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Keyword: banks

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  • How Jeb Bush Funneled Pension Money to Lehman Before Getting a $1.3 Million a Year Consulting

    08/26/2015 12:37:39 PM PDT · by GilGil · 19 replies
    SilverDoctors ^ | 08/26/2015 | Michael Krieger
    For Florida taxpayers, the move by the administration of then-Gov. Jeb Bush to forge a relationship with Lehman Brothers would ultimately prove disastrous. Transactions in 2005 and 2006 put the Wall Street investment bank in charge of some $250 million worth of pension funds for Florida cops, teachers and firefighters. Lehman would capture more than $5 million in fees on these deals, while gaining additional contracts to manage another $1.2 billion of Florida’s money. Then, in the fall of 2008, Lehman collapsed into bankruptcy, leaving Florida facing up to $1 billion in losses. But for Jeb Bush personally, his enduring...
  • ‘Why I can’t get a mortgage’: One man’s tale of woe in the abused middle class

    08/24/2015 6:04:06 AM PDT · by SeekAndFind · 97 replies
    Washington Times ^ | 08/24/2015 | Stephen Moore, Heritage Institute
    Last month I bought a house in Potomac, Md., a trade up on my current home, and was shocked to learn in the ensuing weeks that I couldn’t get a mortgage loan. First, I went to PNC bank. Then Wells Fargo. Then another. Denied. Denied. Denied. No, I don’t feel entitled to a loan, and the banks have every right not to lend me money. But my tale of woe tells a broader tale of what is going on in the lending industry these days. All the bankers told me the same thing: “Steve, if you’d walked in our bank...
  • How Dodd-Frank Ate The U.S. Economic Recovery

    07/29/2015 4:48:32 AM PDT · by expat_panama · 22 replies
    Investors Busniness Daily ^ | 07/28/2015 | IBD Editorial
    Regulation: The Dodd-Frank Act's fifth anniversary this month has received surprisingly little notice. Too bad. It's a pernicious law, one that a devastating new report suggests is largely to blame for our lackluster economy. How bad is Dodd-Frank? One of its main goals, cited by both the White House and the then-Democrat-run Senate, was to get rid of the "too big to fail" doctrine that made some banks too important to allow to go bust. It sounded good at the time. But in fact, it's had the exact opposite effect, leading to a decline in small banks and rising market...
  • Tipton: Federal red tape hurts small banks ( Colorado and .. )

    07/24/2015 8:36:25 AM PDT · by george76 · 6 replies
    Durango Herald ^ | July 23, 2015 | Mariam Baksh
    financial reform increases staffing costs. Small banks are struggling to comply with the Dodd-Frank Act, which was passed to regulate the financial industry in the wake of the 2008 financial crisis, said Rep. Scott Tipton. The Republican from Cortez received some national attention this week for challenging Federal Reserve Chairwoman Janet Yellen to support his plan to ease the burden of Dodd-Frank on small banks. ... Mike Burns, president of Alpine Bank for the Southwest region, said in a phone interview that Dodd-Frank is creating head winds. “We really want to focus our time and energy in supporting the communities...
  • Banks Union appeals to Greeks to return their money to banks

    07/21/2015 3:16:14 PM PDT · by dynachrome · 16 replies
    http://www.keeptalkinggreece.com/ ^ | 7-20-15 | Keep Talking greece
    President of Greek Banks Association Louka Katseli appealed at the citiznes to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months. Katseli, a former PASOK Minister, appealed to citizens to return their deposits to the banks “now that the banks are open” after a three-week holiday and capital controls. “Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of...
  • After Five Years, Dodd-Frank Is a Failure

    07/20/2015 12:47:08 PM PDT · by Timber Rattler · 8 replies
    The Wall Street Journal ^ | July 19, 2015 | Jeb Hensarling
    Tuesday will mark five years since President Obama’s signing of the Dodd-Frank law, the most sweeping rewrite of the country’s financial laws since the New Deal. Mr. Obama told the country that the legislation would “lift our economy.” The statute itself declared that it would “end too big to fail” and “promote financial stability.” None of that has come to pass. Too-big-to-fail institutions have not disappeared. Big banks are bigger, small banks are fewer, and the financial system is less stable. Meanwhile, the economy remains in the doldrums. Dodd-Frank was based on the premise that the financial crisis was the...
  • Cash for Cheese: The Bank That Accepts Parmigiano Reggiano as Loan Collateral

