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Keyword: finance

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  • Bank accounts of Russian state broadcaster Russia Today frozen in UK; All of RBS cut off to RT

    10/17/2016 8:46:42 AM PDT · by Enlightened1 · 26 replies
    RT ^ | 10/17/16
    RT UK’s bank accounts have been blocked, RT’s editor-in-chief reported. The National Westminster Bank has informed RT UK that it will no longer have the broadcaster among its clients. The bank provided no explanation for the decision. “We have recently undertaken a review of your banking arrangements with us and reached the conclusion that we will no longer provide these facilities,” NatWest said in a letter to RT’s London office. The bank said that the entire Royal Bank of Scotland Group, of which NatWest is part of, would refuse to service RT. More in link Bank accounts of Russian state...
  • IMF says global debt tops $152 trillion, urges some to spend more

    10/06/2016 7:22:45 PM PDT · by Lorianne · 6 replies
    Reuters ^ | 05 October 2016 | David Lawder
    The world is swimming in a record $152 trillion in debt, the IMF said on Wednesday, even as the institution encourages some countries to spend more to boost flagging growth if they can afford it. Global debt, both public and private, reached 225 percent of global economic output last year, up from about 200 percent in 2002, the IMF said in its new Fiscal Monitor report. The IMF said about two thirds of the 2015 total, or about $100 billion, is owed by private sector borrowers, and noted that rapid increases in private debt often lead to financial crises. While...
  • IMF, global finance leaders fret over populist backlash

    10/06/2016 7:26:01 PM PDT · by Lorianne · 7 replies
    Reuters ^ | 06 October 2016 | David Lawder
    World finance leaders on Thursday decried a growing populist backlash against globalization and pledged to take steps to ensure trade and economic integration benefited more people currently left behind. Their comments at the start of the International Monetary Fund and World Bank fall meetings signaled frustration with persistently low growth rates and the surge of public anger over free trade and other pillars of the global economic system. The meetings are the first since Britain voted in June to leave the European Union and U.S. billionaire Donald Trump secured the Republican presidential nomination with a campaign that attacked trade deals....
  • Deutsche Bank Is Probably Insolvent

    10/05/2016 10:32:51 AM PDT · by Lorianne · 20 replies
    GoldCore ^ | 04 October 2016 | Mark O'Byrne, Tim Price
    This is getting to be a habit. Previous late summer holidays by this correspondent coincided with the run on Northern Rock, and subsequently with the failure of Lehman Brothers. So the final crawl towards the probable nationalisation of Deutsche Bank came as no particular surprise this year, but it is tiresome to relate nevertheless. The 2015 annual report for Deutsche Bank runs to some 448 pages, so one rather doubts if even its CEO, John Cryan, has read it all, or has a complete grasp of, for example, its 42 trillion in total notional derivatives exposure. Is Deutsche Bank technically...
  • Germanys Deutsche Bank, Again in Trouble, Received a U.S. Bailout Twice as Big as Lehman Brothers

    10/05/2016 10:29:33 AM PDT · by Lorianne · 48 replies
    Wall Street on Parage ^ | 03 October 2016 | Pam Martens and Russ Martens
    The gyrations in Deutsche Banks shares last week together with a June report from the International Monetary Fund indicating that the bank was the most important net contributor to systemic risks has cast a trading pall over all of the global banks. Against that backdrop, most Americans would be stunned to learn that the German Deutsche Bank, which perpetually finds itself on the wrong side of the law, was bailed out in five separate U.S. emergency lending operations during the 2007-2010 financial crisis, receiving more than twice the emergency financial assistance as that received by Lehman Brothers, the failed U.S....
  • Eurozone growth 'losing momentum' as Britain rebounds

    10/05/2016 6:55:55 AM PDT · by Olog-hai · 4 replies
    Associated Press ^ | Oct 5, 2016 9:04 AM EDT | Pan Pylas
    Britains exit from the European Union whenever it takes place is a cloud over the economic outlook for both the country and its major trading partners within the 19-country eurozone. Further evidence emerged Wednesday to show that businesses across the single currency bloc are fretting over the risks, while those in Britain appear to have gotten over the initial shock of the vote to leave on June 23 thanks partly to the plunge in the pound. The drop in the currency, which this week hit a 31-year low against the dollar, makes British exports more competitive. Both the...
  • Heat Rises on Wells Fargo CEO After Lawmaker Grilling

