Keyword: banking

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  • Kathleen Willey urges Soros to save her home

    01/31/2012 9:46:25 AM PST · by Dubya-M-DeesWent2SyriaStupid! · 25 replies ^ | 1/31/2012 15 hours ago | Chelsea Schilling
    'Maybe you can start redeeming yourself by helping your fellow man' Kathleen Willey, the woman who courageously testified about being assaulted by President Clinton, is scheduled to lose her home in just three days in a bank auction – but, in a last-minute plea on behalf of millions of homeowners just like her, she has written to billionaire George Soros for help. Willey’s original home loan was issued by IndyMac Bank before the FDIC took receivership of the bank following the 2008 collapse. At the time of the FDIC takeover of IndyMac, it was the third-largest bank failure in U.S....
  • Jim Rickards (Audio Interview)

    01/31/2012 9:51:04 PM PST · by Razzz42
    King World News ^ | January 28, 2012 | Jim Rickards @ KWN
    [Background History on...] James G. Rickards is a writer, lawyer and economist with over 30 years experience in global capital markets. He is Senior Managing Director at Omnis, Inc., a consulting firm in McLean, VA and is the leading practitioner at the intersection of global capital markets and national security. His advice to clients from 2002 to 2006 included early warning of impending financial collapse, the rise of sovereign wealth funds, the decline of the dollar and the sharp rise in gold prices years in advance of these events. He has held senior executive positions at Citibank, Long-Term Capital Management...
  • When Irish Eyes Are Smiling, It Must Mean the World’s Focus Is Elsewhere

    01/30/2012 7:39:34 PM PST · by Razzz42 · 1 replies
    Notes From Underground | January 30, 2012 | Yra Harris
    Greece is balking at surrendering its sovereignty as the Merkel-led European elite is shouting for more austerity from the “profligates” in an effort to insure the large continental banks against the ravages of default. As one reader e-mailed today, IT IS AS IF THE GERMANS ARE PLACING THE ENTIRE NATION OF GREECE INTO DEBTORS PRISON. Life was much easier when a country could send in its gunboats to collect its loans. Tonight the Czechs have purportedly joined the Brits in opposing the fiscal straitjacket being demanded by Berlin. The official vote on the fiscal treaty won’t take place until March...

    01/29/2012 10:14:07 AM PST · by Razzz42 · 12 replies ^ | January 28, 2012 | Martin Armstrong
    [T]he number one question pouring in is about the banks and their profit margin. Yes, the bottom line remains that the cost of money declines sharply for depositors while the cost of borrowing rises. Where the value of cash for three years is 0.7% to a depositor, for a fully collateralized borrower, the cost is about 4%. This is a profit margin for the banks of 571%. In other words, when the discount rate was 17% in 1981, this would have been the equivalent of a prime rate at 9707%. The profit margin at banks has NEVER been so high....
  • Banking on a Distraction

    01/29/2012 9:06:07 AM PST · by jfd1776 · 1 replies
    Illinois Review ^ | January 29, 2012 A.D. | John F. Di Leo
    Bitten by the acting bug in my youth, I joined a small children’s theater company run by a pair of magicians. We didn’t travel far, just around Chicagoland, but it kept my 8th grade weekends busy, riding around Cook County in a bus from show to show. The magicians never shared any secrets with me, of course – proper magicians don’t give up the secrets to anyone except their assistants and their insurance agents – but one day en route to a gig, the director confided to me that the most important thing isn’t how you do the trick, it’s...
  • Mortgage fraud task force launched U.S. attorney issues subpoenas to 11 banks over MBS

    01/27/2012 2:27:02 PM PST · by Neidermeyer · 13 replies ^ | 01/27/2012 | Ronald D. Orol
    WASHINGTON (MarketWatch) — More than three years after the height of the financial crisis, federal and state regulators on Friday launched a mortgage fraud task force to investigate the pooling and securitization of mortgage securities by big banks. Regulators said the new task force will not interfere with efforts to reach a settlement with a group of five financial institutions over questionable foreclosure practices. Specifically, the Justice Department, along with other state and federal regulators, announced that the new working group will consist of at least 55 Justice Department attorneys from around the country. The team joins existing state attorneys-general...
  • Little Angels...

