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Keyword: fdic

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  • China hacked the FDIC - and US officials covered it up, report says

    07/13/2016 5:39:54 PM PDT · by TigerClaws · 14 replies
    July 13 NEW YORK China's spies hacked into computers at the Federal Deposit Insurance Corporation from 2010 until 2013 -- and American government officials tried to cover it up, according to a Congressional report. The House of Representative's Science, Space and Technology Committee released its investigative report on Wednesday
  • John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion

    07/22/2014 10:34:23 AM PDT · by mgist · 12 replies
    Forbes ^ | 7/22/14
    John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion Comment Now Follow Comments A gang made up of some of Wall Street’s biggest names and formed by former Goldman Sachs partner Steve Mnuchin is set to realize a big score from the sale of OneWest Bank to CIT Group CIT +11.19% for $3.4 billion. Hedge fund billionaires John Paulson and George Soros were part of the group that together with buyout baron Christopher Flowers and billionaire Michael Dell bought the assets in 2009 of the former IndyMac, one of the nation’s largest bank failures ever, from...
  • Goldman Sachs’ Rich Man’s Bank Backstopped by You and Me

    10/27/2015 3:36:01 PM PDT · by Lorianne · 20 replies
    WallStreetOnParade.com ^ | By Pam Martens and Russ Martens: October 21, 201525 October 2015 | By Pam Martens and Russ Martens: October 21, 2015Tyler Durden
    Just when you thought Wall Street’s heist of the U.S. financial system couldn’t get any crazier, along comes a regulator’s report on FDIC-insured banks exposure to derivatives. According to the Office of the Comptroller of the Currency (OCC), one of the regulators of national banks, as of June 30 of this year, Goldman Sachs Bank USA had $78 billion in deposits, and – wait for it – $45.7 trillion in notional amount of derivatives. (Notional means face amount of derivatives.) According to the OCC report, Goldman Sachs Bank USA’s notional derivatives are an eye-popping 563 percent of its risk-based capital....
  • 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...
  • Dodd-Frank’s Nasty Double Whammy... hurting the recovery, the rule of law

    07/24/2015 4:45:57 AM PDT · by expat_panama · 19 replies
    Wall Street Journal ^ | July 23, 2015 | Phil Gramm
    Five years after the passage of the Dodd-Frank financial law, the causes and effects of the failed economic recovery are apparent throughout the banking system. The Federal Reserve’s monetary easing has inflated bank reserves, but lending has barely increased. Today banks maintain an extraordinary $29 of reserves for every dollar they are required to hold. In the first quarter of 2015 banks actually deposited more money in the Fed ($65.1 billion) than they lent ($52.5 billion). According to the Federal Deposit Insurance Corp., 1,341 commercial banks have disappeared since 2010. Remarkably, only two new banks have been chartered. By comparison,...
  • 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...
  • Google Wallet funds are now FDIC-insured

    04/20/2015 6:00:33 PM PDT · by Citizen Zed · 5 replies
    Yahoo Finance ^ | 4-20-2015 | Mandi Woodruff
    Google (GOOGL) is making a big change to its mobile payment service, Google Wallet, Yahoo Finance has learned. Funds that are left in Google Wallet will now be FDIC-insured, which means Google users’ money is now a whole lot safer — and they probably never even knew it. Here’s why this matters: when you stash your cash in mobile payment apps like Venmo, PayPal and Google Wallet, that money is not FDIC-insured. The Federal Deposit Insurance Corporation protects funds held by banking institutions up to $250,000. This is a good thing because, as history has proven time and again, banks...
  • The Obama Administration’s Operation “Choke Point,” Part 2

