Banking // Current TV

Inflation Deflation Red-flation Blue-flation

"A debate has been raging for some time among those in the finance industry about... more

Hawkmang
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3 years ago
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Most Banking Sites are Insecure! Is your money safe?

"More than three-quarters of bank Web sites have design flaws that could expose... more

DeliaTheArtist
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3 years ago
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Monkey Menace Reaches Terrifying New Level

It's a well-known fact that the monkeys have been plotting against us since the... more

lunacaela
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3 years ago
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Economic Depression Then and Now

On Tuesday and Wednesday, Federal reserve chairman Ben Bernanke, a scholar of the epic financial meltdown of the Great Depression, and Treasury Secretary Henry Paulson, a survivor of more recent Wall Street crises, told Congress of their latest efforts to rescue the financial sector. If Fed chairman Alan Greenspan, Clinton Treasury Secretary Robert Rubin and his deputy Lawrence Summers were known as the Committee to Save the World during the financial crises of the 1990s, today's duo may go down as the Committee to Save Wall Street From Itself. For the past several months, the Fed and the Treasury Department have pulled all-nighters dealing with three-alarm fires, from the demise of Bear Stearns in March to the rising concerns over the mortgage giants Fannie Mae and Freddie Mac.

Fannie and Freddie play a huge role in the mortgage business by lending cash and guaranteeing loans made by others. But with the spread of the mortgage crises their stocks have plummeted in recent weeks, and questions have been raised as to whether the government would do what it implied it would all along when it established the two government sponsored organizations: stand behind their debt. Bernanke and Paulson gave an emphatic "yes," as they described to occasionally hostile Congress members their plans to allow Fannie and Freddie to borrow money from the Federal Reserve, and to empower the Treasury Department to buy (and buoy) the companies' stock and stand behind their $5.2 trillion in debt. The prospective moves, along with some slightly better-than-expected earnings reports from banks last week, calmed the markets. The price for this desperately needed action is likely to be more regulation and oversight. Will the crisis inspire a fundamental restructuring of the vital, symbiotic relationship between Washington and Wall Street, as happened during the New Deal? Or will these responses prove a temporary blip, as when the government bailed out the savings and loan industry in the late 1980s? In short, is this 1933 or 1989?

On Tuesday and Wednesday, Federal reserve chairman Ben Bernanke, a scholar of the epic... more

Psychedelic
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3 years ago
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Freddie Mac Flounders; CEO Awarded Millions

The disaster of the housing market has been well documented. Not only are home being... more

Sons_Of_Liberty
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3 years ago
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High-street bank HBOS faces rights issue disaster

THE high-street bank HBOS will tomorrow admit to one of the most disastrous rights... more

kushan
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3 years ago
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Spread Your Money Among Several Banks To Stay Fully Protected

On Monday morning, customers of the failed IndyMac Bancorp Inc. lined up at the thrift's retail branches to withdraw their hard-earned savings, rather than leave it in an institution that was being taken over by the Federal Deposit Insurance Corp.

It was too little too late, closing the barn door after the horses were gone. And their reaction was completely unnecessary.

The biggest irony of IndyMac's failure -- and it was the nation's second-largest independent mortgage lender and the seventh-largest savings and loan -- was that the branches had big signs telling customers "You can count on us," when in fact the only thing those consumers could rely on ultimately was the promise of FDIC insurance.

While it's understandable that consumers would want to get their money out of a failing bank, experts suggest that there is no real reason to make such a move, provided you fall under FDIC protection guidelines -- specifically holding no more than $100,000 per individually registered account.

(If you have two certificates of deposit in your name at the same institution and each is worth $75,000, you have exceeded the protection limit; if one was registered in an individual name and the other was registered jointly, however, the total amount would be protected because neither registration has exceeded the coverage limit.) See related story.

Show and tellers

When regulators stepped in last Friday, IndyMac customers experienced a brief disruption in the ability to get their money. While automated teller machines were working, they also capped the amount that a shareholder could withdraw electronically, limiting it to a few hundred bucks.

That's why customers had to wait around for Monday morning's opening to rush the bank and ask for their cash back.

By then, of course, they had full access to their money, up to the protection limits. If they had balances above the insured level, they could only access up to $100,000, with the rest being frozen until regulators sell IndyMac and see what's left. While the best-case scenario is full restitution and the worst case is a total loss, the truth is likely somewhere in the middle. That means months of foregone interest and lost opportunity, but not necessarily a big loss in principal.

"People rush to the banks out of an irrational fear," says Greg McBride, senior financial analyst at BankRate.com. "Only depositors who had an exposure more than the $100,000 limit really have to worry, because they are going to be standing in line waiting for a payout."