    07/15/2015 9:40:24 AM PDT · by nickcarraway · 7 replies
    The Daily Reporter ^ | 14-Jul-2015 | Mark Astley
    Cash for cheese may sound like a parody of the cash for gold scheme, but in Italy it's a reality for many Parmigiano Reggiano producers seeking quick cash.
  • Greeks Can’t Tap Cash, Gold, Silver In Bank Safety Deposit Boxes

    07/14/2015 9:04:18 AM PDT · by grumpygresh · 31 replies
    ETF Daily News ^ | 7/14/15 | unattributed
    Capital controls have been in place in Greece since the start of the month to protect the banks from mass withdrawals by nervous Greeks. They have rightly been concerned about their savings, the collapse of the banking system and the loss of their savings in deposit confiscations or bail-ins.
  • BREAKING: The Secret Plan in Place to Steal All Money in US Bank Accounts During Economic Crisis

    07/12/2015 10:13:43 AM PDT · by E. Pluribus Unum · 95 replies
    Over the past few days Sera Wilson and I have discussed the dangers of what is happening in Greece and how it could also happen here. Of course, most of our readers already know the U.S. economy is teetering on so much debt that a crisis is, in many ways, inevitable. That said, there is a common belief that thanks to FDIC depositor insurance, all cash held in banks (Under certain amounts covered by FDIC) is safe.Not so fast. Not have the FDIC and big banks been working on a way that enables them to circumvent the safeguard, they already...
  • Warren, McCain introduce bill to bring back Glass-Steagall

    07/09/2015 8:44:23 PM PDT · by 2ndDivisionVet · 62 replies
    The Hill ^ | July 7, 2015 | Kevin Cirilli
    Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, which would force big banks to split their investment and commercial banking practices. Glass-Steagall was first passed in 1933 but repealed during the Clinton administration, leading many progressives to argue that it contributed to the 2008 financial collapse. Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government bailout....
  • Greek banks will not open this week: State TV

    07/08/2015 1:19:38 PM PDT · by Enlightened1 · 22 replies
    CNBC ^ | 07/08/15 | Everett Rosenfeld & Matt Clinch
    Stay tuned for analysis on Greece, where European leaders have given the debt-stricken country a deadline of five days to achieve a reforms-for-aid deal. The Greek Finance Ministry has said that concrete reform proposals will be out by Thursday and it has applied for a 3-year loan from the European Stability Mechanism. We'll keep you updated.
  • Greeks cannot tap cash in safe deposit boxes under capital controls

    07/05/2015 12:55:50 PM PDT · by catnipman · 84 replies
    rooters ^ | 7/5/15 | staff
    Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday. ...
  • Greek banks prepare plan to raid deposits to avert collapse

    07/03/2015 5:53:34 PM PDT · by House Atreides · 85 replies
    FT.com ^ | July 3, 2015 | Kerin Hope
    Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.
  • Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT

    07/03/2015 4:58:13 PM PDT · by dynachrome · 32 replies
    zerohedge.com ^ | 7-3-15 | Zero Hedge
    Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said. A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000. Meanwhile, Yanis Varoufakis swears this is nothing but a "malicious rumor": FT report of a Gk Bank Bail In is a malicious rumour...
  • Greek Banks And Stock Exchange 'To Stay Shut'

    06/28/2015 7:23:13 PM PDT · by Enlightened1 · 33 replies
    Sky News ^ | 06/28/15
    Banks and the stock exchange will remain closed today after Greek citizens queued all weekend to withdraw savings. Banks in Greece and the country's stock exchange will be shut all week in a sign of the deepening financial crisis. The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms. Under the controls, there will be a daily €60 limit on withdrawals from cash machines, which will reopen on Tuesday. Speaking in a televised address, Prime Minister Alexis Tsipras urged calm and insisted bank deposits were safe. He blamed European partners...
  • Meltdown. Greek banks: Branches may stay shut until July 7; plan for capital controls

    06/28/2015 5:10:51 PM PDT · by catnipman · 20 replies
    Daily Mail ^ | 6/28/2015 | Jason Groves and Louise Eccles
    "The cashpoint at the Greek parliament is reported to have been topped up three times during an emergency session on Saturday night as ministers and MPs scrambled to get their own money out"
  • Greek banks 'to stay shut on Monday'

    06/28/2015 10:10:25 AM PDT · by tcrlaf · 144 replies
    BBC News ^ | 6-28-2015 | BBC News
    Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens This breaking news story is being updated and more details will be published shortly
  • Why Is The EU Forcing European Nations To Adopt ‘Bail-In’ Legislation By The End Of The Summer?

