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Keyword: banks

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  • Fed Having Trouble Stimulating Growth … Or Inflation – Multipliers and Velocities Are Stalling

    07/02/2012 5:29:02 PM PDT · by whitedog57 · 10 replies
    Confounded Interest ^ | 07/02/2012 | Anthony B. Sanders
    In fluid dynamics, a stall is a reduction in the lift coefficient generated by a foil as angle of attack increases. This occurs when the critical angle of attack of the foil is exceeded. Is the US economy stalling? Today’s manufacturing report suggests that our “lift” is indeed reducing. We are below a reading of 50.0 which historically has been bad news. The Federal Reserve faces a dilemma since its ability to increase “lift” in the economy is impaired by 1) declining M1 Money Multiplier Ratio and 2) M2 Money Velocity. The Fed Funds Target is approaching 0% and we...
  • Does Your Financial Institution Participate in Shariah Compliant Finance?

    06/26/2012 9:20:16 AM PDT · by LSUfan · 3 replies
    Shariah Finance Watch ^ | 26 June 12 | Unattributed
    The most common requests we receive at Shariah Finance Watch are questions as to whether banks or brokerage houses “are Shariah-compliant?” As a result of these numerous inquiries, for the past several weeks, we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance. In some cases, the entire institution is Shariah-compliant. In other cases, the overall institution is not Shariah-compliant but it has a division or subsidiary that is, or it offers a product that is Shariah-compliant. In still more cases, some of the entities listed below...
  • The 7 Safest Banks in America

    06/25/2012 8:30:33 AM PDT · by SeekAndFind · 13 replies
    Wall Street 24X7 ^ | 06/24/2012 | Jon C. Ogg and Samuel Weigley
    Moody’s recent downgrade of fifteen of the world’s largest banks, along with JPMorgan Chase & Co.’s (NYSE: JPM) multi-billion trading loss, make it clear that certain big banks are just not as safe as depositors might have hoped. Still, consumers have to keep their money somewhere. 24/7 Wall St. has compiled a list of the safest banks to help consumers navigate through continued difficult times. The criteria were very strict. We focused on the universe of the money-center banks, super-regional banks, and banks with retail branches that encompass several states. 24/7 screened for banks with a market capitalization of more...
  • Stocks fall off a cliff as Moody's downgrades 15 international banks

    06/22/2012 6:37:17 AM PDT · by SeekAndFind · 13 replies
    American Thinker ^ | 06/22/2012 | Rick Moran
    Moody's Investor Service cut the credit rating of the 6 largest US banks with international arms. In anticipation of this, and on general economic jitters, stocks tanked 251 points in the second worst day of trading this year. The downgrade of US banks reflects growing concern about the global economy and the exposore of US companies to the european debt crisis. Wall Street Journal: The Moody's Corp. unit reduced Morgan Stanley's rating to Baa1, which is three notches above the junk, or noninvestment grade, status that many bond buyers avoid. The move stands to add to the company's borrowing costs...
  • 15 Major Investment Banks See Ratings Cut by Moody's

    06/21/2012 6:13:11 PM PDT · by Aquamarine · 6 replies
    cnbc.com ^ | Thursday, 21 Jun 2012 | Mary Thompson, Margaret Popper
    Moody’s Investors Service downgraded the debt ratings of 15 major international banks and securities firms on Thursday, a move that could cost the banks billions of dollars in extra collateral. U.S banks that were downgraded included: ......
  • REPORT: MASSIVE MOODY'S BANK DOWNGRADES TO HIT IN A FEW MINUTES

    06/21/2012 1:32:22 PM PDT · by SeekAndFind · 44 replies
    Business Insider ^ | 06/21/2012 | Eric Platt
    Moody's Ratings is set to downgrade the world's largest banks at 4 p.m., according to new reports out of CNBC. The network says sources tell it Citi, J.P. Morgan Chase, and Goldman Sachs will be hit with two notch downgrades. Bank of America is expected to be cut one notch by Moody's. Morgan Stanley, which is also on the list of banks Moody's said it would take action against, is said to be downgraded as well. Nine European banks are expected to be included in the downgrade, which earlier reports noted would include Barclay's, UBS, HSBC, Lloyd's, and RBS.
  • Spain's Economy On the Edge of Collapse as Protests Turn Violent

