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Keyword: bank

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  • 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 Daddy.net ^ | 10/4/11 | notalemming 0
    more: http://www.SHTFplan.com/ 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 Bankrate.com 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....
  • Cops: Man who found $17K didn't tell the truth (fined $500)

    06/29/2011 10:19:22 PM PDT · by LibWhacker · 15 replies
    Chicago Tribune ^ | 6/29/11 | Deanese Williams-Harris
    An Arlington Heights man was fined $500 after he turned in $17,000 but lied about how and where he actually found the cash, police said today. Robert Adams, 54, was cited today for filing a false report with the Rolling Meadows Police Department. On the evening of June 6, Adams found a Chase Bank bag full of cash totaling about $17,000 near a Walgreens ATM in Midlothian, police said. Instead of turning the cash in at that location, Adams drove to Rolling Meadows and turned in the bag at a Chase Bank. He later told police he found the cash...
  • Man robs bank to get medical care in jail

    06/21/2011 3:20:20 PM PDT · by Dubya-M-DeesWent2SyriaStupid! · 20 replies
    yahoo.com ^ | Tue Jun 21, 10:36 am ET | Zachary Roth
    Some people who need medical care but can't afford it go to the emergency room. Others just hope they'll get better. James Richard Verone robbed a bank. Earlier this month, Verone (pictured), a 59-year-old convenience store clerk, walked into a Gaston, N.C., bank and handed the cashier a note demanding $1 and medical attention. Then he waited calmly for police to show up. He's now in jail and has an appointment with a doctor this week. Verone's problems started when he lost the job he'd held for 17 years as a Coca Cola deliveryman, amid the economic downturn. He found...
  • Sen. Kerry sees progress on his bill for an infrastructure bank (Lindsey Graham Alert)

    06/08/2011 7:40:01 PM PDT · by rabscuttle385 · 15 replies · 1+ views
    The Hill, Washington DC ^ | 2011-06-08 | Erik Wasson
    Sen. John Kerry (D-Mass.) is hopeful that his bill to create a National Infrastructure Bank will move through the Senate this year. The bill could be the best shot for those seeking to boost transportation, energy and water infrastructure investment in a Congress focused on “rapacious” spending cuts, Kerry said. The Kerry bill, co-sponsored by Sens. Mark Warner (D-Va.), Kay Bailey Hutchison (R-Texas) and Lindsey Graham (R-S.C.), would create an independent, nonprofit bank that would leverage private investment into infrastructure projects. The bill was introduced in March.
  • Bank of America Gets Pad Locked After Homeowner Forecloses On It

    06/04/2011 11:01:43 AM PDT · by rawhide · 72 replies
    digtirad.com ^ | 6-4-11 | Kelly Heffernan-Tabor
    Have you heard the one about a homeowner foreclosing on a bank? Well, it has happened in Florida and involves a North Carolina based bank. Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff's deputies foreclose on the bank. It started five months ago when Bank of America filed foreclosure papers on the home of a couple, who didn't owe a dime on their home. The couple said they paid cash for the house. The case went to court and the homeowners were able to prove they didn't owe Bank of America anything on the...
  • Objections fly with rainbow flag

    06/02/2011 11:47:43 AM PDT · by TheBattman · 22 replies · 1+ views
    OneNewsNow ^ | 6/2/2011 | Charlie Butts
    Objections fly with rainbow flag President Obama has declared June "Lesbian, Gay, Bisexual, and Transgender Pride Month" -- and to the dismay of a pro-family group based in Richmond, Virginia, the Federal Reserve Bank is joining in the celebration. Though The Family Foundation's new office in Richmond has a beautiful view of the state capitol and the flags, the rainbow flag fluttering above the Federal Reserve Bank of Richmond is also in view. Foundation president Victoria Cobb does not expect it to fly away any time soon. "Our expectation is it'll be flying all month," she predicts. "We think the...
  • Bank Failures Rise for 2011

    05/24/2011 11:52:46 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | May 24, 2011 | Zacks Investment Research
    Zacks Investment ResearchBank failures continue with no end in sight. Last Friday, U.S. regulators closed down three more banks, taking the total number to 43 so far in 2011. Two among the recently failed banks were based in Georgia and the other was in Washington. Looking back, there were 157 bank failures in 2010, 140 in 2009 and 25 in 2008.No doubt, the ongoing economic recovery has worked favorably for some bigger banks that have shown clear signs of stabilization. But many smaller banks are still tottering on the edge of disaster. Issues like rock-bottom home prices, still-high loan defaults...
  • Broken Piggy Bank: 'Leaky' 401(k)s Worry Congress (SEAL Act - Savings Enhancement by Alleviating...)

