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Keyword: banking

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  • What the hell is this American plane owned by the Bank of Utah doing in IRAN?

    04/18/2014 10:10:47 AM PDT · by mandaladon · 28 replies
    The Daily Caller ^ | 18 Apr 2014 | Eric Owens
    On Tuesday morning, a plane owned in trust by the Bank of Utah showed up in a very visible area of the Mehrabad Airport in Tehran, the capital of the Islamic Republic of Iran. What was it doing there exactly? Nobody knows, reports The New York Times. Under President Barack Obama, the United States has eased some of the long-standing punitive economic sanctions against Iran. Still, very little American — or European — economic activity is allowed inside the religious theocracy. The Bank of Utah is certainly no Wells Fargo. The Ogden-based community bank has all of 13 branches including...
  • All the Presidents' Bankers: The Hidden Alliances that Drive American Power

    04/14/2014 8:05:08 AM PDT · by Yollopoliuhqui · 12 replies
    Amazon ^ | recent | Nomi Prins
    Who rules America? All the Presidents’ Bankers is a groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history. Culled from original presidential archival documents, All the Presidents’ Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics—or greed driving bankers. Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships...
  • Former Top Dutch Banker Found Dead

    04/06/2014 6:42:20 AM PDT · by Wiz-Nerd · 24 replies
    Business Standard ^ | April 6, 2014 | Reuters
    A Dutch former top banker who came under fire for taking a large pay-off after the nationalisation of his troubled bank was found dead along with his wife and daughter on Saturday in what police called a family tragedy. Jan Peter Schmittmann, 57, ran the domestic operations of Dutch bank ABN Amro between 2003 and 2007 and was widely criticised for landing an 8 million euro pay-off after the bank's collapse and subsequent nationalisation.
  • Ukraine Shocks Population With Staggered 100% Heating Price Increase While Restricting Cash Use

    03/28/2014 4:34:02 PM PDT · by dynachrome · 19 replies
    Zero Hedge ^ | 3-28-14 | Yatsenyuk
    Yatsenyuk addressed the nation in a TV appearance: •*UKRAINE TO RAISE GAS, HEATING PRICES GRADUALLY, PREMIER SAYS •*UKRAINE TO RAISE HEATING PRICES 40% THIS YEAR, 40% NEXT YEAR •*UKRAINE TO RAISE HEATING PRICES 20% IN 2016 AND 20% IN 2017 So a 182% increase by 2017 •*YATSENYUK SAYS PRICE INCREASE WILL BRING IT TO MARKET LEVELS •*UKRAINE HOUSEHOLDS PAY $84 PER 1,000 CUBIC METERS GAS:YATSENYUK •*IMPORTED RUSSIAN GAS WILL BE ABOUT $500: YATSENYUK •*HOUSEHOLD RATE INCREASE IS `ONLY RIGHT DECISION:' YATSENYUK And then, via The Ukraine Central Bank, they implement tougher capital controls: •*UKRAINE CENTRAL BANK SETS LIMITS ON FOREIGN...
  • Hundreds rush to rural Chinese banks after solvency rumours

    03/25/2014 5:40:55 PM PDT · by dynachrome · 10 replies
    Reuters ^ | 3-25-14 | Gabriel Wildau and Kazunori Takada
    Hundreds of people rushed on Tuesday to withdraw money from branches of two small Chinese banks after rumours spread about solvency at one of them, reflecting growing anxiety among investors as regulators signal greater tolerance for credit defaults. The case highlights the urgency of plans to put in place a deposit insurance system to protect investors against bank insolvency, as Chinese grow increasingly nervous about the impact of slowing economic growth on financial institutions. Regulators have said they will roll out deposit insurance as soon as possible, without giving a firm deadline.
  • Trader kills self in finance world’s latest suicide

    03/12/2014 4:57:25 PM PDT · by Nachum · 30 replies
    New York Post ^ | 3/12/14 | Michael Gray March 12, 2014 | 5:45pm
    A Manhattan trader was killed Tuesday morning by a speeding Long Island Rail Road commuter train, marking at least the seventh suicide of a financial professional this year. Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, jumped in front of an LIRR train at 6 a.m. near the Syosset train station. He was declared dead at the scene. Reilly’s identity was confirmed by Salvatore Arena, an LIRR spokesperson, who said an investigation into the incident was continuing. Passengers on the west-bound express train told MTA investigators they saw a man standing by the tracks before he jumped in...
  • JP Morgan Cutting 17,000 Jobs – Banking Has Turned Down

