Archive for December, 2009
Criminal Cyberhackers Drain $40 Million from US Bank Accounts in 2009
Most of us know about the threat faced by criminals working to steal our credit card numbers, but a growing threat to our capital has grown from these cyberhackers who have figured out a number of ways to access corporate bank accounts and draw money out of them. 2009 has been an especially bad year, [...]
Bank Closings for 2009 Surge to 133 as FDIC Seizes Three More
The Federal Deposit Insurance Corp. (FDIC) seized three more banks on Friday, bringing the total for the year to 133, with hundreds more on the problem bank list for next year, which could see a lot more failures going forward. This week, banks in Florida, Kansas and Arizona succomed, costing an estimated $252 million more [...]
Democrats Continue to Push Fascist Banking Regulation Agenda
Democrats continue their controversial slide away from liberty and freedom, as they move toward a fascist government, which they seek to embed in the economic system of America. Fascism, as Paxton wrote, deals with a “form of political behavior marked by obsessive preoccupation with community decline, humiliation or victimhood and by compensatory cults of unity, [...]
Citigroup (NYSE: C) Could Exit TARP with Strong Capital Reserves
United States Treasury Secretary Timothy Geithner said on Thursday that the government doesn’t want banks to repay their TARP liabilities if it leaves them short on capital, but that may not be a problem for Citigroup (NYSE:C). During a Congressional hearing on Thursday related to the Troubled Asset Relief Program, Geithner said “We are not [...]
President Obama Calls JP Morgan (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC) Executives “Fat Cats” that “Don’t Get It”
President Obama and his team of economic advisors lashed out at large-cap banks calling bank executives “fat cats” that “don’t get it” in a move that will certainly escalate tensions between the nation’s largest banks ahead of a meeting between the White House and industry executive. Mr. Obama, speaking just one day before tomorrow’s meetings [...]
American Banking News Twitter Updates for the Week of 2009-12-13
Six more banks closed, total hits 130 this year – BloggingStocks (blog) http://tinyurl.com/yz3wquk #Econ # Venezuela Jails Brother Of Top Official In Bank Probe – Wall Street Journal http://tinyurl.com/yknrsfg #Econ # Venezuela Pres Says Top Ally Resigns On Bank Scandal – Wall Street Journal http://tinyurl.com/y8pwkko #Econ # Treasury Said to Link Citi Stake Sale to [...]
Will Citibank (NYSE:C), JPMorgan (NYSE:JPM), Others, Regret Connections to Corrupt ACORN Organization?
In an attempt to hide its activities from the investigation of California Attorney General Jerry Brown, ACORN dumped thousands of documents into a dumpster which could result in class action lawsuits against banks working with the corrupt ACORN organization. Especially vulnerable at this time is Citibank (NYSE:C), and to a lesser extent, JPMorgan (NYSE:JPM). Documents [...]
Canadian Finance Minister Jim Flaherty Says ‘No’ to Proposed International Tax on Bank Bonuses
The Finance Minister of Canada, Jim Flaherty, is rightly rejecting proposals from some leaders of the G8 for an international tax on bank bonuses, as he’s not interested in ‘punishing’ those who work in a highly profitable Canadian industry. Referring to the misguided decisions by British and French officials to tax bank bonuses at a [...]
U.S. Federal Judge Declares Swiss Banker, Lawyer Fugitives From Justice
In its ongoing attack on the Swiss banking system, the U.S. continues to pursue alleged cases of Swiss bankers helping Americans hide assets in Swiss banks. The most recent has U.S. District Judge Daniel T.K. Hurley declaring Swiss banker Hansruedi Schumacher and attorney Matthias Rickenbach fugitives from justice in connection to charges of aiding Americans [...]
JP Morgan Chase (NYSE: JPM) Helps Feeding America Org., Donates $5 Million
JP Morgan Chase (NYSE: JPM) announced Thursday that its Chase unit has donated $5 million to Feeding America, which is the country’s largest hunger relief organization. According to Feeding America, the donation marks the largest one-time corporate gift it has ever received. Chase’s donation is planned for use in operating 34 trucks, which includes 13 [...]
Jim Rogers: “The Fed is making our lives miserable … Audit It, Then Abolish It”
Saying the Federal Reserve is the only institution in the world he knows of that isn’t audited, famed investor and author Jim Rogers said in an interview, “It’s incomprehensible to me these people are saying they have no reason to be audited — they must have done something wrong, must have something to hide.” This [...]
Citigroup’s (NYSE:C) Pandit Pushing Hard for TARP Repayment Agreement
With public sentiment strong against the companies that have received TARP funds, the stigma associated with it, and the government interference that accompanies it, Citigroup Inc. (NYSE:C) CEO Vikram Pandit has been pushing hard to work out a deal to repay the funds as quickly as possible. Once Bank of America (NYSE:BAC) CEO Kenneth Lewis [...]
Will Institutional Investors Return to Citigroup? (NYSE: C)
Institutional stock ownership in Citigroup (NYSE: C) has dropped significantly as major investment units have pulled out of the firm. Currently, only 20% of Citigroup’s shares are owned by institutional investors, but an exit of the government’s ownership in Citigroup could lead to a re-entry by pension funds and mutual funds. Currently the U.S. government [...]
Treasury Departments Limits Salary of Mid-Level Executives at Citigroup (NYSE: C), AIG (NYSE: AIG), General Motors (NYSE: GM), Chrysler, and GMAC (NYSE: NYSE:GMA).
The Treasury Department’s Paymaster Kenneth Feinberg is now taking aim at compensation packages for mid-level executives at several firms including Citigroup (NYSE: C), AIG (NYSE: AIG), General Motors (NYSE: GM), Chrysler, and GMAC (NYSE: NYSE:GMA) on the heels of limiting compensation for top-level executives. According to the Treasury Department’s new guidelines, fewer than 10 of [...]
Goldman Sachs (NYSE: GS) To Eliminate Bonuses For Few Senior Executives
Goldman Sachs (NYSE: GS) announced on Thursday that it would eliminate cash bonuses for a small number of top officers, opting to pay them instead in company stock options. The move only affects a small number of senior executives and is widely interpreted as a move to placate public anger, reduce the threat of potential [...]
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