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

    03/25/2015 8:39:37 AM PDT · by george76 · 11 replies
    ColoradoPeakPolitics ^ | March 24, 2015
    The head of the FDIC faced tough grilling today from members of a House Financial Services subcommittee including U.S. Rep. Scott Tipton on a rogue policy that essentially directed banks not to deal with businesses the Obama administration found objectionable. Dubbed “Operation Choke Point,” the Justice Department essentially directed the nation’s top financial regulator to intimidate banks into cutting off accounts or doing any business at all with a list of 30 different types small business owners. The list included gun shops, ammunition dealers ... Tipton also got the old DC song and dance when he asked if the federal...
  • Government Orders Bank Tellers To Alert Police About Your Cash Withdrawals

    03/23/2015 4:38:37 PM PDT · by amorphous · 88 replies
    SHTFPlan.com ^ | March 23rd, 2015 | Mac Slavo
    How can you tell if you’re living in a police state? The short answer is that you’re living in a police state when everyone becomes a suspected criminal or terrorist. And if the following report is any indicator, then welcome to the Reich. The Justice Department has ordered bank tellers across America to contact law enforcement if they suspect your cash withdrawal may have something to do with illicit activity. There doesn’t need to be proof, or any sort of red flag indicator – merely suspicion by the bank teller processing your transaction is now enough to have you investigated...
  • ACTION: Contact your Senators urging them to cosponsor S. 477 to kill Obama's Operation Choke Point

    02/13/2015 1:18:49 PM PST · by forty_years · 36 replies
    Gun Owners of America ^ | Friday, 13 February 2015 | Gun Owners of America
    ACTION: Contact your Senators and urge them to cosponsor S. 477, the Firearms Manufacturers and Dealers Protection Act of 2015. Operation Choke Point a Threat to the Second Amendment About a year ago, the Second Amendment community was rocked by news that the Federal Deposit Insurance Corporation (FDIC) had teamed up with Attorney General Eric Holder to utterly destroy firearms manufacturers and dealers by cutting off all credit and banking relationships with them.For its part, the FDIC categorized gun and ammunition sales as a "high-risk business," lumping it in with drug dealers, pornographers, and Ponzi scheme operators -- all of...
  • 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...
  • Whistleblower: Pelosi Covered Up Role In Crisis

    01/23/2015 7:57:27 PM PST · by roses of sharon · 10 replies
    IBD ^ | 1/22/15
    Subprime Scandal: We've long suspected the Financial Crisis Inquiry Commission wasn't honest in examining events before the meltdown. But an ex-commissioner says the probe was actually a full-blown political cover-up. In a just-released book, former FCIC member Peter Wallison says that a Democratic Congress worked with the commission's Democratic chairman to whitewash the government's central role in the mortgage debacle. The conspiracy helped protect some of the Democrats' biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal. Wallison's sobering, trenchantly written "Hidden in Plain Sight: What Really Caused...
  • Smoking Gun? Tape Recordings Reveal the Real Reason Bank Closed Gun Seller’s Account

    01/14/2015 4:28:44 PM PST · by barmag25 · 33 replies
    Daily Signal ^ | 01/14/15 | Kelsey Harkness
    Another gun seller says his firearms business was forced to shut down its bank account as a result of the government’s secretive initiative known as Operation Choke Point. This time, he’s offering audio recordings to prove it. Mike Schuetz is a former state employee who worked as a probation and parole officer for eight years in Hawkins, Wis. After working for the state, he told Breitbart News that he decided to open a private investigation business and operate a gun store on the side. His store, Hawkins Guns LLC, sells both firearms and ammunition. To manage his finances, Schuetz set...
  • 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)
  • Congressman Wants FDIC Officials to Pay for Seeking to ‘Choke’ Legal Businesses ("Choke Point")

    12/11/2014 11:44:48 AM PST · by 2ndDivisionVet · 16 replies
    The Daily Signal ^ | December 10, 2014 | Kelsey Harkness
    Senior FDIC officials must be held accountable for banking regulators’ “unethical” and “illegal” actions against legitimate businesses that are out of favor with the Obama administration, a congressman with a background in banking said today. In a letter to Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, Rep. Blaine Luetkemeyer, R-Mo., says he wants a full review of all FDIC employees involved in Operation Choke Point. Luetkemeyer, a rising member of the House Financial Services Committee, names five officials as “implicated in this unsavory affair,” and adds that “to allow these individuals to go without penalty would be unjust.”...
  • 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...
  • WARNING Bank Deposits Will Soon No Longer Be Considered Money But Paper Investments