    06/20/2012 10:59:42 AM PDT · by ex-Texan · 51 replies
    UK Daily Mail ^ | 6/20/2012 | Hugo Duncan
    Europe plunged deeper into crisis last night as Spain lurched closer to needing a full-blown bailout to save it from collapse. The government in Madrid was forced to pay prohibitively high interest rates to borrow money on another bruising day for the single currency bloc. It raised fears that Spain is on the verge of becoming the biggest victim of the euro crisis so far – following the bailouts of Greece, Ireland and Portugal. Please read the rest at the source
  • EC President Blames US For Financial Crisis in Europe

    06/19/2012 6:44:03 AM PDT · by Kaslin · 23 replies
    Townhall.com ^ | June 19, 2012 | Mike Shedlock
    The G-20 summit off to a great start if you like fireworks, endless bickering, and finger-pointing. Otherwise these summits are totally useless. When asked by a Canadian journalist "Why should North Americans risk their assets to help Europe?" EC President José Barroso replied "Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy." The Guardian has further details in Barroso blames eurozone crisis on US banks. The opening day of the G20 summit was threatening to deteriorate into a fractious row between eurozone countries and other non-European members of...
  • Obama’s Fannie Mae failure

    06/17/2012 2:26:57 PM PDT · by TurboZamboni · 5 replies
    salon ^ | 6-15-12 | andrew leonard
    Amid all the rhetoric and posturing that have accompanied every twist and turn of the great housing bust and the ensuing slow, stuttering recovery of the United States economy, a comment made last week by new Fannie Mae CEO Tim Mayopoulos to the Wall Street Journal might have seemed consequential only to the most wired-in housing wonk. ”From my perspective, I don’t believe we need principal reduction to modify loans and make [modifications] work for homeowners,” Mr. Mayopoulos said.
  • Watch Brian Banks Try Out With The Seahawks, Get Invited To Minicamp

    06/08/2012 9:49:55 PM PDT · by doug from upland · 2 replies
    sportsgrid ^ | 6-8-12 | Glenn Davis
    Watch Brian Banks Try Out With The Seahawks, Get Invited To Minicamp by Glenn Davis | 6:26 pm, June 8th, 2012 You’ve seen the story of Brian Banks, the former hotshot high school football prospect who spent five years in prison for a rape the alleged victim later admitted never happened. You’ve seen Banks mark his new life as a free man with a Tonight Show appearance. But what you probably haven’t seen yet is Banks’ attempt to resume his football career, which was once so promising. Well, that changes now. Banks mentioned his upcoming tryout with the Seahawks to...
  • WORLD BANK BOSS: We're Headed For "Impending Catastrophe" -- "A Rerun Of Great Panic Of 2008"

    06/02/2012 4:30:14 PM PDT · by blam · 32 replies
    TBI ^ | 6-202012 | Henry Blodget
    WORLD BANK BOSS: We're Headed For "Impending Catastrophe" -- "A Rerun Of Great Panic Of 2008" Henry Blodget Jun. 2, 2012, 9:51 AM The head of the World Bank, Robert Zoellick, is about to step down after a 5-year term. That means he can say what he really thinks. Here, via the Daily Mail, is what he really thinks about what's going on in Europe and the global financial markets: Financial markets face a rerun of the Great Panic of 2008. * It's ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a...
  • Genesis Squonk

    06/01/2012 9:50:15 PM PDT · by Lazlo in PA · 5 replies
    You Tube ^ | 6-02-12 | self
    Now here is an old tune...
  • "The End Game: 2012 And 2013 Will Usher In The End" - The Scariest Presentation Ever?