    06/14/2015 4:05:38 AM PDT · by SkyPilot · 43 replies
    The Economic Collapse Blog.com ^ | June 5th, 2015 | by Michael Snyder
    Why Is The EU Forcing European Nations To Adopt 'Bail-In' Legislation by the End of the Summer? Are they expecting something to happen? As you will read about below, the European Union says that any nation within the EU that does not enact "bail-in" legislation within the next two months will face legal action. The countries that are being threatened in this manner include Italy and France. If you fast forward two months from this moment, that puts us in early August. So clearly the European Union wants everything to be squared away by the end of the summer. Is...
  • Houston No. 1 in US in armored car, bank takeover robberies

    06/13/2015 5:56:03 PM PDT · by Extremely Extreme Extremist · 15 replies
    KATV.COM ^ | 13 JUNE 2015 | AP
    HOUSTON (AP) - Larry Gonzales was emerging from his Garda Cash Logistics armored truck to refill an ATM at a Houston-area Chase Bank in October 2013 when a man behind him demanded money. "People joke around with us," said Gonzales. "I didn't think this dude was actually serious. Next thing, I get shot in the back. Then I knew this was for real." The 28-year-old was shot six times and, despite multiple surgeries, still has a "lucky" bullet lodged in his chest. Gonzales' case is not unique. Federal statistics indicate Texas' largest city has become a hub for bank and...
  • Iran Press TV : Food Banks In New York Are Running Out Of Food

    06/12/2015 6:43:42 PM PDT · by Nachum · 27 replies
    Iran Press TV via Zero Hedge ^ | June 7, 2015 | Iran Press TV via Tyler Durden
    Welcome to the Recovery! Food banks across the US state of New York are running out of food (37% of food pantries say they have had to turn away needy people because they ran out of food), amid falling funds and rising demand from people that have trouble affording food. About 2.6 million people have trouble affording food across New York with about 1.4 million New York City residents relying on food pantries to feed themselves, according to the Food Bank For New York City. But as PressTV reports, contrary to the belief that people visiting food pantries are homeless...
  • The Export-Import Bank Is Overdrawn

    06/11/2015 5:18:42 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | June 10, 2015 | Allen West
    The Export-Import Bank charter will expire in a few days, on June 30, unless Congress acts to reauthorize it. The Export-Import Bank was created more than 80 years ago by President Franklin D. Roosevelt to help foreign customers buy goods from the United States. Some companies benefit from the Export-Import Bank and they are the first ones to defend its reauthorization. But let’s be clear: Companies benefit from Export-Import Bank loans at the expense of taxpayers and other businesses. Taxpayers—not the companies themselves—assume the risk of a foreign loan, made through a private bank (like Goldman Sachs), to purchase a...
  • Former CAIR/Egyptian prez candidate vows to “complete the implementation of Islamic law in Egypt”

    03/12/2012 3:55:55 PM PDT · by 2ndDivisionVet · 2 replies
    PJ Tatler ^ | March 12, 2012 | Patrick Poole
    From the Middle East Media Research Institute comes a recent video of Egyptian presidential candidate Bassem Khafagi on Al-Nas TV promising to “complete the implementation of Islamic law in Egypt” (HT: Zip). From the MEMRI transcript: (VIDEO AT LINK) Bassem Khafaji: Let me tell you, in all honesty, that as a Muslim Egyptian, I am convinced of [the need to] complete the implementation of Islamic law in Egypt. I do not hide this truth in any way, because it is in keeping with the inclination of the Egyptian people. We Egyptians – both Muslims and non-Muslims – refer to the...
  • SEC a stumbling block in banks' forex guilty pleas: sources

    05/15/2015 11:47:28 AM PDT · by Lorianne
    Reuters ^ | 14 May 2015 | Karen Freifeld, Sarah N. Lynch, Soyoung Kim
    Banks want assurances from U.S. regulators that they will not be barred from certain businesses before agreeing to plead guilty to criminal charges over the manipulation of foreign exchange rates, causing a delay in multibillion-dollar settlements, people familiar with the matter said. In an unprecedented move, the parent companies or main banking units of JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N), Royal Bank of Scotland Group Plc (RBS.L), Barclays Plc (BARC.L) and UBS Group AG (UBSG.VX) are likely to plead guilty to rigging foreign exchange rates to benefit their transactions. The banks are also scrambling to line up exemptions...
  • 5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered

