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F.D.I.C. Approves ‘Too Big to Fail’ Plan
A top banking regulator approved a plan to seize and unwind big banks — a proposal that will help address those “too big to fail” firms whose collapse could imperil the financial system.
The board of Federal Deposit Insurance Corporation voted unanimously on Tuesday to approve a set of proposed rules intended to create an orderly process to unwind large financial institutions. The rules outline how creditors can file a claim and how those claims will be addressed, hopefully bringing some clarity to a previously murky situation.
The vote moves the proposal into a 60-day public comment period, after which the agency will have to settle on final rules. The rule would apply to big banks, financial firms and large nonfinancial companies that pose a systemic risk to the broader economy.
“Today’s action is another significant step toward leveling the competitive playing field and enforcing market discipline on all financial Read more…
After the ecstasy of revolution, the Bankers quietly begin carving up Egypt and North Africa
By Richard Eastman
21st Century Wire
Feb 25, 2011
The European Bank for Reconstruction and Development (EBRD) is ready to lend one billion EUROS a year to Egypt for reconstruction and “free-market reform”- even as Egypt’s Minister of Finance Samir Radwan has gone begging to the City of London bankers and the British Ministry of Trade and Investment for relief on debt payments that are about to throw Egypt into bankruptcy.
All this, as Egypt has been such a good boy with regards to privatization and austerity, measures which awarded Egypt its celebrated 7 percent growth rate- mostly in investments that will end up in international hands as ventures fail to pay out with ever diminishing Egyptian domestic purchasing power.
FRESH CYCLES OF DEBT
First EBRD will lend at interest and build what they want backed by Egyptian collateral and the value of the projects themselves. Then when it turns out they can’t make the debt payments because of all the interest we have sucked from them, we take over all of the assets we have developed. That’s freedom and EBRD is really going to give it to them. After all EBRD is experienced at this. In 1991 the EBRD was organized to financially lead Russia and Eastern Europe in their transition from paternalistic socialism to sustainable free-market economies open to international Read more…
Banks spying on your bills, rent payments, paychecks: report
This article was published a few months ago, however, it is worth re-posting!
The age of the plain old credit score is gone, says a report at the Wall Street Journal, and it’s been replaced by ever more intrusive efforts by banks and credit agencies to gauge exactly what you’re worth, and what you can pay.
To that end, financial firms are now tracking their customers’ bank deposits, rent payments or home values, and even utility bills to figure out who may soon become a financial risk, reports WSJ‘s Karen Blumenthal.
So, for example, if your employer pays you through direct deposits and those deposits stop, financial institutions can now have warning that your money situation is likely to tighten, and may deny you credit on that basis.
But the efforts don’t end there. A new area of research, income estimation, “took off earlier this year,” WSJ reports, and involves financial firms collecting information about mortgages, personal loans and credit history to determine how much an individual makes and how much credit they should be given.
In this new era of deep data-mining, even your utility bills and rent Read more…
CIA Director Leon Panetta Warns of Possible Cyber-Pearl Harbor
Top Intelligence-Security Officials Say Computer Attacks Increasing
By JASON RYAN
Top U.S. intelligence officials have raised concerns about the growing vulnerability the United States faces from cyberwarfare threats and malicious computer activity that CIA Director Leon Panetta said “represents the battleground for the future.”
“The potential for the next Pearl Harbor could very well be a cyber-attack,” he testified on Capitol Hill Thursday before the House Permanent Select Committee on Intelligence.
Director of National Intelligence James Clapper also appeared, telling the committee, “This threat is increasing in scope and scale, and its impact is difficult to overstate.”
There are roughly 60,000 new malicious computer programs identified each day, Clapper said, citing industry estimates.
“Some of these are what we define as advanced, persistent threats, which are Read more…
The Illuminati’s Secret 20 Trillion Dollar Bank
by Zen Gardner
Of all the scams, the worldwide banking system is one of the most mind-boggling. Never mind the entire false premise of fiat money and the debt system, that vast amounts of this illusory “currency” get shifted every micro-second just begs deceit and piracy.
Trouble is, if you “buy into it” you’re already ensnared, and it’s either eat, or be eaten. That’s their design.
Ownership by Whom?
The estimated value of the Rothschild family’s total holdings is at 500 Trillion dollars. So what. The entire planet is supposedly “owned” by a very small percentage of people. So?
Can anyone “own” anything? Ownership is a temporary power trip for the unenlightened–everything always gets passed on. Like the temporary unit we all live in called our body, it’s an illusion that anyone can “live forever” physically never mind truly “possess” anything if we look at things truthfully.
However…
That would be fine if it was just a matter of perception. Trouble is, these ultra-possessive creeps called the Read more…
$2,000 Gold And 10 More Surprising Predictions From Credit Suisse
Gold is negatively correlated with real Fed fund rates
You’re not going to make money betting on the consensus. So if you’re looking for contrarian investments, Credit Suisse’s Andrew Garthwaite has picked out 11 economic events that are more likely than anyone thinks.
Surprise scenarios include $2,000 gold
by year-end. Several factors support this “surprise” including:
- Gold goes up when real Fed fund rates are negative — and they are
- Excess leverage leads to money printing or default
- China and Japan haven’t started Read more…
Do not use Safety Deposit Boxes
U.S DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS – IN WRITING – IT MAY INSPECT SAFE DEPOSIT BOXES WITHOUT WARRANT AND SEIZE ANY GOLD, SILVER, GUNS OR OTHER VALUABLES IT FINDS INSIDE THOSE BOXES!