    05/31/2012 6:25:01 PM PDT · by SatinDoll · 58 replies
    The Zero Hedge ^ | 5/31/2012 | Tyler Durden
    If Raoul Pal was some doomsday spouting windbag, writing in all caps, arbitrarily pasting together disparate charts to create 200 page slideshows, it would be easy to ignore him. He isn't. The founder of Global Macro Investor "previously co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul came to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe... Raoul Pal retired from managing client money in 2004 at the age of 36 and now lives on the...
  • Time Bomb? Banks Pressured to Buy Government Debt

    05/31/2012 2:32:07 PM PDT · by uncommonsense · 30 replies
    CNBC ^ | 5/31/2012 | Jeff Cox
    US and European regulators are essentially forcing banks to buy up their own government's debt—a move that could end up making the debt crisis even worse, a Citigroup analysis says. Regulators are allowing banks to escape counting their country's debt against capital requirements and loosening other rules to create a steady market for government bonds, the study says. While that helps governments issue more and more debt, the strategy could ultimately explode if the governments are unable to make the bond payments, leaving the banks with billions of toxic debt, says Citigroup strategist Hans Lorenzen. "Captive bank demand can buy...
  • Greece Pours $22.6 Billion Into Four Biggest Banks

    05/28/2012 6:13:33 PM PDT · by dynachrome · 9 replies
    Reuters via CNBC ^ | 5-28-12 | Reuters
    Greece handed 18 billion euros ($22.6 billion) to its four biggest banks on Monday, an official said, allowing the stricken lenders to regain access to European Central Bank funding. The long-awaited injection—via bonds from the European Financial Stability Facility rescue fund—will boost the nearly depleted capital base of National Bank, Alpha , Eurobank and Piraeus Bank.
  • Spain Gets Demolished

    05/28/2012 8:40:23 AM PDT · by blam · 18 replies
    TBI ^ | 5-27-2012 | Joe Weisenthal
    Spain Gets Demolished Joe Weisenthal May 28, 2012Awful day in Spain on both the equity and sovereign debt front. The benchmark IBEX stock index is heading to a loss of nearly 2%.(Go to the site to see the chart) Meanwhile, the 10-year yield hit nearly 6.5%. The big news in Spain concerns the bailouts of Spanish banks... PM Mariano Rajoy today announced plans for a 19 billion EUR bailout of the Spanish bank Bankia, which itself was an agglomeration of weaker banks. He insisted that no banks or regions would fail, and he died that the country's financial institutions would...
  • Al-Qaida nuke bomb threat alleged

    04/22/2002 7:22:04 PM PDT · by knak · 139 replies · 676+ views
    msnbc ^ | 4/22/02
    NBC: Terror network seeks material to explode bomb in U.S. WASHINGTON, April 22 — A captured key strategist for the al-Qaida network told interrogators Monday that al-Qaida was working to obtain fissionable material for radiation bombs to be exploded in the United States, NBC News has learned. U.S. officials could not confirm the assertions of the strategist, Abu Zubaydah, but said they were taking him at his word. SOURCES TOLD NBC News that Zubaydah, believed to be one of the top lieutenants of Osama bin Laden, believed to be the mastermind of the Sept. 11 terrorist attacks in the United...
  • How Saddam hid his dirty money - Billions in oil sales stashed overseas

    05/04/2003 2:04:49 AM PDT · by kattracks · 40 replies · 1,150+ views
    New York Daily News ^ | 5/04/03 | WILLIAM SHERMAN
    In the hunt for Saddam Hussein's billions, investigators have identified five networks of more than 100 companies used to launder money skimmed from Iraqi oil sales. Saddam's gangster regime set up shell companies in Switzerland, Jordan, Lichtenstein, Luxembourg and Panama, according to investigators. Those company networks and their banking affiliations were used to enrich the former Iraqi strongman, his sons Uday and Qusay, and other family members. "Ultimately, the money was stolen from the Iraqi people," said Taylor Griffin, spokesman for the Treasury Department, which is heading the government's laundering probe along with U.S. Customs, the Secret Service and various...
  • Moody's downgrades Spanish banks

