDT · by Son House · 27 replies
    CNN ^ | July 28, 2011 | By Blake Ellis
    CEOs of the nation's leading banks, including Goldman Sachs and JPMorgan Chase, sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement. In the letter, sent by the Financial Services Forum to President Obama and members of Congress, the CEOs said an agreement needs to be made this week, or else there will be "grave" consequences. "A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence -- raising interest rates for everyone who borrows, undermining the...
  • Bank plan would help build bridges, boost jobs

    07/07/2011 5:49:14 AM PDT · by WOBBLY BOB · 8 replies
    pmsNBC ^ | 7-6-11 | Anika Anand
    The idea of such a bank has been around since the 1990s but has never gained significant attention until now. In March a bipartisan bill was introduced in the Senate that gained the support of the US Chamber of Commerce, America’s leading business lobby, and the AFL-CIO, the country’s largest labor federation — two groups on opposite sides of most debates. The BUILD Act, proposed by Sens. John Kerry, D-Mass., Kay Hutchinson, R-Texas, and Mark Warner, D-Va., would create a national infrastructure bank that would provide loans and loan guarantees to encourage private investment in upgrading America’s infrastructure. There are...
  • Regulators are causing bank failures. Returning banks to free market would strengthen economy

    07/06/2011 7:01:53 AM PDT · by SeekAndFind · 8 replies
    Washington Times ^ | 07/06/2011 | Richard Rahn
    Beware Greeks bearing debt - or any other country that has too much of it. Despite ever-increasing government regulation of banks, which often are required to hold government debt as reserves, the systemic risk of a failure in the global financial system is growing rather than diminishing. There are solutions that require less, rather than more, regulation. Some banks have been around for a couple of centuries or more, particularly in Switzerland, and yet they continue to thrive without government help. Only one Swiss bank out of 350 required state intervention in the financial crisis of the past few years....