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Keyword: banks

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  • 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.
  • Warning: Bond rates are going negative

    01/15/2015 6:38:42 PM PST · by MeneMeneTekelUpharsin · 57 replies
    CNN Money ^ | 15 January 2015 | Matt Egan
    Investors are so nervous that they are basically willing to lose money when they buy some government bonds. It's part of the latest fad in finance that's all the rage: "going negative." The yields on government bonds in Europe and Japan have dipped into the uncharted waters of negative territory. That means buyers of those bonds are essentially taking a loss just to hold onto those assets. They think their money is better off losing a few cents than putting it elsewhere. "It's basically a fee for fear," said Nicholas Colas, chief market strategist at ConvergEx. "Fear of deflation, fear...
  • Politically connected ex-Mutual Bank president barred from banking ( Obama mentioned )

    07/01/2013 6:59:49 PM PDT · by george76 · 8 replies
    Crain's Chicago Business ^ | July 01, 2013 | Steve Daniels
    Amrish Mahajan, former president of failed Mutual Bank of Harvey and a major fundraiser for imprisoned former Gov. Rod Blagojevich, has been barred from future participation in the banking industry under a newly released regulatory order. Mr. Mahajan consented, without admitting or denying unsafe or unsound banking practices, to a May 1 order by the Federal Deposit Insurance Corp. prohibiting him from participating “in any manner” in the conduct of the affairs of any federally insured institution. ... Mr. Mahajan was known for his political connections, particularly to Mr. Blagojevich. Mutual Bank briefly entered the realm of national politics after...
  • The Hoarder, The Miser, The Gold And Silver Investor

    01/09/2015 11:17:46 AM PST · by blam · 12 replies
    TMO ^ | 1-9-2015 | Dr Jeff Lewis
    January 09, 2015 Dr Jeff Lewis A subscriber sent me the following note recently: You know I was driving home tonight and was observing all the cars building etc. I thought maybe I am nuts this can't all stop. Then I also said to myself this is an illusion that massive un-payable debt has created. I hope for all of our sakes the former wins because the latter would be unbearable. Do you honestly believe a collapse war and poverty is truly going to happen? What's the difference even if you have a ton of silver people just would take...
  • Elizabeth Warren and Nancy Pelosi are right

    12/13/2014 8:43:49 AM PST · by C19fan · 15 replies
    Hot Air ^ | November 13, 2014 | Dustin Siggins
    The end times are upon us. I find myself in agreement with not just Senator Elizabeth Warren (D-MA), but House Minority Leader Nancy Pelosi (D-CA). It’s not just me. Right Wing News’ John Hawkins — not exactly a cheerleader for bipartisan consensus — is publicly standing with Warren, Pelosi, and their liberal allies in the House and Senate. As have conservative Senators Mike Lee (R-UT) and Ted Cruz (R-TX), Townhall.com’s Amy Otto, and Tea Party Patriots, among many others. And I’m not only opposed to the omnibus bill that squeaked through the House and may fail in the Senate. I’m...
  • Presenting The $303 Trillion In Derivatives That US Taxpayers Are Now On The Hook For

    12/12/2014 6:25:55 AM PST · by coloradan · 57 replies
    Zerohedge ^ | 12/12/2014 | Zerohedge
    Courtesy of the Cronybus(sic) last minute passage, government was provided a quid-pro-quo $1.1 trillion spending allowance with Wall Street's blessing in exchange for assuring banks that taxpayers would be on the hook for yet another bailout, as a result of the swaps push-out provision, after incorporating explicit Citigroup language that allows financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp, explicitly putting taxpayers on the hook for losses caused by these contracts. Recall: (more at link)
  • Big Banks Will Take Depositors Money In Next Crash -Ellen Brown

    12/11/2014 11:14:26 AM PST · by GilGil · 87 replies
    USAWathdog ^ | 12/10/2014 | Ellen Brown
    "... if you had a big derivatives bust that brought down JP Morgan or Bank of America, there is no way there is going to be collateral left for the FDIC or for the secured depositors. This would include state and local governments. They all put their money in these big banks. So, even though we are protected by the FDIC, the FDIC is not going to have the money. . . . This makes it legal for these big 30 banks to take our money when they become insolvent. They are too-big-to-fail. This was supposed to avoid too-big-to-fail, but...
  • Lending Club Set to Debut, and Industry Is Watching