    10/03/2016 5:51:51 AM PDT · by upchuck · 10 replies
    Newsmax ^ | Sep 21, 2016
    ... The white-haired, 63-year-old CEO repeatedly told a congressional panel that he had to check with staff, lacked information or was not an "expert" on a range of topics including executive compensation, credit scores and contracts that must be signed to open an account. Earlier this month, the lender agreed to pay $190 million in penalties and customer payouts to settle the case involving the creation of credit, savings and other accounts without customers' knowledge. About $5 million will directly go to customers, many of whom might have paid a small fee on the unwanted accounts. His responses gave plenty...
  • Stealth Bailout of 2 Franken-Banks Now Happening in Spain

    10/02/2016 7:39:51 PM PDT · by Lorianne · 2 replies
    Wolf Street ^ | October 1, 2016 | Don Quijones
    Obscured somewhat by the spectacular antics of Deutsche Bank, there appears to be another bailout of two of Spains franken-banks: mostly state-owned Bankia and wholly state-owned Banco Mare Nostrum (BMN). The news was released so quietly that even in Spain barely a living soul is aware its happening. For the moment, BMN is completely state-owned, after its four constituent state-owned parts Caja Murcia, Caixa Peneds, Caja Granada y Sa Nostra were rescued by Spains taxpayers and lumped together for the modest price of 1.6 billion in 2010. But by the end of this year all that was supposed...
  • Its not just Deutsche. European banking is utterly broken

    10/02/2016 7:43:28 PM PDT · by Lorianne · 25 replies
    Telegraph (UK) ^ | 01 October 2016 | Jeremy Warner
    Todays mayhem is not so much the result of reckless bankers and asleep at the wheel regulators, but rather of the public policy response to the last crisis itself that is to say, regulatory over-reach and central bank money printing. All eyes are naturally focused on the specific problems of Deutsche Bank, but Deutsche is in truth no more than the canary in the coal mine. As Tidjane Thiam, chief executive of Credit Suisse, observed last week, as an entire sector, European banks are still not really investable. Much the same disease as afflicts Continental banks also applies to...
  • Pressure is building for Germany to show it's ready to rescue Deutsche Bank

    09/29/2016 3:56:36 PM PDT · by SkyPilot · 38 replies
    CNBC ^ | 29 Sep 16 | Jef Cox
    German officials could be about to find themselves in an uncomfortable position: Being called on to show they're ready to rescue a bank in a part of the world where such operations are considered taboo. Deutsche Bank came under intensified market fire Thursday, the latest salvo being a Bloomberg report that a small number of hedge funds are trimming their sails at the German bank. In a broad perspective, the move would represent a minor dent in Deutsche's derivatives clearing business. Barry Bausano, chairman of Deutsche's hedge fund business, told CNBC on Thursday that while there have been some outflows,...
  • PANIC As Margin Calls Begin: Deutsche Bank Has Financial System On The Cusp Of Collapse

    09/29/2016 4:35:35 PM PDT · by The Bat Ladys Husband · 99 replies
    Silver ^ | 09/29/2016 | The Bat Ladys Husband
    DB stock is now in a full panic sell-off as I write this. It just hit another new all-time NYSE low on by the heaviest volume ever in the stock since its 2001 NYSE listing. Its currently down almost 10%. No doubt the Central Banks will try to bounce it.
  • Deutsche Bank can only be saved by the German government, strategist says

    09/29/2016 9:28:44 AM PDT · by TigerLikesRooster · 33 replies
    CNBC ^ | 2016/09/29 | Matt Clinch
    Deutsche Bank can only be saved by the German government, strategist says Matt Clinch | @mattclinch81 Only a substantial intervention by the German government can stop the collapse of the country's largest lender, Deutsche Bank, according to Stefan Mller, the CEO of Frankfurt-based boutique research company DGAW. "Deutsche Bank doesn't realize that something serious needs to happen," he told CNBC via telephone on Thursday morning. "(CEO John) Cryan clearly showed that he has no idea how to survive." The embattled German lender saw a respite on Wednesday from hefty selling seen in previous sessions amid contradictory reports on whether the...
  • Dow sheds 200 points as bank stocks fall sharply ( Markets unhappy with Machado porn queen story)