    05/14/2015 6:40:23 AM PDT · by Theoria · 16 replies
    The New York Times ^ | 13 May 2015 | BEN PROTESS and MICHAEL CORKERY
    For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote. But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup. The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed...
  • Our Banking System is a Giant House of Cards

    05/03/2015 1:17:50 PM PDT · by Lorianne · 21 replies
    Institute for New Economic Thinking ^ | 21 April 2015 | Lynn Parramore inteviews Anat Admati
    Lynn Parramore: How would you describe the problem of Too Big to Fail banks. Whey does it matter to an ordinary person? Anat Admati: Too Big to Fail is a license for recklessness. These institutions defy notions of fairness, accountability, and responsibility. They are the largest, most complex, and most indebted corporations in the entire economy. We all have to be really alarmed by the fact that not only do we still have such institutions, but many of them are ever-larger and more complex and at least as dangerous, if not more so, than they were before the financial crisis....
  • Greece's Piraeus Bank offers relief to poverty-stricken borrowers (writes off debt)

    04/23/2015 6:41:40 PM PDT · by dynachrome · 5 replies
    Reuters ^ | 4-23-15 | George Georgiopoulos
    Piraeus Bank will write off credit cards and retail loans up to 20,000 euros ($21,484) for Greeks who qualify for help under a law the leftist government passed to provide relief to poverty-stricken borrowers, it said on Thursday.
  • The big banks on Wall Street have fired 80,000 people in the past 5 years

    04/21/2015 9:53:42 AM PDT · by SeekAndFind · 8 replies
    Business Insider ^ | 04/21/2015 | Portia Crowe
    Wall Street's six biggest banks have cut nearly 80,000 jobs over the past 5 years, according to Bloomberg. The majority of the cuts have come from Bank of America. That's over both the past 5 years and the past 12 months, as well as in the first quarter of 2015. Wells Fargo, Goldman Sachs, and Morgan Stanley added jobs in the first quarter of 2015, but 4,000 jobs were still cut across Wall Street last quarter. Bloomberg looked at data from JPMorgan, Goldman Sachs, Morgan Stanley, Wells Fargo, Citigroup, and Bank of America. Over the past 5 years, JPMorgan has...
  • Wesley Clark a Business Success After Military

    09/28/2003 10:31:26 PM PDT · by HAL9000 · 18 replies · 511+ views
    Associated Press | September 28, 2003 | DAVID PACE
    WASHINGTON - When two Russian immigrants and their American financial backer needed marketing help for their innovative electric motor, they turned to a merchant banker at one of the nation's largest investment houses - retired Army Gen. Wesley Clark. The meeting at the Washington office of Stephens Inc. in late 2001 proved fortuitous for both Clark, the former supreme commander of NATO, and the principals in WaveCrest Laboratories, at the time a small research and development company in Dulles, Va. "They hit it off pretty much right away," said WaveCrest spokesman Tom McMahon. Clark signed on as a consultant...
  • Carter's Arab Financiers

    12/21/2006 8:52:59 AM PST · by venizelos · 25 replies · 1,781+ views
    The Washington Times ^ | December 21, 2006 | Rachel Ehrenfeld
    To understand what feeds former president Jimmy Carter's anti-Israeli frenzy, look at his early links to Arab business. Between 1976-1977, the Carter family peanut business received a bailout in the form of a $4.6 million, "poorly managed" and highly irregular loan from the National Bank of Georgia (NBG). According to a July 29, 1980 Jack Anderson expose in The Washington Post, the bank's biggest borrower was Mr. Carter, and its chairman at that time was Mr. Carter's confidant, and later his director of the Office of Management and Budget, Bert Lance.
  • Citi Economist: Abolish Cash (People Should Have to Pay Banks to Use Money)

    04/18/2015 6:54:20 AM PDT · by Kaslin · 20 replies
    Townhall.com ^ | April 18, 2015 | Nick Sorrentino
    The central banks don’t like that cash makes it hard to cut rates to below zero. 0% is pretty much as far as they can go (though there are exceptions such as in Denmark.) Bloomberg reports;
  • Citi Economist Says It Might Be Time to Abolish Cash [Zech 5]

    04/17/2015 2:48:36 PM PDT · by Jan_Sobieski · 27 replies
    YaLibnan ^ | 4/17/2015 | Staff
    The world's central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut — they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy. In a new piece, Citi's Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates. Fundamentally, the...
  • 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...
  • Rapper Azealia Banks reveals crush on Obama (title edited)