According to in-house memos now circulating, the DHS has issued orders to banks across America which announce to them that “under the Patriot Act” the DHS has the absolute right to seize, without any warrant whatsoever, any and all customer bank accounts, to make “periodic and unannounced” visits to any bank to open and inspect the contents of “selected safe deposit boxes.”
Further, the DHS “shall, at the discretion of the agent supervising the search, remove, photograph or seize as evidence” any of the following items “bar gold, gold coins, firearms of any kind unless manufactured prior to 1878, documents such as passports or foreign bank account records, pornography or any material that, in the opinion of the agent, shall be deemed of to be of a contraband nature.”
DHS memos also state that banks are informed that any bank employee, on any level, that releases “improper” “classified DHS Security information” to any member of the public, to include the customers whose boxes have been clandestinely opened and inspected and “any other party, to include members of the media” and further “that the posting of any such information on the internet will be grounds for the immediate termination of the said employee or employees and their prosecution under the Patriot Act.” Safety deposit box holders and depositors are not given advanced notice when failed banks shut their doors.
If people have their emergency money in a safe deposit box or an account in a bank that closes, they will not be allowed into the Read more…
HIGH RANKING BILDERBERG MASON SPILLS THE BEANS ON HIS DEATH-BED
worthless as THEY usher in the new One World Currency. The world as we know it now will be completely different in 2012. Disruption of
currencies plotted so pull your money out of the Banks, spend it NOW!
“China are the strong ones” – China are the New World Order
Leaders with America reduced to Third World status! Timothy Geithner of the US Treasury speaks fluent Chinese! (KEVIN RUDD SPEAKS MANDARIN ALSO. ED.) Within 2 years we will not recognize America. The Elites have altered their Time Line. After 2 years we will be so poor, we will not be able to rebel!
3 – Gold and Silver is all you can rely on – convert your assets and
cash to Gold ASAP – Urgent. Don’t hang around because the Illuminati are going to crash the banks further very soon. We are entering into a depression whereby we are ALL going to be utterly poor within two years from now – peasant attitude and peasant way of life.. Don’t depend on Real Estate, Assets!
4 – Crude Oil will be $150 – $200 per barrel in the next Read more…
Bank of America posts loss on mortgage problems
Joe Rauch
and Maria Aspan
CHARLOTTE, N.C./NEW YORK, Jan. 21, 2011 (Reuters) — Bank of America Corp, the largest U.S. bank, reported weaker-than-expected revenue and a second straight quarterly loss after its limping mortgage business triggered writedowns and legal settlements.
As the financial crisis was ramping up, then Chief Executive Kenneth Lewis bought Countrywide Financial Inc for $4.2 billion. Current CEO Brian Moynihan is still coping with the aftermath.
In the fourth quarter, Bank of America took a writedown of $2 billion to recognize the declining value of Countrywide. The bank also set aside $4.1 billion for legal costs linked to home loans it is buying back from investors, or is likely to buy back.
“Countrywide is still hurting them and it will continue to. It’s like a tooth being pulled — it’s only going to feel good when it’s done,” said Matt McCormick, portfolio manager at Bahl & Gaynor Investment Counsel Inc in Cincinnati, which does not own Bank of America shares.
It was not clear how Bank of America’s results compared with analysts’ average estimates, given the profusion of special items in the report. Read more…
I Warned That Banks Will Soon Be Forced To Walk Away From Homes… Guess What!
About 4 months ago, I claimed that Banks Will Be Forced to Forgo Certain Foreclosures, Even If the Borrower Has Admittedly Defaulted! In summary:
Without an economic incentive to foreclose, it would not be in the bank shareholders best interests to pursue foreclosure even though borrowers clearly defaulted & owe money to the lender. The economics of distressed assets in mortgage and commercial banking are quickly changing. I am quite open to discussing this in the mainstream media if any are interested in hearing the “Truth go Viral!” I want all to keep this in mind when pondering the release of reserves by the banks.
This was taken by many readers as sensationalist and unlikely. As a matter of fact, much of my writing is taken in a similar way, most likely due to the fact that I have an uncommon proclivity to state things exactly as I see them, sans the sucrose patina. This is not a pessimistic (bearish) outlook, nor an optimistic (bullish) outlook. It is simply called, the TRUTH! Realism! Something that is increasingly hard to come by in these days of media for a purpose and embedded agendas.
You see, the United States, much of Europe, and China have sever balance sheet issues that are ravaging their respective economic prospects. The media, analysts, and investors are gingerly mozying along as if this is not the case. Well, no matter how hard you ignore certain problems, no matte how hard you try to kick the can down the road – the issues really do not just “disappear” on their own.
With these points in mind, let’s peruse this piece I picked up from the Chicago Tribune: More banks walking away from homes, adding to housing crisis blight: the bank walkaway.
Research to be released Thursday, the first of its kind locally, identifies 1,896 “red flag” homes in Chicago — most of them are in distressed African-American neighborhoods — that appear to have been abandoned by mortgage servicers during the foreclosure process, the Woodstock Institute found.
Abandoned foreclosures are increasing Read more…
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