Banking Crisis // Current TV

Police refuse to foreclose 103 yr old lady

Maybe there is some justice in this world.

lazloman
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2 months ago
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36 comments

Banks Continue 'Robo-Signing' Foreclosure Practices In Spite Of Promises To Contrary: Investigation

NEW YORK/IMMOKALEE (Scot J. Paltrow) - America's leading mortgage lenders vowed... more

letsliveinpeace
added this
7 months ago
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4 comments

Subprime Foreclosures and the 2005 Bankruptcy Reform

Is it just coincidence that subprime foreclosures surged right after the bankruptcy... more

Schnookums
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1 year ago
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0 comments

WikiLeaks next target - the banks

Just a day after their big scoop WikiLeaks announced plans to release tens of... more

sbacker
added this
1 year ago
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82 comments

Eric Cantona's revolution: Kill the banks

So Eric kick-the-fan-turn-actor-going-on-a-rant Cantona don't think that... more

sbacker
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1 year ago
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2 comments

GLOBAL POLITICAL AWAKENING: Is An ATM Cash Shortage Coming?

While we have no way to confirm or refute the validity of this statement presented by... more

GLOBALPOLITICAL
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1 year ago
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0 comments

GLOBAL POLITICAL AWAKENING: ATMs Crash Across the Country After "Bank Holiday" Warnings

Following rumors of a “bank holiday” that could limit or prevent... more

GLOBALPOLITICAL
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1 year ago
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0 comments

The Washington-Wall Street Kabuki Dance

By Sheldon Richman More theater than reality: When I watch the public furor... more

Dagum
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1 year ago
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2 comments

Op-Ed Columnist - The Other Plot to Wreck America - NYTimes.com

Without a doubt these Banksters are treasonist individuals who are killing America.... more

kennymotown
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2 years ago
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1 comment

Take Your Money Out of the Hands of the Banking Oligarchs

How? For starters, you could move your money to a small bank.

Monkey_Films
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2 years ago
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1 comment

MOVE YOUR MONEY: Transfer Your Money From Big Banks To Community Banks

Last week, over a pre-Christmas dinner, the two of us, along with political strategist Alexis McGill, filmmaker/author Eugene Jarecki, and Nick Penniman of the HuffPost Investigative Fund, began talking about the huge, growing chasm between the fortunes of Wall Street banks and Main Street banks, and started discussing what concrete steps individuals could take to help create a better financial system. Before long, the conversation turned practical, and with some help from friends in the world of bank analysis, a video and website were produced devoted to a simple idea: Move Your Money.

The big banks on Wall Street, propped up by taxpayer money and government guarantees, have had a record year, making record profits while returning to the highly leveraged activities that brought our economy to the brink of disaster. In a slap in the face to taxpayers, they have also cut back on the money they are lending, even though the need to get credit flowing again was one of the main points used in selling the public the bank bailout. But since April, the Big Four banks -- JP Morgan/Chase, Citibank, Bank of America, and Wells Fargo -- all of which took billions in taxpayer money, have cut lending to businesses by $100 billion.

Meanwhile, America's Main Street community banks -- the vast majority of which avoided the banquet of greed and corruption that created the toxic economic swamp we are still fighting to get ourselves out of -- are struggling. Many of them have closed down (or been taken over by the FDIC) over the last 12 months. The government policy of protecting the Too Big and Politically Connected to Fail is badly hurting the small banks, which are having a much harder time competing in the financial marketplace. As a result, a system which was already dangerously concentrated at the top has only become more so.

We talked about the outrage of big, bailed-out banks turning around and spending millions of dollars on lobbying to gut or kill financial reform -- including "too big to fail" legislation and regulation of the derivatives that played such a huge part in the meltdown. And as we contrasted that with the efforts of local banks to show that you can both be profitable and have a positive impact on the community, an idea took hold: why don't we take our money out of these big banks and put them into community banks? And what, we asked ourselves, would happen if lots of people around America decided to do the same thing? Our money has been used to make the system worse -- what if we used it to make the system better?

Everyone around the table quickly got excited (granted we are an excitable group), and began tossing out suggestions for how to get this idea circulating.

Eugene, the filmmaker among us, remarked that the contrast between the big banks and the community banks we were talking about was very much like the story in the classic Frank Capra film It's a Wonderful Life, where community banker George Bailey helps the people of Bedford Falls escape the grip of the rapacious and predatory banker Mr. Potter.

It was a lightbulb moment. And, unlike the vast majority of dinner conversations, the excitement over this idea didn't end with dessert. It actually led to something -- thanks in great part to Eugene and his remarkable team, who got to work and, in record time, created a brilliant, powerful, and inspiring video playing off the It's a Wonderful Life concept. Watch it below.

http://www.huffingtonpost.com/arianna-huffington/move-your-money-a-new-yea_b_406022.htmlLast week, over a pre-Christmas dinner, the two of us, along with political strategist... more

atomiclegion
added this
2 years ago
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6 comments

Open Up AIG!

A.I.G. was at the center of the web of bad business judgments, opaque financial... more

atomiclegion
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2 years ago
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0 comments

Bank of America gets sued for Billions

BNP and Deutsche Bank have sued Bank of America in federal court in Manhattan. Both accuse Bank of America of breaching its custodial and trustee duties to Ocala. The suits shed light not only on the complexities of the mortgage machine but on how failsafe mechanisms in these byzantine structures didn’t work.