    03/11/2014 3:14:19 PM PDT · by aMorePerfectUnion · 9 replies
    Martin Armstrong blog ^ | 3/11/14 | Martin Armstrong
    "We warned that the banks have turned the corner when their cycle finished last year. The NY Post has come out stating that being a banker is not so great anymore. When the ECM turns down 2015.75 into 2020, things for the banks are going to get a lot worse. They are hated perhaps even more than politicians. Their proprietary trading has destroyed the industry and been the worst public image than any sector can have."
  • Bitcoin refuses to flip: Virtual currency stays strong despite bankruptcies, gyrating rates

    03/09/2014 2:03:34 PM PDT · by Errant · 21 replies
    The Washington Post ^ | 8 March 2014 | Craig Timberg
    Future generations of Bitcoin billionaires may someday look back on 2014 with knowing smiles. Here was a year when thefts spread, exchanges collapsed, rates gyrated like a teenager’s moods. And yet the buying of bitcoins showed no signs of abating. The past week was particularly extreme. The apparent suicide of an American business executive in Singapore was investigated for possible ties to her Bitcoin investments. A California man fingered as the currency’s mysterious inventor reacted to his sudden fame by asking that journalists buy him lunch. After finishing his meal at a sushi restaurant, he went on to deny any...
  • Malicious Malware Uses Photos of Sunsets and Cats to Steal Banking Credentials

    03/05/2014 12:16:51 PM PST · by SWAMPSNIPER · 75 replies
    PETAPIXEL ^ | March 05,2014 | Gannon Burgett
    It’s a sad day for the Internet… according to Trend Micro’s security analysts, it’s been discovered that photographs of both sunsets and — even more heartbreaking — cats being shared across the web contain malware capable of getting into your bank accounts.
  • What’s Behind The Growing Pile Of Dead Banker Bodies? Here's a background of some of the dead...

    03/01/2014 8:24:03 PM PST · by SeekAndFind · 31 replies
    Personal Liberty ^ | 02/25/2014 | Bob Livingston
    It’s become a health hazard to be a banker. What evil lurks beneath the pile of bodies?In growing numbers, the bodies of bankers are piling up in the streets — at least eight global financial types in recent weeks (and five others in the past year). And a financial reporter for The Wall Street Journal walked out of his house and mysteriously hasn’t been seen or heard from in weeks.So what gives? Three of the bankers worked for JPMorgan. One worked for Deutsche Bank AG. Others for companies not so prominent, i.e., not “too big to fail,” but possibly...
  • Wells Fargo cuts 700 mortgage jobs

    02/27/2014 5:50:54 AM PST · by 2ndDivisionVet · 16 replies
    The Minneapolis/St Paul Star Tribune ^ | February 27, 2014 | Jennifer Bjorhus
    Wells Fargo cuts 700 employees, including 203 in the Twin Cities, as demand for mortgages declines.Wells Fargo & Co. said Wednesday that it is cutting 700 employees, including 203 in the Twin Cities, as demand for mortgages continues to shrink. The San Francisco-based bank said it notified affected employees Wednesday, and that almost all of them work at the Wells Fargo Home Mortgage campus in south Minneapolis. Some work elsewhere in the Twin Cities. The cuts follow scattered layoffs in the Twin Cities in January in which Wells Fargo laid off fewer than 30 mortgage-related workers. “We currently expect mortgage...
  • Since 2000, There Are 29 Percent More Big Banks and 24 Percent Fewer Small Banks

    02/25/2014 12:43:29 PM PST · by grundle · 8 replies
    National Review ^ | February 25, 2014 | Veronique de Rugy
    My colleagues Hester Peirce and Robert Greene have put together a series of charts showing the recent concentration of the U.S. banking system — small banks are disappearing and large banks are growing in number. Here is one of their charts that shows the changes: Repeated waves of bank regulation — most recently Dodd-Frank — can be particularly burdensome for small banks. Peirce and Green explain: Regulatory compliance can be a particular challenge for small banks with limited compliance expertise. Regulatory expenses absorb a larger percentage of small banks’ budgets than of their larger counterparts’ budgets. Although correlation is not...
  • JP Morgan To Lay Off 17,000 Mortgage Bankers In 2013 And 2014, Because The "Housing Recovery"