    01/25/2012 9:33:47 PM PST · by Razzz42 · 11 replies ^ | December 25, 2011 | Hypertiger
    The FED is just a scapegoat the top uses. When the top can't suck anymore yield from the bottom to keep the system from collapsing due to the inability or refusal of the bottom to supply it...Then they was the FED's fault. And you believe it. I hear them on TV and radio all the time saying that...The politicians in Europe better get their act together and do something... Like what? Pass a rule making it illegal for the Universe to function how it does? There never was anything that could be done to avoid the logical conclusion...Other than...
  • The Evolution of the U.S. Dollar

    01/19/2012 12:35:42 AM PST · by Razzz42 · 12 replies
    Armstrong Economics ^ | January 17, 2012 | Martin Armstrong
    ...Therefore, this whole idea that we can live the high-life, be whatever we dream and never have to pay the consequences is simply dead wrong. The confusion that the Gold Standard advocates have created is this misconception that we print money and that is “fiat” that results in inflation. This is a far too simplistic view of finance. It presumes “printing” of actual dollars without restraint. Simply put, HAD WE PRINTED dollars instead of BORROWING DOLLARS, the national debt would be about 40% of its current size. Printing is MUCH LESS inflationary than borrowing. The reason, borrowing necessitates the creation...
  • Huntington Bank discovers original checks signed by Lincoln, Washington, Edison, Twain and others

    01/15/2012 12:07:29 PM PST · by DogByte6RER · 37 replies
    The Plain Dealer ^ | Wednesday, January 11, 2012 | Teresa Dixon Murray
    Huntington Bank discovers original checks signed by Lincoln, Washington, Edison, Twain and others (photo gallery) President Abraham Lincoln made out this First National Bank printed check to "self" for $800 on April 13, 1865, two days before he died. BROOKLYN -- Dozens of personal checks -- some 150 to 200 years old and signed by the likes of Abraham Lincoln, Charles Dickens, George Washington and Thomas Edison - have been unearthed by Huntington Bank. Some of the historic checks, all signed by U.S. presidents, were unveiled Tuesday and are on display at Huntington's newest branch in Brooklyn. The display is...
  • Sen. Rand Paul: Vote for my dad ("He won't falter, he won't bend"). Watch Video

    12/23/2011 7:11:10 AM PST · by SeekAndFind · 17 replies
    Hotair ^ | 12/23/2011 | Allahpundit
    Effective. A filial endorsement is endearing, if predictable, and Rand’s already prominent enough as a national figure that his stamp of approval qualifies as a rare “mainstream” thumbs up for his pop. The message is smart, too: No policy specifics, just a promise that Ron will stick to his principles because that’s what he’s been doing for 50 years. True enough; whatever his other faults, the fear that President Paul would “evolve” in office is absolute zero. Quite a contrast with the likely nominee.They’re going for the Iowa tea-party vote here, I take it, but I don’t know how helpful...
  • Morgan Stanley to cut 1,600 jobs

    12/15/2011 9:05:45 AM PST · by Qbert · 4 replies
    Reuters via Yahoo Finance ^ | 12/15/2011 | Lauren Tara LaCapra
    (Reuters) - Morgan Stanley will cut 1,600 employees in the first quarter, the bank said on Thursday, as it trims costs in a difficult period for trading and banking revenue. The job cuts will come across all staff levels and geographic areas, spokesman Mark Lake said, including investment banking, trading and back-office functions. Morgan Stanley is one of the last big Wall Street banks to announce major job cuts as analysts have begun slashing fourth-quarter earnings estimates. Other banks, including Goldman Sachs Group Inc , JPMorgan Chase & Co , Bank of America Corp and Citigroup Inc have already outlined...
  • Audio: In A Broken System, You Must Be Your Own Central Bank, Sinclair Tells King World News

    12/09/2011 3:58:22 PM PST · by Razzz42 · 3 replies ^ | December 9, 2011 | Jim Sinclair Interviewed at KWN
    Entire Audio interview of Jim Sinclair. (No transcript as of yet)
  • How Newt Gingrich and Official English would have saved Fannie Mae