People familiar with the mortgage machine’s innards say problems were industrywide.

“If you look at the way these structures were built up, there were supposed to be safeguards at every step to make sure all these things were done properly,” said O. Max Gardner III, a lawyer in Shelby, N.C., who represents financially troubled consumers. “When you see so many problems across the country with the total inability to produce the documents, then it really makes you wonder: did they really do this?”

According to the court documents, Bank of America dropped a number of balls. It improperly transferred $3.7 billion out of Ocala to accounts that had no connection to the investment vehicle, Deutsche Bank said, and it didn’t track the mortgages bought and sold on behalf of Ocala. Bank of America also misstated the amount of mortgages held as security for Ocala, the suit contends.

Last August, for example, after Taylor Bean failed, Bank of America reported that Deutsche Bank’s investment was secured by mortgages valued at over $1.16 billion. But, Bank of America’s records showed at least $470 million of these mortgages had already been delivered to Freddie Mac, the lawsuit said. Ocala’s trustee “failed to maintain internal documentation necessary to establish Ocala’s ownership of purchased mortgages,” Deutsche Bank maintains.

Asked about the lawsuits, a Bank of America spokesman provided a statement: “We share BNP and Deutsche Bank’s concern about the handling of funds by Taylor, Bean & Whitaker and Colonial Bank and have been actively pursuing recoveries in the Colonial and TBW bankruptcies on behalf of these and other investors in the Ocala facility.”

http://www.nytimes.com/2009/12/13/business/13gret.html?_r=1BNP and Deutsche Bank have sued Bank of America in federal court in Manhattan. Both... more

jeffissleeping
added this
2 years ago
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2 comments

Elizabeth Warren's new model for Wall St.: 'If you can't explain it, you can't sell it'

In Elizabeth Warren's world, credit card contracts would be so simple a teenager... more

atomiclegion
added this
2 years ago
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16 comments

'WE MAY HAVE TO SACRIFICE JUST TWO MORE JOBS TO SAVE THE ECONOMY... Fire Geithner, Summers

Rep. Peter DeFazio called for the firing of President Barack Obama's top two... more

atomiclegion
added this
2 years ago
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1 comment

Biden On The Bailout: 'Socialism For The Rich And Capitalism For The Poor' (VIDEO)

In an interview with Jon Stewart on Comedy Central's The Daily Show Tuesday... more

atomiclegion
added this
2 years ago
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1 comment

"Showdown In Chicago": Protesters Crash Bankers Convention, (VIDEO, IMAGES)

Via National People's Action, here is some footage from the protesters at the ABA conference. From the footage, it's clear there are some strong emotions from the protesters.

At one point a protester grabs a megaphone and says:

"The American Bankers Association has helped loosen the rules that protect us, allowing the unfettered greed that has brought us to the brink of a recession. And for those bankers who are members and support the ABA's war against the working and middle class, shame on you!"

The crowd soon begins chanting "Shame On You!" in unison.

Via Progress Illinois' Twitter feed, here's more video of Sen. Durbin's speech. In this section, he calls for a "showdown" with Wall Street.

According to the Twitter feeds of National People's Action and the SEIU, the protesters are headed to the ABA's "Roaring '20s"-themed cocktail party. (Perhaps the ABA is not aware of the irony of having such an event.)

Sen. Dick Durbin spoke in front of the protesters earlier today. Here's a clip from the video, in which Durbin tells the story of homeowner who was struggling to stay in her home -- and was apparently talked into agreeing to a seemingly atrocious mortgage. The woman's mortgage was riddled with hidden fees and by, "the types of things even a Wall Street lawyer couldn't explain to anyone," Durbin said.

The American Bankers Association's annual convention in Chicago has become the scene for a series of major protests, which are set to continue through Tuesday. Dubbed "the Showdown in Chicago." (http://www.showdowninchicago.org/index.html) (Check back here frequently for updates on the protests.)

Groups like the National People's Action, the Service Employees International Union, Americans For Financial Reform and the AFL-CIO are expected to turn out with thousands of protesters. Sen. Richard Durbin (D - Illinois) is scheduled to address the protesters Sunday evening. Conference speakers include Newt Gingrich, conservative columnist George Will and FDIC chairman Sheila Bair.

Check out these photographs of the "Showdown in Chicago," taken by organizers of the protest.

http://www.huffingtonpost.com/2009/10/25/showdown-in-chicago-prote_n_333245.htmlVia National People's Action, here is some footage from the protesters at the ABA... more

atomiclegion
added this
2 years ago
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4 comments

Citigroup prepares to fight banking reform

Citigroup has hired banking industry lobbyist Richard F. Hohlt, the man who blocked... more

MadhouseMuse
added this
2 years ago
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4 comments

Feds (FDIC) may be asking Banks to bail them out

WASHINGTON — Tired of the government bailing out banks? Get ready for this:... more

bansheewail
added this
2 years ago
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5 comments

US unveils banking reform plans

The US government has announced a major reform of banking regulation to prevent future... more

ras_menelik
added this
2 years ago
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3 comments

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