Keyword: bankers

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  • The right reform for the Fed (Bernanke defends bailouts, pushes globalist central banking)

    11/27/2009 11:14:14 PM PST · by rabscuttle385 · 3 replies · 820+ views
    (snip) I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions. Notably, some leading proposals in the Senate would strip the Fed of all its bank regulatory powers. And a House committee recently voted to repeal a 1978 provision that was intended to protect monetary policy from short-term political influence. These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the...
  • 10,000 Protesters in Chicago?

    10/24/2009 6:17:18 AM PDT · by Need4Truth · 13 replies · 542+ views
    Economic Policy Journal ^ | October 24, 2009 | Robert Wenzel
    National People's Action Network has put out an email reporting that 10,000 people have signed up to protest this weekend at the American Bankers Association conference in Chicago. This is really one mixed bag of protesters. NAPN, as I have previously reported (See here), is an ACORN want-to-be. I'm sure most of the anti-bank protesters don't have a clue about this. [snip] Bottom line the radical left is attempting to co-opt the anti-big banker movement and fold it into an anti-capitalist message.
  • London Mayor: The barefaced greed of bankers and their bonuses beggars belief

    10/19/2009 7:22:49 AM PDT · by SeekAndFind · 14 replies · 426+ views
    The Telegraph ^ | 10/19/2009 | Boris Johnson
    If you pressed a rifle into the hand of the man in the street and asked him to choose between two targets – an MP or a banker – who do you think would get the bullet? Tricky, eh? It is hard to know which of these two formerly respectable professions has fallen further in public esteem. Some people might hesitate, like Buridan's ass, the rifle barrel weaving indecisively between two such luscious hate-objects. Most people would simply call for two bullets. But then let me ask you a slightly different question. Which of the two species has managed to...
  • “Does Banking Contribute to the Good of Society?”

    10/14/2009 8:26:21 AM PDT · by parsifal · 14 replies · 397+ views
    Naked Capitalism ^ | October 14, 2009 | Yves Smith
    ….the finance sector is worse than parasitic. In the title of his recent book, The Predator State, James Galbraith aptly names the problem. The financial sector functions as the sharp canines that the predator state uses to rend the nation. In addition to siphoning off capital for its own benefit, the finance sector misallocates the remaining capital in ways that harm the real economy…:
  • Christians Warn Bankers

    06/24/2009 11:31:02 AM PDT · by truthnomatterwhat · 5 replies · 537+ views
    The Voice magazine ^ | June 24, 2009 | Jonas Clark
    How about that for a headline? Christians warn bankers and world leaders that continue to violate God’s word. Are groceries going up in price or is the dollar losing more of its purchasing power? I believe the dollar is in serious trouble in River City. It looks like those pesky old bankers are going to allow the dollar to lose more and more of its value. I was reading Chuck Butler's email this morning. He works for and says the International Monetary Fund (Global Bankers and Masters of the Matrix) Chief Economist, Olivier Blanchflower, speaking at a conference in...
  • Financial crisis: Let's penalize all the culprits, including ourselves

    03/22/2009 12:37:34 AM PDT · by Cronos · 6 replies · 513+ views
    The Economic Times ^ | 22 Mar 2009, | Swaminathan S Anklesaria Aiyar
    Through history, said my former editor Girilal Jain, whenever things go wrong, Indian rulers blamed the bania. The US is no different. After the Top 20 Global Banks hit the global meltdown, US politicians are baying for the blood of financiers. They have just legislated a 90% tax on bonuses of staff at AIG, the insurance giant rescued by the US government. Legislators were angry that financiers responsible for AIG’s collapse could be rewarded with bonuses, and sought to expropriate these. Many Indians will cheer. Yet, banias alone are rarely responsible for disasters: many others are usually responsible too. The...
  • Bankers Say Rules Are the Problem

    03/14/2009 10:15:02 AM PDT · by CRBDeuce · 60 replies · 1,056+ views
    The New York Times blog ^ | Friday, March 13, 2009 | Floyd Norris
    provided by NYT If mark-to-market accounting is to blame for the current financial crisis, then the National Weather Service is to blame for Hurricane Katrina; if it hadn't told us the hurricane hit New Orleans, the city would never have flooded. This is the logic the bankers are using, and they are getting sympathetic ears in Congress. The bankers have gotten two members of Congress to introduce a bill to establish a new body that could suspend accounting rules for financial institutions. Edward L. Yingling, the president of the American Bankers Association, says the proposal addresses "systemic risks that accounting...
  • Britain’s bankers plumb new depths (social unrest & EU breakup looming)

