Archive for September, 2009
Kansas City Fed Bank President Says Cut Debt, Be Firm On Interest Rates
President of the Kansas City Federal Reserve, Thomas Hoening said in a speech given at the annual meeting of the Kansas Banking Association that actions need to be taken in reducing the nation’s debt, both federal and consumer. The speech, which Hoening gave at the meeting about a month ago, was released Friday. His comments [...]
Will Rand Paul Take up the Federal Reserve Fight in the Senate?
Over the last few months, there has been a growing movement to bring transparency and new levels of accountability to the US Federal Reserve. Congressman Ron Paul has been leading the fight in the House of Representatives. There’s no champion fighting in the US Senate to bring accountability to the Federal Reserve, but that might [...]
Bank of America: Federal Oversight Still Needed
Bank of America (NYSE: BAC) has lost $5.7 billion in 2009 and is not expecting a strong second half of the year. Bank of America is hoping to get out of the eyes of the US Treasury by repaying their TARP loans, but BofA’s financials indicate that some Federal oversight should continue. Bank of America [...]
Reasoning of FDIC Behind New Supervisory Procedures of Newly Insured Banks
The reasoning behind the FDIC’s decision to increase the supervisory period over new banks from three to seven years is faulty to me, although it won’t hurt the banks in general. What the FDIC drew their conclusion from was data showing that from 2000 to 2007 only 10 percent of new banks failed, while from [...]
U.S. Committed to Implement Basel II Banking Rules, Geithner Says
U.S. Treasury Department officials stated on Saturday that the United States is committed to implementing Basel II capital rules for banks in order to ensure the financial stability of U.S. banks. Some differences have emerged in London over U.S. Treasury Secretary Timothy Geithner’s proposals for reform of capital set-aside requirements rule for banks, with some [...]
Review of Murray Rothbard’s “The Case Against the Fed”
Now that for the first time since its creation the highly secretive Federal Reserve is starting to be brought out into the light as to its real purpose and counterproductive practices which harm, rather than help the economy. While everyone should get a copy of Ron Paul’s “End the Fed,” to be available on September [...]
Statement from G20 on How They’re Going to Strengthen Financial System
Over the last couple of days financial leaders from the G20 countries and Central Bank Governors got together to talk about what they should do going forward in strengthening the global financial system, which has broke down in the midst of the worst economic conditions since the Great Depression. They do talk about the Basel [...]
InBank, Platinum Community Bank, Vantus Bank and Others Fail
Like clockwork, Federal regulators took over five banks spanning across Arizona, Illinois, Iowa and Missouri today, bringing the total number of bank failures to 89 amid the worst financial crisis since the Great Depression. The two banks that were shut down in Illinois today were InBank of Oak Forest, IL and Platinum Community Bank of [...]
How Kennedy’s Death Will Impact Congress’s Wall Street Reform Efforts
President Obama’s effort to reboot how the Federal Government regulates wall street could face major problems if Senator Tim Johnson, whose home state of South Dakota is a major hub for Credit Card companies, takes over the chairmanship of the Senate’s banking committee. After the death of Senator Edward Kennedy, the major question will be [...]
HSBC Holdings to bid for ING’s Private Banking Assets
HSBC Holdings PLC (NYSE: HBC) submitted a bid to purchase ING Groep NV’s (ING) private banking assets, according to the Wall Street Journal and several other sources. ING put up both its Asian and Swiss private banking assets for sale and potential purchasers of those assets can choose to bid on either one of both [...]
Private Currencies: What if the US Dollar Went Away?
There’s a growing movement to privatize the banking industry. Many are calling for reform. Some want to audit the Federal Reserve, others, such as Representative Ron Paul from Texas want to end the Federal Reserve all together. Others want to get the Federal Government out of the banking industry all together. In a wave of [...]
Editorial: Is Focus on Bank CEO Pay a Smokescreen for Federal Reserve?
There are a lot of ignorant and clueless writers who attempt to make it sound like the pay structure of Wall Street CEOs could have been behind the failure of the banking system: fractional reserve banking and the Federal Reserve. Now that most of the big banks took bailout money in America, that assertion has [...]
Senator Schumer Pushes Change In SEC Funding Following Madoff Failures
New York Senator Charles Schumer, Democrat, released a statement on Thursday listing his intent to push a proposal that would change the Securities and Exchange Commission’s method of funding, providing the agency access to millions more in funds. The move is sparked by a report that listed the SEC staff’s lack of experience as the [...]
Citigroup Shareholders Authorize Common Stock Increase, Gov’t Stock Conversion Begins
Citigroup (NYSE: C) announced Thursday that shareholders approved a proposed authorization to substantially increase the number of outstanding common stock. The move was needed for Citigroup to proceed with a share exchange, giving the U.S. government and other private investors common stock for their interim investments. Interim securities were received on July 23, 2009 by [...]
Bank of Kentucky Acquires Three Branches of Integra Bank Corp.
Struggling Integra Bank (NASDAQ: IBNK) will sell three of its bank branches based in northern Kentucky to Bank of Kentucky, and sell off assets of two other branches to the bank, which it will close down. “This divestiture will enhance the capital strength of Integra and allow us to focus on our core community banking [...]
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