    02/25/2014 8:53:01 AM PST · by SeekAndFind · 20 replies
    Zero Hedge ^ | 02/25/2014 | Tyler Durden
    The last time JPMorgan had an investor day, Jamie Dimon explained to Mike Mayo why he is richer than him (and pretty much anyone else). This year, Jamie will be more focused on explaining to 8,000 JPM workers why after firing 16,500 people in consumer and mortgage banking, the bank will now let go another 2K and 6K in those same two groups (which will bring total mortgage and consumer banking headcount reductions between 2013 and 2014 to at least 17K and 7.5K, respectively). This may be tricky especially in the context of, you know, the housing and economic...
  • Does The Trail Of Dead Bankers Lead Somewhere?

    02/24/2014 5:27:39 PM PST · by ilovesarah2012 · 47 replies
    theeconomiccollapseblog.com ^ | February 18, 2014 | Michael Snyder
    What are we to make of this sudden rash of banker suicides? Does this trail of dead bankers lead somewhere? Or could it be just a coincidence that so many bankers have died in such close proximity? I will be perfectly honest and admit that I do not know what is going on. But there are some common themes that seem to link at least some of these deaths together. First of all, most of these men were in good health and in their prime working years. Secondly, most of these "suicides" seem to have come out of nowhere and...
  • Another "Successful Banker" Found Dead

    02/24/2014 6:17:24 PM PST · by Nachum · 45 replies
    zero hedge ^ | 2/24/14 | tyler durden
      The dismal trail of dead bankers continues. As The Journal Star reports, a successful Lincoln businessman and member of a prominent local family died last week. Former National Bank of Commerce CEO James Stuart Jr. was found dead in Scottsdale, Ariz., the morning of Feb. 19. A family spokesman did not say what caused the death. This brings the total of banker deaths in recent weeks to 9 as Stuart is sadly survived by three sons and four daughters.  Mr Stuart's background (via The Journal Star), Stuart was a native of Lincoln and graduated from the University of Nebraska-Lincoln with...
  • Banks Are Obsolete: The Entire Parasitic Sector Can Be Eliminated

    02/20/2014 3:44:09 PM PST · by Renfield · 8 replies
    Zero Hedge ^ | 2-20-2014 | Charles Hugh-Smith
    What else can we do with the $1.25 trillion we'll save by eliminating these obsolete financial middleman parasites? A lot. Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite? Financial sector profits now total a staggering 4.5% of GDP (gross domestic product), while the expenses generated by financial churning account for another 4.5% of the economy....
  • Following a Wave of Banker Suicides, 3 Former Barclays Bankers Now Charged in LIBOR Scandal

    02/20/2014 11:48:10 AM PST · by Renfield · 18 replies
    Activist Post ^ | 2-18-2014 | Melissa Melton
    Three former Barclays bank employees have now been charged with “conspiracy to defraud” in the continuing LIBOR scandal, bringing the total to 13 people charged in America and the U.K. It has been reported that three ex-ICAP brokers are next on the list for helping traders manipulate interest rates. Three former Barclays bankers have been charged “in connection with the manipulation of Libor” interest rates, the Serious Fraud Office said. The SFO alleges the three – Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas – "conspired to defraud between 1 June 2005 and 31 August 2007". They will appear...
  • 33-year-old banker leaps to his death from JPMorgan’s Hong Kong headquarters, latest in string....

    02/18/2014 9:15:33 AM PST · by BRK · 83 replies
    JPMorgan banker jumps from Hong Kong headquarters A 33-year-old man jumped to his death from the skyscraper roof of U.S. investment bank JPMorgan Chase & Co’s Asia headquarters on Tuesday, police said. JP Morgan has confirmed that the man who jumped was an employee at the firm with the last name Li. He was a junior investment banker.
  • Federal guidance on pot business leaves banks wary

    02/15/2014 1:48:31 PM PST · by steve86 · 18 replies
    Seattle PI / Associated Press ^ | 2/15/2014 | GENE JOHNSON
    SEATTLE (AP) — For marijuana dispensaries around the country, the days of doing business in cash — driving around with bill-stuffed envelopes to pay the rent, or showing up at a state revenue office with $20,000 in paper bags for the tax man — can't end soon enough.
  • World Bank a security risk to the world order?

