Posts tagged bank

Will GOP lawmakers do anything about the “Too Big To Fail” bank subsidy? Probably not.

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Source: http://www.againstcronycapitalism.org

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Will GOP lawmakers do anything about the “Too Big To Fail” bank subsidy? Probably not.

 

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Dave Camp in the House and David Vitter in the Senate are looking to address the implicit subsidy granted to banks designated as too big to fail. These banks are able to borrow at lower than true market rates because they are backed by the US taxpayer. Their smaller competitors who do not have this taxpayer financed guarantee must borrow at higher rates and so are at even more of a disadvantage versus the big guys. Over time this means that capital will increasingly move from small banks to large. (This is just one of the problems with Dodd-Frank.)

This undermines the very foundation of the marketplace and our economy.

Perhaps Camp and Vitter can figure something out, but it will be tough. The big banks dump piles and piles of money into the coffers of members of Congress on both sides of the aisle.

(From The Washington Post)
 
“Eliminating the megabanks federal handouts is a simple matter of common sense,” Vitter recently said. “Megabanks have been growing at a rapid pace since the financial meltdown, largely on the backs of U.S. taxpayers.”
 
Neither Vitter nor Camp could be considered liberal sympathizers. Rather, their interests in ending big bank subsidies center on a key Republican tenet of protecting the free-market economy. Subsidies create market distortions that fly in the face of that tenet.
 
Still, a vast majority of Republicans are unlikely to jump on the too-big-to-fail bandwagon. The securities and investment industry pumps millions of dollars into the party’s coffers, handing $3.5 million to the National Republican Congressional Committee this election cycle, according to Center for Responsive Politics.

Click here for the article.

Image credit: http://www.againstcronycapitalism.org


Nick Sorrentino
About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant with clients across the political spectrum, he lives just outside of Washington DC where he can keep an eye on Leviathan.

 

Boeing’s crony capitalism in America’s heartland

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Source: http://www.againstcronycapitalism.org

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Boeing’s crony capitalism in America’s heartland

 

Boeing Business Jet Family K63803

 

Everywhere Boeing goes subsidies follow. Without fail. In defense, in commercial aircraft, it doesn’t matter. It almost appears that subsidies are built fundamentally into Boeing’s business plan.

 

Actually, subsidies are built fundamentally into Boeing’s business plan.

The airline manufacturer even has its own taxpayer subsidized bank in the Export Import Bank of the United States. Sweet!

Not sweet for the taxpayers, but hey who cares about them?

(From The American Spectator)
 
Nixon is urging Missouri lawmakers to adopt a special tax package that would pay Boeing up to $75,000 per job per year — based on annual subsidies of $150 million spread over a minimum requirement of 2,000 jobs. No doubt that will strike some observers as money well spent — given much higher subsidy costs in other areas, such as solar energy, where federal subsidies have exceeded $350,000 per job.
 
Nevertheless, there are good reasons for being strongly opposed to the Boeing package.

Click here for the article.

Image credit: http://www.againstcronycapitalism.org


Nick Sorrentino
About Nick Sorrentino

Nick Sorrentino is the co-founder and editor of AgainstCronyCapitalism.org. A political and communications consultant with clients across the political spectrum, he lives just outside of Washington DC where he can keep an eye on Leviathan.

 

Man robs $1 from bank, waits for police

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Source: http://www.cbc.ca

By CBC News

U.S. man robs $1 from bank, waits for police

‘This is a holdup. Give me a dollar,’ stickup note reads

 

A 50-year-old man allegedly robbed $1 from an Oregon bank and then waited for police to arrest him so he could get medical treatment, sheriff’s deputies said.

50-year-old Tim Alsip allegedly robbed an Oregon bank of $1 then sat down to wait for police to arrest him. 


“This is a holdup. Give me a dollar,” Tim Alsip allegedly wrote on a note passed to a Bank of America teller in Portland Friday.

The suspect got the dollar and his wish; police arrived and arrested him on robbery charges.

Clackamas County Sheriff’s Office spokesman Mark Nikolai said deputies learned that Alsip wanted to be arrested so he could get medical treatment. He has repeatedly sought police attention in the past week, flagging down police and urging citizens to call 911 on him.

Nikolai said Alsip also called 911 himself complaining of dental pain and drug overdoses.

Copyright © CBC 2013

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Republished with permission

Guy rewrites his own terms on credit card application, 0% forever and no limit, bank OKs the deal!