    04/06/2015 8:40:50 PM PDT · by ConservativeStatement · 26 replies
    New York Daily News ^ | April 4, 2015 | Larry Mcshane
    Hell yeah to the chief. Rapper Azealia Banks, in an interview with Billboard magazine, confessed to a major crush on President Obama. “He’s so fine,” declared the 23-year-old Banks. “Those big-ass white teeth and ears hanging off his head? I’m like, ‘Oh my God... ”
  • The Next Bubble

    04/01/2015 7:35:03 AM PDT · by Kaslin · 16 replies
    Townhall.com ^ | April 1, 2015 | John Stossel
    They're doing it again! When the last housing bubble burst, politicians blamed "greedy banks." They said mortgage companies lent money recklessly, making loans to people with dubious credit, for down payments as low as 3 percent. "It will work out," said the optimistic bankers. Regulators didn't disagree. Everyone said, "Home prices will keep going up." And home prices did -- until they didn't. The bubble popped in 2007. Lots of people were hurt, and politicians took more of your tax money to bail out Fannie Mae and Freddie Mac along with reckless banks. They also gave the Federal Housing Administration...
  • [Australia]set to introduce tax on bank deposits

    03/30/2015 9:40:27 AM PDT · by Lorianne · 26 replies
    ABC ^ | 28 March 2015
    The idea of a bank deposit tax was raised by Labor in 2013 and was criticised by Tony Abbott at the time. Assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget. The Government is heading for a fight with the banking industry, which has warned it will have to pass the cost back onto customers. Mr Frydenberg is a member of the Government's Expenditure Review Committee but has refused to provide any details
  • Justice Department Rolls Out An Early Form Of Capital Controls In America

    03/21/2015 7:27:08 AM PDT · by Cheerio · 62 replies
    Zero Hedge ^ | 03/20/2015 | Tyler Durden
    Something stunning took place earlier this week, and it quietly snuck by, unnoticed by anyone as the "all important" FOMC meeting was looming. That something could have been taken straight out of the playbook of either Cyprus, or Greece, or the USSR "evil empire", or all three. This is how the WSJ explained it: The U.S. Justice Department’s criminal head said banks may need to go beyond filing suspicious activity reports when they encounter a risky customer.
  • Exclusive: Upset by Warren, U.S. banks debate halting some campaign donations

    03/28/2015 2:56:35 PM PDT · by Timber Rattler · 13 replies
    Reuters ^ | March 27, 2015 | Emily Flitter
    Big Wall Street banks are so upset with U.S. Democratic Senator Elizabeth Warren's call for them to be broken up that some have discussed withholding campaign donations to Senate Democrats in symbolic protest, sources familiar with the discussions said. Representatives from Citigroup, JPMorgan, Goldman Sachs and Bank of America, have met to discuss ways to urge Democrats, including Warren and Ohio Senator Sherrod Brown, to soften their party's tone toward Wall Street, sources familiar with the discussions said this week.
  • Feds Urge Banks to Call Cops on Customers Who Withdraw $5,000 or More

    03/24/2015 5:34:35 AM PDT · by HomerBohn · 65 replies
    Tea Party ^ | 3/23/2015 | Staff
    The Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more, a chilling example of how the war on cash is intensifying. Banks are already required to file ‘suspicious activity reports’ on their customers, with threats of fines and even jail time for directors if financial institutions don’t meet quotas. But as investor and financial blogger Simon Black points out, last week, “A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police.” SPECIAL: Make Barack...
  • 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.
  • 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.
  • Bank Hackers Steal Millions via Malware

    02/14/2015 3:03:20 PM PST · by dynachrome · 14 replies
    New York Times ^ | 2-14-15 | DAVID E. SANGER and NICOLE PERLROTH
    In a report to be published on Monday, and provided in advance to The New York Times, Kaspersky Lab says that the scope of this attack on more than 100 banks and other financial institutions in 30 nations could make it one of the largest bank thefts ever — and one conducted without the usual signs of robbery. The Moscow-based firm says that because of nondisclosure agreements with the banks that were hit, it cannot name them. Officials at the White House and the F.B.I. have been briefed on the findings, but say that it will take time to confirm...
  • Bank of America having system issues for six days now (vanity)

