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Keyword: banking

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  • You won’t believe how the co-author of one of America's biggest banking regulations cashed in

    06/25/2015 6:29:55 AM PDT · by fredericbastiat1 · 6 replies
    TheBlaze Books ^ | 2015-06-25 | Benjamin Weingarten
    Recently, the financial services company Signature Bank announced the appointment of a prominent new board member. Perhaps to the surprise of some, the individual receiving the board seat was none other than the co-author and namesake of one of the nation’s largest and arguably most significant pieces of banking regulation since the Great Depression, former Massachusetts Democratic Rep. Barney Frank. How much can Frank expect to earn for his services? Fortune writes that Signature’s non-employee board members earned approximately $375,000 in cash and stock for their services last year. Rep. Frank was reportedly also granted restricted shares vesting in March...
  • Executive Branch could lose much of its unconstitutional power

    06/21/2015 10:18:45 AM PDT · by Oldpuppymax · 31 replies
    Coach is Right ^ | 6/21/15 | Doug Book
    An injunction issued against the Securities and Exchange Commission (SEC) by federal judge Leigh Martin May could spell the beginning of the end for Administrative Law Courts and with them, 80 years of unconstitutional abuse of power by the Executive branch. Administrative Law “…allows for the creation of public regulatory agencies and contains all of the statutes, judicial decisions, and regulations that govern them.” These regulatory bodies include the EPA and the SEC. Many came into being during the reign of Franklin Roosevelt, the one president more arrogant and power hungry than Barack Obama. The law itself “…is created by...
  • Why Americans are getting new credit cards

    06/10/2015 1:26:05 PM PDT · by Red Badger · 58 replies
    PHYS.ORG ^ | 06-10-2015 | By Ken Sweet
    A big change is happening inside your wallet. U.S. banks, tired of spending billions each year to pay back fleeced consumers, are in the process of replacing tens of millions of old magnetic strip credit and debit cards with new cards that are equipped with computer chips that store account data more securely. By autumn, millions of Americans will have made the switch from the old magnetic strip cards. That 50-year-old technology, replaced in most of world, lingers on the back of U.S. cards and is easily copied by thieves, leaving people vulnerable to fraud. Roughly half of all credit...
  • MAJOR US BANKS CLOSING BORDER BRANCHES TO FIGHT MONEY LAUNDERING

    05/31/2015 9:14:53 AM PDT · by Whenifhow · 17 replies
    Breitbart ^ | May 30 2015 | SYLVIA LONGMIRE
    As more money continues to flow into the pockets of Mexican drug cartels, traffickers need to maintain a solid network of places—often along the southwest border—where they can launder drug money. However, in an attempt to stymie these efforts, several major US banks have been closing numerous branches in the region and shutting down hundreds of customer accounts. According to a WSJ report, the Arizona border town of Nogales, population 21,000, is feeling the financial pinch most strongly. In the past several months, J.P. Morgan, Bank of America Corp. and Citigroup Inc.-owned Banamex USA have shut a total of four...
  • 29-year-old investment banker died after leaping from his Financial District apartment building

    05/29/2015 8:28:18 PM PDT · by bgill · 38 replies
    Business Insider ^ | May 29, 2015 | Julia La Rouche
    Witnesses told The Post that tourists snapped pictures on their cellphones of the gruesome aftermath. In the past year or so, there's been a spate of suicides among financial-services employees. Financial firms have been trying to do more to improve the lifestyles of their employees, especially younger ones.
  • J.P. Morgan Chase expected to lay off more than 5,000 by next year

    05/29/2015 4:52:55 PM PDT · by 2ndDivisionVet · 16 replies
    MarketWatch ^ | May 28, 2015 | Emily Glazer
    J.P. Morgan Chase & Co. has begun layoffs that are expected to total more than 5,000 by next year, people familiar with the matter said. This latest phase of cuts started earlier this year and would eliminate at least 2% of the bank’s JPM, workforce over the next year. The moves come as the nation’s largest bank overhauls its 5,570 branches to rely more on technology and less on human tellers. Chairman and Chief Executive James Dimon said Wednesday that the average J.P. Morgan Chase branch would lose one employee over the next two years, mostly through attrition....
  • Larger Than Ever, Big Banks Poised to Fail Again: “The Damage Will Not Be Contained”