    05/17/2012 3:54:38 PM PDT · by Oldeconomybuyer · 3 replies
    CNN Money ^ | May 17, 2012 | By Annalyn Censky and James O'Toole
    Rating agency Moody's downgraded 16 Spanish banks on Thursday, the latest sign of distress in Europe. Among those downgraded were giants Banco Santander and BBVA, the country's two largest banks. Moody's cited concerns about the banks' exposure to Spain's faltering economy and the "reduced" ability of the Spanish government to support them in a crisis. "The Spanish economy has fallen back into recession in first-quarter 2012, and Moody's does not expect conditions to improve during 2012," the agency said. "Moreover, the real-estate crisis that began in 2008 is ongoing, and unemployment has risen to very high levels, with rising risks...
  • Panicked Greeks withdraw nearly $900 million from banks in one day

    05/17/2012 9:59:10 AM PDT · by aimhigh · 23 replies
    TheStar.com ^ | 05/17/2012 | Steve Slater and George Georgiopoulos
    Excerpts: Worries about a run on Greek banks has rattled Athens this week, after savers withdrew at least 700 million euros ($890 million US) on Monday alone,.. Data shows depositors have also taken flight from banks in Belgium, France and Italy. And on Thursday, Spain’s Bankia was reported to have seen more than 1 billion euros drained by its customers in the past week. In Greece, sources at two banks told Reuters that withdrawals on Tuesday had taken place at about the same rate as on Monday. It is not only Greeks who are worried about their savings. Data shows...
  • WSJ:Greek Depositors Withdrew $898 Million From Banks Monday

    05/15/2012 1:26:23 PM PDT · by tcrlaf · 33 replies
    WSJ-Europe ^ | 5-15-12 | NEKTARIA STAMOULI
    ATHENS—Greek depositors withdrew €700 million ($898 million) from local banks Monday, the country's president said, as he warned that the situation facing Greece's lenders was very difficult.
  • Stocks Post Loss on Greece, S&P at 3-Month Low

    05/15/2012 12:41:36 PM PDT · by ctdonath2 · 120 replies
    Drudge Report ^ | May 15 2012 | Drudge
    Headline only.
  • Killers of banks and jobs (JP Morgan is much ado about nothing. Look at public sector mismanagement)

    05/15/2012 6:16:59 AM PDT · by SeekAndFind · 4 replies
    Washington Times ^ | 05/15/2012 | Richard Rahn
    Last week, Jamie Dimon, CEO of the nation’s largest bank, JPMorgan Chase, revealed that the bank had made a $2 billion-plus trading mistake. The bank has more than $2 trillion in assets and made a profit of about $20 billion last year. So it lost one-tenth of 1 percent of its assets and an amount equal to about 10 percent of its income for last year. No big deal, despite all the hand-wringing of the political and media class. Predictably, Sen. Carl Levin, Michigan Democrat and arguably the most irresponsible member of Congress, immediately issued a press release calling for...
  • Regulation, JPMorgan Chase and the Parable of "The Titanic and Eastland"

    05/13/2012 9:24:40 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 05/13/2012 | Anthony B. Sanders
    The media is awash with stories about JPMorganChase’s $2 billion trading loss last week. Well, JPMorganChase earned $5.4 billion in Q1 2012, so they can handle a $2 billion trading loss. Why the hysteria? Of course, there is concern over enormous losses biting taxpayers if a bank fails. But my concern is the hysterical reactions for political gain. This hysteria results in a “rush to regulation” rather than a measured response. It is typical of our “Philadelphia” approach to regulation. Pick an immflamatory sentence and talk to people like they are 4 years old. The sentence is “JPMorganChase loses $2...
  • Florida Supreme Court hears landmark foreclosure suit

    05/11/2012 6:48:42 AM PDT · by Elle Bee · 19 replies
    RUTERS ^ | May 10 2012 | Michelle Conlin
    May 10 (Reuters) - The Florida Supreme Court heard arguments on Thursday in a landmark lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial penalties in the state where they face the bulk of their foreclosure-fraud litigation.
  • Fed clears China's first US bank takeover