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Source: http://www.againstcronycapitalism.org

 

Guy rewrites his own terms on credit card application, 0% forever and no limit, bank OKs the deal!

 

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Of course the bank got sore 2 years later and tried to sue the credit card holder. It failed.

The credit card company should have read the terms of the contract I guess.

 

(From Now.MSN.com)

The bank approved the contract without reading the amended fine print, unwittingly agreeing to a 0 percent interest rate, unlimited credit and no fees, as well as a stipulation that the bank pay steep fines for changing or canceling the contract.

Click here for the article.

Image credit: http://www.againstcronycapitalism.org

Bank Forecloses on Wrong Home & Steals Owner’s Belongings

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Source: http://www.occupycorporatism.com

By Susanne Posel
Occupy Corporatism

Bank Forecloses on Wrong Home & Steals Owner’s Belongings

 

Katie Barnett, a resident of McArthur, Ohio has had her home foreclosed on by First National Bank in Weilston (FNBW). The problem is that her home was not scheduled for foreclosure.

Barnett said: “GPS had led them to my house, the president of the bank told me. They also said my grass hadn’t been mowed so they just assumed that was the house.”

Since the home actually being foreclosed on read 514 and Barnett’s home is 509, the mix-up is hardly explicable. It shows the lack of empathy of all involved as well as a disregard for efficiency on the bank’s part.

FNBW had mistakenly placed Barnett’s home on the foreclosure schedule instead of a home across the street.

Barnett returned home from work one night to find the locks had been changed on the front door, her possessions were missing and to top it off, when Barnett called the police; they claimed she was a squatter.

A representative from FNBW told the police that Barnett was living in a foreclosed home which was mistaken for Barnett’s actual home.

To add insult to injury, Barnett is not a customer of FNBW.

FNBW claims they are trying to work with Barnett and come to agreement.

Barnett explained that the bank insulted her when she offered an estimate of her belongings as $18,000 to replace the things that was stolen out of Barnett’s residence.

Tony Throne, president and CEO of FNBW, refused to pay Barnett demanding receipts for every item that was stolen out of Barnett’s home.

Throne said that they would not pay retail to compensate Barnett for their thievery.

In fact, Thorne claims that Banrett has provided a hand written list of items that “inconsistent with the list and descriptions of items removed that was prepared by the employees who did the work.”

Barnett said: “[The bank president] got very firm with me and said, ‘We’re not paying you retail here, that’s just the way it is.’ I did not tell them to come in my house and make me an offer. They took my stuff and I want it back. Now, I’m just angry. It wouldn’t be a big deal if they would step up and say ‘I’m sorry, we will replace your stuff.’ Instead, I’m getting attitude from them. They’re sarcastic when they talk to me. They make it sound like I’m trying to rip the bank off. All I want is my stuff back.”

Rightfully so, Barnett said she plans to sue FNBW: “We are definitely going to bring a lawsuit,’ she said. I gave them a chance and they are not willing to work with me.”

An online petition was begun in response and support for Barnett and her family for the mistreatment and disregard for the actions of FNBW.

This petition has over 13,000 signatures for persons that demand “First National Bank pay Ms Barnett her money immediately ‘so she can get her life back again.”

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The unscrupulous practices of banks with regard to foreclosures have been at the heart of the issue since the housing bubble burst.

Bank of America (BoA) was sued in 2010 for foreclosing on a home in New Bedford, Massachusetts.

BoA authorized a new lock on the front door of Charlie and Maria Cordoso and removed all items inside the residence.

BoA did not respond to the Cordoso’s complain; yet claim to have contacted the Cordoso’s attorney “to have the opportunity to work with them to properly assess and address their allegations.”

In Florida, BoA foreclosed on a homeowner in error, which triggered such anger in Warren Nyerges, the homeowner, that he initiated a foreclosure on the BoA branch.

Nyerges had paid for their home in cash in 2009 and was not a customer of BoA. He explained that he “talked to branch managers, I called anyone who would listen to me. I wrote a certified letter to the [bank] president. No response, nothing.”

After hiring an attorney, the foreclosure was dismissed. After being granted court costs and attorney’s fees, Nyerges was awarded a lien on the branch of BoA in lieu of payment on the judgment.

Lanette Worles, like so many others before her, was unfairly treated by the bank that repeatedly lost her paperwork which resulted in her inability to keep her home from being foreclosed on.