    02/07/2015 8:10:44 PM PST · by ColdSteelTalon · 29 replies
    Looks like Bank of America is down. I was just told to call back on Monday to pay my credit card bill. WOW.
  • Somalis push Minnesota officials to help after bank halts money transfers

    02/07/2015 6:08:27 PM PST · by ButThreeLeftsDo · 26 replies
    StarTribune.com ^ | 2/7/15 | ALLISON SHERRY
    Somalis living in the Twin Cities are begging Minnesota’s elected officials to help find a way to safely wire money back to families living in the Horn of Africa after a California bank abruptly ceased wiring cash to the troubled country over the weekend. The decision by Merchants Bank to stop that part of its operations last Friday caught Somalis, who use money service businesses to wire money abroad, off-guard in communities across the United States. Of the more than 30,000 Somali immigrants living in the Twin Cities, 80 percent of them use money service businesses to send money abroad,...
  • FDIC retreats on Operation Choke Point?

    01/30/2015 9:17:46 AM PST · by right-wing agnostic · 3 replies
    The Volokh Conspiracy ^ | January 29, 2015 | Todd Zywicki
    In what seems to be a retreat from its Operation Choke Point initiative, the FDIC has announced new regulatory guidance that instructs banks to judge their relationships with their customers on a case-by-case basis, rather than refusing to provide banking services to entire categories of industries. From the Press Release: The Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter today encouraging supervised institutions to take a risk-based approach in assessing individual customer relationships, rather than declining to provide banking services to entire categories of customers without regard to the risks presented by an individual customer or the financial...
  • Cubs Legend Ernie Banks Has Died [HOF SS, at 83 RIP, Pres Obama will probably mention]

    01/23/2015 8:09:42 PM PST · by Steelers6 · 39 replies
    WGN TV ^ | January 23, 2015 | Steelers6
    Cubs legend Ernie Banks has died, according to a Cubs source. This is a developing news story, check back for details.
  • Analysis: Freed former al Qaeda operative was part of intelligence dispute

    01/21/2015 8:59:44 PM PST · by Brad from Tennessee · 13 replies
    Long War Journal ^ | January 21, 2015 | By Thomas Joscelyn
    Last month, Senator Dianne Feinstein and other Democrats on the Senate Select Committee on Intelligence released the executive summary of their final report investigating the CIA's controversial detention and interrogation program. As part of their study, the Democrats compiled twenty case studies, which were intended to address claims made by the CIA regarding the efficacy of its interrogations. One of those case studies focused on the identification and arrest of Ali Saleh Kahlah al Marri, who was freed from a US prison just days ago. Al Marri served as a "sleeper" operative for al Qaeda inside the US in 2001....
  • 50,000 Wall Street jobs cut [There’s blood on the Street]

    01/19/2015 6:15:07 AM PST · by SeekAndFind · 31 replies
    New York Post ^ | 01/19/2015 | By John Aidan Byrne
    There’s blood on the Street. In a wild swing of the ax that has shocked many pundits, Wall Street’s biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up. And there’s no easy way out, analysts say, because the Fed’s quantitative easing that once rescued the financial system with trillions of cheap dollars is — at least for now — history. But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before — from lower trading and...
  • It's Not Just 'Retail': Head Of European FX Sales Out After Citi Admits Massive Loss

    01/16/2015 10:08:18 AM PST · by tcrlaf · 11 replies
    Zerohedge ^ | 1-16-2015 | Durden
    All morning, mainstream media has been down-playing the insolvency of various retail-focused FX brokers using words like "contained" and even suggesting retail "moms-and-pops" should not be allowed to trade FX. Now, we get more news from a non-retail institution: -CITIGROUP SAID TO LOSE MORE THAN $150 MLN ON CURRENCY MOVES So should Citi be banned from FX trading too? It appears so. Citi's head of European FX sales is "said to leave" the company. -CITIGROUP HEAD OF EUROPEAN INVESTOR SALES, FX, SAID TO LEAVE
  • Bank Data Mined in Secret by U.S. to Block Terror

    06/22/2006 5:03:39 PM PDT · by Norman Rogers · 76 replies · 1,033+ views
    NY Times ^ | 6/22/2006 | ERIC LICHTBLAU and JAMES RISEN
    WASHINGTON, June 22 - Under a secret Bush administration program initiated weeks after the Sept. 11 attacks, counterterrorism officials have gained access to financial records from a vast international database and examined banking transactions involving thousands of Americans and others in the United States, according to government and industry officials.