tagged w/ Banking
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Is it just coincidence that subprime foreclosures surged right after the bankruptcy abuse reform (BAR) took effect in October 2005?
http://calculatedriskimages.blogspot.com/2010/10/personal-bankruptcy-filings-sept-2010.html
This article presents arguments and evidence suggesting that it is not. Before BAR, any household could file Chapter 7 bankruptcy and have its credit card and other unsecured debts discharged. By sidestepping their unsecured debts, households retained more income to pay their secured debts, such as mortgages. BAR blocks that
maneuver by presenting a variety of obstacles, including a means test that forces better-off households that demand bankruptcy protection to file Chapter 13, where they must continue paying unsecured lenders.
Read more about the New York Federal Reserve's report:
http://www.newyorkfed.org/research/epr/forthcoming/1102morg.pdfIs it just coincidence that subprime foreclosures surged right after the bankruptcy... more
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The Rothschild banking dynasty has been in London for 200 years, in which time its eponymous bank, NM Rothschild, has been at the heart of Britain’s economic life.
Established in London in 1811 by Nathan Mayer Rothschild, one of the famous five sons dispatched by their father to Europe’s financial capitals to expand the family's banking business, NM Rothschild made its initial fortune in government bonds.
During the Napoleonic Wars, Rothschild helped the British government sends funds to its allies, while an elaborate network of agents and couriers meant the bank also became responsible for providing money to the Duke of Wellington’s army in Portugal and Spain.
The Rothschild financial power and nouse meant that in 1825 they were able to supply enough coinage to the Bank of England to prevent a financial crisis.
The bank also provided the £15m gilt issue that was needed to pass the Slavery Abolition Act in 1833.
Throughout the rest of the 19th century, NM Rothschild established its pre-eminence, helping Britain buy a controlling stake in the Suez Canal, funding Cecil Rhodes’ British South Africa Company, and buying up large holdings in future giants such as mining company Rio Tinto and diamond miner De Beers.
more at link...
Actually, with his 4 brothers in France, Italy, Switzerland and Germany, the Rothschilds sent word to Britain that Napoleon won the Battle of Waterloo. The stock market crashed. Wellington was victorious, which the Rothschild knew. They bought up the market at rock bottom prices and when word got back of British success, the market rose and they took over Britain. These inbred, Ponzi-scheming scum are probably the highest level known family of the New World Order.The Rothschild banking dynasty has been in London for 200 years, in which time its... more
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I know I should be horrified by the comments to this New York Post story claiming that the FBI and NYPD are advising Wall Street banks that terrorists are planning to attack them, but on the other hand it does show just how despised the bankers are because of the never-ending fallout from their self-induced financial crisis. Here are some particularly choice examples:
sadtruth
02/01/2011 1:32 PM
Planning attacks against major wall street executives? When? Do they need housing and accommodations?
Cut Off The Freeloaders
02/01/2011 1:25 PM
Shouldn’t we be referring to them as “superheroes” instead of terrorists? ANyone who has any dealing with US banks in the last few years would agree Im sure. The heads of US banks are the biggest criminal empire known to man.
TommyNYC
02/01/2011 10:32 AM
This will be the first terrorist attack sanctioned by the american taxpayers!! Take the executives but leave the buildings please!!
actressdiva
02/01/2011 7:57 AM
good thing all the records of the investigations on Wall Street were destroyed on 9-11….yeah….good thing huh Goldman??
http://www.disinfo.com/2011/02/new-yorkers-welcome-planned-terror-attacks-on-wall-street-banks/I know I should be horrified by the comments to this New York Post story claiming that... more
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This is the Official Online (Youtube) Release of "Zeitgeist: Moving Forward" by Peter Joseph. [30 subtitles pending]
Zeitgeist: Moving Forward, by director Peter Joseph, is a feature length documentary work which will present a case for a needed transition out of the current socioeconomic monetary paradigm which governs the entire world society.
This subject matter will transcend the issues of cultural relativism and traditional ideology and move to relate the core, empirical "life ground" attributes of human and social survival, extrapolating those immutable natural laws into a new sustainable social paradigm called a "Resource-Based Economy".
On Jan. 15th, 2011, "Zeitgeist: Moving Forward" was released theatrically to sold out crowds in 60 countries; 31 languages; 295 cities and 341 Venues. It has been noted as the largest non-profit independent film release in history.