Worles responded with a legal complaint and was denied her settlement payment.

As part of a payout for those being abused by the banks, Worles was entitled to a portion of a $3.6 billion settlement. To date, Worles has not received her money.


About the author:

   Susanne Posel Chief Editor, Investigative Journalist OccupyCorporatism.com   Radio Host: The Region 10 Report, Live Thursdays 1-3PM PST on American Freedom Radio

RFID Chips To Be Used In 2016 Election?

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RFIDWe all know, or should know, of the evils, health hazards and invasion of personal privacy posed when RFID technology is considered as a tracking and data warehousing method considered for humans, pets or livestock in general.  The documentation of the health hazards such as cancer, tumors, etc. are well documented.  For those not in the know regarding this technology  I will include a short video with Katherine Albrecht at the bottom of this post.

What plans D.C. has for the 2016 elections is a mystery, as both Republicans and Democrats compete to out perform the other in voter fraud with many voters either have a home address at their local McDonalds or rose from the grave to vote at the poling locations.

This story caught my eye today from GhanaWeb.com covering the Ghana upcoming elections in 2016.

EC urged to deploy RFID for next election

The Electoral Commission (EC) has been advised to roll out a radio-frequency identification (RFID) scheme for Election 2016 to guarantee the integrity of and public confidence in the biometric registration and verification system.

Consequently, the next government should seek funds to support the EC to deploy information technology to run a credible, transparent, as well as free and fair general election.

Mr Haruna Iddrisu, the Minister of Communications, who gave the advice at the second Annual General Meeting (AGM) of the Information Technology Association of Ghana (ITAG) in Accra, stressed that the move had become necessary if Ghana’s electoral process was to be effectively driven by Information and Communications Technology (ICT).

He tasked IT professionals to make meaningful suggestions and recommendations to the EC to ensure that the electoral and democratic process was improved and further deepened.

Mr Iddrisu suggested that it should be made possible for all the polling stations in the 275 constituencies to be equipped with computers and other ICT tools to reduce cases of multiple registration and voting and other forms of electoral fraud.

He expressed optimism that an image recognition system would assist in giving meaning to the “one man, one vote” policy.

Full story located here: http://www.ghanaweb.com/GhanaHomePage/politics/artikel.php?ID=260748

As many people considered the last US presidential election a false illusion of choice, while many stayed home and chose not to participate in the process, a move as planned in Ghana would only reduce the traffic to the poles so that only those collecting their postal mail at McDonalds or those residing in their local cemetery would be casting ballots.  But then, that may be the desired output from both wings of the welfare / warfare state bird of prey?

Katherine Albrecht in a breif video explaining RFID technology.  For more information I would suggest going to the safe search engine alternative, ixquick, and research further.

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Rothschilds Want Iran’s Banks

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Source: http://americanfreepress.net

Rothschilds Want Iran’s BanksBy Pete Papaherakles

Could gaining control of the Central Bank of the Islamic Republic of Iran (CBI) be one of the main reasons that Iran is being targeted by Western and Israeli powers? As tensions are building up for an unthinkable war with Iran, it is worth exploring Iran’s banking system compared to its U.S., British and Israeli counterparts.

Some researchers are pointing out that Iran is one of only three countries left in the world whose central bank is not under Rothschild control. Before 9-11 there were reportedly seven: Afghanistan, Iraq, Sudan, Libya, Cuba, North Korea and Iran. By 2003, however, Afghanistan and Iraq were swallowed up by the Rothschild octopus, and by 2011 Sudan and Libya were also gone. In Libya, a Rothschild bank was established in Benghazi while the country was still at war.

Islam forbids the charging of interest, a major problem for the Rothschild banking system. Until a few hundred years ago, charging interest was also forbidden in the Christian world and was even punishable by death. It was considered exploitation and enslavement.

Since the Rothschilds took over the Bank of England around 1815, they have been expanding their banking control over all the countries of the world. Their method has been to get a country’s corrupt politicians to accept massive loans, which they can never repay, and thus go into debt to the Rothschild banking powers. If a leader refuses to accept the loan, he is oftentimes either ousted or assassinated. And if that fails, invasions can follow, and a Rothschild usury-based bank is established.