    05/20/2011 9:28:19 AM PDT · by Libloather · 42 replies
    ABC News ^ | 5/20/11 | ALAN FARNHAM
    Broken Piggy Bank: 'Leaky' 401(k)s Worry CongressBy ALAN FARNHAM May 20, 2011 Americans in record numbers are raiding their 401(k)s, depleting their retirement savings to compensate for paychecks and mortgage equity lost to the recession. As employers and savings plan providers struggle to stem the outflow of money, two senators have introduced legislation that would make it both harder for employees to dip into company-sponsored retirement savings and easier to repay their borrowings. The SEAL Act (Savings Enhancement by Alleviating leakage in 401(k) Savings) introduced by Sens. Herb Kohl, D-Wis., and Mike Enzi, R-Wyo., would reduce to three the number...
  • Japan: Megabanks Fall On Possible Tepco Debt Waiver(major Japanese banks in balance sheet trouble?)

    05/13/2011 2:15:42 AM PDT · by TigerLikesRooster · 9 replies
    Nikkei ^ | 05/13/11
    Megabanks Fall On Possible Tepco Debt Waiver TOKYO (NQN)--Shares in Mitsubishi UFJ Financial Group Inc. (8306), Sumitomo Mitsui Financial Group Inc. (8316) and Mizuho Financial Group Inc. (8411) fell Friday afternoon after Chief Cabinet Secretary Yukio Edano suggested the megabanks would have to write off some of their Tepco debts. Edano said at a news conference that the Japanese people will never accept the use of taxpayers' money to help Tokyo Electric Power Co. (9501) to help pay compensation for damage caused by the accident at the Fukushima Daiichi nuclear plant unless banks waive their Tepco debts from before the...
  • Largest Failure This Year Is Among Six Banks Shut

    04/15/2011 10:13:59 PM PDT · by george76 · 8 replies
    wsj ^ | APRIL 15, 2011 | JOAN E. SOLSMAN
    U.S. regulators announced the biggest bank failure so far this year by assets, Birmingham, Ala.'s Superior Bank, as well as the most failures in a single day in 2011, as five other banks were closed in Alabama, Minnesota, Mississippi and Georgia. The Federal Deposit Insurance Corp. said in addition to Superior, Nexity Bank, also based in Birmingham, was closed, the first failures in Alabama this year. Minnesota and Mississippi also logged their first failures of 2011 with the closures of Rosemount National Bank and Heritage Banking Group, respectively.
  • Libya: All About Oil, or All About Banking?

    04/14/2011 8:27:27 AM PDT · by Ricochet11 · 11 replies
    Zero Hedge ^ | 04/13/2011 | Ellen Brown
    Several writers have noted the odd fact that the Libyan rebels took time out from their rebellion in March to create their own central bank - this before they even had a government. Robert Wenzel wrote in the Economic Policy Journal: I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising. This suggests we have a bit more than a rag tag bunch of rebels running around and that there are some pretty sophisticated influences. Alex Newman wrote in the New American: In a statement released last week,...
  • Oak Park bank slapped on community lending

    04/12/2011 2:52:28 PM PDT · by Piranha · 16 replies
    Chicagobusiness Powered by Crain's ^ | April 12, 2011 | Steve Daniels
    (Crain's) — Federal regulators hit an Oak Park community bank for failing to comply with the federal Community Reinvestment Act, a highly unusual censure. Community Bank of Oak Park River Forest, drew a rating of “substantial non-compliance” with the law that requires banks to lend and invest in low- and moderate-income neighborhoods. That's the worst CRA rating possible and very rare. Over the past 12 months, the Federal Deposit Insurance Corp. has rated only two other banks nationwide so harshly, agency records show. Over the past ten years, just 14 of more than 7,500 banks nationwide have been rated substantially...
  • Locksmith to the rescue frees toddler from bank vault