    09/29/2016 11:08:59 AM PDT · by GilGil · 43 replies
    CNBC ^ | 9/29/2016 | Fred Imbert
    Full title: Dow sheds 200 points as bank stocks fall sharply; Deutsche Bank tumbles 8% U.S. stocks traded sharply lower on Thursday after banking stocks fell sharply. The three major indexes hit session lows shortly after Bloomberg reported that approximately 10 hedge funds were reducing their exposure to embattled European bank Deutsche Bank. Deutsche shares fell 8 percent in afternoon trade.
  • Commerzbank set to cut 9,000 jobs, dividend in revamp [Germany]

    09/28/2016 9:29:16 PM PDT · by Lorianne · 1 replies
    RTE ^ | 27 September 2016
    Commerzbank aims to cut around 9,000 jobs in the next few years and will scrap its 2016 dividend as part of efforts to reduce costs in the face of negative interest rates. This is according to a source close to the bank's supervisory board. The job cuts will be spread over the next few years up to 2020, but the size of the cull, representing nearly a fifth of the workforce at Germany's second biggest bank, implies that compulsory layoffs cannot be ruled out, the person said. "This is much more radical than previous measures," the person said. The revamp...
  • This is what happens when you get rid of 75% of your stuff

    09/27/2016 10:13:41 PM PDT · by aquila48 · 61 replies
    Market Watch ^ | Sept 27, 2016 | ALESSANDRA MALITO
    The way Cait Flanders got her financial house in order should probably come with a Try this at your own risk warning. First, the Canadian blogger paid off $30,000 in student and credit card debt. A year later, Flanders threw out 75% of her belongings and put herself on a strict two-year shopping ban. Since then, shes learned a lot about money, budgeting, and why we spend she even lost 30 pounds. Now she has some tips to share. After becoming financially free, Flanders still didnt feel satisfied with the way she was handling her money, so in 2014,...
  • "Deutsche Bank May Ultimately Need A State Bailout" - Handelsblatt

    09/23/2016 10:20:22 AM PDT · by Lorianne · 4 replies
    Zero Hedge ^ | 21 September 2016 | Tyler Durden
    While the most recent set of troubles plaguing Deutsche Bank have been duly documented here, most recently yesterday when the stock price tumbled once again just shy of all time lows over fears the bank's multi-billion DOJ settlement could severely impact its liquidity and/or solvency, this may be the first time we have heard the "n"-word tossed around in an official German publication: as Germany's top financial newspaper, Handelsblatt said, "German financial officials reacted with shock and dismay to the leaking of a U.S. government demand for a $14 billion fine against Deutsche Bank, which may ultimately need a state...
  • Warren Buffett buys more Wells Fargo stock on a dip [Hillary supporter is its largest stockholder!]

    09/20/2016 11:29:45 AM PDT · by SoFloFreeper · 10 replies
    Market Watch ^ | 3.29.2016
    Warren Buffett showed that the selloff in Wells Fargo & Co.s stock this year has just made him love the banking giant even more, as he boosted his stake in the company to 504.3 million shares, according to regulatory filings. Buffetts investment vehicle Berkshire Hathaway Inc. BRK.B, +0.01% now owns 10% of Wells Fargos common stock outstanding, making him by far the largest shareholder. That is up from 479.7 million shares, or a 9.45% stake, as of Dec. 31, filings show.
  • Mitt Romneys Rich Backers Turn to Hillary Clinton

    09/07/2016 11:58:22 AM PDT · by C19fan · 56 replies
    Daily Beast ^ | September, 7, 2016 | Alec MacGillis
    For years, Democratic elected officials in Washington have been wary of going after Wall Street excesses too hard, lest the deep-pocketed financial industry throw all its resources to Republicans. This has been especially true of one of the most notorious targets for financial reform: the favorable tax treatment of the outsize compensation earned by partners in private equity firms. Democrats have long spoken out against this so-called carried-interest loophole, yet have often not pushed as hard as they could to change the law, which saves some of the wealthiest people in finance billions of dollars in taxes each year.
  • The Fed may be preparing for the unthinkable negative interest rates in America