    05/11/2015 4:59:13 PM PDT · by Kartographer · 36 replies
    SHTF Plan ^ | 5/11/15 | Mac Salvo
    “The top six bank holding companies are considerably larger than before, and are still permitted to borrow excessively relative to the assets they hold,” the report states. “They are dangerously interconnected and remain vulnerable to sudden runs, because they borrow billions of dollars from wholesale lenders who can often demand their cash back each and every day.” It goes on: “Banks can still use taxpayer-backed insured deposits to engage in high-risk derivative transactions here and overseas. Compensation incentives fail to discourage mismanagement and illegality, given that when legal fees, settlements, and fines mount, it is usually the shareholders, not the...
  • Elizabeth Warren Could Learn a Thing Or Two About Banking From the Chinese

    05/01/2015 2:50:53 AM PDT · by IBD editorial writer · 9 replies
    Investor's Business Daily ^ | 04/30/2015 | John Merline
    China is trying to fix its banking system. Not by piling on more regulations in the name of protecting consumers and the financial markets. Instead, it's trying to inject more free-market competition into the system so as to improve its stability and efficiency.
  • The Known and Unknown of the Ex-Im Bank

    04/30/2015 3:52:49 PM PDT · by Kaslin
    Townhall.com ^ | April 30, 2015 | Debra J. Saunders
    Editor's Note: The following column is by Veronique de Rugy. Have you noticed that everyone in the top tier of Republican presidential candidates -- Ted Cruz, Marco Rubio, Rand Paul, Scott Walker and Jeb Bush -- has gone on record against a small New Deal-era crony agency called the Export-Import Bank of the United States? In fact, Sen. Rubio recently came out with all guns blazing against the bank, arguing that it picks winners and losers and shouldn't be reauthorized once its charter expires June 30. Maybe their commitment to end Ex-Im cronyism and corruption will rub off on their...
  • Banks are bailing on the student loan business and it couldn't come at a worse time

    04/15/2015 12:22:31 PM PDT · by SeekAndFind · 32 replies
    Business Insider ^ | 04/15/2015 | Jonathan Marino
    Some of the world's biggest banks, including JP Morgan, Bank of America and US Bancorp, are withdrawing from the student loan market. That's according to a series of reports over the past couple years.It couldn't come at a worse time.That is because it coincides with a rise in students who want student loans.And, the amount of money those students want to borrow is also going up because the price of of a college education keeps rising.This chart tells the story: Federal Reserve Bank of New York -- Staff Reports April 2014 NY Federal Reserve report shows borrowers, and their average...
  • Chase Bank new policy on Safe Boxes -- Beware!

    04/08/2015 2:09:58 PM PDT · by Migraine · 56 replies
    Chase Letter to Safe Box Customers | 4/8/15 | self
    I received a letter this past week from Chase because I was a safe-deposit-box customer. It was heavy handed and startling. Some of the terms included that lessee agrees not to have more than $25K worth in there (what's that? half of a good diamond?), that you can't have cash or coins in there (right away I thought Krugerrands, etc), and that the bank can restrict access to the box for any reason, or for no reason (unexpected circumstances, natural or manmade -- the sky is the limit). The contents are not protected against loss or damage. Oh, and they...
  • There's 'no demand' for senior bankers on Wall Street today

    04/07/2015 8:36:32 AM PDT · by SeekAndFind · 15 replies
    Business Insider ^ | 04/07/2015 | SARAH BUTCHER, EFINANCIALCAREERS
    There was a time when it was possible to ‘retire’ from investment banking in your 30s. That time has passed. As the the trajectory of banking careers changes, 30 has instead become the age at which you must be positioned at a firm that will see you through to your 40s and beyond. Swapping banks when you’re aged 30+ is increasingly challenging. Headhunters working across business areas bemoan the lack of recruitment beyond vice president (VP) level. “Banks have become incredibly cost-conscious,” says a partner at an M&A search boutique. “They’re not making a 25% return on equity any more...
  • Stockman: Corporate America Is Cannibalizing Itself

