Archive for the ‘Banking’ Category

“The Summers of Our Discontent”

This article is the 98th posted on The Huffington Post.

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The President named a new Fed Chairman.

Janet Yellen, currently Vice Chairwoman under Ben Bernanke, was selected by President Obama to head the most important financial institution in the world. The best choice he could make.

He was poised to make a huge mistake. One we couldn’t live with; one that would have caused more damage than has already been done.

The name of Larry Summers was recycled by the Obama administration, this time as a candidate for Chairman of the Federal Reserve.

But was Summers the right man for the job?

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Posted in Banking, Economy, HuffPost Articles, Obama, Politics, Too Big to Bail | Comments Off

Quick Hit: “Dimon or Rust?”

Dimon’s JP Morgan announces $2 billion in trading losses!

An outspoken opponent of the Volcker Rule and other banking and financial regulations, Jaime Dimon, CEO of the nation’s biggest bank, discloses the huge losses and proves the need for more comprehensive banking oversight.

Touted as the brilliant banking executive who avoided the ravages of the financial crisis, has Dimon now become the poster boy for stronger regulation?

The scandalous nature of this trading loss, which may grow to over $4 billion, has undeniably tarnished Dimon’s star.

But this isn’t the first scandal at JP Morgan!

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Posted in Banking, Finance, Quick Hits, Too Big to Bail | Comments Off

Quick Hit: “Move Your Money”

Are small banks and credit unions safer than big banks?

Big banks and Wall Street caused the financial meltdown, were bailed out by the taxpayers, and are operating under the same destructive model that caused our financial problems. By remaining with any one of the top 20 banks you are helping create another financial crash that will be even worse for the global economy.

Occupy Wall Street has brought the collusion of  big banks and Wall Street into focus as the main cause of our declining economy. It has served, in growing numbers, to expose their collusion and calls for Congressional action.

But, the next move can be yours!

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Posted in Banking, Quick Hits, Rebalancing America, Too Big to Bail | Comments Off

“The Banksters: An Oscar Winning Performance”

Oscar Winning “Inside Job” exposed the criminals of the banking crisis!

As a result of the hard-hitting documentary, the criminals have been rounded up, tried, convicted, and incarcerated in maximum level confinement.

Their families are outraged, claiming they are being treated like caged animals; treated like Bradley Manning—isolated and stripped of their rights and visitation privileges. They are calling for fair and humane treatment, including access to their overpaid attorneys.

What?

There are no banksters in prison?

No one has been convicted?

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Posted in Banking, Economy, Finance, Politics, Too Big to Bail | 1 Comment »

“The Next Looming Bank Crisis: De-leveraging!”

This new article has been posted on The Huffington Post today, Wednesday, December 1st. Click on the link to see the article on The Huffington Post.

Big Banks have another major crisis growing beneath the surface!

Banks are again on the verge of a damaging financial crisis and will plead for help from taxpayers despite it being the product of their own greed. Financial institutions are horrible corporate citizens.

As if the Big Banks, after being saved by the taxpayers, The Federal Reserve, and FASB (Financial Accounting Standards Board), didn’t have enough to worry about with the ongoing foreclosure nightmare possibly costing over a hundred billion dollars, another problem is brewing that is not being talked about.

De-leveraging!

Huge banks still have huge problems masked by TARP, The Fed’s quantitative easing, FASB’s change of Mark to Market accounting, and changes as a result of FinReg passed by Congress.

Bank’s problems include: questionable foreclosure procedures, defaulting mortgages, the repurchase of toxic assets, investors demanding recourse for fraudulent securitized instruments, a potential change in FASB rules forcing aggressive markdowns, and exposure to the European crisis.

Each element, on its own, could change the landscape of banking and plunge us into another financial crisis. The convergence of any two, especially with the uncertainty of the foreclosure mess, could destroy the banking system.

Is the banking system really that fragile?

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Posted in Banking, Economy, Finance, HuffPost Articles, Predictions, Too Big to Bail | Comments Off

“Are You Shitting Me?”

Senators who are ‘for the people’ overlooked in the financial reform process!

One look at the make-up of the Senate Conferees selected to work with the House to combine the two versions of financial reform into powerful, effective legislation, and we can kiss that notion good-bye!