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

    09/03/2014 10:34:12 PM PDT · by Plummz · 15 replies
    Gun Owners of America ^ | Tuesday, 05 August 2014 18:28 | Gun Owners
    Pat yourselves on the back! As you will recall, GOA rallied gun owners several times over the past couple of months in opposition to Operation Choke Point. Well, faced with a devastating barrage from the Second Amendment community, the Obama administration has staged a hasty retreat on its plan to shut off credit for gun stores through “Operation Choke Point.” According to an article in The Washington Times, “[g]un retailers are no longer on a hit list deemed ‘high risk’ by the Federal Deposit Insurance Corp. after the banking regulator formally withdrew [this list]” last week. The FDIC said its...
  • Rand Paul Offers Amendment to Stop Eric Holder’s Operation Choke Point

    07/01/2014 10:01:30 PM PDT · by Plummz · 8 replies
    Gun Owners of America ^ | Thursday, 19 June 2014 19:56 | GOA
    Rand Paul Offers Amendment to Stop Eric Holder’s Operation Choke Point Thursday, 19 June 2014 19:56 Written by Gun Owners Excellent news! A few weeks ago, we told you about “Operation Choke Point” -- an effort by Attorney General Eric Holder to put gun stores out of business. Basically, it works like this: The Federal Deposit Insurance Corporation (FDIC), at the behest of Barack Obama, has declared that gun stores are “high risk” businesses. “High risk” businesses have been, up until now, a small category of supposedly disreputable businesses, which have included pornographers, sellers of drug paraphernalia, and payday lenders....
  • Will FDIC Regulations Shut Down the Prepaid Card Industry?

    06/27/2014 9:48:44 PM PDT · by jeannineinsd · 72 replies
    Market Rates Insight.com ^ | 6/19/14 | MarketRatesInsightblog
    Will FDIC Regulations Shut Down the Prepaid Card Industry? We have written about prepaid debit cards several times in recent months, but this week we saw the latest news that could throw a monkey wrench in the burgeoning prepaid card industry. As reported by PaymentsSource, Bancorp Inc., one of the biggest issuers of prepaid cards with $4.7 billion in assets, saw its shares drop 30 percent when the company agreed to curtail its prepaid card activity as part of a deal with the Federal Deposit Insurance Corporation (FDIC). A 22-page consent order mandates that Bancorp institute a number of changes...
  • Justice Department secretly stifling 'objectionable' businesses: House committee

    05/29/2014 11:18:29 AM PDT · by PoloSec · 14 replies
    Washington Examiner ^ | May 29 2014 | Susan Ferrechio
    The House Committee on Oversight and Government reform has compiled a scathing report on the Department of Justice's “Operation Choke Point” program that critics believe is aimed at “targeting industries deemed objectionable” by the Obama administration. The report, released Thursday by panel chairman Darrell Issa, R-Calif., accuses the Justice Department of abusing its authority by going after the payday lending industry and other merchants and working to put them out of business. According to the report, the Justice Department “secretly” discouraged banks from conducting business with groups deemed to be “high risk,” for triggering a federal investigation. Sign Up for...
  • ‘High risk’ label from feds puts gun sellers in banks’ crosshairs, hurts business

    05/20/2014 12:13:38 AM PDT · by stevie_d_64 · 19 replies
    The Washington Times ^ | May 18, 2014 | Kelly Riddell
    Gun retailers say the Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets and prohibit online sales. Since 2011, regulators have increased scrutiny on banks’ customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as “high risk” along with porn stores and drug paraphernalia shops. Meanwhile, the Justice Department has launched Operation Choke Point, a credit...
  • Targeted? Gun sellers say ‘high risk’ label from feds cuts off banking options, restricts business