    04/01/2015 12:35:16 AM PDT · by concernedcitizen76 · 13 replies
    NewsMax ^ | March 9, 2015 | John Morgan
    American businesses are borrowing at historic high levels, but the only thing growing as a result is how fast their equity capital is vanishing, according to David Stockman, White House budget chief during the Reagan administration. Stockman blamed the Fed and the Fed's Wall Street cheerleaders. He said the Fed’s balance sheet has ballooned by nine times since 2000, yet real net investment in the business sector has cratered by 33 percent during the same time period. “Once upon a time businesses borrowed long term money — if they borrowed at all — in order to fund plant, equipment and...
  • Ex OMB chief Stockman: "It is the biggest speculative disaster in human history."

    03/31/2015 7:59:48 PM PDT · by concernedcitizen76 · 52 replies
    Zero Hedge ^ | March 01, 2015 | Tyler Durden
    David Alan Stockman interviewed on CBS-TV 60 Minutes (October 2010) Highlights of recent interview by Harry Dent. David Stockman: People don't want to hear the reality and the truth that we're facing. But I think there is an enormous appetite out in the country to get a different perspective than what you have from the media day in and day out, so I say the fed is out of control. Its balance sheet is exploded. It's printing money like never before. Zero interest rates for 70 months have basically destroyed the pricing function in the financial markets. I said...
  • Four TBTF Banks Threaten To Withhold Funds To Democrats Over Elizabeth Warren's Wall Street Rants

    03/31/2015 10:51:03 AM PDT · by tcrlaf · 10 replies
    Zerohedge ^ | 3-31-2015 | Durden
    Having already proven that their institutions are above the law in the aftermath of the financial crisis, executives at the “Too Big to Fail and Jail” banks have decided it’s time to teach Senate Democrats a lesson. Not being content with trillions in taxpayer backed bailouts to protect and further consolidate virtually all wealth within their oligarch fiefdoms, these bankers are irate at the notion that a commoner would dare criticize their unassailable crony privilege. However, the worst part of this story, is that while Warren is harsher than most of her completely bought and paid for colleagues, she is...
  • They Are Slowly Making Cash Illegal

    03/29/2015 6:44:19 PM PDT · by SeekAndFind · 75 replies
    TEC ^ | 03/29/2015 | Michael Snyder
    The move to a cashless society won’t happen overnight. Instead, it is being implemented very slowly and systematically in a series of incremental steps. All over the planet, governments are starting to place restrictions on the use of cash for security reasons. As citizens, we are being told that this is being done to thwart criminals, terrorists, drug runners, money launderers and tax evaders. Other forms of payment are much easier for governments to track, and so they very much prefer them. But we are rapidly getting to the point where the use of cash is considered to be a...
  • The Obama Administration’s Operation “Choke Point,” Part 2

    03/29/2015 5:39:49 AM PDT · by Oldpuppymax · 13 replies
    Coach is Right ^ | 3/29/15 | John C. Velisek USN (Ret.)
    On March 24th, Coach is Right published—“The Obama Administration’s Operation ‘Choke Point’ now in the open”. That piece is currently available on the CiR site under Recent Posts. On Monday, Richard Manning, Director of Communications for Americans for Limited Government, said this of the Obama Administration: “Their intent is to create a government sanctioned means of driving private industry out of the business of providing payday loans.” Peter Barden, of the Online Lenders Association agrees that what the Obama Administration is doing is outside its legal authority. Manning was referring to a particular, ongoing use of Operation Choke Point, a...
  • The Obama Administration’s Operation “Choke Point” now in the open

    03/24/2015 7:04:34 AM PDT · by ConservingFreedom · 26 replies
    Coach Is Right ^ | March 24, 2015 | John Velisek USN (Ret)
    Operation “Choke Point” is not new. It began as an outgrowth of the President’s Financial Fraud Task Force in 2009. Choke Point never acquired congressional authority to begin operations though it was started by the DOJ, FDIC, and the newly formed Consumer Financial Protection Bureau (CFPB) in 2009. It is called “Choke Point” because its main purpose is to choke off lending to industries which are out of favor with the Obama Administration. In essence, if businesses can’t process payments, they can’t survive. Choke Point operations were first begun against payday lenders in New York by the NY Financial Services...
  • The Obama Administration’s Operation “Choke Point” now in the open