    05/09/2012 3:33:39 PM PDT · by GeorgeWashingtonsGhost · 55 replies
    Yahoo ^ | May 09, 21012 | GeorgeWashingtonsGhost
    The United States on Wednesday opened its banking market to ICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company. Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia. The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States. ICBC has been the most aggressive of China's "big four" banks in expanding overseas. According...
  • Arbitrarily Low College Loan Interest Rates Harm Students, Taxpayers

    05/07/2012 5:22:03 AM PDT · by MichCapCon · 7 replies
    Capitol Confidential ^ | 5/4/2012 | Jarrett Skorup
    A government policy of subsidizing loans and encouraging people to borrow huge amounts that many won’t be able to repay has run-up $1 trillion worth of questionable debt. A growing number of experts fear that borrowers are paying more than the market can support, and some economists are warning of a bubble that could trigger a larger financial crisis. A spokesman for the President’s Consumer Financial Protection Bureau says the industry is likely “too big to fail.” Unfortunately, these are not headlines from the 2008 home mortgage meltdown. They instead describe current reports about the state of student higher education...
  • Why Aren’t Banks Lending to Small Business? Ask Bernanke.

    05/03/2012 6:23:59 AM PDT · by SeekAndFind · 8 replies
    The American ^ | 05/03/2012 | Scott Shane
    Banks profit by making loans, not refusing them. So why are banks making fewer loans to small business these days? On March 29, at a lecture at George Washington University, Federal Reserve Chairman Ben Bernanke innocuously remarked that lately “small businesses have … found it difficult to get credit.” Too bad that none of the students at the lecture thought to ask him why. A case can be made that the Fed is partially responsible. Bankers, small business owners, and policymakers all agree that small business lending has declined substantially since before the financial crisis and Great Recession. Business loans...
  • Jailed for $ 280. The Return of Debtors' Prisons

    04/26/2012 7:39:45 AM PDT · by ex-Texan · 96 replies
    CBS Money Watch ^ | April 23, 2012 | Alain Sherter
    How did breast cancer survivor Lisa Lindsay end up behind bars? She didn't pay a medical bill -- one the Herrin, Ill., teaching assistant was told she didn't owe. "She got a $280 medical bill in error and was told she didn't have to pay it," The Associated Press reports. "But the bill was turned over to a collection agency, and eventually state troopers showed up at her home and took her to jail in handcuffs." Although the U.S. abolished debtors' prisons in the 1830s, more than a third of U.S. states allow the police to haul people in who...
  • Obama’s Swiss Banker

    04/24/2012 4:00:35 PM PDT · by Brad from Tennessee · 3 replies
    The WASHIGTON FREE BEACON ^ | April 24, 2012 | By Andrew Stiles
    One of President Obama’s largest financial backers is a key executive at the largest Swiss bank in the world, complicating his criticism of presumptive Republican nominee Mitt Romney. Robert Wolf is president of Swiss financial giant UBS Investment Bank and chairman of UBS Americas. He has been one of Obama’s most prolific fundraisers dating back to 2006, when the former Senator from Illinois initiated his run for the White House. Wolf has bundled more than $500,000 for the president’s reelection, campaign records show. He is but one of many wealthy bankers Obama has turned to in an effort to win...
  • 12 Wisconsin banks still owe TARP money

    04/22/2012 1:58:43 PM PDT · by afraidfortherepublic · 2 replies
    JS Online ^ | 4-22-12 | Paul Gores
    AnchorBank, 5 others behind on dividend payments to Treasury The parent companies of 12 Wisconsin-based banks that took Troubled Asset Relief Program money from the federal government haven't yet repaid it, a new report shows. In addition, half of them are behind on dividend payments promised to the U.S. Treasury in return for a TARP capital investment during the financial crisis in 2008 and 2009, according to a report by Keefe, Bruyette & Woods. In all, 21 TARP allocations came to Wisconsin banks in that two-year span. The biggest were repaid last year when Marshall & Ilsley Corp.'s $1.7 billion...
  • Obama’s aim to end ‘too big to fail’ undercut, report says