    02/25/2011 8:37:21 PM PST · by rawhide · 49 replies
    ajc.com ^ | 2-25-11 | Christian Boone
    <p>A 14-month-old girl spent hours trapped inside a Conyers bank vault Friday evening after wandering off from her mother and grandmother, an employee at the Wells Fargo branch.</p> <p>What followed was a scene from a summer blockbuster, as bank officials and first responders worked feverishly to locate a locksmith trained to open the vault, which was set on a time-released lock, according to Conyers Police Chief Gene Wilson.</p>
  • Zions First National Bank of Utah Penalized under Bank Secrecy Act and USA Patriot Act

    02/11/2011 3:22:52 PM PST · by ExxonPatrolUs · 6 replies
    Office of the Comptroller of the Currency ^ | February 11, 2011 | Jennifer Kelly, Kevin M. Mukri
    #2011-009 UNITED STATES OF AMERICA DEPARTMENT OF THE TREASURY COMPTROLLER OF THE CURRENCY In the Matter of: Zions First National Bank Salt Lake City, Utah AA-EC-11-04 CONSENT ORDER The Comptroller of the Currency of the United States of America ("Comptroller"), through his national bank examiners and other staff of the Office of the Comptroller of the Currency ("OCC"), conducted an examination of Zions First National Bank, Salt Lake City, Utah ("Bank"), specifically of the Bank's former foreign correspondent business, including its transactions with Casa de Cambio ("CDC") money service business customers located in Mexico. The OCC identified deficiencies in the...
  • Bank of America: $410 million for overdraft suit

    02/05/2011 12:20:59 PM PST · by KevinDavis · 39 replies
    SF Gate ^ | 02/05/11
    Bank of America has agreed to pay $410 million to settle a lawsuit in which the lender is accused of manipulating debit transactions to maximize overdraft fees.
  • Bernie Madoff bank J.P. Morgan Chase accused in $6.4B lawsuit of ignoring his ponzi scheme

    02/05/2011 11:37:55 AM PST · by SeekAndFind · 11 replies
    New York Daily News ^ | 02/04/2011 | Scott Shifrell
    The overseer trying to recover funds for Bernie Madoff's victims slapped J.P. Morgan Chase with a $6.4 billion suit Thursday, claiming the bank turned a blind eye to the mega-fraudster's swindling. Trustee Irving Picard says officials at J.P. Morgan, Madoff's longtime banker, should have spotted red flags alerting them to the Ponzi scheme. "Just as in the children's fable, they knew the 'Emperor had no clothes,' but looked the other way, allowing the fraud to continue," Picard's lawyer, Deborah Renner, said Thursday. The bank "admitted in the months before Madoff's arrest that ... returns were too good - especially in...
  • Leading Russian banks spoke for church arbitration in banking

    -Father Philipp, please share your impressions on the report - Annual reports of the USA Department of State on religious freedom have long ago become an informational event for many experts and politicians in Russia. I think that such external view on religious freedom in Russia and other countries can be useful for international discussion over models of interaction between religion and society. Representatives of the Russian Church constantly participate in such discussion on the world arena and in certain countries, for example when registering our parishes and dioceses abroad or when discussing norms adopted by international organizations in this...
  • The king of home equity fraud (A modern 'Catch me if you can' thief)

    02/02/2011 8:33:36 AM PST · by spetznaz · 13 replies · 1+ views
    CNN/Money - Fortune ^ | January 25, 2011 | Luke O'Brien
    FORTUNE -- A luxury suite at the W Hotel in Dallas is as good a place as any to conquer the world. At least it seemed that way in 2007 when Tobechi Onwuhara got the crew together. They'd meet there often, seven or eight of them. Some had nicknames from the Ian Fleming lexicon: C, Q, and E. Others were called Mookie, Orji, Uche. They would spread out on designer sofas and at the wet bar, open three-ring binders, and fire up laptops with hard-to-trace wireless cards. On a nearby table there'd be prepaid cellphones with area codes taped to...
  • What is usury? Why is it evil?