    03/24/2015 7:19:15 AM PDT · by Oldpuppymax · 5 replies
    Coach is Right ^ | 3/24/15 | John C. Velisek USN (Ret.)
    Operation “Choke Point” is not new. It began as an outgrowth of the President’s Financial Fraud Task Force in 2009. Choke Point never acquired congressional authority to begin operations though it was started by the DOJ, FDIC, and the newly formed Consumer Financial Protection Bureau (CFPB) in 2009. It is called “Choke Point” because its main purpose is to choke off lending to industries which are out of favor with the Obama Administration. In essence, if businesses can’t process payments, they can’t survive. Choke Point operations were first begun against payday lenders in New York by the NY Financial Services...
  • The AIIB Debacle: What Washington Should Do Now (China)

    03/22/2015 7:29:16 AM PDT · by mac_truck · 3 replies
    The Diplomat ^ | 3/21/2015 | Elizabeth Economy
    U.S. strategy on China’s new bank has been flawed from the start. Time to step back and regroup. It is time for Washington to take a step back and regroup. Its Asian Infrastructure Investment Bank (AIIB) strategy, ill-considered from the get-go, has now taken a major hit with the announcement this past week by the United Kingdom that it plans to join the Chinese-led AIIB. Washington’s concerns over the AIIB are well-established: the competition the AIIB poses to pre-existing development institutions such as the World Bank and Asian Development Bank; concern over the potential for weak environmental standards and social...
  • Finally, A Bank Stands Up To Obama's Shakedown

    03/18/2015 6:32:52 AM PDT · by SeekAndFind · 36 replies
    IBD ^ | 03/18/2015
    Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown. The Japanese bank's U.S. unit won't give in to extortionist regulators protecting Fannie/Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis. The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds...
  • We now know why Thad Cochran did not sign the Senate letter to Iran and it’s not good

    03/12/2015 5:17:11 PM PDT · by Sybeck1 · 29 replies
    Mississippi Conservative Daily ^ | 3/12/15 | Ryan S. Walters
    GOP power broker Haley Barbour’s lobby shop, BGR Group, represents a Russian bank that has financed a company that helped build Iran’s Bushehr nuclear power plant, according to corporate documents and lobbying disclosure records. The bank is owned by a secretive oligarch, Mikhail Fridman, who has met at least twice with White House officials in the last few years, according to visitor logs.
  • Important alert. You may not know this

    03/12/2015 6:38:04 AM PDT · by Shimmer1 · 69 replies
    Shimmer1
    This happened to me yesterday. 3/11/15 at Olive Garden.
  • Greece Suffers Biggest Bank Run In History: January Deposits Plunge To 2005 Levels

    02/26/2015 7:31:52 AM PST · by SeekAndFind · 14 replies
    Zero Hedge ^ | 02/26/2015 | Tyler Durden
    One of the biggest question marks surrounding the Greek negotiation and ultimately, bailout extension, was just how panicked was the Greek population and domestic corporations. Recall that as explained previously, the tension boiled down to this: the Troika did everything in its power to accelerate the bank run in order to crush any negotiating leverage Varoufakis may have; Greece on the other hand was desperate to make its cash drain appear far better than rumored. Moments ago the Bank of Greece presented its latest, January, deposit data. And it's a doozy: following a record €12.2 billion monthly outflow, greater...
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 24 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...
  • Fed: Foreign banks operating in the US not currently held to same capital standards as US Banks?