    04/16/2012 4:05:52 PM PDT · by Oldeconomybuyer · 1 replies
    MSNBC ^ | April 16, 2012 | Staff
    President Obama’s bid to end the problem of big banks becoming “too big to fail” is falling far short of its aim, according to a report. Bloomberg News reported Monday that today the nation’s largest banks are bigger than they were before the credit crisis. Five of the nation’s biggest banks are about twice as large as they were a decade ago relative to the size of the economy, the report shows, raising concern that trouble at a major bank would have a detrimental effect on the broader financial system and force the government to intervene to prevent a crisis,...
  • Choosing the Road to Prosperity Why We Must End Too Big to Fail—Now

    04/15/2012 6:49:01 AM PDT · by M. Dodge Thomas · 6 replies
    Federal Reserve Bank of Dallas ^ | 4/1/2015 | Harvey Rosenblum
    The too-big-to-fail institutions that amplified and prolonged the recent financial crisis remain a hindrance to full economic recovery and to the very ideal of American capitalism. It is imperative that we break up the big banks...
  • Bank Downgrade Forward Calendar

    04/05/2012 12:46:15 PM PDT · by SatinDoll
    The Zero Hedge ^ | 04/05/2012 | Tyler Durdan
    A major potential negative catalyst for financials globally is rapidly approaching as 114 banks are on review-for-downgrade by Moody's across 16 countries. Why do we care so much about ratings given their historical credibility?...In Europe, the fun heats up in the next few weeks as first Italian banks (4/16), then Spanish banks (4/23) and then Austrian (4/30) face from 1 to 4 notch downgrades and the potential to lose their short-term (funding-/CP-related) Prime-1 top rating, implicitly raising funding costs (and liquidity concerns) even further.
  • TBTF Get TBTFer: Top 5 Banks Hold 95.7%, Or $221 Trillion, Of Outstanding Derivatives

    03/26/2012 1:22:10 PM PDT · by SatinDoll · 8 replies · 10+ views
    The Zero Hedge ^ | 03/26/2012 | Tyler Durden
    Every quarter the Office of the Currency Comptroller releases its report on Bank Derivative Activities, and every quarter we find that the Too Big To Fail get Too Bigger To Fail. To wit: in Q4 2011, of the total $230.8 trillion in US outstanding derivatives, the Top 5 banks (JPM, BofA, Morgan Stanley, Goldman and HSBC) accounted for 95.7% of all Derivatives. In some respects this is good news: in Q2, the Top 5 banks held 95.9% of the $250 trillion in derivatives. Unfortunately it is also bad news, because $220 trillion is more than enough for the world to...
  • SEC Supports Goldman Sachs v Shareholders

    03/19/2012 11:11:22 AM PDT · by Razzz42 · 2 replies · 1+ views
    Armstrong Economics ^ | March 18, 2012 | Martin Armstrong
    Anyone who has traded with Goldman Sachs most likely knows it is always an adversarial relationship. Banks that trade do so for themselves and employees are compensated according to the profits made on the desk. That is the nature of the business. However, Goldman Sachs is primarily a trader. That is where the profits have come from not the rudimentary workings of banking. So to some extent those who complain about employee compensation should invest in some other business where talent is not rewarded. That said, there is a substantial difference between making a normal spread and carrying a book...
  • Eurocrats Carry On Up The Khyber, Determined and Delusional, says Farage (Spoof video edited in)

    03/15/2012 7:40:26 PM PDT · by Razzz42 · 3 replies
    YouTube fundraising account for EU Indpendence Party ^ | Mar 14, 2012 | Uploaded by europarl
    European Parliament, Strasbourg, 13 March 2012 (YouTube video)
  • Why I Am Leaving Goldman Sachs

    03/14/2012 3:24:26 PM PDT · by qaz123 · 11 replies
    The New York Times ^ | 14March2012 | Greg Smith
    TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
  • Four large US banks fail stress tests