    11/19/2011 5:43:58 AM PST · by dangus · 97 replies
    The real cause of the housing bubble and collapse is very simple: An Executive Order by Bill Clinton and enthusiastically championed by George Bush, 13166, forced banks to make bad loans or no loans at all. And Newt Gingrich was championing putting an end to EO 13166 years before the collapse of the banking industry. In the late 1990s, a grand compromise was reached between President Clinton and Senate Banking Chairman Phil Gramm. Long ago, government types decided that home ownership was the key to fiscal stability, but too many blacks didn't qualify for loans. The banking industry argued that...
  • Banks Quietly Ramping Up Costs to Consumers

    11/14/2011 4:00:12 AM PST · by Cardhu · 40 replies
    NY Times ^ | November 13th 2011 | Eric Dash
    Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees. Need to replace a lost debit card? Bank of America now charges $5 — or $20 for rush delivery. Deposit money with a mobile phone? At U.S. Bancorp, it is now 50 cents a check. Want cash wired to your account? Starting in December, that will cost $15 for each incoming domestic payment at TD Bank. Facing a reaction from an angry public and heightened scrutiny from regulators, banks are turning to...
  • “Currency Wars: The Making of the Next Global Crisis” By Jim Rickards

    11/13/2011 12:09:04 PM PST · by Razzz42 · 11 replies
    King World News ^ | November 11th, 2011 | Jim Rickards
    In this interview Rickards discusses his extraordinary new book Currency Wars: The Making of the Next Global Crisis. He also lets King World News listeners know what to expect regarding gold manipulation, the ongoing currency wars and much more. The KWN audio interview with Jim Rickards is available now...
  • Government Is Living in a State of Denial They speak, See & hear nothing of a debt crisis

    11/11/2011 10:09:25 AM PST · by Razzz42 · 2 replies
    The world just keeps coming unwound with amazing speed. Unfortunately, because this is a Sovereign Debt Crisis that strikes at the very heart of HOW government has functioned since World War II, this is like an individual who is in severe pain but is diagnosing himself. Government has been following the philosophies of Karl Marx and John Maynard Keynes who jointly advocated that government was capable of altering the Business Cycle and thereby cut the ties of boom and bust that marked history unfolding as a vicious repetitive cycle. There were to be no more recessions or depressions. Government was...
  • How Obama Bought Off The Big Banks (and vice versa)

    11/08/2011 11:54:14 AM PST · by Driftwood1 · 4 replies
    American Thinker ^ | 11-8-11 | Steve McCann
    Occasionally the Washington Post does some real reporting. Yesterday Zachery Goldfarb did an analysis of the aggregate profits over the past three years for the major banks and financial institutions as compared to the eight years of the Bush administration. The finding: these firms have accumulated more profit in the three years of the Obama administration than they did in the two terms of George W. Bush. In an interview with Mr. Goldfarb on NPR when asked what kind of companies and how this happened, replied: We're talking about banks, the big ones you've heard of, Citigroup, Bank of America....
  • European Debt Crisis Facts and Truth

    11/07/2011 9:07:59 PM PST · by Razzz42 · 2 replies · 1+ views
    National Inflation Association ^ | November 7, 2011 | National Inflation Association (staff)
    The mainstream media as of late has been focusing its total attention on the sovereign debt crisis in Europe and seemingly has forgotten that we have a much larger debt crisis in the U.S. that hasn't gone away and is only getting worse. Many global economists have been saying in recent weeks that if the European Central Bank (ECB) only went the way of the Federal Reserve, eurozone nations wouldn't be in the desperate situation they are in today. NIA believes that the ECB has already been acting just like the Fed, just not to the same extent. Mario Draghi...
  • Sun Trust drops plans for Debit Card fees

    11/03/2011 7:29:17 AM PDT · by Vigilanteman · 18 replies
    Sun Trust Bank ^ | 2 November 2011 | Sun Trust Bank
    Effective November 2, 2011, SunTrust will no longer be charging a check card fee on any consumer checking accounts. If you received notice that your account would be subject to this fee, please disregard it. If you have previously been charged this fee, you will receive a full refund within the next 30 days.
  • Interview of Christopher Whalen (On The Latest Banking Probems)