    09/04/2016 12:30:58 AM PDT · by SaveFerris · 194 replies
    Yahooooo ^ | 12 hours ago | John Mauldin, Yahoo Finance Contributor
    Negative interest rates are spreading like a virus. Central banks in the Eurozone, Switzerland, Sweden, and Japan all have below-zero policy rates. NIRP, as economists call a negative interest rate policy, is a desperation movebut the only move those central banks have. The Federal Reserve hasnt followedyet. When the next recession strikes, I believe Janet Yellen will choose to break the zero lower bound. The rationale was laid out in Jackson Hole. Look behind the headlines and youll see the Fed already preparing for NIRP. In theory, negative rates should encourage consumers and businesses to spend more freely and stimulate...
  • ECB Board Member Lashes Out At Central Banking: Ignore "Mathematical Models", Focus On Reality

    09/04/2016 10:18:32 AM PDT · by amorphous · 7 replies
    Zero Hedge ^ | 4 Sep 2016 | Tyler Durden
    At first (literally the day the Fed announced QE1) it was just "tinfoil fringe blogs" who predicted the failure of the central bank's attempt to boost the economy by printing money, instead warning that all the Fed would do is unleash an unprecedented income and wealth divide that may culminate in civil war and hyperinflation. Then, gradually, analysts, pundits and even the mainstream press admitted the truth, i.e., that tin-foilers were right all along, until recently even the Fed's own mouthpiece, Jon Hilsenrath, one day before the Jackson Hole meeting wrote that "Years of Fed Missteps Fueled Disillusion With the...
  • China's Social Security to Use Blockchain Tech

    09/04/2016 9:57:23 AM PDT · by amorphous · 4 replies
    Cryptocoin News ^ | 4 Sep 2016 | Andrew Quentson
    The Chinese government is to use blockchain technology for social security payments such as unemployment benefits and pensions. According to China Daily, Wang Zhongmin, vice-chairman of the National Council for Social Security Fund states: Theres no doubt that blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds. The National Council for Social Security manages almost $300 billion with a budget increasing yearly by 24.6 percent. Due to blockchains ability to cut out middle men, they are hoping to decrease costs and increase efficiency with clearing,...
  • VISA to Test Blockchain Payments among Banks; a SWIFT Rival?

    09/01/2016 8:51:37 AM PDT · by amorphous · 1 replies
    Cryptocoin News ^ | 1 Sept 2016 | Samburaj Das
    VISA and blockchain-technology partner BTL will invite a select group of European banks to participate in a blockchain project that will see inter-bank payments made via transfers over the ledger. Hot on the heels of the likes of R3, Visa will experiment its own blockchain-based payments platform with a select group of banks who will send money over a blockchain. The proof-of-concept project will use Interbit, a cross-border blockchain remittance and settlement platform developed by industry startup BTL. Launched earlier this year, the Interbit platform is seen by Visa as the solution to reduce cost, settlement time, credit risk, and...
  • Banks are preparing for an economic nuclear winter

    08/30/2016 7:47:57 AM PDT · by Lorianne · 59 replies
    CNBC ^ | 29 August 2016 | Spriha Srivastava
    The first half of 2016 has been a roller-coaster for financial markets. A combination of uncertainties surrounding the U.K.'s vote to leave the European Union and weaker-than-expected corporate earnings results across the region means a tough second half looms. European banks, in particular, have had a very tough six months as the shock and volatility around Brexit sent banking stocks south. Major European banks like Deutsche Bank and Credit Suisse saw their shares in free-fall after the referendum's results were announced. In the U.K., RBS was the worst-hit, with its shares plunging by more than 30 percent since June 24....
  • German Savers Lose Faith in Banks, Stash Cash at Home