    03/14/2012 6:47:45 AM PDT · by SeekAndFind · 9 replies
    Yahoo News ^ | 03/14/2012 | Paul Handley
    Citigroup was one of four large US banks that flunked stress tests aimed at seeing how they would hold up in a new economic crisis, Federal Reserve data showed Tuesday. Three others -- Ally, Suntrust and MetLife -- also failed the tests, while 15 other large bank holding companies passed the exercise, the Fed said. As a group, though, the 19 came through strongly, said the Fed, thanks to pressure for them to boost capital over the past three years as the financial sector digs its way out of the deep 2008-2009 recession. "In fact, despite the significant projected capital...
  • Citibank, 3 others fail Fed stress test; 15 pass (GMAC/ALLY Failed, Too)

    03/13/2012 1:43:26 PM PDT · by tcrlaf · 19 replies
    AP ^ | 3-13-12 | MARTIN CRUTSINGER
    WASHINGTON (AP) — The Federal Reserve says four major banks failed to show they have enough capital to survive another serious downturn. The list includes Citigroup, the nation's third-largest bank. The Fed says 15 of 19 major banks passed the stress test. The Fed noted that all of the banks have built up their capital reserves since the 2008 financial crisis. SunTrust and Ally Financial also failed the test.
  • Financial Repression: Banks Increase Treasury Purchases, Deposits Up, Banks Still Not Lending

    03/12/2012 8:27:46 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 03/12-2012 | Anthony B. Sanders
    In advance of the U.S. bank stress test report on Thursday, the following story was released this morning about banks purchases of Treasury and related debt. March 12 (Bloomberg) — U.S. banks bought more government and related debt in the first two months of 2012 than they did in all of last year, an endorsement of Federal Reserve Chairman Ben S. Bernanke’s assessment of the economy that’s boosting demand for bonds even with yields near the lowest on record. This is an endorsement? What it says to me is that banks simply invested part of their staggering reserves in Treasuries...
  • GAO: Banks Paying Back TARP with Federal Money

    03/12/2012 6:03:49 AM PDT · by SeekAndFind · 6 replies
    Fox Business News ^ | 03/12/2012 | By Elizabeth MacDonald
    <p>The Government Accountability Office says in a new report that banks that have repaid the Treasury Department's TARP bailout program did so with funds they received from other federal rescue programs.</p> <p>The GAO’s finding undercuts the Treasury’s prior statements that effectively assert the Troubled Asset Relief Program has earned a profit for taxpayers. Specifically, the GAO says that, according to its new review, “as of January 31, 2012, 341 institutions had exited,” TARP, almost half by repaying...with funds from other federal programs.”</p>
  • The Commodity Empire

    03/05/2012 11:38:48 AM PST · by Razzz42
    Armstrong Economics ^ | March 4th, 2012 | Martin Armstrong
    Most people do not realize but there is a Commodity Empire that is run by New York’s biggest banks/Investment Banks that are in a continued struggle with the Federal Reserve over the right to retain the power of their commodity trading empires. They control the storage warehouses, storage tanks, and silos constituting hard assets worth multi-billions of dollars. But it also gives them inside information regarding inventories and the ability to manipulate the prices by moving inventory back and forth to unreported warehouses or to London. ----------------------- Page 2----------------------- At the center of this power struggle has been the issue...
  • 0.2% Interest? You Bet We’ll Complain (Near 0 interest rates subsidize banks, punish savers)

    03/05/2012 5:50:54 AM PST · by SeekAndFind · 33 replies
    New York Times ^ | 03/05/2012 | Gretchen Morgenson
    STOP your bellyaching. That was the message delivered last Thursday to Americans who today make almost nothing on the savings in their bank accounts. It came from Sarah Bloom Raskin, an insider at the Federal Reserve. Ms. Raskin, one of the governors on the Fed board, made the usual disclaimer that her comments reflected her own thinking. But Fed watchers said her remarks probably mirrored views inside the central bank. The issue — as anyone looking for income-producing investments knows — is that the Fed drove down interest rates to almost zero to shore up big banks and an economy...
  • Banks' fees pay off — for credit unions