    02/24/2015 9:18:50 AM PST · by 9thLife · 13 replies
    CNBC's feed ^ | 02/23/2015 | self
    The questioner (Rep. Richard Shelby, R AL) just asked Mrs. Yellen if foreign banks operating in the US were held to the same capital standards as US banks. She responded [paraphrase] that "we have asked foreign banks to create holding companies in the US to contain their US operations"...Meaning that, apparently, such banks are not held to the same capitalization standards (6 years into the Great Financial Crisis) and have therefore a competitive advantage.
  • Bombshell: Obama’s AG Nominee Loretta Lynch Could Be In Boiling Water Over Banking Scandal

    02/19/2015 1:47:26 PM PST · by cotton1706 · 36 replies
    westernjournalism.com ^ | 2/19/15 | Norvell Rose
    Lynch is reportedly being investigated by the very Senate committee considering her nomination Her nomination is stalled, caught up in a deepening investigation in the Senate Judiciary Committee. The woman President Obama wants to replace outgoing Attorney General Eric Holder as the nation’s top law enforcement officer could be facing legal troubles herself, the kind that might derail her hopes to head the Justice Department. According to a lengthy and detailed report by Jerome Corsi at WND, Loretta Lynch is now being investigated by the very senate committee considering her nomination to become one of the most powerful officials in...
  • US charges Iowa widow over how she deposited husband's cash

    02/10/2015 8:21:12 PM PST · by 2ndDivisionVet · 32 replies
    Yahoo! News / The Associated Press ^ | February 10, 2015 | Ryan J. Foley
    IOWA CITY, Iowa (AP) — An Iowa widow is charged with a crime and had nearly $19,000 seized from her bank after depositing her late husband's legally earned money in a way that evaded federal reporting requirements. Janet Malone, 68, of Dubuque, is facing civil and criminal proceedings under a law intended to help investigators track large sums of cash tied to criminal activity such as drug trafficking and terrorism. But some members of Congress and libertarian groups have complained that the IRS and federal prosecutors are unfairly using it against ordinary people who deposit lawfully obtained money in increments...
  • Obama, The Ultimate Senior Banker’s President

    02/08/2015 10:45:28 AM PST · by Starman417 · 4 replies
    Flopping Aces ^ | 02-07-15 | James Raider
    Janet Yellen, Obama, and Bernanke For sixty four years, the world enjoyed some degree of stability, perhaps greater than at any previous period in history, with the United States performing the expensive, but indispensable role of “stabilizer.”  There had been regional wars, and provincial atrocities often localized to sectarian disputes, but most of the world went about its business, criss-crossing oceans and borders to grow trade, or travelling to distant vacations.  9/11 changed behaviors, nevertheless, we continued on our paths, but did so with a little more caution on our air-travels.  Then, with the power of wealthy and powerful senior...
  • The Puppetmasters Behind the Military Action in Libya ( Soros - Who else? )

    04/01/2011 12:02:31 PM PDT · by Halfmanhalfamazing · 20 replies · 1+ views
    The New American ^ | March 25th | Raven Clabough
    President Obama’s actions in Libya were already suspicious for a number of reasons. First, during Obama’s presidential campaign, he asserted that his priority was to get America out of the two wars it was already fighting. Second, Obama was a staunch critic of the Bush administration for unconstitutionally embarking on a war without congressional approval — an action of which President Obama is now guilty. Finally, as the economy is teetering on collapse, one would assume the last thing the President would want is to have to fund a third war. And yet here we are. However, once we delve...
  • Oregon bank now says it won't work with Colorado marijuana businesses

    01/27/2015 11:41:26 AM PST · by george76 · 8 replies
    MBank, an Oregon bank that last week said it would allow Colorado marijuana businesses to open accounts, now says it won't. The Denver Post reports the bank is saying it doesn't have the infrastructure to handle the volume of customers in the pot industry. But the newspaper cites unnamed sources as saying federal banking regulators told MBank the move was too risky. Because marijuana remains illegal under federal law, companies in the industry haven't been able to find a bank to handle their business. MBank doesn't have a Colorado location. Instead, MBank intended to have marijuana businesses deposit their cash...
  • Euro crisis, banking crisis, debt crisis - 5 yrs rearranging deck chairs on the Titanic

    01/26/2015 5:24:20 AM PST · by alexmark1917 · 1 replies
    5 years into the euro zone crisis the ECB announces a €1.1 trillion quantitative easing programme to boost economy. Bolder than expected. Draghi Commits ECB to Trillion-Euro Asset-Purchase Plan to Fight Deflation Mario Draghi led the European Central Bank into a new era, committing to a quantitative easing program worth at least 1.1 trillion euros ($1.3 trillion) to counter the threat of a deflationary spiral. The ECB president shrugged off determined opposition led by German officials with a pledge to buy 60 billion euros every month through September next year in a once-and-for-all push to put more cash into circulation...
  • "Cheerful" Dutch Financier Becomes 4th ABN Amro Banker Suicide [Following death of 36 last year]