    08/29/2016 4:47:59 PM PDT · by ameribbean expat · 25 replies
    HAMBURGGerman savers are leaving the security of savings banks for what many now consider an even safer place to park their cash: home safes.
  • UBS whistleblower exposes 'political prostitution' all the way up to President Obama

    08/29/2016 2:43:21 PM PDT · by Lorianne · 5 replies
    International Business Times ^ | 25 August 2015 | Ian Allison
    UBS, the world's largest wealth manager, is facing embarrassment over fresh revelations going back to the tax investigation that led to the collapse of Swiss banking secrecy. Two significant events are looming before UBS. The first is the possibility of a public trial in France, featuring UBS whistleblower Bradley Birkenfeld, concerning historic tax evasion allegedly orchestrated by the bank. That could happen this year. The other is the publication this October of Birkenfeld's scathing new book, Lucifer's Banker, which covers his time at UBS. The tax evasion controversy, which was first highlighted in 2005, subsequently involved the US Department of...
  • Digital Currencies Are Bringing to Reality Hayek's Free Market Money

    08/27/2016 3:22:22 PM PDT · by amorphous · 55 replies
    Cryptocoin News ^ | 28 August 2016 | Andrew Quentson
    When one studies the history of money one cannot help wondering why people should have put up for so long with governments exercising an exclusive power over 2,000 years that was regularly used to exploit and defraud them. This can be explained only by the myth (that the government prerogative was necessary) becoming so firmly established that it did not occur even to the professional students of these matters (for a long time including the present writer!) ever to question it. But once the validity of the established doctrine is doubted its foundation is rapidly seen to be fragile. ...
  • Vice Chairman Of Lotte Hangs Himself Hours Before Criminal Probe

    08/26/2016 9:37:23 AM PDT · by Nachum · 16 replies
    Zero Hedge ^ | 8/26/16 | Tyler Durden
    The past several years have seen a surprising spike in professional suicides, mostly confined to the banking sector in general and Deutsche Bank in particular. Overnight this tragic group expanded into multinational corporation sector, after one the top executives at South Korea's multinational conglomerate Lotte Group was found dead on Friday, in what is a suspected suicide, hours before he was to be questioned by prosecutors conducting a criminal probe into the country's fifth-largest conglomerate. Lee, who was 69, had been scheduled to appear before prosecutors on Friday morning, a Lotte official said. Lotte Group confirmed the death of Vice...
  • Frankfurt attempts to charm banks away from London

    08/24/2016 12:43:44 AM PDT · by Olog-hai · 4 replies ^ | 24 Aug 2016 08:54 GMT+02:00 | AFP
    The marketing team of Frankfurt never expected its English-language dummy website to attract new businesses would actually go live after Britains European Union referendum. We hadnt really assumed that we would need the site at all, spokeswoman Michaela Kahle told AFP, as the team thought Britons would surely vote Remain. But as it turned out, the Welcome to FrankfurtRheinMain site was not only put to good use, but has become a hit, with 27,000 views since Britain stunned the world by deciding to leave the bloc. Quickly recovering from the shock, Kahle and her colleagues kicked into action, fielding inquiries...
  • Central Banks Now Selling US Debt at Record Pace

    08/18/2016 11:12:36 AM PDT · by milton23 · 16 replies
    Daily Signal ^ | 8/18/16 | William T. Wilson
    In the first six months of 2016, foreign central banks sold a net $192 billion of U.S. Treasury bills, notes, and bonds. This is more than double the pace from the same time last year. China, Japan, and Brazil were the leaders in selling U.S. debt. With the U.S. debt running at approximately $19.4 trillion, this could be problematic. A large selloff of U.S. bonds would decrease their price, or in other worlds, increase domestic interest rates in general (bond prices and interest rates always move in the opposite direction).
  • Guest Commentary: Who's At Fault For Student Loans?