This is a non-commercial work and is available online for free viewing and no restrictions apply to uploading/download/posting/linking - as long as no money is exchanged.
A Free DVD Torrent of the full 2 hr and 42 min film in 30 languages is also made available through the main website [below], with instructions on how one can download and burn the movie to DVD themselves. His other films are also freely available in this format.
Website:
www.zeitgeistmovingforward.com
www.zeitgeistmovie.com
Release Map:
http://zeitgeistmovingforward.com/zmap
$5 DVD:
http://zeitgeistmovingforward.com/dvd
Movement:
www.thezeitgeistmovement.comThis is the Official Online (Youtube) Release of "Zeitgeist: Moving Forward"... more
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Seriously, they actually hang someone for fractional reserve banking in this cartoon.
The level of awesome is off the charts in this Rothbardian take on money production.Seriously, they actually hang someone for fractional reserve banking in this cartoon.... more
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Wells Fargo has reported a net income of $3.41bn, or $0.61 per common share for the fourth quarter of 2010, compared to $2.82bn, or $0.08 per common share for the same quarter of 2009.
For the fourth quarter of 2010, Wells Fargo posted a total revenue of $21.49bn, compared to $22.7bn for the corresponding quarter of 2009.
The bank reported a net income of $12.4bn, or $2.21 per diluted common share for the year 2010, compared to $12.3bn, or $1.75 per share, for 2009.
Net revenue for the year 2010 was $85.21bn, compared to $88.69bn for the year 2009.
Wells Fargo chief financial officer Howard Atkins said that the Wells Fargo has earned strong and consistent profits in each of the eight quarters since the 2008 merger with Wachovia - $24.6bn in profit in two years, including a record $3.4bn in profit in the fourth quarter.
"Our results in the fourth quarter were driven by broad-based revenue growth - up 12 % (annualized) from the prior quarter in total, including revenue growth in roughly two-thirds of our businesses," Atkins said.Wells Fargo has reported a net income of $3.41bn, or $0.61 per common share for the... more
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First Data Corporation, a provider of electronic commerce and payment processing services, has expanded its cooperation with Poland-based Getin Noble Bank.
First Data will provide card issuing and payment processing services for the bank's new contactless card program.
According to First Data, the MasterCard PayPass debit cards, which will be issued and processed by it on behalf of the bank, feature the added convenience of contactless technology.First Data Corporation, a provider of electronic commerce and payment processing... more
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Indian private bank ICICI Bank has launched Cash withdrawal service, which allows customers to withdraw cash at Point of Sale (POS) terminals at merchant establishments using their debit cards.
The bank said that the facility will be available for all ICICI Bank debit cards issued in India and these debit cardholders can withdraw maximum of INR1000/- per day as per Reserve Bank of India guidelines.
Cash can be withdrawn with and without associated purchase transaction at an approved and enabled merchant establishment with POS terminals.
ICICI Bank managing director and CEO Chanda Kochhar said the launch of cash withdrawals at POS terminals will create a new mode of access to financial services, which not only enhances customer service but can also be leveraged for financial inclusion.
The bank said that the ability to offer cash is likely to be attractive to merchants as it means they can reduce the risk and cost associated with managing cash.
This service is been offered by ICICI Bank along with its acquiring partner, ICICI Merchant Services Limited (IMSL), which recently became the first acquirer in India to enable merchants to accept Maestro debit cards online.Indian private bank ICICI Bank has launched Cash withdrawal service, which allows... more
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Details at link, but below is the ranking from highest to lowest in net worth.
1 Darrell Issa (R-Calif)
2 Jane Harman (D-Calif)
3 John Kerry (D-Mass)
4 Mark Warner (D-Va)
5 Jared Polis (D-Colo)
6 Herb Kohl (D-Wis)
7 Vernon Buchanan
8 Michael McCaul (R-Texas)
9 Jay Rockefeller (D-WVa) $
10 Dianne Feinstein (D-Calif)
11 Frank R. Lautenberg (D-NJ)
12 Nancy Pelosi (D-Calif)
13 Alan Mark Grayson (D-Fla)
14 James E. Risch (R-Idaho)
15 Gary Miller (R-Calif)
16 Bob Corker (R-Tenn)
17 Rodney Frelinghuysen (R-NJ)
18 Nita M. Lowey (D-NY)
19 Kenny Ewell Marchant (R-Texas)
20 Brian P. Bilbray (R-Calif)
21 Harry Teague (D-NM)
22 Denny Rehberg (R-Mont)
23 Hillary Clinton
24 Olympia J. Snowe (R-Maine)
25 Lamar Alexander (R-Tenn)Details at link, but below is the ranking from highest to lowest in net worth.
1... more
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The Bank of East Asia (BEA) has launched derivative warrants on equities listed on the Stock Exchange of Hong Kong.