    02/12/2014 2:22:19 PM PST · by Yollopoliuhqui · 5 replies
    Lars Schall.com ^ | May 8, 2013 | Lars Schall
    Former senior legal counsel at the World Bank turned whistleblower Karen Hudes talks about the corruption inside the World Bank and her personal saga to find out about it. She says a worldwide currency war is certain and NATO in jeopardy, if the wrongdoing isn’t finally addressed. By Lars Schall Karen Hudes studied law at Yale Law School (J.D.) and economics at the University of Amsterdam (M.Phil). She worked as a corporate and securities lawyer at a major New York law firm and for several years at the Export Import Bank of the US, before she became a senior counsel...
  • Third Banker, Former Fed Member, "Found Dead" Inside A Week

    01/31/2014 10:43:06 AM PST · by RightGeek · 96 replies
    Zero Hedge ^ | 1/31/2014 | "Tyler Durden"
    <p>If the stock market were already crashing then it would be simple to blame the dismally sad rash of dead bankers in the last week on that - certainly that was reflected in 1929. However, for the third time in the last week, a senior financial executive has died in what appears to be a suicide. As Bloomberg reports, following the deaths of a JPMorgan senior manager (Tuesday) and a Deutsche Bank executive (Sunday), Russell Investments' Chief Economist (and former Fed economist) Mike Dueker was found dead at the side of a highway in Washington State. Police said the death appeared to be a suicide.</p>
  • Thanks to Government, Banks Now Treat You Like Crap and Spy on You

    01/29/2014 8:08:45 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | January 29, 2014 | Daniel J. Mitchell
    People are getting increasingly agitated about being spied on by government. The snoops at the National Security Agency have gotten the most attention, and those bureaucrats are in the challenging position of trying to justify massive invasions of our privacy when they can’t show any evidence that this voyeurism has stopped a single terrorist attack. And let’s not forget that some politicians and bureaucrats want to track our driving habits with GPS devices. Their immediate goal is taxing us (gee, what a surprise), but does anyone doubt that the next step would be a database of our movements? But the...
  • Two top American bankers commit suicide in London as one jumps 500ft to his death...and another....

    01/28/2014 6:15:58 PM PST · by 1 spark · 94 replies
    Two top American bankers commit suicide in London as one jumps 500ft to his death from JP Morgan skyscraper and another hangs himself in luxury home •Gabriel Magee, a 39-year-old JP Morgan bank executive, died this morning after he threw himself off the top of the bank's European headquarters •On Sunday, former Deutsche Bank senior manager, William 'Bill' Broeksmit, 58, was found hanging in his home in South Kensington •Both deaths have been ruled non-suspicious by the Metropolitan Police •Magee had lived in London for seven years after transferring from the Unites States with JP Morgan •Broeksmit had been in...
  • Exclusive: Bank of America's trading practices have been probed, filing shows

    01/25/2014 7:37:02 AM PST · by Red in Blue PA · 4 replies
    NEW YORK/WASHINGTON (Reuters) - The U.S. Department of Justice and the Commodity Futures Trading Commission have both held investigations into whether Bank of America (BAC) engaged in improper trading by doing its own futures trades ahead of executing large orders for clients, according to a regulatory filing. The June 2013 disclosure, which Reuters recently reviewed on a website run by the securities industry regulator FINRA, sheds light on the basis for a warning by the Federal Bureau of Investigation on January 8. The warning, in the form of an intelligence bulletin to regulators and security officers at financial services firms,...
  • Bitcoin is the future, Money2020 delegates told

    01/25/2014 6:25:34 AM PST · by Errant · 25 replies
    Banking Technology ^ | 25 January 2014
    Bitcoin is here to stay and will continue to grow, according to experts speaking on separate panels at Money2020 in Las Vegas. The recent prosecution of Silk Road, an underground online market for drugs that traded Bitcoins and the FBI’s confiscation of approximately $3.5 million in Bitcoins, looked like a severe blow to the virtual currency. But Carol Van Cleef, partner in Patton Boggs and moderator of a session on maths-based and virtual currencies, said the bust showed growing sophistication on the part of federal law enforcement agencies, reports Tom Groenfeldt. “They decided to go not after the system itself,...
  • Obama vs. Obama