    02/13/2009 9:09:08 PM PST · by TigerLikesRooster · 19 replies · 1,129+ views
    The Times (UK) ^ | 02/14/09 | Patrick Hosking
    Britain’s bankers plumb new depths Patrick Hosking: On the money Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one. The mind boggles at a financial crisis far worse than the current one. Is such a thing possible? Even with this one, it may already be too late...
  • Another Round of Farcical Congressional Hearings -- Seeking Alpha

    02/12/2009 10:30:03 AM PST · by iThinkBig · 4 replies · 253+ views
    Seeking Alpha ^ | 2-12-09 | Markham Lee
    The latest round of congressional hearings was just another instance of Congress pretending to do something of value, whilst also demonstrating their astounding ignorance about the current financial crisis: (From Reuters): "WASHINGTON (Reuters) – Wall Street bank executives squirmed under a public scolding in the U.S. Congress on Wednesday over how they used $176 billion in bailout money without noticeably improving the battered economy… ...They demanded to know what the banks have done with the bailout money, given an ongoing credit crisis that has added to the country's deteriorating economy. New York Democratic Rep. Gary Ackerman said that in "the...
  • I'll Drink to That

    02/12/2009 8:25:53 AM PST · by iThinkBig · 7 replies · 429+ views
    The Market-Ticker ^ | 2-11-09 | Karl Denninger
    I'll Drink To That - The Market Ticker HONG KONG (MarketWatch) -- A Chinese court has sentenced the former chairman of a state-owned holding company overseeing 30 airports, including Beijing International, to death for bribery and embezzlement amounting to more than 100 million yuan ($14.6 million), according to a report late Tuesday by the state-run Xinhua News Agency. During The Panic of 1873 bankers were literally dragged out of their offices by angry mobs and hanged on the spot. In America. If the law enforcement agencies in this nation do not start prosecuting the fraudsters in our banking and investment...
  • 'Bring back the guillotine...for bankers'[UK]

    02/09/2009 9:54:50 AM PST · by BGHater · 12 replies · 353+ views
    Daily Mail ^ | 09 Feb 2009 | Vince Cable
    The crass behaviour of Britain’s financial aristocracy rivals the last of the Bourbons.Marie Antoinette famously patronised the Parisian mob with her ‘let them eat cake’,while dining in luxury in the Tuileries. The City bankers who ruined their banks but have been kept in employment by the taxpayer now demand we pay them their bonuses to maintain the aristocratic lifestyle to which they have become accustomed. They know no shame and take no blame.They are lucky the British have no guillotines in stock. Is the public outrage simply the politics of envy? I think not. Most of us have no problem...
  • Bankers 'used corporate credit cards to pay for prostitutes'

    02/09/2009 3:57:24 AM PST · by Schnucki · 18 replies · 1,036+ views
    Telegraph (U.K.) ^ | February 9, 2009 | Tom Leonard
    A New York madam who ran one of the city's biggest escort agencies claims that prominent bankers and businessmen paid for her prostitutes with corporate credit cards. Kristin Davis alleges that prosecutors in the Manhattan District Attorney's office decided not to pursue any of them even though she provided evidence. Davis, who admitted charges last year of running a prostitution business employing more than 100 women, told ABC News that the men included a senior executive of a top media company, a banker who spent $41,600 and the chief executive of one of America's largest private equity firms. Others were...
  • Sheila Bair shakes up Washington, Wall Street

    01/31/2009 9:23:40 PM PST · by STARWISE · 30 replies · 1,331+ views
    Yahoo/AP ^ | 1-31-09 | Alan Zibel
    The Wall Street crowd that packed into the ballroom of the fancy Times Square hotel didn't know what was about to hit it. As the bankers and analysts sliced into their grilled beef tenderloin and chicken, Sheila Bair stepped up to the microphone and told them off. Too many people couldn't make their mortgage payments, she said. The mortgage industry was sitting on a ticking time bomb and just didn't get it. Pick up the phone, she said, and talk to borrowers. "The sense of hostility from that audience was overwhelming," said Howard Glaser, a Washington-based mortgage industry consultant who...
  • Bankers First

    01/18/2009 8:12:59 AM PST · by TigerLikesRooster · 21 replies · 520+ views
    dealbreaker ^ | 01/16/09
  • Iran to jail, lash former bankers for taking bribes