BEA said initially it will mainly focus on issuing derivative warrants on the constituent stocks of the Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI).
BEA said its derivative warrants will be offered at a competitive bid-ask spread, to give investors the opportunity to enjoy the potential investment advantages under disparate market conditions.The Bank of East Asia (BEA) has launched derivative warrants on equities listed on the... more
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Singapore Exchange (SGX) has posted an adjusted net profit of $81.7m for the second quarter of its financial year 2011, up 14% from $71.8m year-on-year.
Revenue rose 14% to $172.2m primarily due to increased trading activities in the securities market.
Adjusted return on equity was 11.3% and the earnings per share was 7.66 cents.
SGX directors have declared an interim dividend of four cents per share for second quarter of financial year 2011.Singapore Exchange (SGX) has posted an adjusted net profit of $81.7m for the second... more
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Moelis & Company, a New York-based independent investment bank, has established of a new office in Dubai, United Arab Emirates.
The Dubai office will be led by Augusto Sasso, head of MENA Investment Banking, and the team will offer financial advisory and capital raising services to clients across the Middle East and North African (MENA) markets.
Sasso will report to Mark Aedy, head of EMEA Investment Banking.
Sasso joined the Moelis & Company at its inception and previously held senior roles at Credit Suisse First Boston and Donaldson, Lufkin & Jenrette.
The team also includes a managing director Charles Noel-Johnson, who relocated to Dubai. He has been with the bank since July 2009, prior to which he was at Close Brothers Corporate Finance and JP Morgan.
The Dubai office is Moelis & Company's seventh office globally and follows the recent authorization for Moelis & Company to conduct regulated activities in the Dubai International Financial Center.
Moelis & Company CEO Ken Moelis said that opening an office in Dubai allows the company to more effectively serve clients in the region with a local presence.
"We expect MENA to experience a high rate of economic growth, increasing financial markets activity and significant cross-border capital flows for a sustained period of time.
"We are looking forward to working with clients in the region on financial transactions and strategic initiatives that add long-term value," Moelis said.Moelis & Company, a New York-based independent investment bank, has established of... more
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"The hacker battle cry of “free” information reflects either ignorance of value and ownership, or active hostility to those concepts".
[ me ] ;
-DEATH TO PARASITES.
Uhm,....yes,....I think "actively hostile" sums it up.
from the post -
CNN reports that “whistle-blowing” Swiss banker Rudolf Elmer handed the banking information of two thousand clients over to WikiLeaks. The website says it will be able to “process” and release this information in “a matter of weeks.” Elmer is facing charges for violating Swiss banking secrecy regulations.
Elmer describes himself as an “activist/reformer/banker” who decided the Swiss banking system was “damaging our society in the way money was moved.” He’s never been able to get government authorities or universities interested in the data he pilfered from the banks, so he hit on the idea of handing it over to WikiLeaks.
Once again, we see a lone “activist” violating the property and privacy rights of many others, in the belief his wisdom transcends the judgment of those he could never convince to act upon his stolen data. I’m second to none in my criticism of hidebound government bureaucracies… but where, exactly, do the Swiss go to vote against Rudolf Elmer or WikiLeaks, if they disagree with their notions of secrecy or transparency?
Are we supposed to believe that all 2000 of the accounts Elmer gave WikiLeaks belong to evil villains conspiring to dominate the world? Don’t they “own” their banking data, and therefore have some right to decide how it would be disseminated?
more-
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http://www.humanevents.com/article.php?id=41245
graphic-"The hacker battle cry of “free” information reflects either... more
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E*TRADE Financial, an online broker, has introduced a new professionally managed private investment account Unified Managed Account (UMA).
E*TRADE said the UMAs seek to maximize risk-adjusted returns by investing in a variety of investment vehicles, including individual stocks through more than 30 manager models, mutual funds, and/or exchange-traded funds (ETFs).
Portfolios may be customized to a customer's specific investment needs, as well as managed with an focus toward tax sensitivity.
E*TRADE Capital Management president & CEO Michael Curcio said the company is introduced a personalized, flexible investment solution to serve the diverse needs of customers who want professional help to meet their long-term financial objectives.