    08/12/2016 8:22:16 AM PDT · by george76 · 66 replies
    WBUR ^ | August 11, 2016 | Bob Hildreth
    whom to blame for the student loan crisis; its big banks, big government and big corporations ... But if we are really honest, it is us, the citizens, who are to blame. We let our government enter into a crazy scheme of financing Americas colleges with debt. As a taxpayer, you had the right to protest. At any time over the past 50 years, you could have elected leaders who would have replaced the federal student loan program. But you looked away. You accepted the indebted fate of your children. ... Colleges responded by gulping up all the money they...
  • We should nationalise German banks' Warning Deutsche Bank teetering on edge of CRISIS

    08/09/2016 7:06:46 PM PDT · by MarchonDC09122009 · 17 replies
    UK Express ^ | 08/09/2016 | SIMON OSBORNE 'We should nationalise German banks' Warning Deutsche Bank teetering on edge ofCRISIS A TOP economist has warned that Germany's biggest bank is teetering on the edge of crisis and they only way to protect it against future shocks is to nationalise it. By SIMON OSBORNE 20:03, Tue, Aug 9, 2016 | UPDATED: 21:00, Tue, Aug 9, 2016 Germany central bank, the Deutsche Bank, would be hit hard in a new financial crisis Martin Hellwig said stress tests carried out by the European Central Bank revealed the Deutsche Bank would be left in a precarious position in the event of...
  • George Soros has made a big bet on a financial-services company

    08/05/2016 1:33:30 PM PDT · by Califreak · 14 replies
    Business Insider ^ | 2/16/16 | Julia La Roche
    George Soros' family-office hedge fund, Soros Fund Management, initiated a new position in Synchrony Financial during the fourth quarter, the fund's latest regulatory filing shows. At the end of the fourth quarter, the fund held 7,127,865 shares, a position valued at more than $216.7 million, the 13F filing shows. Synchrony, a consumer financial-services company, is now Soros' second-largest equity position.
  • Were All Hedge Funds Now, Part 4: Insurance Companies Go For Growth

    08/03/2016 10:11:31 AM PDT · by Lorianne · 1 replies
    Dollar Collapse ^ | 01 August 2016
    The most recent batch of economic stats was even more disappointing than usual, resulting in a cliff dive for the Atlanta Feds GDPNow US growth report: Its the same around the world, with European, Japanese and Chinese numbers coming in below (already lowered) expectations. The implication? Interest rates in major countries will either remain extremely low or fall further from here. With $11 trillion of government bonds already trading with negative yields, thats an historically unprecedented prospect. But for financial companies like insurers, pension funds, and money market funds, todays world is not just unprecedented, its existentially threatening. Consider, for...
  • No clean bill of health for EU banks in stress test

    07/30/2016 10:54:11 AM PDT · by Olog-hai · 8 replies
    Reuters ^ | Fri Jul 29, 2016 6:03pm EDT | Huw Jones and Andrew MacAskill
    Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the regions banking watchdog said on Friday showed there was still work to do in order to boost credit to the blocs economy. Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europes banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting off investors. While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority that Europes banks are...
  • Kmart workers believe all the stores are going to be imminently shut down

    07/23/2016 9:45:09 PM PDT · by KentTrappedInLiberalSeattle · 82 replies
    Yahoo! Finance ^ | 07/23/2016 | Hayley Peterson
    Kmart employees believe the company is nearing bankruptcy and is in the process of shutting down all its stores. The chain has closed one-third of its stores in the last decade, and sales have been cut in half in the same time period. Store-level employees who spoke to Business Insider said many of the remaining 941 Kmart stores now appear to be in the midst of liquidation. Stores are being entered into numbered phases such as Phase 1 and Phase 2 employees said.
  • 120 Years Ago Today: BANKS GIVE UP GOLD - Pledge to Contribute $15 Million to the Treasury

    07/21/2016 12:32:31 PM PDT · by NRx · 13 replies
    Library of Congress ^ | 07-21-2016 | New York Tribune
    A (mostly) daily posting for those interested in history and the day to day news, politics and culture of a bygone world. The full edition of the New York Tribune from Tuesday July 21, 1896 (digitized). Some other headlines from today's paper... VENEZUELA MAKES RELY: An Elaborate Brief Filed with the Boundary Commission| THREATS OF LYNCHING: A Brooklyn Prisoner Kept in Police Station for Protection| LOUD THREATS OF BOLTING - WAR CLOUDS OVER ST. LOUIS: Populists Divided Over Bryan Into Hostile Camps
  • GOP Lawmakers Blindsided by Trump's Embrace of Glass-Steagall