That's important to remember, in light of reports suggesting that the Federal Reserve has almost 100 banks on a "watch list" of potential candidates for the next bank failure/takeover. The list hasn't been released -- because it would spur a run on those institutions -- but analysts are quick to say they do not believe IndyMac was an isolated failure. Things will get worse before they are cleared up.On Monday morning, customers of the failed IndyMac Bancorp Inc. lined up at the... more

kushan
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3 years ago
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Mugabe sanctions hit UK media worker, same name = no wages

HSBC have taken the Zimbabwe sanctions a little far, freezing a London media workers... more

mattbrawn
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3 years ago
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Fed ready to aid investment banks

The Federal Reserve may extend into next year a facility that gives investment banks... more

Hawkmang
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3 years ago
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2 comments

Fed Seeks Sweeping New Powers

Federal Reserve Chairman Ben S. Bernanke, seeking to allay renewed concerns over the health of the nation's financial system, said the central bank may extend its emergency-loan program for investment banks into next year.

It's the first time Bernanke has indicated how long he'll extend the lending programs that were introduced in March in a provision of Fed credit to nonbanks unprecedented since the Great Depression.

The Standard & Poor's 500 Banks Index, a measure of 22 firms including Fannie Mae and Freddie Mac, the largest sources of U.S. home financing, fell to 155.48 yesterday, its lowest level since 1996.

Mean while the Fed is using this as an excuse to extend the powers of its agency
{source}http://www.marketwatch.com/news/story/bernanke-seeks-new-regulatory-powers/story.aspx?guid={7DFB82A4-1E02-4F50-B445-B8E68B8E0EFD}&dist=msr_4

Congress should consider giving the Fed power to set standards for capital liquidity holdings and risk management for investment banks, as it now does for commercial banks, Bernanke said.

In March, as market conditions worsened, the Fed established two lending facilities for primary dealers of government debt. One allows them to swap a range of illiquid assets for Treasury securities. The other facility provides cash to these broker-dealers in a system that is similar to its discount window for banks.
Bernanke said Congress might give the Fed broad power to promote financial market stability.
If Congress makes this choice, "I do not think the Fed could fully meet these objectives without the authority to directly examine banks and other financial institutions that are subject to prudential regulation.

Increased power for one agency typically comes at the expense of other agencies that have their own strong alliances with powerful members of Congress.
Although Treasury Secretary Henry Paulson has said that he would like to see Congress give the Fed more power to ease the fallout of financial market turmoil on the economy, it is another matter for an agency to be seen as seeking power for itself.
As a result, Bernanke bent over backwards to suggest, rather than demand, that the Fed get the broad new regulatory responsibilities he seeks, though his desire for the new powers was apparent. "

Two-year note yield rose (UST2YR) 3 basis points to 2.46%.
{source}http://money.cnn.com/news/newsfeeds/articles/djhighlights/200807081013DOWJONESDJONLINE000356.htmFederal Reserve Chairman Ben S. Bernanke, seeking to allay renewed concerns over the... more

Psychedelic
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3 years ago
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BIS warns of Great Depression dangers from credit spree

The Bank for International Settlements, the world's most prestigious financial... more

Hawkmang
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3 years ago
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Stakeouts, Lucky Breaks Snare Six More in Citibank ATM Heist

Citibank officials monitoring their network for fraud on Thursday, May 8, noticed suspicious ATM transactions at 8:30 p.m., coming through the five cash machines in the vestibule of a Citibank branch at 65th Street and Madison Avenue in New York City's Upper East Side.

As luck would have it, a bank employee -- probably a corporate security official -- was already staking out the branch from across the street.

Three months had passed since Citibank notified the FBI that a hacker managed to steal customer-account numbers and PIN codes, in an attack on a server that processes transactions from Citi-branded ATMs at 7-Eleven convenience stores. In late February and early March, the FBI and the U.S. Secret Service arrested two Ukrainian immigrants and two alleged co-conspirators for allegedly using the stolen PINs to steal $2 million in cash from unsuspecting Citibank customers.

But the arrests didn't stop the fraud, which sprang from perhaps the most serious computer intrusion into a bank system to date. The FBI has recently made at least six more arrests in New York -- bringing the total to 10 -- thanks to information from arrested scam suspects, a lucky traffic stop, and an undercover operation that at one point had Eastern European hackers chasing a female FBI agent through the streets of New York, trying to mug her for ATM-card-programming gear.

Six months after the 2007 breach, Wired.com is receiving scattered reports of Citibank customers still suffering mysterious withdrawals from their bank accounts.