    12/07/2008 4:04:28 PM PST · by BGHater · 10 replies · 395+ views
    Daily Times ^ | 08 Dec 2008 | Daily Times
    TEHRAN: An Iranian court has sentenced to jail and lashes 16 former central bank staff for taking bribes including 35 billion rials ($3.5 million) in cash as well as gold and foreign currencies, state radio reported on Sunday. It was the latest sign of the Islamic Republic, whose leaders have vowed to root out graft, getting increasingly tough on corruption in the world’s fourth-largest oil producer. The radio report said those accused received sentences of 10 years imprisonment, lashes and fines in the Tehran court’s “initial verdict” without making clear whether all 16 were handed the same punishment. The report...
  • ...And a Plague of Locusts will Descend upon the Heartland

    12/04/2008 5:33:29 PM PST · by foutsc · 2 replies · 259+ views
    Nietzche is Dead ^ | 4 dec 08 | foutsc
    Beware swarms of failed bankers descending upon the heartland from the east. ALBANY, N.Y. (AP) - Bankers and brokers looking to escape the financial meltdown are scrambling to relocate their families, possessions and rarified talent far from Wall Street to places such as Florida, Chicago, Milwaukee, Virginia and Asia. Read the article... They've gotta patronize local stores, hire movers and various tradespeople in the process of getting settled in that new house. I hope Joe the handyman and Jill the plumber gouge the crap out of them...
  • Senator Offers Poignant Plea on Behalf of Wall Street Bailout

    09/27/2008 8:14:41 PM PDT · by John Semmens · 50 replies · 921+ views
    Senate Majority Whip Richard Durbin (D-Ill.) said that “if we hadn’t gone into Iraq we’d have plenty of money available to rescue Wall Street.” “While we were squandering billions chasing terrorists in the deserts of Iraq, the financiers of this country have gotten into a dire predicament,” Durbin complained. “Now, the elite of the investment banking community, the cream of Wall Street, are facing a horrific write-down of assets. Their stock options are in danger of becoming worthless. Their cry for help cannot be ignored.” Durbin hinted at “potentially severe political fallout if the distress of these men is not...
  • Credit crunch banker leaps to his death in front of express train

    09/27/2008 4:43:14 PM PDT · by brydic1 · 75 replies · 2,125+ views
    Daily Mail Online ^ | September 27, 2008 | Christopher Leake
    The City was in shock last night after the apparent suicide of a millionaire financier haunted by the pressures of dealing with the credit crunch. Kirk Stephenson, who was married with an eight-year-old son, died in the path of a 100mph express train at Taplow railway station, Berkshire.
  • 'They Did This to Themselves with Their Own Greed'

    09/16/2008 6:53:43 PM PDT · by ex-Texan · 27 replies · 171+ views
    The Oregonian ^ | 9/16/2008 | Michael Liedtke
    SAN FRANCISCO -- Born to serve cotton farmers in simpler times, Lehman Brothers grew into a financial high roller that succumbed to the recklessness that has immersed the world's financial markets in a morass of toxic mortgages and crumbling home values. Lehman Brothers Holdings Inc.'s demise, sealed Monday with a Chapter 11 bankruptcy filing, served as another chilling reminder of the severity of a mortgage meltdown that began two years ago. Founded 158 years ago in Alabama by three brothers, Lehman had survived the Civil War, two world wars, the Depression, a currency crisis and the 2001 terrorist attacks that...
  • Top bankers 'leaving US for Asia'

    05/21/2008 8:15:52 AM PDT · by BGHater · 30 replies · 294+ views
    BBC ^ | 20 May 2008 | BBC
    Hong Kong is attracting more and more senior banking figures The number of high-flying investment bankers moving from the US to Asia is set to increase, experts have said, as a result of the credit crunch. A senior Credit Suisse executive is the latest in a string of "dealmakers" to relocate from New York to Hong Kong. Big takeover deals are scarce in the US and Europe as the credit squeeze has made it hard for firms to source funds. But corporate activity has remained buoyant in Asia, driven by Chinese firms and foreign private equity. 'Follow the money'...
  • The Federal Reserve’s Systematic Destruction of America

    04/23/2008 5:53:14 AM PDT · by Tolerance Sucks Rocks · 22 replies · 148+ views
    echo chambers ^ | April 22, 2008 | echo chambers
    “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” -Thomas Jefferson The Founding Fathers put Congress in control of the the U.S. monetary system. In 1913 Congress relinquished this awesome power and gave it to a private cartel with the passage of the Federal Reserve Act. For almost 100 years, Federal Reserve policy has swindled Americans...
  • Countrywide Treats Bankers to Ski-Resort Trip