    12/11/2014 6:37:51 AM PST · by SoFloFreeper · 2 replies
    NY TIMES ^ | 12/10/14 | MICHAEL J. DE LA MERCED
    Search SHARETWEETMORE SUBSCRIBELOG IN DealBook Lending Club Set to Debut, and Industry Is Watching By MICHAEL J. DE LA MERCED DECEMBER 10, 2014 When Lending Club makes its debut on the New York Stock Exchange on Thursday, it will carry the hopes of an entire industry. The company, whose online marketplace matches people who are seeking loans with investors willing to provide them, emboldened its peers late Wednesday when it raised about $870 million in its initial public offering, surpassing expectations. Lending Club’s offering — which values the company at $5.4 billion — will set a template for potentially dozens...
  • Left revolts over funding bill

    12/10/2014 11:15:02 AM PST · by what's up · 32 replies
    The Hill ^ | Dec 10, 2014 | Peter Schroeder
    Sen. Elizabeth Warren urged Democrats Wednesday to withhold support for a massive government funding bill, as opposition on the political left mounted over a set of changes to the Dodd-Frank Wall Street reform law buried in the legislation.
  • Plummeting Oil Prices Could Destroy The Banks That Are Holding Trillions In Commodity Derivatives

    12/08/2014 10:10:30 AM PST · by SeekAndFind · 43 replies
    The Economic Collapse Blog ^ | 12/08/2014 | Michael Snyder
    Could rapidly falling oil prices trigger a nightmare scenario for the commodity derivatives market? The big Wall Street banks did not expect plunging home prices to cause a mortgage-backed securities implosion back in 2008, and their models did not anticipate a decline in the price of oil by more than 40 dollars in less than six months this time either. If the price of oil stays at this level or goes down even more, someone out there is going to have to absorb some absolutely massive losses. In some cases, the losses will be absorbed by oil producers, but many...
  • New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses

    12/07/2014 4:30:18 PM PST · by dontreadthis · 28 replies
    The Economic Collapse ^ | December 7th, 2014 | Michael Snyder
    If the quadrillion dollar derivatives bubble implodes, who should be stuck with the bill? Well, if the “too big to fail” banks have their way it will be you and I. Right now, lobbyists for the big Wall Street banks are pushing really hard to include an extremely insidious provision in a bill that would keep the federal government funded past the upcoming December 11th deadline. This provision would allow these big banks to trade derivatives through subsidiaries that are federally insured by the FDIC. What this would mean is that the big banks would be able to continue their...
  • Swiss Voters Reject Increasing Gold Reserves In Referendum

    11/30/2014 4:24:52 PM PST · by grumpygresh · 7 replies
    Forbes ^ | 11/30/14 | Hartley, Jon
    In today’s Swiss gold referendum, roughly 78% voted against expanding central bank gold reserves to 20% of central bank assets from the current 7%, according to Swiss national broadcaster SRF. The vote is a blow to the movement to “Save Our Swiss Gold” that had the hopes of moving Switzerland back toward a gold standard which the country left in 1999.
  • Former Goldman Banker Reveals The Path To The Next Depression And Stock Market Collapse

    11/12/2014 6:26:38 AM PST · by blam · 17 replies
    Zero Hedge ^ | 11-12-2014 | Tyler Durden
    Tyler Durden 11/11/2014 A funny thing happened on the way to the ‘end’ of the multi-trillion dollar bond buying program known as QE - the Fed chronicles. Aside from the shift to a globalization of QE via the European Central Bank (ECB) and Bank of Japan (BOJ) as I wrote about earlier, what lingers in the air of “post-taper” time is an absence of absence. For QE is not over. Instead, in the United States, the process has simply morphed from being predominantly executed by the Federal Reserve (Fed) to being executed by its major private bank members. Fed Chair,...
  • “Too Big To Fail” Banks Are Now Bigger Than Ever Before

    11/03/2014 8:04:40 AM PST · by Citizen Zed · 12 replies
    ETF Daily News blog courtesy of Michael Snyder Economic Collapse blog ^ | November 2nd, 2014 | courtesy of Michael Snyder Economic Collapse blog
    At this point, the five largest banks account for 42 percent of all loans in the United States, and the six largest banks account for 67 percent of all assets in our financial system. The bets that I am most concerned about are known as “derivatives“.  In essence, they are bets about what will or will not happen in the future.  The big banks use very sophisticated algorithms that are supposed to help them be on the winning side of these bets the vast majority of the time, but these algorithms are not perfect.  The reason these algorithms are not perfect is because they...
  • The Wrath of Draghi: First German Bank Hits Savers with ‘Negative Interest Rates’