    05/18/2014 6:58:51 PM PDT · by Up Yours Marxists · 20 replies
    Washington Times ^ | May 19, 2014 00:23 GMT | Kelly Riddell
    Gun retailers say the Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets and prohibit online sales. Since 2011, regulators have increased scrutiny on banks’ customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as “high risk” along with porn stores and drug paraphernalia shops. Meanwhile, the Justice Department has launched Operation Choke Point, a credit...
  • Porn Stars: Attorney General Eric Holder May Have Closed Your Bank Accounts (plus guns & ammunition)

    05/01/2014 10:51:50 AM PDT · by jazusamo · 44 replies
    PJ Media ^ | May 1, 2014 | Bryan Preston
    Porn stars say that JP Morgan Chase bank has been quietly closing their bank accounts. The skin flick starlets, including Penthouse Pet Teagan Presley, “Cougarland” actress Veronica Avluv and “White House Orgy” actress Layton Benton, are using Twitter to bash the bank over a recent rash of account closure notices. Presley, whose real name is Ashley Erickson, said her April 16 letter gave no reason for her termination. The bank also is closing her husband’s personal account and their two business accounts, including one for their studio Skinworxxx, she said. “I’m just upset and still in shock it’s even happening....
  • U.S. regulator sues 16 banks for rigging key interest rate

    03/14/2014 12:31:57 PM PDT · by gooblah · 14 replies
    Reuters ^ | Fri Mar 14, 2014 3:26pm EDT | By Nate Raymond
    (Reuters) - The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of colluding to suppress interest rates. The lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate. The FDIC said the defendants' conduct caused substantial losses to 38 banks that the U.S. regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.
  • Bitcoin Bank Run, Take 2

    02/11/2014 4:32:38 PM PST · by BfloGuy · 17 replies
    Mises Economics Blog ^ | 2/11/14 | David Howden
    Enough people were upset with my previous post claiming that Mt. Gox is suffering a bitcoin bank run because it is holding only a fractional bitcoin reserve that it caused me to think twice about the claim.I could have been wrong, but I doubt it.Actually, the backlash was strong enough that it made me think that perhaps I was using some common terms in strange ways. I referred to Mt. Gox as a bank, which is a stretch by some definitions, but it definitely stores bitcoin for clients and as such, acts as a custodian.Maybe it was the term “bank...
  • Regulators release public portions of resolution plans for smaller banks

    01/16/2014 12:43:19 PM PST · by Olog-hai
    Reuters ^ | 16 JAN 2014 | Bora Yagiz
    The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) released the public portions of resolution plans for 116 institutions that submitted plans for the first time in December 2013, a group comprising smaller banks affected by Dodd-Frank requirements for winding-up plans. The Dodd-Frank Act requires that bank holding companies (and foreign companies treated as bank holding companies) with total consolidated assets of $50 billion or more and non-bank financial companies designated for enhanced prudential supervision by the Financial Stability Oversight Council periodically submit resolution plans to the Federal Reserve Board and the FDIC. Each plan must describe the...
  • Obama's 'Operation Choke Point' Seeks to Destroy Sectors of Private Lending Industry

    01/09/2014 9:55:48 AM PST · by Sir Napsalot · 16 replies
    Breibart - Big Government ^ | 1-8-2014 | Michael Patrick Leahy
    Breitbart News has learned that in 2013 the Obama administration launched an under-the-radar project, 'Operation Choke Point,' which is designed to destroy three sectors of the private lending industry: third party payment processors ("TPPPs"), payday lenders, and online lenders. The operation is headed by political operatives and career bureaucrats at the Department of Justice, the FDIC, and the new Consumer Financial Protection Bureau ("CFPB"). It appears to be the latest example of the Obama administration's successful efforts to weaponize the apparatus of the federal government against people and industries it opposes ideologically. According to the Wall Street Journal, the federal...
  • FDIC shutters small bank in Arizona