    01/20/2014 9:36:27 AM PST · by afraidfortherepublic · 3 replies
    The American Thinker ^ | 1-20-14 | J. R. Dunn
    A major peculiarity of Obama's recent promises involving his upcoming "Year of Action" is that the chief enemy he's sworn to overcome is none other than... Barack Obama. Consider "income inequality." As far as this can be said to actually exist, it's a function of certain sectors of the financial industry reaping massive windfalls over the past few years while the rest of the country has stagnated under the burden of the recession. So who is responsible for this state of affairs? Consider the trillion and a half dollars handed over to the banks and other financial institutions shortly after...
  • Holder Shakes Down 'Racist' Banks For Nearly $1 Bil

    01/15/2014 5:19:47 PM PST · by jazusamo · 66 replies
    Investors.com ^ | January 15, 2014 | Editorial
    War On Banks: Attorney General Eric Holder has opened up a new front against car lenders and has forged an alliance with the Consumer Financial Protection Bureau to frame them for racism, too. We don't use the term "frame" capriciously, certainly not like Holder uses the charge of racism. His department and the president's new consumer credit watchdog agency, CFPB, have announced a new settlement with Ally Bank for nearly $100 million. It's the largest fair lending deal against the auto industry and the third-largest ever to resolve charges of lending discrimination. Throw in four new mortgage-lender settlements over equally...
  • Banks Say No to Marijuana Money, Legal or Not

    01/12/2014 6:53:57 AM PST · by rktman · 30 replies
    nytimes.com ^ | 1/11/2014 | SERGE F. KOVALESKI
    “Carrying such large amounts of cash is a terrible risk that freaks me out a bit because there is the fear in my mind that the next car pulling up beside me could be the crew that hijacks us,” he said. “So, we have to play this never-ending shell game of different cars, different routes, different dates and different times.”
  • Darrell Issa Demands Answers from Eric Holder on 'Operation Choke Point' Bank Shakedown

    01/09/2014 6:09:42 PM PST · by Nachum · 44 replies
    Breitbart Big Government ^ | 1/9/14 | Michael Patrick Leahy
    Congressman Darrell Issa (R-CA), Chairman of the House Oversight and Government Reform Committee, and Congressman Jim Jordan (R-OH), Chairman of the Economic Growth Subcommittee, sent a harsh letter to Attorney General Holder Wednesday accusing the Department of Justice of abusing its power and intimidating banks through its "Operation Choke Point." In the letter, Issa and Jordan stated, "[t]he [House Oversight and Government Reform] Committee is concerned that both the goal and mechanisms of Operation Choke Point may constitute a serious mismanagement and abuse of the Department´s FIRREA [Financial Institution Reform and Recovery Act of 1989] authority." Breitbart News broke the
  • IMF's World Tax Is a Puzzling Ploy

    01/07/2014 9:35:16 AM PST · by Renfield · 7 replies
    The Daily Bell ^ | 1-3-2014
    IMF paper warns of 'savings tax' and mass write-offs as West's debt hits 200-year high ... Debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, warns IMF paper. The paper said policy elites in the West are still clinging to the illusion that rich countries can chip away at their debts with a blend of austerity cuts and growth. – UK Telegraph Dominant Social Theme: The West is out of control and only taxes can save it. Free-Market Analysis: The UK Telegraph has discovered that the IMF wants to inflict...
  • 'Dead' banker arrested on $20m fraud charges ... after his apparent suicide

    01/01/2014 5:19:42 PM PST · by Uncle Chip · 10 replies
    The Daily Mail Online ^ | January 1, 2014 | Daily Mail Reporter
    Caught by his tinted windows:A banker who vanished in an apparent suicide in 2012 and was wanted by the FBI in connection with a $20 million wire fraud case has been arrested in Georgia after being pulled over for a minor traffic violation. Aubrey Lee Price, 47, was arrested after being stopped for a tinted window violation on Interstate 95 ... Officers said that it was clear Price was giving them false information during the stop and they were soon able to determine that he was wanted by the FBI. His arrest comes more than a year after a Florida...
  • Missing South Georgia banker arrested. (Aubrey Lee Price)