    02/24/2008 2:57:01 PM PST · by BGHater · 10 replies · 259+ views
    WSJ ^ | 22 Feb 2008 | JAMES R. HAGERTY and DAMIAN PALETTA
    The U.S. home-mortgage industry is in the dumps. That doesn't mean the party is over for mortgage bankers. Countrywide Financial Corp., the nation's largest mortgage lender by loan volume, will host about 30 representatives of smaller mortgage banks for three nights next week at the Ritz-Carlton Bachelor Gulch ski resort in Avon, Colo. At one of the country's most-glamorous skiing spots, a regular room on a weekday starts at $750. The first items on the agenda for guests arriving Monday evening: Cocktails and ski fittings. Next is dinner at the Spago restaurant, whose menu includes Kobe steak with wasabi potato...
  • Expert: Saudi Arabian Bankers Fueling Global Islamic Jihad

    02/22/2008 10:37:47 PM PST · by Sammy67 · 25 replies · 312+ views
    ( Rachel Ehrenfeld, Director of the American Center for Democracy, said at the Jerusalem Conference Tuesday that Saudi Arabian bankers are the main financiers of global terrorism. Corrupt “Sharia financing” banking practices - legal under Islamic law - are a fairly new phenomenon, Ehrenfeld said. They were first developed by the Muslim brotherhood in the 70s, following the financial power gained by Saudis during the oil boom. Ehrenfeld at Jerusalem Conference ”Saudis are using money in order to corrupt the West, to fund terrorism, and eventually to take over the West,” said Ehrenfeld. “For years, Saudi Arabia has been a...
  • Worried Bankers Seek to Shift Risk to Uncle Sam

    02/14/2008 4:14:56 AM PST · by cowtowney · 35 replies · 172+ views
    Wall Street Journal ^ | 2/14/08 | Damian Paletta
    WASHINGTON -- The banking industry, struggling to contain the fallout from the mortgage debacle, is urgently shopping proposals to Congress and the Bush administration that could shift some of the risk for troubled loans to the federal government. [Sheila Bair] One proposal, advanced by officials at Credit Suisse Group, would expand the scope of loans guaranteed by the Federal Housing Administration. The proposal would let the FHA guarantee mortgage refinancings by some delinquent borrowers. Credit Suisse officials have met with senior officials from the Department of Housing and Urban Development, which runs the FHA, and other policy makers to discuss...

    08/29/2006 7:16:21 PM PDT · by Aussie Dasher · 4 replies · 227+ views
    NY Post ^ | 30 August 2006 | JEANNINE AVERSA
    A Bush administration official yesterday called Iran a "central banker of terror" that provides millions of dollars a year to bankroll terrorist acts carried out by Hezbollah. "Iran is like the elephant in the room, if you will . . . They are the central banker of terror. It is a country that has terrorism as a line item in its budget," Stuart Levey, the Treasury Department's undersecretary for terrorism and financial intelligence, said in an interview. Levey's comments came as the United States repeated its resolve to pursue U.N. sanctions against Iran unless the country stops enriching uranium, a...
  • Carlos Guerra: With toll roads, the devils in the details could be astounding

    03/17/2006 5:21:28 AM PST · by Tolerance Sucks Rocks · 5 replies · 430+ views
    San Antonio Express-News ^ | March 16, 2006 | Carlos Guerra
    Two decades of white-knuckle drives to Austin on Interstate 35 are proof that highway work isn't a quick endeavor. But what few realize is that planning started years before construction, and Texas Department of Transportation planners have never stopped altering and tweaking their plans. It makes sense. Big highway projects can cost hundreds of millions of dollars and permanently change communities. But other things to consider are that a major highway built to nowhere will, in time, make it somewhere because a highway goes there. Big roads can defy the laws of supply and demand. Planners often warn against trying...
  • Central Bankers Warn U.S. Over Deficits

    02/04/2005 3:31:44 PM PST · by watchout · 10 replies · 559+ views
    AP ^ | 02/05/05 | JANE WARDELL
    Central Bankers Warn U.S. Over Deficits LONDON - Some of the world's major central bankers warned the United States on Friday that the international community could be running out of patience with the massive U.S. budget and trade deficits that have pushed the dollar lower and increased the cost of their exports in America. But U.S. Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) said before the official opening of the Group of Seven finance ministers meeting that factors including the weaker dollar and tougher budget discipline in Congress may finally start to restrain the...