    05/14/2013 11:40:16 PM PDT · by Olog-hai · 2 replies
    Associated Press ^ | May 14, 2013 8:37 PM EDT
    Regulators have closed a small bank in Arizona, bringing the number of U.S. bank failures to 13 this year. The Federal Deposit Insurance Corp. on Tuesday seized Central Arizona Bank, based in Scottsdale, Ariz. The lender, which operated a single branch, had roughly $31.6 million in assets and $30.8 million in deposits as of March 31. Western State Bank, based in Devils Lake, N.D., agreed to assume all of the failed bank’s deposits and to buy essentially all of its assets. …
  • FDIC no more than 'mirage'

    04/04/2013 3:07:41 AM PDT · by Perseverando · 3 replies
    WND ^ | Arpil 3, 2013 | Porter Stansberry
    Exclusive: Porter Stansberry says printing press maintains façade The latest news out of Cyprus – the government levying taxes on bank account holders – is very, very interesting. If you understand it on a deep level, Cyprus’s actions cut to the core of whether we are going to live in a socialist world or a capitalist world. Banking is at the center of the economy, and the policies you set in banking determine who gets capital and under what conditions. That’s the definition of capitalism: how to allocate capital and under what terms. Right now, the world is completely socialist,...
  • Are treasuries a way of avoiding the bank collapse?

    04/02/2013 6:39:00 AM PDT · by E. Pluribus Unum · 40 replies
    04/02/2013 | E. Pluribus Unum
    If I move my savings to a brokerage account and purchase 2-year treasuries (the shortest term available at my broker) would that at least protect me from having my money stolen by the banks?
  • Can US & UK become like Cyprus? Yes.

    04/01/2013 6:59:13 AM PDT · by Opinionatedtoday · 6 replies
    Canada Free Press ^ | Marinka Peschmann
    While you were sleeping, leaders of the so-called “free world” have been actively transforming their financial systems and now it appears that everybody’s bank account is fair game. Could the U.S. and the U.K. become the next Cyprus where private bank deposits are seized to recapitalize failed banks? According to a report written by the Federal Deposit Insurance Corporation (FDIC) and the Bank of England called: “Resolving Globally Active, Systemically Important, Financial Institutions,” the answer is yes.
  • American Express prepaid debit cards to get FDIC insurance

    03/26/2013 5:26:41 PM PDT · by markomalley · 2 replies
    Washington Post ^ | 3/26/2013 | Danielle Douglas
    American Express announced Tuesday that its prepaid debit cards will now be backed by the Federal Deposit Insurance Corp., the latest indication that a market once shunned by established financial institutions is gaining ground. The use of reloadable prepaid cards has exploded in the wake of the credit crisis that left millions of Americans outside the traditional banking system. But unlike checking accounts, reloadable prepaid cards do not offer the same financial protections for consumers and operate with fewer regulatory constraints.
  • Anatomy of the Bank Run

    03/25/2013 4:50:44 PM PDT · by BfloGuy · 39 replies
    Mises Institute ^ | March 25, 2013 | Murray N. Rothbard
    It was a scene familiar to any nostalgia buff: all-night lines waiting for the banks (first in Ohio, then in Maryland) to open; pompous but mendacious assurances by the bankers that all is well and that the people should go home; a stubborn insistence by depositors to get their money out; and the consequent closing of the banks by government, while at the same time the banks were permitted to stay in existence and collect the debts due them by their borrowers. In other words, instead of government protecting private property and enforcing voluntary contracts, it deliberately violated the property...
  • There’s a Reason for Deposit Insurance

    03/25/2013 6:54:17 AM PDT · by SeekAndFind · 11 replies
    New York Times ^ | 03/15/2013 | ROGER LOWENSTEIN
    FOR all the criticism of bailouts since the financial crisis struck, virtually no one has suggested that depositors in banks be made to suffer along with their investors, employees and customers. Until this week, when the euro zone proposed that, in return for a bailout of the failing banking system in Cyprus, depositors pay a “tax” of 6.75 percent of their deposits — 9.9 percent for deposits above 100,000 euros. Because bank deposits in Cyprus, and virtually everywhere, are insured, the plan shocked many people who figured that this insurance was the one financial safety net that was still truly...
  • After Call From Senator's Office, Small Hawaii Bank Got U.S. Aid