    12/31/2013 5:30:15 PM PST · by Broker · 33 replies
    Aubrey Lee Price, a South Georgia bank director accused last year of defrauding his bank and clients in his money management business, has been arrested in Brunswick, federal authorities said Tuesday. Price, 47, who has been missing since June 2012, was last seen in a ferry terminal in Key West, Fla. He allegedly had planned to kill himself by leaping off a ferry boat. Price has been indicted on federal charges claiming he defrauded Montgomery Bank & Trust in tiny Ailey, Ga., where he was a director. MB&T failed in July, less than a month after Price disappeared. He said...
  • Push of a Button: This Is How Fast the Entire Banking System Can Be Locked Down

    12/25/2013 5:08:43 PM PST · by Tolerance Sucks Rocks · 65 replies
    Freedom Outpost ^ | December 25, 2013 | Mac Slavo
    Late last week it was learned that some 40 million charge cards were obtained using physical processing systems located in Target retail locations nationwide. Though no details of the how the hack attack was executed have been released by Target, the FBI or other agencies investigating the breach, it is likely that the processing machines themselves were compromised. Target claims that the hack was sophisticated, but on the technical side, once hackers found a way into the credit card processing machines, probably via remote entry from servers somewhere in Eastern Europe or Russia, the theft of credit card data itself...
  • Why Bankers Created the Fed 100 Years Ago

    12/24/2013 1:45:23 PM PST · by Errant · 401 replies
    The Market Oracle, UK ^ | 23 December, 2013 | Christopher_Westley
    The Democratic Party gained prominence in the first half of the nineteenth century as being the party that opposed the Second Bank of the United States. In the process, it tapped into an anti-state sentiment that proved so strong that we wouldn't see another like it until the next century. Its adversaries were Whig politicians who defended the bank and its ability to grow the government and their own personal fortunes at the same time. They were, in fact, quite open about these arrangements. It was considered standard-operating procedure for Whig representatives to receive monetary compensation for their support of...
  • FDR's Raw Deal Exposed

    08/30/2003 11:59:46 AM PDT · by Cathryn Crawford · 374 replies · 5,653+ views
    Chicago Sun-Times ^ | 9.30.03 | Thomas Roeser
    FDR's Raw Deal Exposed August 30, 2003 BY THOMAS ROESER For 70 years there has been a holy creed--spread by academia until accepted by media and most Americans--that Franklin D. Roosevelt cured the Great Depression. That belief spurred the growth of modern liberalism; conservatives are still on the defensive where modern historians are concerned. Not so anymore when the facts are considered. Now a scholar at the libertarian Cato Institute has demonstrated that (a) not only did Roosevelt not end the Depression, but (b) by incompetent measures, he prolonged it. But FDR's myth has sold. Roosevelt, the master of the...
  • Secret Group Controls The World

    12/21/2013 6:08:44 AM PST · by NYer · 109 replies
    SMR ^ | December 12, 2013
    So who really controls the world? The Illuminati? Freemasons? The Bilderberg Group? Or are these all red herrings to distract your prying eyes from the real global elite? The answer, like most topics worth exploring, is not quite so simple. Have no doubt, there are secretive global powers whose only goal is to keep and grow that power. But it really may not be as secretive as you would think. And that is what makes it even more nefarious. But don't take my word for it, we have both science and insider testimony to back it up. We are going...
  • Ally Bank To Pay $98 Million For Charging Higher Interest To Non-White Borrowers

    12/20/2013 6:02:15 PM PST · by SMGFan · 89 replies
    Consumerist ^ | December 20, 2013
    Earlier today, the Justice Dept. and the Consumer Financial Protection Bureau announced the largest auto loan discrimination settlement in U.S. history with the news that Ally Bank has agreed to pay $98 million, including $80 million in refunds to settle allegations that it has been charging higher interest rates to minority borrowers of car loans.
  • Bitcoins vs. Greenbacks and/or Gold and Silver

    12/11/2013 8:32:59 AM PST · by Errant · 12 replies
    Market Oracle, UK ^ | 12/11 | Gary North
    There are conflicting stories among Bitcoins’ supporters about why a Japanese programmer or team of Japanese programmers, who are known by a pseudonym Satoshi Nakamoto, developed the original idea for the Bitcoins software. The primary justification for Bitcoins among libertarians is the prediction that Bitcoins will become an alternative currency to all existing central bank currencies. Bitcoins are seen as a first-stage revolt against central bank money. In this essay, I’m going to make a series of arguments. I’m going to tell you in advance what my arguments are. You can then judge whether or not I have been successful...
  • Government plans to survive hard times by keeping Americans away from their own money