    01/25/2015 7:15:56 PM PST · by SeekAndFind · 20 replies
    Zero Hedge ^ | 01/25/2015 | Tyler Durden
    Following the deaths of 36 bankers last year, 2015 has got off to an inauspicious start with the reported suicide of Chris Van Eeghen - the 4th ABN Amro banker suicide in the last few years. As Quotenet reports, the death of Van Eghen  - the head of ABN's corporate finance and capital markets -"startled" friends and colleagues as the 42-year-old "had a great reputation" at work, came from an "illustrious family," and enjoyed national fame briefly as the boyfriend of a famous actress/model. As one colleague noted, "he was always cheerful, good mood, and apparently he had everything...
  • Lichtblau of 'NYT' Explains Attempt to Halt His Bank Records Scoop

    06/23/2006 12:31:15 PM PDT · by oxcart · 52 replies · 1,420+ views
    Editor and Publisher ^ | 06/23/2006 | By Joe Strupp
    NEW YORK Eric Lichtblau, one of two New York Times' reporters who broke today's story of a secret government monitoring of private banking records - which the Bush Administration sought to block - said the White House arguments to halt the story were not as strong as those that had kept a previous report on secret wiretapping out of the paper for a year. "They were similar in terms of the objections raised not to publish," Lichtblau told E&P today. "That the bad guys knew we were listening to them, but they don't know exactly how." But he said the...
  • Bank of America Offline

    12/19/2014 11:21:44 AM PST · by Crusher138 · 31 replies
    Vanity | 12/19/14 | Paul Howell
    Sorry if this doesn't follow some arcane rule of proper Freeper-ism, but does anyone else have a Bank of America account and can they log onto it? We just discovered here at work that we cannot access the company account on line and several employees cannot access the web site or mobile site. With all of the Sony crap going on, I am a little sensitive to stuff like this.
  • Oil drop sends major central banks in different directions

    12/18/2014 6:58:19 AM PST · by mac_truck · 2 replies
    Reuters ^ | 12/18/2014 | Paul Carrel, Mike Peacock and Howard Schneider
    The world's major central banks are scrambling to work through the implications of the near halving of the price of oil in the second half of 2014, and they are coming up with very different conclusions. Perhaps unsurprisingly, policymakers looking at robust economic recoveries such as in the United States and Britain are focused on the likely boost to growth and consumption from markedly lower energy prices and the later upward impact that should have on inflation. But for the European Central Bank, battling to revive a moribund economy, the worry is whether cheap oil could tip the euro zone...
  • Congressman Wants FDIC Officials to Pay for Seeking to ‘Choke’ Legal Businesses ("Choke Point")

    12/11/2014 11:44:48 AM PST · by 2ndDivisionVet · 16 replies
    The Daily Signal ^ | December 10, 2014 | Kelsey Harkness
    Senior FDIC officials must be held accountable for banking regulators’ “unethical” and “illegal” actions against legitimate businesses that are out of favor with the Obama administration, a congressman with a background in banking said today. In a letter to Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, Rep. Blaine Luetkemeyer, R-Mo., says he wants a full review of all FDIC employees involved in Operation Choke Point. Luetkemeyer, a rising member of the House Financial Services Committee, names five officials as “implicated in this unsavory affair,” and adds that “to allow these individuals to go without penalty would be unjust.”...
  • Treasury Department Seeking Survival Kits For Bank Employees

    12/10/2014 12:42:13 PM PST · by Nachum · 40 replies
    Free Beacon ^ | 12/10/14 | Elizabeth Harrington
    The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets. The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4. The survival kits must come in a fanny-pack or backpack that can fit all of...
  • Banker dies after becoming impaled on railings in 60ft fall from central London home