    07/20/2016 8:48:11 AM PDT · by b4its2late · 56 replies
    American Banker ^ | July 19, 2016 | By Ian McKendry
    WASHINGTON The eleventh-hour move by the Donald Trump campaign to add a plan to reinstate the Glass-Steagall Act to the Republican platform caught GOP lawmakers off guard, with some of them expressing disappointment with the decision. While the 1930s-era law, which separated commercial and investment banking activities, is strongly supported by progressive Democrats, it is not popular among most Republican policymakers. "I was completely surprised," Rep. Steve Stivers, R-Ohio, a member of the House Financial Services Committee, said in an interview here hours before Trump's formal nomination Tuesday evening. "It was a late addition. I am not sure how...
  • Helicopter MoneyThe Biggest Fed Power Grab Yet

    07/16/2016 10:01:58 PM PDT · by amorphous · 8 replies
    Stockman's Corner ^ | 14 July 2016 | David Stockman
    The Cleveland Feds Loretta Mester is a clueless apparatchik and Fed lifer, who joined the system in 1985 fresh out of Barnard and Princeton and has imbibed in its Keynesian groupthink and institutional arrogance ever since. So its not surprising that she was out flogging-albeit downunder in Australia- the next step in the Feds rolling coup d etat. Were always assessing tools that we could use, Mester told the ABCs AM program. In the US weve done quantitative easing and I think thats proven to be useful. So its my view that [helicopter money] would be sort of the next...
  • Comey / Clonton HSBC Money (vanity)

    07/12/2016 10:18:01 AM PDT · by TigerClaws · 17 replies
    Comey was an HSBC board member. HSBC funneled $81 million to Clinton Foundation Close the donation page and read the hence links. Should Comey have recused himself?
  • FBI Director Comey is a board member of Clinton Foundation connected bank HSBC.

    07/12/2016 11:09:43 AM PDT · by blueyon · 132 replies ^ | 7/12/16 | IWB
    It seems that our beloved FBI Director is or until very recently was a director and board member of HSBC, which is tightly connected to the Clinton Foundation. Check out some of these links:
  • Clinton's State Dept. calendar missing scores of entries

    06/24/2016 4:22:04 AM PDT · by Bulwinkle · 62 replies
    AP ^ | 6/24/2016
    The AP review of Clinton's calendar her after-the-fact, official chronology of the events of her four-year term identified at least 75 meetings with longtime political donors and loyalists, Clinton Foundation contributors and corporate and other outside interests that were either not recorded or listed with identifying details scrubbed. The AP found the omissions by comparing the 1,500-page document with separate planning schedules supplied to Clinton by aides in advance of each day's events. The names of at least 114 outsiders who met with Clinton were missing from her calendar, the records show...
  • Freeper Help Needed Concerning Stock

    07/01/2016 7:44:36 AM PDT · by Jemian · 25 replies
    July 1, 2016 | Jemian
    I need some information concerning stock my grandfather had. He owned a portion of Fortune Brands when he died many years ago. I am trying to make an accounting of all his remaining estate. I just learned that in October 2011, which was after grandfather's death, Fortune Brands split into two separate companies, Beams and Fortune Brand Gone and Security. My questions are: what happened to the stock? If there is still stock there, how can the estate apprehend it? I have already searched through my state's abandoned property files.
  • HSBC, Standard Chartered Fall on Early Results of UK Vote

    06/24/2016 4:10:40 AM PDT · by Cronos · 2 replies
    NewsMax ^ | 24 June 2016 | NewsMax
    London-based banks HSBC Holdings Plc and Standard Chartered Plc tumbled in Hong Kong after early results from Britains European Union referendum indicated greater support for an exit than academics had forecast. HSBC, which made about a third of its 2015 revenue in Europe, fell as much as 3.1 percent and Standard Chartered as much as 3.7 percent. Financial institutions including JPMorgan Chase & Co., HSBC and Deutsche Bank AG warned ahead of Britains vote that they could shift some operations from London if the U.K. left the EU. HSBC would probably move about 1,000 investment bankers to Paris in the...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central banks annual stress tests show that the 33 largest financial institutions including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • Germany sets conditions for EU banking union