    11/01/2014 2:24:54 PM PDT · by aimhigh · 17 replies
    Wolf Street ^ | 10/30/2014 | Wolf Richter
    Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859, is not the biggest bank in Germany, but it’s the first bank to confirm what German savers have been dreading for a while: the wrath of Draghi. Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%. In less euphemistic terms, they have to pay 0.25% per annum to the bank for the privilege of handing the bank their hard-earned money or their business cash. Inflation has had a similar effect in the zero-interest-rate environment that...
  • Making It Easy to Predict the Next Financial Crisis

    10/30/2014 2:57:56 PM PDT · by Sean_Anthony · 5 replies
    Canada Free Press ^ | 10/30/14 | Alan Caruba
    Republicans are the adults in Congress while the Democrats, liberal to the core, will never admit we are being set up for another financial crisis It is a cliché, but true, that history repeats itself. This is largely due to the failure of each new generation to learn anything from the past as well as the human tendency toward the bad habits of greed and power-seeking. Only the names and faces change. That is why the next financial crisis is entirely predictable. On October 23, The Wall Street Journal had an article, “Relaxed Mortgage-Lending Rules Clear Final Hurdle.” The financial...
  • U.S. and UK to test big bank collapse in joint model run

    10/10/2014 5:57:53 PM PDT · by driftdiver · 16 replies
    Reuters ^ | Oct 10, 2014 | Randall Palmer and Douwe Miedema
    Oct 10 (Reuters) - Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday. Treasury Secretary Jack Lew and the UK's Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble. Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney,...
  • Things Will Get Worse Before They Get Better

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

    10/04/2014 12:08:44 PM PDT · by SeekAndFind · 20 replies
    Money ^ | 10/04/2014 | By Chris Isidore and Katie Lobosco
    <p>You want proof that it's tough to get a mortgage? Ben Bernanke, the nation's top central banker until the start of this year, is having trouble refinancing his home.</p> <p>Bernanke spoke of his problems during an appearance Thursday at a conference in Chicago hosted by the National Investment Center for Senior Housing and Care.</p>
  • Five U.S. Banks Each Have More Than 40 Trillion Dollars In Exposure To Derivatives

    09/28/2014 7:00:07 PM PDT · by SeekAndFind · 101 replies
    TEC ^ | 09/27/2014 | Michael Snyder
    When is the U.S. banking system going to crash? I can sum it up in three words. Watch the derivatives. It used to be only four, but now there are five "too big to fail" banks in the United States that each have more than 40 trillion dollars in exposure to derivatives. Today, the U.S. national debt is sitting at a grand total of about 17.7 trillion dollars, so when we are talking about 40 trillion dollars we are talking about an amount of money that is almost unimaginable. And unlike stocks and bonds, these derivatives do not represent "investments"...
  • Twenty-five people at the heart of the meltdown ...

    09/25/2014 2:33:51 PM PDT · by Yollopoliuhqui · 13 replies
    The guardian ^ | 25 January 2009 | Julia Finch
    The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part. In the second part of a week-long series looking behind the slump, Guardian City editor Julia Finch picks out the individuals who have led us into the current crisis
  • Investors pull £17bn from UK as banks ratchet up Scottish independence pressure

    09/14/2014 2:00:15 AM PDT · by Enlightened1 · 14 replies
    The Telegraph ^ | 09/12/14 | Peter Spence, and Alan Tovey
    nvestors have pulled money out of the UK at the fastest pace seen since the financial crisis of 2008 amid fears that Scotland will break away from the Union, triggering a broader political crisis.
  • State Treasurers Panic as Big Bank Liquidity Rules Set for Release Today

    09/03/2014 9:42:39 AM PDT · by DeaconBenjamin · 13 replies
    Wall Street on Parade ^ | September 3, 2014 | By Pam Martens and Russ Martens
    The FDIC and the Office of the Comptroller of the Currency are set to release new liquidity rules today. The rules will redefine the types of liquid assets giant Wall Street banks must hold to meet the new Basel III Liquidity Coverage Rule. The Federal regulators are expected to emphasize banks holding short-term U.S. Treasury securities in order to meet a bank run or credit crunch lasting 30 days. The state treasurers’ panic over the rule is justified. According to press reports, the Federal regulators may exclude municipal bonds issued by states, counties, cities and school districts from the category...