    10/29/2011 1:05:38 PM PDT · by Razzz42 · 1 replies
    King World News - Broadcast ^ | October 29, 2011 | Eric King Interviews Christopher Whalen
    (About)Christopher Whalen: Co-founder of Institutional Risk Analytics - IRA is a provider of risk management tools and consulting services for auditors, regulators and financial professionals. Christopher leads IRA’s risk advisory practice and consults for global companies on a variety of financial and regulatory issues. He is global risk editor of The International Economy magazine, has contributed to Insight on the News and Barron's. Christopher helped found The Herbert Gold Society, an informal group of current and former employees of the U.S. Treasury and the Federal Reserve System.
  • Iran's Largest Banks Swindled Out Of $2.6 Billion

    10/29/2011 6:27:40 AM PDT · by nuconvert · 15 replies
    NPR ^ | October 27, 2011
    A bank fraud scandal of unprecedented proportions is shaking domestic politics in Iran. Several of Iran's largest banks have been swindled out of an estimated $2.6 billion. The scandal has sparked a widening investigation with more than 30 arrests so far. It has also led to charges that some of President Mahmoud Ahmadinejad's closest advisers were involved. On its face, it appears it was easy for some of Iran's most important bankers to steal so much money. All they did was secure falsified letters of credit from several key banks, and money started flowing into the accounts of an investment...
  • Pre-Approved VA Loan Service Questions (Vanity)

    10/25/2011 11:12:21 AM PDT · by jettester · 8 replies · 2+ views
    October 25, 2011 | Jettester
    I am looking to buy a home in the State of Illinois and wanted to know if anyone has had any experience with the on-line VA Loan programs that are available? Any in particular? Pros and cons of going this route?
  • Vatican Suddenly Cool and Popular

    10/24/2011 1:47:19 PM PDT · by NYer · 22 replies
    Creative Minority Report ^ | October 23, 2011 | Matthew Archbold
    Who'd a thunk that the path to popularity among liberals was so easy. Hey, the Church hasn't exactly been asked to sign everyone's yearbook recently. The Church hasn't been in the cool crowd for decades and doesn't get invited to the cool parties. But suddenly the cool crowd that for so long mocked the Church is now macking the Church. Big time. They've developed a newfound respect for the deep thinking of the Vatican. It's kinda' like that moment in the movies when the geeky girl loses the glasses and pops open a few buttons and everyone all of a...
  • Global systemic crisis – First half of 2012: Decimation of the Western banks

    10/24/2011 10:33:37 AM PDT · by Razzz42 · 5 replies
    GEAB N°58 ^ | October 16, 2011 | GEAB N°58 Team
    As anticipated by LEAP/E2020, the second half of 2011 is seeing the world continuing its unstoppable descent into global geopolitical dislocation characterized by the convergence of monetary, financial, economic, social, political and strategic crises. After 2010 and early 2011 which has seen the myth of a recovery and exit from the crisis shattered, it's now uncertainty that dominates the StatesÂ’ decision-making processes just like businesses and individuals, inevitably generating increasing apprehension for the future. The context singularly lends itself: social explosions, political paralysis and / or instability, return to the global recession, fear over banks, currency war, the disappearance of...
  • Sleight of hand: BofA moves dodgy Merrill derivatives to bank (U.S. taxpayer on the hook for $55+T?)

    10/22/2011 9:43:11 AM PDT · by rabscuttle385 · 63 replies
    The New York Post ^ | 2011-10-21 | Mark Decambre
    A plan by beleaguered Bank of America to foist trillions of dollars of funky Merrill Lynch derivatives onto its depositors is raising eyebrows on Wall Street. The rarely used move will likely save the bank millions of dollars in collateral but could put depositors’ cash behind the eight ball. The move also brought to light fissures between the nation’s top banking regulators, the Federal Deposit Insurance Corp. and the Federal Reserve, in the wake of new regulations meant to curb the free-wheeling habits that fostered the worst crisis in a generation back in 2008. At issue is BofA’s decision to...
  • Regulators close banks in Colorado, Florida, Georgia for total of 84 bank failures in 2011