"With nearly 30% of our brokerage accounts in retirement products such as traditional and ROTH IRAs, we believe our offering is especially well-suited for customers and prospects who want help investing to reach their retirement goals," Curcio said.E*TRADE Financial, an online broker, has introduced a new professionally managed... more
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Nice Systems, a provider intent-based solutions that capture and analyze interactions and transactions, has launched Nice SmartCenter's Interaction Recording solution, a Payment Card Industry Data Security Standards (PCI-DSS) compliance solution.
Nice said the solution is to ensure compliance with the latest standards of PCI-DSS, which bans the audio recording and storage of sensitive cards validation codes and encourages contact centers to implement solutions that prevent the storage of this data.
According to the Nice, the new solution helps organizations meet the PCI-DSS mandate by leveraging the company's real-time desktop analytics for automatically pausing and resuming audio and screen recordings containing sensitive information.
The result will be a recorded interaction that doesn't contain the sensitive information as defined by the PCI DSS, such as the 3 or 4-digit card verification number.
Furthermore, the solution enables the multiple stored recordings to be played back seamlessly and in accordance with the original call flow.Nice Systems, a provider intent-based solutions that capture and analyze interactions... more
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Societe Generale Corporate & Investment Banking has agreed to purchase certain North American power and natural gas assets from Royal Bank of Scotland (RBS) Sempra Commodities, a joint venture between RBS and Sempra Energy.
The transaction was executed between SG Energie, a wholly-owned subsidiary of Societe Generale, the Royal Bank of Scotland, Sempra Energy, RBS Sempra Commodities, Sempra Energy Trading.
The assets include an established IT platform from RBS Sempra. In addition, the French bank will also take more than 130 RBS Sempra employees into its existing commodity market activities, headed globally by Edouard Neviaski.
Societe Generale Americas CEO Diony Lebot said that with this new development of bank's commodities business, the bank will be able to offer the full range of solutions to the North American clients in the energy sector.
The acquisition is also expected to enable Societe Generale to address client needs for price risk management, physical energy solutions, physical optimization, supply of physical gas and power and structured solutions.
Following this transaction, Jacqueline Mitchell and Michael Goldstein from RBS Sempra will act as co-CEOs of SG Energie, the newly integrated North American gas and power market activities, and will report to Gonzague Bataille, head of Commodity Markets in the Americas at Societe Generale Corporate & Investment Banking.
In Europe, the Societe Generale has executed the development of its natural gas and electricity market capabilities following the end of its partnership with GDF Suez in September 2010, through the joint-venture Gaselys.
Societe Generale also recruited nearly 50 employees to support these functions.
Societe Generale Corporate & Investment Banking CEO Michel Peretie said building on over 20 years of experience in the energy sector, the integration of the RBS Sempra Energy Trading business and the development in this sector in Europe, uniquely positions the bank to assist clients with tailor-made solutions combining financing and hedging expertise with new physical transaction capabilities.Societe Generale Corporate & Investment Banking has agreed to purchase certain... more
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In the video you are about to see, George Soros talks about "the creation of a New World Order", he discusses the need for a "managed decline" of the U.S. dollar and he talks at length of the global need for a true world currency. So just who is George Soros? Well, he is a billionaire "philanthropist" who came to be known as "the Man Who Broke the Bank of England" when he raked in a staggering one billion dollars during the 1992 "Black Wednesday" currency crisis. These days Soros is most famous for being perhaps the most "politically active" (at least openly) billionaire in the world. His Open Society Institute is in more than 60 countries and it spends approximately $600 million a year promoting the ideals that Soros wants promoted. Soros and his pet organizations have played a key role in quite a few "revolutions" around the globe over the last several decades, but these days the main goal of George Soros is to bring political change to the United States.
So exactly what is it that George Soros is trying to accomplish? Well, in a nutshell, what he wants is a Big Brother-style one world government based on extreme European-style socialism, strict population control and the radical green agenda. It would be a world where the state tightly regulates everything that we do for the greater benefit of the environment and of society as a whole.
However, Soros is not the "mastermind of the New World Order" that some have tried to make him out to be. The truth is that to those in the international banking elite, Soros is considered to be something of a "black sheep" and an "outsider". Much of what Soros is trying to accomplish lines up with the goals of the international banking elite, but what they don't like is that Soros won't stop publicly talking about a global currency and a "New World Order". Of course the international banking elite very much want a global currency and a "New World Order", but what they don't need is a "squeaky wheel" like Soros running around drawing unneeded attention to those goals.