    11/09/2004 8:28:42 PM PST · by CHARLITE · 65 replies · 2,802+ views
    There are times when Hillary Clinton must wish that her husband were dead. Don't get me wrong. I want Bill Clinton to live a long and scandal-filled life. I have no plans to hurl an ashtray at the former beach-boy president. In fact, I would take a bullet for Bill Clinton if only to protect my income as a reporter. However, if Hillary wants to win the White House, she could make it a cakewalk if Bill were pushing up daises. Imagine Hillary running for president if Bill were suddenly to die. The former first lady would be the object...
  • AP: Kerry pocketed speaking fees

    02/09/2004 1:27:01 AM PST · by kattracks · 17 replies · 450+ views
    AP | 2/09/04 | JOHN SOLOMON
    WASHINGTON (AP) — Back when federal lawmakers legally could be paid for speaking to outside groups, John Kerry collected more than $120,000 in fees from interests as diverse as big oil, tobacco, the liquor lobby and unions, records show. Between 1985 and 1990, Kerry's first five years in the Senate from Massachusetts, he pocketed annual amounts slightly under the limits for speaking fees set by Congress. Unlike many colleagues, he donated a speaking fee to charity only once, according to annual financial disclosure reports reviewed by The Associated Press. One of the companies to pay Kerry $1,000 for a speech...

    06/28/2004 10:33:11 PM PDT · by kattracks · 8 replies · 320+ views
    New York Post ^ | 6/29/04 | NICOLE GELINAS
    June 29, 2004 -- EACH unhappy oil-produc ing nation is unhappy in its own way. The gravest chal lenge facing Iraq — after security — is to dodge the economic traps that have ensnared its oil-rich peers across the map: Saudi Arabia, Venezuela and Russia. Saudi Arabia's economy is a fetid oil swamp. The royal family owns the nation's oil assets — so the monarchs don't depend on the people's industry for tax revenue. The princes have no stake in building a diverse economy. The overeducated masses are the products of a welfare state, with nothing useful to do. Venezuela...

    06/22/2004 9:38:54 AM PDT · by doug from upland · 4 replies · 128+ views
    info from Dr. Paul Fick | 67-2004 | dfu
    For those FReepers who were either asleep or not on this forum during IMPEACHMENT time, Bill Clinton should have been nailed for the perjury he committed in the criminal trial of bankers Herbie Branscum and Robert Hill. I worked with Dr. Paul Fick (THE DYSFUNCTIONAL PRESIDENT author) on this adventure. We got Fick in front of the investigators at the Judiciary Committee. After hearing from him and seeing the transcript, they were astounded. They knew Clinton had perjured himself in the criminal trial. Unfortunately, it was too late to do anything about it. The GOP had earlier caved and allowed...
  • Columnist Charley Reese: Even the "Big Shots" Are Worried About the International Economy

    07/11/2003 8:53:25 AM PDT · by Theodore R. · 2 replies · 204+ views
    King Features Syndicate ^ | 07-11-03 | Reese, Charley
    Big Shots Worried Of all the big-shot meetings, the one that really counts, in my opinion, is the annual meeting of the Bank for International Settlements in Basel, Switzerland. Here the heads of the central banks meet, unencumbered by politicians or academics or journalists. These are guys who hold the crown jewels of most industrial countries in their hands. Like all big-shot meetings, it's closed to the public and the press. Nobody knows what they say inside, only what they choose to say when they leave the building. Well, one of them chose to say: "The issue is really how...
  • Partying Like It's 1999(NYC bankers using unemployment to pay $800 dinner tabs)

    10/25/2002 8:03:07 AM PDT · by finnman69 · 34 replies · 3,252+ views
    NY Times ^ | 10/20/02 | Katherine Rosman
    Partying Like It's 1999 October 20, 2002 Partying Like It's 1999 By KATHERINE ROSMAN Unemployed Wall Streeters: Brad Gishen (second from left), David Dobkin (fourth from left), Jeff Valenty (fifth from left) and Vipul Tandon (second from right) out with friends at Suite 16. Some call themselves the 405 Club — $405 being the amount of their weekly unemployment checks. It was another exhausting night for David Dobkin. Last Wednesday, on the dance floor at Suite 16 in Chelsea, Mr. Dobkin, 23, twirled and dipped various pretty young things with the panache of a man who had charmed women on...
  • Justice Department charges three former British bankers involving Enron [Lieberman contributors]

    06/28/2002 6:33:52 AM PDT · by Oldeconomybuyer · 19 replies · 396+ views
    Associated Press ^ | 6-28-02 | CHRISTOPHER NEWTON
    <p>WASHINGTON (AP) --  Three former British bankers have been charged by the United States with wire fraud in an alleged $7.3 million scheme involving Enron Corp.</p> <p>The charges against the bankers were the first involving Enron as a company, as opposed to the indictment in March of its auditor, Arthur Andersen LLP. Andersen was convicted of obstructing justice for shredding Enron audit documents.</p>