    10/21/2011 8:42:11 PM PDT · by freespirited · 10 replies
    Wapo ^ | 10/21/11
    Regulators on Friday closed two banks in Georgia and one each in Florida and Colorado, raising to 84 the number of U.S. banks that have failed this year. The number of closures has fallen sharply this year as banks have worked their way through bad debt. By this time last year, regulators had shuttered 139 banks. FDIC seized the four banks. The largest by far was Community Banks of Colorado, based in Greenwood ... Also shuttered were Community Capital Bank, Jonesboro, Ga. ... Decatur First Bank ... and Old Harbor Bank, Clearwater, Fla. Georgia and Florida have been among the...
  • Frank Rebuts Gingrich Criticism

    10/17/2011 11:56:49 AM PDT · by John Semmens · 14 replies
    In this week’s Republican presidential candidate debate, former House Speaker Newt Gingrich blamed the 2008 financial crisis on “reforms” enacted through the efforts of former chairman of the House Financial Services Committee Barney Frank (D-Mass) and former Senate Banking Chairman Christopher Dodd (D-Conn). Gingrich suggested that the two ought to go to jail for their “crimes.” Representative Frank defended his actions in support of the legislation that compelled banks to lend to untrustworthy borrowers as “well-intended,” and insisted that any blame for any bad outcomes really belongs to former President Bush because “he let me do it. He could’ve vetoed...
  • Madoff Whistleblower: Big Banks Are Ripping Off Pension Funds

    08/21/2011 5:13:36 AM PDT · by Java4Jay · 41 replies
    Yahoo The Daily Ticker ^ | 8/19/2011 | Peter Gorenstein
    The story is about growing scandal in the banking industry centered around banks allegedly overcharging pension funds for currency transactions. The man who uncovered the alleged scam, Harry Markopolos, expects all 50 states to eventually join the suit. If the name sounds familiar that's because Markopolos was a whistleblower on the Madoff Ponzi scheme, only to have his claims ignored by the SEC for the better par of a decade.
  • Martin Armstrong Interview @ King World News about Financial Current Events

    10/15/2011 4:45:30 PM PDT · by Razzz42 · 4 replies
    King World News - Broadcast ^ | 10.16 .2011 | Martin A. Armstrong (Interview)
    (Background) Bio: Martin Armstrong - Former Head of Princeton Economics Ltd. Martin Armstrong (born November 1, 1949) in New Jersey the son of a lawyer and Lt. Col under General Patton in World War II. His full biography is on line. In short, Martin was encouraged by his father to get involved in computers during the mid-1960s. As a teenager, Armstrong worked at a rare stamp and coin dealership and became a millionaire at age fifteen. He then opened his own store at age twenty-one. He completed engineering both in hardware and software but he returned to gold business that...
  • Volcker Rule Is Unjustified

    10/13/2011 5:10:56 PM PDT · by Kaslin · 4 replies
    IBD Editorials ^ | October 13, 2011 | Editor
    Banking: Regulators have unveiled their long-awaited plan to limit the risk taken by U.S. banks. But the so-called Volcker Rule is a nightmarish piece of financial legislation that fixes nothing and may create another crisis. When in doubt, regulate. That might be the motto of the current White House. It certainly describes the latest dictum to spring out of the egregious Dodd-Frank financial reforms. The Volcker rule, named for former Fed Chairman Paul Volcker, aims to avoid another financial meltdown like the one that devastated Wall Street from 2007 to 2009. It does so by barring banks from making short-term...
  • Harry Markopoulos - Financial Investigator- Interview

    10/08/2011 11:43:28 AM PDT · by Razzz42 · 1 replies
    King World News - Broadcast ^ | October 9th 2011 | Harry Markopolos (interview)
    In this King World News exclusive interview, Harry Markopolos the Whistleblower who brought down Bernie Madoff’s $65 billion Ponzi scheme reached out to KWN with the latest fraud he and his team have uncovered. Markopolos stated, “The Bank of New York is going to go down, Eric. Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts. It’s been a hell of a crime spree for the bank, but now they are being brought to justice.” Markopolos also told KWN, “The New...
  • BofA chief: We have a 'right to make a profit'

    10/06/2011 9:22:39 AM PDT · by tobyhill · 64 replies
    cnn money ^ | 10/6/2011 | Jennifer Liberto
    Bank of America's CEO defended his bank's new $5 fee on debit cards on Wednesday, saying that customers and shareholders understand the bank has a "right to make a profit." Bank of America (BAC, Fortune 500) CEO Brian Moynihan defended the move, which the bank announced last week in response to new caps on debit card swipe fees that the banks charge retailers. Bank of America's announcement of a new debit card fee was followed today by an announcement of new checking account fees by Citibank (C, Fortune 500). These new bank fees have fueled a populist backlash that has...
  • Dick Durbin: Hey, who’s up for a bank run on BofA?