    03/02/2012 10:38:18 AM PST · by Oldeconomybuyer · 10 replies
    Los Angeles Times ^ | March 2, 2012 | By E. Scott Reckard
    Consumers fed up with the rising tide of bank fees helped the nation's credit unions more than double their number of new customers last year, new figures show. More than 1.3 million Americans opened new credit union accounts last year, up from less than 600,000 in 2010, the National Credit Union Administration reported. That brings the number of credit union members to a record 91.8 million. "Big banks need to pick their poison," said banking attorney Jeremy T. Rosenblum, a consumer finance expert at Ballard Spahr in Philadelphia. "They can passively accept government-mandated revenue losses, or they can charge new...
  • NYC bomb plot terrorist free to bomb again

    03/06/2009 12:01:38 PM PST · by neverdem · 24 replies · 1,777+ views
    American Thinker ^ | March 06, 2009 | James Simpson
    U.S. Immigration and Customs Enforcement (ICE) announced Wednesday that Khalid Al-Jawary, a dangerous Palestine Liberation Organization (PLO) terrorist convicted of a 1973 New York City bomb plot and implicated in multiple terrorist attacks spanning two decades, was deported to Sudan. He had served only half of his thirty year sentence. Recently declassified information additionally reveals that Al-Jawary got help from New York's Iraqi diplomatic mission in communicating with his PLO masters. In March of 1973, Al-Jawary and possible accomplices planted three powerful car bombs: two along 5th Avenue near Israeli-owned banks, and one at Kennedy Airport. Timed to explode upon...
  • ShoreBank Scandal Fallout: Fines, Suspension, Supervision for College Illinois Fund Adviser

    01/24/2012 5:47:05 PM PST · by george76 · 6 replies · 1+ views
    B G ^ | Jan 13th 2012
    Crain’s Chicago Business reports that Alvin Boutte, Jr., the adviser who encouraged the state to invest in Democrats’ beloved ShoreBank as it was failing, has agreed to pay a fine, to have his securities license suspended, and to work under “heightened supervision” in the securities industry for the next year. The ShoreBank scandal erupted in 2010 as Chicago Democrats, particularly Rep. Jan Schakowsky, tried to bail out the bank using any means necessary–whether federal, state, or private money. The bank’s closure was delayed several times–evidence, critics charged, of preferential treatment from the Obama administration. Eventually, under pressure from the Tea...
  • Foreclosure pact promises more trouble

    02/12/2012 6:15:03 AM PST · by KeyLargo · 15 replies
    Chicago Sun-Times ^ | Feb12, 2012 | David Roeder
    Foreclosure pact promises more trouble DAVID ROEDER droeder@suntimes.com Last Modified: Feb 12, 2012 02:25AM The foreclosure settlement involving Illinois and 48 other states is much ado about $25 billion, but for homeowners still in a heap of financial trouble, it signifies little besides more pain. The banks involved will like it, and their investors should draw comfort as well. By settling, the five large banks have indemnified themselves against civil lawsuits over robo-signing and faked paperwork. Criminal charges are possible, but hardly likely. The banks get financial certainty as opposed to the prospect of endless litigation. That should help the...
  • Stocks at Lows, 34 Italian Banks Downgraded

    02/10/2012 12:39:12 PM PST · by Signalman · 2 replies
    CNBC ^ | 2/10/2012 | JeeYeon Park
    Stocks accelerated their losses Friday, on track to logging their worst session this year, after stalled debt negotiations in Greece, some disappointing economic news and reports that S&P downgraded a handful of Italian banks. In the latest round of disappointment from the euro zone, ratings agency S&P downgraded 34 of 37 Italian banks, including banking giant UniCredit, citing worries over the banking industry and economic risks in the country. The move comes after the ratings agency's downgrade of Italy's sovereign rating in January to BBB+, along with downgrades of nine other euro zone countries. All three major averages are on...
  • Wisconsin homeowners to get $140M under settlement

    02/09/2012 1:26:50 PM PST · by afraidfortherepublic · 11 replies
    WTMJ4 ^ | 2-9-12
    <p>MADISON, Wis. (AP) -- Wisconsin homeowners are expected to receive $140 million as part of a national $25 billion settlement with the nation's biggest mortgage lenders over foreclosure abuses.</p> <p>Gov. Scott Walker and Attorney General J.B. Van Hollen announced the terms Thursday as part of the settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.</p>