    06/18/2016 3:44:56 AM PDT · by Olog-hai · 4 replies ^ | 18 Jun 2016 08:12 GMT+02:00
    Germany on Friday set its conditions to deepen banking union in the European Union, demanding that risks be reduced at Europes banks before deposits could be guaranteed EU-wide. Many EU governments such as France and Italy see a deposit guarantee across Europe as the next logical step to avoid the problems that brought on the euro debt crisis and the financial collapse of 2009. At talks in Luxembourg, the EUs 28 finance ministers agreed for the first time to an EU roadmap towards a deposit guarantee scheme across Europe.
  • European Banks Fleeing German Banks Like Rats From A Sinking Ship

    06/13/2016 1:27:31 PM PDT · by Lorianne · 4 replies
    Contra Corner ^ | 10 June 2016 | Lee Adler
    Smaller banks often deposit funds in bigger banks. The level of banks deposits at other banks is a reflection of their confidence in the system as a whole. The ECB measures and is kind enough to share with us the level of bank deposits in other banks in Europe, breaking the data down by country and the Eurozone as a whole. Banks have been pulling their money out of other banks in Europe like rats deserting a sinking ship since 2012. Even the advent of QE in 2014 only slowed the stampede. European banks are still gettin out of Dodge....
  • Now Japanese Prime Minister Abe Predicts Imminent Global Economic Catastrophe

    06/01/2016 4:52:33 PM PDT · by blam · 10 replies
    The Market Oracle ^ | 6-1-2016 | Jeff_Berwick
    Jun 01, 2016 Jeff Berwick We continue to report on important mainstream investors, professional and private, who have warned about an impending, global financial catastrophe. Now, add Japanese Prime Minister Shinzo Abe to that list. George Soros, Stanley Druckenmiller, and Carl Icahn among others have all made dire statements. Theyve also reconfigured their portfolios and taken positions in gold and silver and shorted the market. The latest to join this list of doomsayers is Japanese Prime Minister Abe. This past Thursday at the G7 meeting he warned about the upcoming global crisis. Abe was trying to generate support for global...
  • Power of Gupta family in South Africa has people fearing state capture

    05/29/2016 12:03:33 PM PDT · by ameribbean expat · 7 replies
    Despite the denials, South Africas banks have had enough. In recent weeks, all four of the biggest banks have severed their links to the Guptas, closing the bank accounts of the Gupta holding company, Oakbay Investments. The Guptas were furious. In newspaper advertisements, they said the banks were jeopardizing the livelihoods of 7,500 of Oakbays employees and dependents. The Zuma government swiftly responded by delegating three cabinet ministers to meet with the banks to settle the matter. It was an extraordinary state intervention in a private business dispute. And, critics said, it was further proof of the remarkable power of...
  • North Korea Linked to Digital Attacks on Global Banks

    05/26/2016 6:45:16 PM PDT · by Innovative · 8 replies
    NY Times ^ | May 26, 2016 | NICOLE PERLROTH and MICHAEL CORKERY
    Security researchers have tied the recent spate of digital breaches on Asian banks to North Korea, in what they say appears to be the first known case of a nation using digital attacks for financial gain. In three recent attacks on banks, researchers working for the digital security firm Symantec said, the thieves deployed a rare piece of code that had been seen in only two previous cases: the hacking attack at Sony Pictures in December 2014 and attacks on banks and media companies in South Korea in 2013. Government officials in the United States and South Korea have blamed...
  • Banker Plunges to His Death After Eating Magic Mushrooms

    05/23/2016 2:14:33 PM PDT · by nickcarraway · 38 replies
    New York Post ^ | May 23, 2016 | Tina Moore
    A Merrill Lynch analyst ate a handful of magic mushrooms in his Manhattan apartment Sunday morning and then plunged to his death out of his 26th-floor window, police sources said. Alex Lagowitz, 23, was found dead on a third-floor, outdoor patio around 10 a.m. directly below his bedroom window at Windsor Court on East 31st Street and Lexington Avenue in Murray Hill, the sources said.