There is little desire on the part of those chosen to help ‘the people,’ as evidenced by: their positions on many of the issues that are, or could be, part of the original bill, their votes in the past, and their campaign finance histories’.

Of the 12 members selected by the Senate, not a single powerful voice ‘for the people’ is a member of the conferencing process. Many of these Senators are outright or tacitly responsible for most of our financial problems.

What can we expect out of a group like this?

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Posted in Banking, Economy, Finance, Politics, Too Big to Bail | 1 Comment »

“Small Banks Reel, While Big Banks Steal”

Congress battles over financial reform while four more banks fail!

Congress, in its infinite wisdom, is allowing Big Banks to steal from ‘the people’ while regional and community banks fail at an accelerated rate.

Four more banks were closed by the FDIC last Friday bringing the total lost in the first two weeks of May to 8 and the 2010 total has increased to 72 bank failures.

As bank foreclosures edge closer to costing the taxpayers huge amounts of money, Senators like Judd Gregg, Mark Warner, and Bob Corker help ‘Too Big to Fail’ institutions slide their hands into customer’s pockets to steal their hard-earned cash.

The Big Banks, JP Morgan Chase, Bank of America, Citigroup, and several others borrow money from the Fed at 0%, buy America’s debt from The Treasury earning the spread in interest rates, making easy money at the expense of taxpayers. In return they give their customers very little interest on their savings and charge them outrageous fees after creating bogus, thieving rules designed only to extract money from their customers.

In other times in our history these actions were unethical and even criminal.

Yet our Congressional representatives are reluctant to pass laws to keep the banksters out of our pockets.

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Posted in Banking, Economy, Too Big to Bail | Comments Off

“Senate Votes for Big Banks and Against the People!”

The People vs. Big Banks! Who won the vote in the Senate last week?

Last Thursday night the Senate voted on an important amendment for ‘the people’ of this country—protecting the American people from predatory banks. The amendment (Brown (OH) amdt. No. 3733) to Restoring American Financial Stability Act of 2010, would impose leverage and liability limits on bank holding companies and financial companies. Essentially a controlled method of separating the banks and protecting depositors and investors—‘the people.’

There are many reasons to break up the Big Banks and those are discussed in greater detail in “Break ’em Up!” But mostly it’s because of what the banks continue to do to middle-class Americans with impunity.

Surely the Senate voted in favor of their constituents?

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Posted in Banking, Politics, Too Big to Bail | 2 Comments »

“Break ‘em Up!”

There are many reasons why we need to break up the behemoths of finance!

The taxpayers saved their affluent asses. The Big Banks, along with their highly compensated executives, were headed over the cliff with nothing to stop their fall, and we bailed them out!

Break ’em Up!

Congress, in a panic, saw fit to give taxpayer dollars to the self-destructive creators of the financial crisis to prevent a catastrophic meltdown of the U.S. economy, without even asking us.

We’re told over and over that TARP was successful, that Congress’ decisive actions saved the economy and that we should be eternally grateful. We’re reminded that the Big Banks are again stable. They’re back to making billions of dollars—and the economy is improving.

For whom?

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Posted in Banking, Economy, Too Big to Bail | Comments Off

“For FDIC: April Showers Become Torrential Downpour”

Twenty-three Banks Seized in April

March went out like a lion, April came in like a lamb for the FDIC. But after the first two weeks of April…

All Hell broke loose,

In March, 19 banks were closed by the Federal Deposit Insurance Corporation. In the first two weeks of April the FDIC had to take over only 1 bank, a sign that things might be improving. But there were three more weeks in the month and they were disastrous for the FDIC and for their Deposit Insurance Fund. What started out so quietly ended with 23 bank foreclosures by the end of the month bringing this year’s total to 64.

Yesterday the 7 closures included 3 large banks in Puerto Rico. The week before all 7 banks taken over were in Illinois and the previous week 3 Florida and 2 more California banks were among the 8 banks seized.

Since the beginning of 2008, just over two years, 229 banks, young and old, large and small, urban and rural have been lost. No financial institution has been immune to the virility of this crisis

How much damage did April do to the banking system?

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Posted in Banking, Economy, FDIC Foreclosures | 3 Comments »