The Rothschilds exert powerful influence over the world’s major news agencies. By repetition, the masses are duped into believing horror stories about evil villains. The Rothschilds control the Bank of England, the Federal Reserve, the European Central Bank, the IMF, the World Bank and the Bank of International Settlements. Also they own most of the gold in the world as well as the London Gold Exchange, which sets the price of gold every day. It is said the family owns over half the wealth of the planet—estimated by Credit Suisse to be $231 trillion—and is controlled by Evelyn Rothschild, the current head of the family.

Objective researchers contend that Iran is not being demonized because they are a nuclear threat, just as the Taliban, Iraq’s Saddam Hussein and Libya’s Muammar Qadaffi were not a threat.

What then is the real reason? Is it the trillions to be made in oil profits, or the trillions in war profits? Is it to bankrupt the U.S. economy, or is it to start World War III? Is it to destroy Israel’s enemies, or to destroy the Iranian central bank so that no one is left to defy Rothschild’s money racket?

It might be any one of those reasons or, worse—it might be all of them.

Pete Papaherakles, a U.S. citizen since 1986, was born in Greece. He is AFP’s outreach director. If you would like to see AFP speakers at your rally, contact Pete at  202-544-5977 .

Solutions for the Economic Collapse (video)

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[CIM]

I am very happy to hear that James Corbett is now given the green light to upload full length videos.  Tune into his site, check the videos and  pod casts and remember to share!  James can also be found on Twitter @corbettreport.

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Source: http://www.corbettreport.com

Posted by

PlayPlay

Everyone knows the gravity of the situation. Our civilization is poised on the edge of a giant derivatives-fueled debt bubble that is threatening to take the entire global economy down with it when it pops. Governments are throwing funny money at the problem hand over fist in coordinated quantitative easing campaigns to kick the can down the road a while longer. The end is inevitable: we are heading toward the collapse of our current monetary system. The question, as always, is what can we do about it. Join James tonight on Corbett Report Radio as he breaks down the problem and offers his solutions.

CLICK HERE to download the mp3 audio of this radio broadcast.

 

 

Judge Napolitano Takes On The Fed

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Judge Napolitano Takes On The Fed ‘Not Federal, Not A Reserve,’ Designed To ‘Make Pres. Look Good’

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http://www.youtube.com/watch?feature=player_embedded&v=YqaayERrSfM

Judge Napolitano agrees with George Will that the Fed has become the 4th branch of government, unelected and no oversight over incredible powers.

Arguing that it is neither federal nor a reserve, the Judge noted that the job of the Fed is to make the president — no matter who the president may be — look good.

Yuan tipped to replace U.S. dollar, Euro in southeast Asia

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Source: http://news.xinhuanet.com

By Chen Zhi

Yuan tipped to replace U.S. dollar, Euro in southeast Asia

1 yuan, 90% silver, commemorative; President Duan Qirui, minted in 1924

BANGKOK, Aug. 25 (Xinhua) — China’s currency could be eventually used as an alternative to the U.S. dollar and Euro by southeast Asian countries, experts said.

Phathanaphong Phusuwan, a senior official of the Bank of Thailand, said in a seminar on Thai-Chinese trade, investment and finance relations on Saturday that the yuan would likely be used more between China and ASEAN member states in the long run.

In the panel discussion co-hosted by the National Research Council of Thailand, Huaqiao University and the Thai-Chinese Culture & Economy Association here, the official of the Thai central bank commented the Chinese currency could possibly replace the U.S. dollar and Euro when it comes to trade, financial and money-exchange dealings throughout the ASEAN community, due in part to the unresolved economic and financial problems in the United States and the European Union.

“In the long run from 2015 onwards, trade with Asia will largely increase under the ASEAN-China Free Trade Area agreement, which will influence the use of the yuan and the local currencies. The yuan is then a good alternative for the international trade in the future,” said the official, referring to the year in which the regional bloc will become an ASEAN Economic Community.

Nevertheless, he said, the role of the Chinese currency in Thailand and other ASEAN states will remain limited in the short and medium terms.

Thai merchants have increased their use of the yuan in trade, following the easing of restrictions by the Chinese government, he said. A dozen Thai commercial banks and foreign banks’ branches here currently offer yuan-based services, including foreign currency deposits, money exchange, fund transfers and purchases of Chinese banknotes.

The Chinese currency has accounted for 10.8 percent of China’s trade dealings with the world during the first half of this year, according to a report of the Thai central bank.

FULL STORY
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Yuan photo added to original post.

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