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Keyword: fdic

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  • U.S. authorities raid Caterpillar's Illinois facilities

    03/02/2017 11:24:05 AM PST · by Brad from Tennessee · 23 replies
    Reuters ^ | March 2, 2017 | By Timothy Mclaughlin and PJ Huffstutter
    Federal law enforcement officials searched three facilities of heavy machinery manufacturer Caterpillar Inc on Thursday, a spokeswoman for the U.S. Attorney Office for the Central District of Illinois said, and the company's stock fell. The spokeswoman, Sharon Paul, confirmed that federal law enforcement activity was conducted at locations in Peoria, East Peoria and Morton. It was not immediately clear why federal agents raided the three locations. Caterpillar spokeswoman Corrie Scott said in an emailed statement that the company was cooperating with authorities. "Law enforcement is present in various Peoria-area Caterpillar facilities executing a search warrant. Caterpillar is cooperating," Scott said....
  • 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...