    12/10/2014 2:32:29 AM PST · by BlackVeil · 67 replies
    Daily Mail ^ | 10 Dec 2014 | By Emma Glanfield
    A banker has died after becoming impaled on railings after falling 60ft from the window of a luxury penthouse in central London, which is next door to John Lennon's former home. ...Metropolitan Police said the man's death was not being treated as suspicious but confirmed enquiries were being carried out into the circumstances surrounding his death.
  • "Riddles" Surround 36th Dead Banker Of The Year

    12/07/2014 1:45:22 PM PST · by Nachum · 30 replies
    zero hedge ^ | 12/7/14 | tyler durden
    Tack disappeared on November 5th... Impeccable. Sporty. Cared for. Successful. Just some qualifications that are attributed to the 52-year-old from the Belgian Geert Tack Haaltert.  Geert Tack worked as a private banker for ING and managed portfolios of wealthy clients. The Belgian had a lot of respect in the financial world and was known as an up and top professional. His sudden disappearance was also smashed like a bomb. "If Tack himself was having trouble he has managed to keep it well hidden", say colleagues. Nobody then could have guessed that the man would not return on Wednesday, November 5th to his...
  • Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years

    11/29/2014 11:42:43 AM PST · by blam · 45 replies
    Zero Hedge ^ | 11-29-2014 | Tyler Durden
    Tyler Durden11/29/2014 A week ago, when we reported that in a stunning move, the "Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed", and when looking at the NY Fed's monthly reports of gold deposits by foreign entities, we observed that "we can see that while the 5 tons outflow in 2013 was most likely Germany, the recent surge in gold repatriation from Liberty 33 was the Netherlands. That said, only 77.5 tons of NY deposits gold has been officially repatriated through September, which means the October update, when it comes out, will be a...
  • WARNING Bank Deposits Will Soon No Longer Be Considered Money But Paper Investments

    11/16/2014 7:23:09 PM PST · by dontreadthis · 88 replies
    Economic Policy Journal ^ | NOVEMBER 13, 2014 | Kenneth Schortgen Jr
    This weekend the G20 nations will convene in Brisbane, Australia to conclude a week of Asian festivities that began in Beijing for the developed countries and major economies. And on Sunday, the biggest deal of the week will be made as the G20 will formally announce new banking rules that are expected to send shock waves to anyone holding a checking, savings, or money market account in a financial institution. On Nov. 16, the G20 will implement a new policy that makes bank deposits on par with paper investments, subjecting account holders to declines that one might experience from holding...
  • CCP “contagion” fears spark derivatives debate

    11/13/2014 9:41:06 PM PST · by TigerLikesRooster · 13 replies
    banking technology ^ | 13 November, 2014 | Elliott Holley
    CCP “contagion” fears spark derivatives debate 13 November, 2014 Written by Elliott Holley Controversy over the handling of derivatives dominated talk at the Mondo Visione Exchange Forum this week, where panellists contested the value of interoperability and whether CCP contagion might bring down the financial system. “Regulators should absolutely not allow interoperability for derivatives,” said Philip Simons, head of OTC derivatives business at Eurex Clearing. “It creates systemic risk. If one clearing house goes down, it would result in contagion as it would bring down all the others. CCPs are phenomenally under-capitalised. They could easily fall over.” Simons added that...
  • 2 Technology Fails

    11/03/2014 3:54:53 AM PST · by lifeofgrace
    Charting Course ^ | 11/02/2014 | Steve Berman
    A few months ago I got online to pay on a new account I have at U.S. Bank.  I pay a certain amount every  month, like everyone does on installment loans.  U.S. Bank has a full-featured consumer website; I mean it’s got all the bells and whistles.  That’s what you’d expect from a bank with $19.6 billion in revenue (2013); the fifth largest bank in America, with assets of $353 billion.  U.S. Bank is bigger than American Express, SunTrust, and ScottTrade, combined. So I was surprised when I only saw the option to pay online, a single payment at a...
  • Things Will Get Worse Before They Get Better