Also, Soros does not seem to understand that both sides of the political spectrum in the United States are deeply influenced by the international banking elite. Sadly, the truth is that the same handful of elitist organizations has dominated the cabinets of every single president that we have had since World War II. If you doubt this, just check out how many members of each presidential administration over the last 40 years have belonged to either the Council on Foreign Relations, the Trilateral Commission or the Bilderberg Group. If you have never looked into this before, you will be absolutely shocked. No matter what president we elect, it is always the exact same organizations that always dominate their cabinets.
But Soros still seems very much trapped within the left/right paradigm and he seems absolutely obsessed with destroying the Republican Party. For example, Soros spent an insane amount of money attempting to defeat George W. Bush back in 2004. According to the Center for Responsive Politics, George Soros donated $23,581,000 during that election cycle to political organizations that were trying to keep Bush from being reelected.
Soros has also been a tremendous backer of Barack Obama, although lately Soros seems a bit disenchanted with him. Through organizations such as the Center for American Progress and MoveOn.org, Soros is constantly trying to influence the state of American politics.
So what is George Soros thinking about these days? Well, in the video posted below you will see Soros discussing "an orderly decline" of the U.S. dollar, the coming global currency and the importance of the New World Order....
more at link...Video has been removed, but may be able to be found elsewhere.In the video you are about to see, George Soros talks about "the creation of a... more
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Dubai Bank has implemented SmartStream's TLM Corona to deliver more efficient nostro and central bank account reconciliations.
Dubai Bank implemented the Cash and Investigations as the first modules of its new reconciliations factory, which will eventually act as a single transaction processing platform across the bank's business.
The solution is currently processing nostro and central bank transactions, with plans in place to introduce the new reconciliation types over the next 12 months, said SmartStream.
This enterprise-wide approach provides a single platform that can be expanded in the future, in a modular way, to include all of the bank's reconciliation requirements.
Dubai Bank chief information officer Faizal Eledath said the decision to use SmartStream was based on its strong reputation for its reconciliations products and its ability to deliver proven software to a large and diverse range of clients.
"Furthermore, it also offered local reference visits to see the solution in a live business environment and local support through the office in Dubai, which was important to us.
"With TLM Corona now live we are seeing significant improvements in our transaction processing, with a higher volume of reconciliations taking less than half the time they used to in the manual environment. Loading transactions has also been cut from around two hours to just 15 minutes, while the number of staff required to manage the entire process has been reduced by half," Eledath concluded.Dubai Bank has implemented SmartStream's TLM Corona to deliver more efficient... more
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American Express has appointed Paul Fabara as new executive vice president, Global Credit Administration.
In this role, Fabara will be responsible for worldwide credit, collections and fraud operations. He will succeed Larry Sharnak, who announced his retirement in September 2010.
Fabara, who will be based in New York, will report to Steve Squeri, group president, Global Services.
Fabara will join American Express from Barclays Bank in London where he most recently served as managing director and global head of operations, regulatory, implementation and planning. He also served as global chief operating officer of BarclayCard.
Squeri said Paul brings a truly global view, having run multiple worldwide businesses and worked in both the US and the UK. He has deep credit and operations experience, honing his management skills at firms including Barclays, Alliance Data Systems and Providian.American Express has appointed Paul Fabara as new executive vice president, Global... more
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ICICI Bank, an Indian private sector bank Vodafone Essar, a mobile network operator in India, have entered into a joint initiative to drive financial inclusion in the country.
Under this partnership, both entities will offer a range of financial products such as savings accounts, pre-paid instruments and credit products through a mobile phone based platform.
The ICICI bank said that the partnership is expected to bring the un-banked and under-banked population into the organized financial services framework and assist in furthering the electronic payments market in India.
The partnership between ICICI Bank and Vodafone is a step in the direction of Reserve Bank of India (RBI) to facilitate banks to achieve the financial inclusion agenda.
ICICI Bank managing director and CEO Chanda Kochhar said the partnership with Vodafone will help the bank in deepening its base within the country.
Vodafone Essar managing director & CEO Marten Pieters said the RBI move to allow for-profit companies to be business correspondents is a welcome move that will enable the population better access to financial services.ICICI Bank, an Indian private sector bank Vodafone Essar, a mobile network operator in... more
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