    10/04/2011 10:53:36 AM PDT · by SeekAndFind · 7 replies
    Hotair ^ | 10/04/2011 | Ed Morrissey
    Economic indicators are falling. The Fed issued a gloomy report on the future of the economy, saying that the so-called recovery may be “faltering.” Greece has only enough cash to make payroll for a few weeks before it defaults and flattens the European banking system. The only thing missing from a collapse is a good, old-fashioned bank run.Enter Dick Durbin (h/t Ryan K):video platformvideo managementvideo solutionsvideo player Holding up a plastic debit card on the Senate floor this afternoon, Sen. Dick Durbin, D-Ill., had some advice for Bank of America customers angry about the new $5 monthly fee: leave.“Bank of...
  • The Durbin Fee : Amendment to Dodd-Frank Will Cost Debit Card Users. Hold on to your wallets.

    10/03/2011 10:04:02 AM PDT · by SeekAndFind · 28 replies
    National Review ^ | 10/03/2011 | The Editors
    Hold on to your wallet: The Durbin Amendment goes into effect Saturday. The once-obscure amendment to the Dodd-Frank financial-reform bill limits “interchange fees,” which banks charge to merchants for providing the service that allows stores to accept debit-card payments. The fees were cut by some 80 percent, which makes it less profitable for banks to offer debit-card services. So the banks have done the natural thing and begun to transfer the fee from merchants to their customers, with Bank of America announcing a new $5-per-month fee for debit-card users. Naturally, the amendment’s author, Sen. Dick Durbin (D., Ill.) is in...
  • Chief of Iran's Largest Bank Sacked; New Charges of Missing Oil Revenue (fled to Canada)

    10/02/2011 5:44:38 AM PDT · by nuconvert · 9 replies
    Frontline/Tehran Bureau ^ | Sept. 28, 2011
    Iran's Press TV is reporting that Mahmoud Reza Khavari, the head of Bank Melli, fled to Canada after resigning for his alleged role in the embezzlement scandal Our columnist Muhammad Sahimi compiled the following news items and commentary: The Ministry of Economic and Financial Affairs announced that several senior banking officials have been sacked in the wake of the embezzlement of close to $3 billion. According to the statement by the ministry's public relations office, Mahmoud Reza Khavari (pictured), chief operating officer of Bank Melli -- Iran's largest bank -- and Farzad Ahmadi, a member of the bank's board of...
  • European Commission financial tax opposed by UK

    09/28/2011 5:14:40 PM PDT · by EnglishCon · 6 replies
    BBC News ^ | 09/28/2011 | BBC News
    Bank shares have fallen in London after the UK said it would "resist" a financial transaction tax on EU members proposed by the European Commission. The tax would raise about 57bn euros ($78bn; Ł50bn) a year and would come into effect at the start of 2014. At close, Royal Bank of Scotland was behind by 3.64%, Lloyds Banking Group by 2.4%, and Barclays by 1.22%. London would be hardest hit by the tax as the majority of banking transactions in Europe come through the city.
  • The Secret Government Bank That's Financing More Solyndras

    09/28/2011 12:35:35 PM PDT · by PieterCasparzen · 3 replies
    Fox Business ^ | 9/28/2011 | Elizabeth MacDonald
    Sitting at the center of the Solyndra scandal is an off-balance-sheet bank at the Treasury Department that dates back to 1973. This little-known government bank, the Federal Financing Bank [FFB], had a zero balance in 2008 for green energy projects, but now, with little Congressional oversight, it is giving out billions of dollars in loans to White House pet projects often at dirt-cheap interest rates below 1%. In July alone, the government bank, which had $61 billion in assets, lent nearly three quarters of a billion dollars in taxpayer funds with no Congressional checks and balances. Plus the bank is...
  • Amendment to Dodd-Frank May Increase Credit Card Fraud