The FBI believes the brains behind the operation is a Russian man, who's receiving the lion's share of the profits through international wire transfers and online-payment systems. While Citibank and federal officials are being closed-mouthed about the PIN theft and the ensuing fraud, the Citibank heist provides a rare look at how a single high-value breach reverberates through the international "carding" community of bank-card fraudsters. What's more, neither Citibank nor the third-party transaction processor involved in the breach has warned consumers to watch for fraudulent withdrawals, raising questions about the disclosure policies in the financial industry. Citibank spokesman Robert Julavits says the bank "has complied with all applicable notification requirements."

At the time of the May 8 transactions, Citibank -- the largest bank in the U.S. by holdings -- had been dealing with a spike in ATM thefts centered on the Upper East Side: Some $180,000 in stolen cash had walked out of ATMs in the upscale neighborhood in the previous three days.

Several of the withdrawals had come through the 65th Street branch, prompting Citibank to put the location under surveillance. When the Citibank official staking out the spot got a call alerting him to a theft in progress, he crossed the street to peer through the vestibule glass, and watched as a man in a baseball cap, jeans and a sports coat put a thick envelope into a briefcase and moved from one ATM to the next.

The official flagged down two nearby NYPD officers who'd already been briefed on the fraud, and the cops arrested 28-year-old Aleksandar Aleksiev. With his consent, they searched his bag and found six ATM-deposit envelopes stuffed with cash, and 12 blank cards with stickers on them and a different PIN code written on each. Citibank officials monitoring their network for fraud on Thursday, May 8, noticed... more

kushan
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3 years ago
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Money as Debt

You might think the banks have "money" to lend.. Very informative video... more

d4rpaul
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3 years ago
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RBS issues global stock and credit crash alert

The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in... more

Hawkmang
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3 years ago
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CA Foreclosure Victims Share Difficulties with Countrywide

Troubled mortgage borrowers and their mortgage counselors continue to report that loan... more

calreinvest
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3 years ago
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The capitalist conspiracy in ya face

Think conspiracies don't work??? They do indeed. It was a conspiracy that directed Brutus against Caesar in the Roman senate on the Ides of March. It was a conspiracy that plotted the betrayal of Westpoint by Benedict Arnold during the Revolution. It was a conspiracy that led John Wilkes Booth to the assassination of President Lincoln on Good Friday, 1865... John F. Kennedy, himself the victim of a conspiracy assassination WARNED us about it:

"...There is little value in ensuring the survival of our nation, if our traditions do not survive with it. And there is very grave danger, that an announced need for increased security, will be seized upon by those anxious to expand its meaning to the very limits of official censorship and concealment...we are opposed around the world by a monolithic and ruthless conspiracy that relies primarily on covet means for expanding its sphere of influence, on infiltration instead of invasion, on subversions instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military diplomatic intelligence economic scientific and political operations. Its preparations are concealed, not published. It mistakes are buried, not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed..." --President John F. Kennedy

There is an OFFICIALLY RECOGNIZED conspiracy that seeks world control through capitalist agendas (Monsanto, Microsoft, IBM, Blackwater, Haliburton etc), and most Americans are just flatly ignorant and/or (equally unbecoming) pridefully stupid about it:

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." --Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802), 3rd president of US (1743 - 1826)

"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments
by controlling the money and its issuance."--James Madison, the 4th President of the United States (1809-1817)

Consider also President Andrew Jackson's scathing evaluation of central banking:

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out... If people only understood the rank injustice of the money and banking system, there would be a revolution by morning." ….

Andrew Jackson publicly pledging to defeat international monopolist bankers to their face in his speech. Jackson vanquished a global cartel in its plans for a privately owned “U.S.” central bank. A public murder attempt on Andrew Jackson failed shortly thereafter by a double misfire of the assassin’s pistols.Think conspiracies don't work??? They do indeed. It was a conspiracy that... more

echoz
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4 years ago
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Top bankers 'leaving US for Asia'

The number of high-flying investment bankers moving from the US to Asia is set to... more

kushan
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4 years ago
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Lowly bank clerk charged with bid to steal record breaking £70million from HSBC

A bank clerk has been charged with planning to steal a record-breaking... more

mirimysweet
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4 years ago
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Bank of America Doesn't care about it's customers

The unfair business practices of Bank of America cost me more than just my money that... more

pinggolfer73
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4 years ago
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we are the government ( The Missing Link: The Matrix Unplugged )

http://www.blacksoulscience.com/ http://current.com/items/85024941_zeitgeist_the_movie

lfm
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4 years ago
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