    06/30/2009 10:50:04 PM PDT · by FromLori · 6 replies · 431+ views
    Sen. Daniel K. Inouye's staff contacted federal regulators last fall to ask about the bailout application of an ailing Hawaii bank that he had helped to establish and where he has invested the bulk of his personal wealth. The bank, Central Pacific Financial, was an unlikely candidate for a program designed by the Treasury Department to bolster healthy banks. The firm's losses were depleting its capital reserves. Its primary regulator, the Federal Deposit Insurance Corp., already had decided that it didn't meet the criteria for receiving a favorable recommendation and had forwarded the application to a council that reviewed marginal...
  • FDIC Notice of Coverage Expiration For Noninterest-Bearing Accounts

    12/03/2012 1:44:49 PM PST · by ExxonPatrolUs · 7 replies
    FDIC.gov ^ | Effective Jan 1
    Snip... For example, if after the expiration of the Dodd-Frank Deposit Insurance Provision a depositor under the single ownership category has $500,000 deposited in a noninterest-bearing transaction account and $250,000 deposited in a certificate of deposit, or total deposits of $750,000, the depositor would be insured for up to $250,000 and uninsured for the remaining balance of $500,000. ...Snip
  • The 359 safest banks in America (check your state)

    07/16/2012 10:37:44 PM PDT · by STARWISE · 32 replies
    MSN ^ | 7-13-12 | Sara Glakas
    The following institutions, grouped by state, boast perfect scores using a method developed to diagnose failing banks. ### The relationship Americans have with their banks used to be based on trust. As well it should be. In many ways, banks make some of our biggest financial dreams come true. We go to the bank when we want to buy our dream home, and again when we remodel the kitchen. Our bank helps us buy that great new car we've been thinking about. When we retire, the bank turns a lifetime of savings into income by paying us interest on money-market...
  • Obama donors get deal; depositors get ‘stiffed again’ - FDIC eases settlement for bankers

    06/10/2012 8:55:54 PM PDT · by Nachum · 5 replies
    Washington Times ^ | 6/10/12 | Chuck Neubauer
    A billionaire Chicago family that has donated and raised hundreds of thousands of dollars for President Obama got a deal from the federal government to avoid paying all of a $460 million settlement it agreed to in the 2001 failure of a Chicago-area bank it owned, while 1,400 former depositors are still owed more than $10 million in lost savings. And now, 11 years later, the prospect that any of the depositors will get their money back is bleak. The Pritzker family, which made its fortune in hotels and manufacturing, agreed to a $460 million settlement offer in December 2001...
  • REPORT: Prepare For A Giant New Wave Of US Bank Failures

    02/01/2012 9:26:05 AM PST · by blam · 13 replies
    TBI ^ | 2-1-2012 | Luke McKenna
    REPORT: Prepare For A Giant New Wave Of US Bank Failures Luke McKenna Febuary 1, 2012Forget Europe — the weak U.S. recovery puts more than 750 domestic banks at risk of failure, according to a report from Invictus Consulting Group (via Business Wire). Invictus, which stress tested all FDIC-insured banks, says 758 lenders could collapse in the next three years, forecasting a new wave of borrower defaults in the absence of a strong economic up-tick. A disaster in Europe would probably make things much worse. Invictus says the at-risk lenders — mostly regional banks or subsidiaries of the majors —...
  • HeadLie: Withdrawing Your Money From Banks Will Make The Recession Worse

    12/06/2011 4:48:25 PM PST · by blam · 16 replies · 1+ views
    SHTF Plan ^ | 12-6-2011 | Mac Slavo
    HeadLie: Withdrawing Your Money From Banks Will Make The Recession Worse Mac Slavo December 6th, 2011 In case you haven’t yet heard, the Greeks are quietly continuing with a run on their banking system, a situation we’ve reported on previously, and one that British EU minister Nigel Farage warned of just a few short months ago. Savings and time deposits have dropped 30% since the start of the year and almost 10% was withdrawn in just September and October. It’s not panic in the streets – not yet, at least – but it’s getting close. Der Spiegel reports: Many Greeks...
  • Bank of America stock nearing $5 danger zone