    02/01/2011 6:05:54 AM PST · by mbeaven · 24 replies
    https://considerandhearme.wordpress.com ^ | 02/01/2011 | considerandhearme
    From a moral stand-point, money lent for things like entertainment and personal consumption are considered usury. Money lent for economic gain is not. For example, you discover you have oil under your land and need to borrow $50,000 to extract $5,000,000 worth of oil — the loan is not considered usurious so long as the lender shares in the profit or loss of the venture. Lending money to someone so they can watch a movie, go out to eat, buy a house to live in, a car to drive, or Christmas presents for their grandkids — all that is usury.
  • China Bank Moves to Buy U.S. Branches

    01/23/2011 6:51:36 PM PST · by george76 · 41 replies
    wsj ^ | JANUARY 22, 2011. | LINGLING WEI
    China's biggest bank signed an agreement that would make it the first Beijing-controlled financial institution to acquire retail bank branches in the U.S., though regulators could still block the deal. The move represents what could be the start of big expansions by Chinese financial institutions in the U.S. ICBC, as the bank is known, is based in Beijing and is 70% owned by the Chinese government... The deal, if approved by U.S. regulators, would allow ICBC to gain relatively quick access to American depositors. Right now, ICBC has one branch in New York, but it isn't involved in the retail-banking...
  • The real cost of Chinese NPLs (bailout of Chinese banks nearing its limit)

    01/23/2011 12:42:14 AM PST · by TigerLikesRooster · 7 replies · 1+ views
    China Financial Markets ^ | 01/21/11 | Michael Pettis
    The real cost of Chinese NPLs Jan 21st, 2011 by Michael Pettis Posted in Banks, NPLs Once again I am starting to hear investors tell me that they have been advised by bank analysts not to worry too much about the impact of a banking crisis in China. According to this argument, China has developed a very efficient and low-cost way to address banking crises, and the proof is that China’s last banking crisis, which occurred only a decade ago, was quickly and easily resolved. I am afraid this argument makes absoutely no sense and is based on an inability...
  • Regulators close 4 banks in Carolinas, Georgia, Colorado; Bank failures this year now 7

    01/21/2011 10:38:02 PM PST · by george76 · 10 replies · 1+ views
    ap ^ | January 21, 2011 | Marcy Gordon
    Regulators on Friday closed banks in North Carolina, South Carolina, Georgia and Colorado, bringing to seven the number of closures in 2011 following last year's toll of 157 bank failures amid the limping economy and mounting bad loans. The growing number of bank failures has sapped billions of dollars out of the deposit insurance fund. It fell into the red in 2009, and its deficit stood at $8 billion as of Sept. 30. The number of banks on the FDIC's confidential "problem" list rose to 860 in the third quarter of last year from 829 three months earlier. The 860...
  • US Debit Fee Caps May Hurt Poorest Customers: Dimon

    01/17/2011 5:37:18 PM PST · by CutePuppy · 25 replies
    Reuters via CNBC ^ | January 14, 2011 | Maria Aspan
    Federal limits on debit card processing fees will force banks to charge customers more for services, making accounts too expensive for as many as 5 percent of customers, JPMorgan Chase & Co's chief executive said on Friday. The rules, proposed as part of the Dodd-Frank financial reform law, would cap the fees that merchants pay banks for processing debit card transactions at 12 cents each. That is almost 75 percent less than the average 44 cents per transaction that banks get now. U.S. banks could lose about $13 billion of their annual industry debit processing revenues because of the rules,...
  • Police: Bank Robbers Holding Hostages (Pearland, TX)

    12/31/2010 10:37:34 AM PST · by pillut48 · 62 replies
    click2Houston ^ | December 31, 2010
    Chase Bank On North Main Street In Pearland Robbed Friday PEARLAND, Texas -- Two armed men are holding people hostage in a bank robbery, police said. Pearland police said the men held up the Chase Bank in the 1900 block of Main Street on Friday morning. Investigators said the bank's manager was injured, but have not released the extent of his injuries. An unknown number of hostages are being held inside the bank, police said. Residents in the area said parts of state Highway 35 were being blocked off. For more information on this breaking story, stay tuned to KPRC...
  • Man posing as Hillary Clinton robs Sterling bank at gunpoint

    12/29/2010 10:46:15 AM PST · by Free ThinkerNY · 25 replies · 4+ views
    loudountimes.com ^ | Dec. 28, 2010 | Crystal Owens
    A gun-wielding man wearing a Hillary Clinton mask robbed a Sterling bank on Dec. 27, authorities said. The man walked into the Wachovia bank in Community Plaza about 9:14 a.m., approached a teller, brandished a firearm and demanded cash, according to Loudoun County sheriff’s office reports. The robber then fled the bank in an unknown direction with an undisclosed amount of cash. No injuries were reported, according to Kraig Troxell, spokesman for the Loudoun County Sheriff’s Office. Witnesses described the robber as a 6-foot-tall black man. He was last seen wearing a black jacket with a red shirt underneath, according...
  • Amherst Bank Robbed, Shots Fired(NY)

