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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'...