    11/29/2011 4:49:30 PM PST · by rabscuttle385 · 23 replies
    CNN Money ^ | 2011-11-29 | Maureen Farrell
    NEW YORK (CNNMoney) -- Another trading day and another low for Bank of America's stock. Shares of Bank of America dropped more than 3% Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009. After the close of trading Tuesday, Bank of America was one of 37 financial institutions downgraded by S&P. Beyond the S&P downgrade, trading could become even more complicated in Bank of America's stock, if it falls below $5. Under that threshold, many broker-dealers will not allow investors to buy or short a stock on margin, according to a spokesperson for...
  • Daniel Frawley deposition and testimony could lead to Obama arrest or investigation,

    11/16/2011 2:40:01 PM PST · by OPS4 · 13 replies
    Citizen Wells ^ | 11/16/11 | Citizen Wells
    Daniel Frawley deposition and testimony could lead to Obama arrest or investigation, Ulsterman White House Insider report, FDIC vs Mutual Bank, Where is House Judiciary Committee? “You said earlier that Obama was more confident these days though… He is. Pelosi backed off. Issa appears to have done the same. Holder is holding the line. Information coming out of Chicago is still being limited – clamped down upon. That doesn’t mean they aren’t nervous. They are. Watch the Blagojevich thing – the trial. The deal to be made. Where there’s smoke, there’s fire. And what happened to Rezko? That’s part of...
  • Over 1 in 20 Banks Have Failed Since Crisis Started

    10/25/2011 12:14:36 PM PDT · by fruser1 · 2 replies
    self ^ | 25 Oct 2011 | self
    I've been checking the fdic website routinely since 2008 when everything tanked. There were about 8100 banks around at that time, according to the fdic. Since 2007, 433 banks have failed. That's over 5% of the total, or, 1 in 20. Here's the breakdown by year: 2007=3, 2008=25, 2009=140, 2010=157, 2011=84 The 2011 number includes what we have so far in October. There's no other point to this story. I just thought it was an interesting factoid. The FDIC link for the complete list is: http://www.fdic.gov/bank/individual/failed/banklist.html
  • Bank Of America Dumps $75 Trillion In Derivatives On U.S. Taxpayers With Federal Approval

    Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.
  • Sleight of hand: BofA moves dodgy Merrill derivatives to bank (U.S. taxpayer on the hook for $55+T?)

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

    10/21/2011 10:00:33 PM PDT · by oneolcop · 58 replies
    Before it's News ^ | 10/19/2011 | Before it's News
    The Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer Bloomberg reports that Bank of America is dumping derivatives onto a subsidiary which is insured by the government – i.e. taxpayers. Yves Smith notes: If you have any doubt that Bank of America is going down, this development should settle it …. Both [professor of economics and law, and former head S&L prosecutor] Bill Black (who I interviewed just now) and I see this as a desperate move by Bank of America’s management, a de facto admission that they...
  • Regulators close banks in Colorado, Florida, Georgia for total of 84 bank failures in 2011

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

    08/11/2011 8:35:05 AM PDT · by SeekAndFind · 22 replies
    Wall Street Journal ^ | 08/11/2011 | Robin Sidel
    Main Street Bank lends most of its money to small businesses and is earning decent profits. But the Kingwood, Texas, bank is about to get out of the banking business. In an extreme example of the frustration felt by many bankers as regulators toughen their oversight of the nation's financial institutions, Main Street's chairman, Thomas Depping, is expected to announce Wednesday that the 27-year-old bank will surrender its banking charter and sell its four branches to a nearby bank. Mr. Depping plans to set up a new lender that will operate beyond the reach of banking regulators—and the deposit-insurance safety...