    12/25/2010 5:41:11 AM PST · by marktwain · 8 replies
    wben.com ^ | 23 December, 2010 | NA
    Amherst, NY (WBEN) Amherst Police are questioning a man who opened fire at an alleged bank robber Friday morning. No one was hurt. Police say a man walked into the Citizens Bank on Sheridan near Bailey around 9:15 am. The suspect had a handgun and displayed it, ordering all inside to put their hands up. He then proceeded to the teller area of the bank where he demanded cash from the tellers. He then began to exit the bank with an unknown amount of cash. Police say that's when a customer followed the suspect out of the building. As the...
  • Bank of America Loses Key Battle In Mortgage Fraud Fight

    12/23/2010 2:25:56 PM PST · by FromLori · 19 replies · 2+ views
    CNBC ^ | 12/23/2010 | John Carney
    A New York court ruled yesterday that a bond insurer claiming Bank of America’s Countrywide unit fraudulently induced it to insure $21 billion of mortgage-backed securities can use statistical sampling to prove its case. Judge Eileen Bransten granted a motion to allow the insurer, MBIA, to use statistical sampling, turning down the objections by Bank of America. Bank of America [BAC 13.06 -0.32 (-2.39%) ] had told investors that it intended to fight repurchase requests—also known as put-backs—on a “loan-by-loan basis.” That process would have required MBIA and others seeking to force Bank of America to buy back loans it...
  • After National Outcry, Fed Reverses Anti-Christian Bank Decision in OK

    12/18/2010 6:52:19 AM PST · by VRWCTexan · 16 replies · 1+ views
    The Blaze ^ | Dec 18, 2010 | Jonathon M. Seidl
    The Federal Reserve has reversed its decision that originally forced a small Oklahoma bank to remove from its premises and website Bible verses, crosses, and Christmas buttons. The reversal occurred after national outcry and a letter from two Oklahoma lawmakers who charged that the decision may be unconstitutional.
  • War on Christmas comes to Oklahoma bank as feds order removal of crosses

    12/18/2010 7:49:39 AM PST · by FredJake · 16 replies · 1+ views
    examiner.com ^ | 12/17/2010 | Joe Newby
    It's that time of year - snow on the ground, Christmas trees being decorated, shoppers angling for the best deals and the annual repeat of classic films like "Miracle on 34th Street". It's also the time of year when government grinches and ACLU attorneys are on the prowl for anything that might suggest a religious meaning to the Christmas holiday. After all, it is only the annual celebration of the birth of Jesus Christ, and these all-knowing and all-caring bureaucrats and lawyers want to protect us from anything that might cause offense. Earlier this week, Federal regulators ordered a bank...
  • BofA must return $500 million seized Lehman deposits

    12/14/2010 12:52:09 PM PST · by longtermmemmory · 24 replies
    http://www.reuters.com/article/idUSTRE6AG4Q720101117 ^ | November 17, 2010 | Santosh Nadgir and Jonathan Stempel
    U.S. Bankruptcy Judge James Peck said Bank of America violated federal law when it "brazenly" seized the deposits after having taken advantage of Lehman's weakened condition in the summer of 2008 in obtaining the money. "It is difficult to understand how Bank of America could have thought that taking the money was the right thing to do without first seeking permission from the court," Peck wrote in a Tuesday opinion filed in Manhattan bankruptcy court. "The actions taken were surprising and, quite frankly, disappointing for a leading financial institution that should care a great deal about its reputation," he wrote....
  • 'Baywatch' Beauty Feels Overexposed After TSA Scan

    12/06/2010 7:17:08 AM PST · by DFG · 59 replies
    AOL ^ | 12/06/10 | David Moye
    A former "Baywatch" beauty is feeling overexposed after going through what she says was a humiliating body scan by Transportation Security Administration agents at Los Angeles International Airport. Donna D'Errico, who was the Playboy Playmate in September 1995, says she got a few leers along with the scan and isn't happy about it. D'Errico, 42, says the encounter occurred at LAX while trying to catch a flight to Pittsburgh with her son, Rhyan, 17.