    09/28/2011 10:23:35 AM PDT · by hga1234 · 1 replies
    NerdWallet ^ | May 23, 2011 | Anisha Sekar
    After a rash of credit card identity theft schemes, the Durbin Amendment seems less tenable than ever. Interchange fees are, after all, levied to prevent and recoup losses after fraud. After Sony revealed that some PlayStation users’ credit card information was compromised, and arts and crafts chain Michaels reported that thieves had tampered with its debit card PIN pads, opponents of the Durbin Amendment used fraud costs as a rallying point. “[Michael’s] is a prime example of the role that debit interchange plays in ensuring the payment system operates smoothly and efficiently for consumers and financial institutions,” said Dan Berger...
  • Like your free checking account? Prepare to say goodbye

    09/27/2011 8:28:57 AM PDT · by yorkie · 27 replies
    ABC News ^ | September 26, 2011 | Sandra Block
    Free checking is going the way of the free checked bag. Only 45% of non-interest bank checking accounts are free, down from 65% in 2010 and 76% two years ago, according to a survey released Monday by Fees, meanwhile, are rising: The average monthly fee for a non-interest account is $4.37, up 75% from a year ago. Banks are adding fees to recover from new regulations that could cost billions in lost revenue, says Greg McBride, senior financial analyst for Bankrate. Starting Oct. 1, the maximum fee banks can charge retailers when customers pay with a debit card is...
  • European share markets in light of Broken Promises shattered dreams

    09/21/2011 11:40:13 PM PDT · by Razzz42 · 3 replies
    The Crisis is Greece is exposing the same crisis we will face in all Western countries. As Margaret Thatcher once said; “Socialism works until you run out of other people’s money.”That day is quickly arriving. The Greek debt of $400 billion is exploded to $1.2 trillion thanks to unfunded liabilities – pensions. This is why I say we are facing the collapse of socialism. If we turn every so called “rich” household upside-down and confiscate all their wealth earning $250,000 or more, it will not solve the problem even for one year. Governments through the West promised everything, but funded...
  • Are European Leaders Just Insane?

    09/21/2011 11:23:03 PM PDT · by Razzz42 · 3 replies
    There is no question that what we need in the structure of government is more than just separation of church and state. We need separation of politics and economy. European leaders are so fixated on this bailout and who will pay for whom, that they just cannot comprehend it’s the structure stupid! Latin America defaulted in the 70s and had to be restructured as bondholder took a haircut. They fail to understand that nationalizing the national debts into a single Eurobond opens the door for that “restructuring” meaning that the Greek debt would be exchanged at a discount. German taxpayers...
  • How Obama and Buffet FIRED 40,0000 Workers in One Day!…and made $4 billion

    09/21/2011 8:58:16 AM PDT · by Nachum · 21 replies
    Con Underground ^ | 9/21/11 | 4evercon
    While Obama and Buffet are working on finding new ways to fleece middle class America of more of our money to finance the salaries of the new storm troopers, the SEIU, Teamsters and Teacher’s unions and the various ACORN spawned organizations, the two are simultaneously prosecuting an all out war on the private sector. To hear the old kook tell it the idea came to him while he was playing in the bathtub. Those of us who no longer believe in the tooth fairy prefer to to dig a little and find out just exactly how did this seemingly Archimedian...
  • Consumers Lose Banking Power for First Time in 2011[wealth preservation o're growth investing]

    09/19/2011 5:04:13 PM PDT · by fight_truth_decay · 2 replies
    MainStreet ^ | September 19, 2011 | Matt Brownell
    NEW YORK (MainStreet) – After seven straight months of improvement, the consumer interest climate took a turn for the worse in August as deposit rates dipped sharply below already-historic lows. Certificate of deposit rates across the board fell significantly in August, according to the Credit Power Index, produced by RateWatch and MainStreet. As of the end of the month, interest paid on 12-month CDs had fallen four basis points to settle at 0.43%, 36-month CDs dropped 12 basis point to fall below 1%, and 48- and 60-month CDs saw similar big drops. CDs and other deposit products seemed to be...
  • Too Big To Fail, or Too Big Not To?