    12/06/2013 9:03:22 AM PST · by Oldpuppymax · 22 replies
    Coach is Right ^ | 12/6/13 | Doug Book
    The Financial Times reports that “the U.S. Federal Reserve is considering the possibility of arbitrarily cutting the amount of interest it pays on money that it borrows from private commercial banks.” Private banks, of course, make a great deal of money this way. But should the Fed make this decision, banks which have historically paid their customers a small amount of interest for the use of their money may well begin “…charg[ing] private individuals and businesses for the privilege of “parking” their money in an account for a time.” Could such a policy create a bank run? That’s what happened...
  • Q3 Real GDP Rises To 3.6% While Personal Consumption Expenditures Drop To 1.4%

    12/05/2013 8:03:17 AM PST · by whitedog57 · 14 replies
    Confounded Interest ^ | 12/05/2013 | Anthony B. Sanders
    The good news. Real GDP growth was revised for Q3 up to 3.6%. The bad news. Personal consumption expenditures fell to 1.4% for Q3. There has been a steady decline in personal consumption expenditures since 1998. The good news. Private investment in residential real estate rose 13.0% in Q3! And nonresidential structures grew at 13.8%. The bad news. Real median household income (only through 2012) continues to decline. We have a “GINI Paradox.” Since 2007, real median household income has fallen while income inequality (GINI) has risen. AND we have rising residential real estate investment? The US needs real GDP...
  • Pope Francis’ anti-corruption stance agitating mafia - prosecutor

    11/21/2013 6:15:25 AM PST · by Renfield · 4 replies
    Russia Today ^ | 11-14-2013
    The anti-corruption stance of Pope Francis has riled Italy’s powerful mafia groups, according to a prosecutor who specializes in mob cases. State prosecutor Nicola Gratteri – who works in the southern Italian region of Calabria, where the ‘Ndrangheta mafia is active – told the Italian daily Fatto Quotidiano that Francis’ statements on transparency and dismantling economic power in the Vatican are making mobsters “nervous and agitated.” “I cannot say if the organization is in a position to do something like this, but they are dangerous and it is worth reflecting on,” Gratteri said. “If the godfathers can find a way...
  • Switzerland's Proposed New Law To Link Executives' Pay With Their Lowest Paid Workers

    11/19/2013 12:10:37 PM PST · by SeekAndFind · 35 replies
    Business Insider ^ | 11/19/2013 | CAROLINE COPLEY
    Switzerland will vote on Sunday on whether to limit the salaries of top executives so they don't earn more in a month than the lowest paid workers earn in a year, a move that could mean big pay cuts for business leaders earning millions. The so-called 1:12 initiative for Fair Pay, the latest attempt to narrow a growing wage gap in one of the world's wealthiest nations, was brought about by the youth wing of the Social Democrats (JUSO), who gathered the 100,000 signatures needed to force a nationwide vote. Despite its high standard of living, Switzerland is a generally...
  • WE ARE THE GOLD

    11/05/2013 10:28:46 AM PST · by SatinDoll · 13 replies
    Part 3. At the end of the day, any currency is backed not by physical commodities or a collective abstraction called “a government”. No. A currency is backed by the character and integrity of men that constitute the issuing nation or body. In short, WE ARE THE GOLD. We are the bearers of the “full faith and credit” which backs our Federal Reserve notes today. And that, dear readers, is why this country is not going to turn itself around anytime soon, and is almost certainly doomed in the short-run. Every text I read over the last few days always...
  • Lenders' Dilemma: Invest in Tech or Exit Mortgage Business (Throw In Lawsuits Too!)