    10/10/2014 8:14:00 AM PDT · by Abakumov · 15 replies
    Creators.com ^ | October 10, 2014 | Scott Rasmussen
    There was a time, not really all that long ago, when the local banker was a pillar of the community. A good relationship with him (and it was always a him) was essential to every business owner. Not only that, every potential homeowner had to trek down to his office in hopes of getting a mortgage. Countless workers walked into the branch every week to cash their paychecks, make deposits to a Christmas Club account and more. That world doesn’t exist anymore.... As the reality begins to sink in, the big banks will use their political clout to try and...
  • A Wells Fargo employee asked the CEO for a raise — and cc’ed 200,000 coworkers

    10/09/2014 5:26:12 PM PDT · by 2ndDivisionVet · 43 replies
    The Washington Post's On Leadership ^ | October 9, 2014 | Jena McGregor
    Most people ask for a raise in the privacy of their boss's office. But one gutsy Wells Fargo employee emailed the CEO directly — and copied some 200,000 other Wells Fargo workers on the note. On Tuesday, the Charlotte Observer reported that Tyrel Oates, who it says works in an Oregon office of Wells Fargo processing requests from customers trying to stop debt-collection calls, sent such an email to CEO John Stumpf. His plea was not just to get a raise for himself. His proposal to Stumpf? Use the company's profits to give every employee a raise of $10,000. According...
  • Hackers’ Attack Cracked 10 Financial Firms in Major Assault - Drudge 'RUSSIANS HACK JPM'

    10/04/2014 12:00:37 AM PDT · by free_life · 53 replies
    NYTimes ^ | Oct 3, 2014 | MATTHEW GOLDSTEIN, NICOLE PERLROTH and DAVID E. SANGER
    The hackers are thought to be operating from Russia and appear to have at least loose connections with officials of the Russian government, the people briefed on the matter said. Some American officials speculate that the breach was intended to send a message to Wall Street and the United States about the vulnerability of the digital network of one of the world’s most important banking institutions. “It could be in retaliation for the sanctions” placed on Russia, one senior official briefed on the intelligence said. “But it could be mixed motives — to steal if they can, or to sell...
  • The Moral Hazard of the Export-Import Bank - Privatized Profits & Socialized Risk

    10/01/2014 3:19:19 PM PDT · by Noremac
    Communities Digital News ^ | October 1, 2014 | Richard Cameron
    There are a lot of solid reasons why federal programs like the Export-Import (EX-IM) Bank, should be terminated. I cover the majority of those reasons in the report I just filed on Communities Digital News. http://www.commdiginews.com/business-2/moral-hazard-at-the-export-import-bank-private-gain-vs-social-risk-26916/ Issues like questions of proper management, potential for fraud related to insider influence, unintended consequences of disruption of domestic markets, risk related to the volatility of the world economy, are all among them. Those are legitimate concerns and have demonstrated themselves to be problems. Above them all, and foremost is the essential consideration of legitimacy. The Ex-Im bank was spawned in illicit circumstances. Most...
  • Boeing VP rips Congress over Ex-Im Bank

    10/01/2014 4:06:18 AM PDT · by Cincinatus' Wife · 15 replies
    The Hill ^ | October 1, 2014 | Kevin Cirilli
    A top Boeing official criticized Congress on Tuesday for failing to pass a long-term reauthorization of the Export-Import Bank. He also argued that an extension of the Bank’s charter until next summer leaves supporters in a worse position than they were in before. “Mostly far-right political consultants, think tanks and congressmen banded together in a fit of ideological road rage to kill the bank,” Boeing senior vice president Timothy Keating said in prepared remarks at an aerospace conference in Everett, Wash. “The temporary extension recently enacted in many respects leaves us worse off than before,” Keating continued. “The extension is...
  • B of A Demands "Source of Wealth" Information from Former AZ Senators, Then Backpedals

    09/30/2014 9:00:55 AM PDT · by justlittleoleme · 26 replies
    Prescott News ^ | Monday, 29 September 2014 | Lynne LaMaster
    Larry and Linda Gray were surprised to get the letters from their bank asking for additional information about their financial affairs. They were offended when they saw what information was requested. So, they went to see their local BofA branch, toting the letter with them. The Assistant Manager Lucas Flood said he had not ever seen a letter like this, but after he made a few phone calls, he told the Grays that yes, it was legitimate. The accompanying letter explains, "Due to the prominent nature of your occupation or position held currently or in the past, we now require...