    09/18/2011 9:00:54 PM PDT · by stolinsky · 3 replies ^ | 09-19-11 | stolinsky
      Too Big To Fail, or Too Big Not To? David C. Stolinsky Sept. 19, 2011 The Bank of America was founded in San Francisco in 1904 by A. P. Giannini, the son of Italian immigrants. He never attended a university, but he took courses at a private business school. He made money in the produce business. His friends complained that they could not obtain the loans they needed to enlarge their businesses, so he opened a bank. It was located in a building that had been a saloon. Originally the bank was called Bank of Italy. At the...
  • Bryan Moynihan and Dodd-Frank Layoffs At Bank of America

    09/15/2011 7:38:38 AM PDT · by Sick of Lefties · 5 replies
    Blog ^ | 9/14/11 | Noman
    The WSJ rightly links the announcement to over-regulation generally, and Dodd-Frank specifically, which somehow managed to impose comprehensive control upon the entire financial system without addressing the actual easy money and housing policy causes of the fianancial crisis. Naturally, every political boondoggle has its consequences-- 30,000 jobs at BofA in the extant case--which Olympian legislators failed to consider while smiting the impious, legislating morality, covering their derričres and, generally, saving the planet.
  • Independent Commission on Banking to unveil 'ring fence'

    09/11/2011 10:47:50 PM PDT · by EnglishCon · 7 replies
    BBC News ^ | 09/12/2011 | BBC News
    How UK banks should ring-fence operations deemed vital for the UK economy is set to be detailed by the Independent Commission on Banking. After a 14-month review, the commission is expected to recommend banks separate their high street businesses from their riskier financial markets businesses.
  • Reports: Bank of America to shutter 600 branches

    09/08/2011 5:27:40 AM PDT · by John W · 12 replies
    The State ^ | September 8, 2011 | The State
    Bank of America will close up to 600 branches as part of its reorganization and cost-cutting moves, according to multiple reports this morning. Published and broadcast reports say Bank of America will split into separate consumer and commercial units, and that will lead to the branch closings. Charlotte's NewsChannel 36 says analysts believe the decision to split into two units and close the branches is a signal that Bank of America CEO Brian Moynihan plans broader and deeper layoffs than those announced earlier this week.

    09/01/2011 10:48:01 PM PDT · by Razzz42 · 12 replies
    A few people have asked why EUROBONDS and will this solve the problem? What we are facing is the complete meltdown of the World Economy. It might not send us to the Stone Age, but we are in a very delicate position here and we have to take this one step at a time. The EUROBOND is essential to keep Europe together as an economy with the freedom of movement and liberty. Europe is on the doorstep of disaster. If it breaks-up, the trade barriers will rise with regulations and freedom of movement will cease as everyone will be pointing...
  • Maxine Waters bullies banks: “[W]e’re going to tax them out of business”

    08/31/2011 5:08:14 PM PDT · by SanFranDan · 26 replies ^ | 8/30/11 | Michelle Malkin
    Ah, the Swamp Queen is doing what she does best: Throwing the weight of government around to intimidate private businesses and shake ‘em down. The Congressional Black Caucus is trying to help by organizing job fairs across the country. Congresswoman Maxine Waters also wants to help by putting more pressure on the big banks to help with mortgages. “If they don’t come up with loan modifications and keep people in their homes that they’ve worked so hard for, we’re going to tax them out of business,” said Waters.
  • BofA's $8.5 Billion Settlement Could Fall Apart (truncated title)

    08/26/2011 1:50:12 PM PDT · by Neidermeyer · 13 replies
    Zerohedge ^ | August 26, 2011 | Tyler Durden
    As most know by now, the ridiculously low $8.5 billion putback settlement, which was supposed to have been closed by now, and which was the key driver in preventing Bank of America from trading far, far lower (and requiring much more capital), is the wildcard that would allow the bank to package tens if not hundreds of billions of claims against the bank in a "tidy (and very small) little package." The key factor allowing this settlement to be structured in its existing form, was that the lawsuit was filed in New York State Court, which allows for a little...