    10/22/2013 8:25:54 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 10/22/2013 | Anthony B. Sanders
    Kate Berry has a nice article entitled “Lenders’ Dilemma: Invest in Tech or Exit Mortgage Business.“ The cost to originate a home loan is skyrocketing as lenders try to comply with stricter rules to catch problem loans, and some community banks and independent mortgage lenders are now facing a stark choice: invest in technology that would help automate the loan process or exit mortgage lending entirely. Origination costs are expected to rise 11% this year from a year ago, to nearly $5,900 per loan, as lenders scramble to meet tough new requirements from the Consumer Financial Protection Bureau, the Federal...
  • The True Size of the Shadow Banking System Revealed

    10/21/2013 11:09:37 AM PDT · by Renfield · 6 replies
    American Kabuki ^ | 9-18-2013
    in The Physics arXiv Bloghttps://medium.com/the-physics-arxiv-blog/5e1dd9d1642 The True Size of the Shadow Banking System Revealed (Spoiler: Humongous) The shadow banking system is vastly bigger than regulators had thought, say econophysicists who have developed a powerful new way to measure its hidden impact In most parts of the world, the banking system is closely regulated and monitored by central banks and other government agencies. That’s just as it should be, you might think. But banks have a way round this kind of regulation. For the last decade or so, it has become common practice for banks to do business in ways...
  • Chase Bank Limiting Withdrawals and Foreign Wire Transfers.

    10/16/2013 4:08:57 PM PDT · by grumpygresh · 79 replies
    Liberty news.com ^ | 10/16/13 | Eric Odom
    In a bizarre and unexpected move, Chase is notifying customers that after November 17th the bank will ban all international wire transfers and place limits on the amount of transfer activity that can occur within a billing cycle. Chase claims this new policy is coming in to play to minimize risks. The letter being sent to customers says the following. Dear Business Customer, Starting November 17, 2013: - You will no longer be able to send international wire transfers. You will still be able to send domestic wires and receive both domestic and international wires. We’ll cancel any international wire...
  • Mr. Keating: Go Suck An Egg

    09/28/2013 1:14:54 PM PDT · by SatinDoll · 2 replies
    The Market-ticker ^ | Sept. 28, 2013 | Karl Denninger
    You know me too, Frank -- we met at McStain's campaign shindig at the University Club in Washington DC in the summer of 2008. I recall that you and Governor Ridge both refused to take a stand on all the frauds in the mortgage market -- the very frauds that just a couple of months later led to the failure of Lehman, the market crash in general and the ensuing disaster. It figures that you're now the President and chief executive of the American Bankers Association [ABA]. It must be really, really awesome to have your candidate suspend his campaign...
  • Activist Regulator: FHFA Campaigning For Negative Equity Borrowers To Refinance Their Mortgage

    09/23/2013 7:15:37 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 09/23/2013 | Anthony B. Sanders
    Now, this is a switch. During the housing bubble, regulators were criticized for being asleep at the wheel. Now at least one regulator is assuming the role of consumer activist for mortgage refinancings. A U.S. regulator is starting a campaign to encourage as many as 2 million borrowers with mortgages backed by Fannie Mae and Freddie Mac to refinance with a government program for properties that have lost value. Officials at the Federal Housing Finance Agency convened focus groups this year to find out why borrowers paying interest rates as high as 7 percent hadn’t yet tried to lower their...
  • US Senators Target Top Russian Banks Over Syria

    09/18/2013 6:17:13 PM PDT · by Navy Patriot · 35 replies
    RIA Novosti ^ | September 18, 2013 | Staff
    US lawmakers are calling for a crackdown against leading Russian lenders VTB, Vnesheconombank (VEB) and Gazprombank for allegedly helping Syrian President Bashar Assad circumvent sanctions, accusations the state-owned banks sharply denied Wednesday. “The Syrians could not conduct this war without Russian financing,” US Sen. Richard Blumenthal, a Democrat from Connecticut, said Tuesday at a policy discussion in Washington, Politico reported. Blumenthal was one of four senators who sent a letter to US Treasury Secretary Jack Lew last week calling for sanctions against the three banks, accusing the lenders of enabling Assad to finance a war against rebel forces. The senators...
  • Presidential Meeting Signals Catastrophic Event: “There Is a Crisis Unfolding...”

    08/23/2013 6:17:17 AM PDT · by Renfield · 31 replies
    SHTFplan.com ^ | 8-21-2013 | Mac Slavo
    If there’s one thing we know about how the US government operates, it’s that the American people are often the last to know about serious problems that may be taking place behind the scenes.This week, in a move that has spooked a lot of economic and financial analysts, President Barack Obama held a special, closed door meeting with the heads of the U.S. government’s financial, monetary and oversight agencies. It included members of the Federal Reserve, the FDIC, the CFTC, the SEC, and the Federal Housing Finance Agency.This has left many wondering what is really going on – and if...