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Bankers Continue to Fight Honest Home Loan Disclosure Closing Costs
In the battle to provide home loan estimate costs that closely reflect the reality at closing, major banking groups like the Mortgage Bankers Association, American Bankers Association, the American Escrow Association, the American... More of this article »
Editorial: Wells Fargo (NYSE:WFC) Battles IRS Over SILO Deals
In a typical scenario where one arm of the government – in this case the IRS – doesn’t know what another arm of the government is doing, the IRS has continued to legally pursue Wells Fargo (NYSE:WFC) over SILO deals... More of this article »
Feds Knew About Merrill Lynch Bonuses Says Court Documents in Bank of America (NYSE:BAC) Case
It doesn’t come as a surprise that court documents in the Bank of America (NYSE:BAC) case alleging the institution withheld information from the government about bonuses awarded to executives at Merrill Lynch before they took... More of this article »
Pay Czar Asks AIG (NYSE: AIG) Not Pay Full Retention Bonuses
Executives in the Financial Products Group at American International Group have paid back just over 40 percent of the $45 million in promised bonus repayments. However, now it looks as if the remaining $26 million in expected repayments... More of this article »
Wells Fargo (NYSE:WFC) Raising Credit Card Interest Rates 3 Percentage Points Before New Limits Put in Place
Wells Fargo & Co., of which Warren Buffett has a large stake via his Berkshire Hathaway (NYSE:BRK.A) holding company, has decided to raise its interest rates on credit cards by 3 percentage points before the upcoming rules are... More of this article »
Inspector General Says U.S. Treasury Mislead Public
The inspector general that oversaw the government’s bailout of the U.S. banking system has is criticizing the Treasury Department for making misleading public statements last fall to the publish and suggested that the US Treasury... More of this article »
Pay Czar Feinberg Expected To Cut Salaries
According to recent reports, President Obama’s Pay Czar Kenneth Feinberg is expected to cut part of the cash many top Wall Street Executives receive as part of their annual salary. The move would only impact executives and top... More of this article »
Support for Ron Paul’s Audit of the Federal Reserve Grows: Over 300 Co-sponsors Now on Board
Understanding that the highly secretive Federal Reserve has had a major role in undermining the value of the U.S. dollar, and unregulated and unaccountable non-government agency had pretty much done whatever it has wanted almost since... More of this article »
Editorial: Everyone Needs a Strong U.S. Dollar? – Too Late!
Listening to the financial leaders of the Group of Seven as they head to Istanbul for talks saying there is a need for a strong U.S. dollar, is ludicrous in the face of the practices of the central banks across the globe, and specifically... More of this article »
Federal Reserve President of Boston Says Stimulus Must Continue
Eric Rosengren, President of the Boston’s Federal Reserve Bank, said that the central bank and the government should continue its pro-growth economic policies until a self sustaining recovery is assured. In a recent speech to a business... More of this article »
Editorial: Bernanke Caves on Obama’s Provision of Adding More Power to the Fed – Is it Real or a Ploy?
Growing pressure on the beleaguered Federal Reserve has Federal Reserve Chairman Ben Bernanke backpedaling on his original desire to see the Federal Reserve invested with even more power concerning oversight of “systemic risk.” Even... More of this article »
The FDIC is Out of Money – Now What?
Now that the FDIC has effectively admitted they’ve run out of money in the Deposit Insurance Fund, what does that mean to for the banking system in the U.S., and the consumers and businesses using them? First we have to understand... More of this article »
Destroyed Phone Coversations Prompt New Calls for Further Investigation into Countrywide’s VIP Loan Scandal
Although Democrat Senators Chris Dodd and Kent Conrad were cleared of violating any gift rule for accepting loan discounts in Countrywide’s VIP loan program, they were admonished at the time for being lax in how they handled the... More of this article »
FDIC Exploring Pre-Pay Fee Option In Order To Replenish Deposit Fund
In another possible move to replenish a severely depleted deposit insurance fund; The Federal Deposit Insurance Corporation is considering asking member banks to pre-pay $36 billion in fees in order to boost the funds reserves, according... More of this article »
Atlanta-Based “Georgian Bank” Marks 95th Bank Failure of 2009
Georgian Bank, located in Atlanta, was shut-down by federal regulators on Friday, marking the 95th bank failure in 2009. Georgian Bank was founded in 2001 and was considered to be one of the fastest growing banks in the state. Before... More of this article »
Testimony from Federal Reserve Lawyer Scott Alvarez: Another Reason to Rein in the Federal Reserve
In what I consider an astounding and clear admission from the General Counsel of the Federal Reserve, Scott Alvarez, he admitted if the ongoing push to audit the Federal Reserve becomes a reality, “Foreign central banks and governments... More of this article »
Federal Reserve Spending Another $556 billion in Mortgage Market
Although the acquisition of mortgage-backed securities was scheduled to end in December 2009, the Federal Reserve has decided to continue acquiring the securities, with plans to pump another $556 billion into them by April 2010. Since... More of this article »
Editorial: Overdraft Fees – Will We All Have to Pay for the Irresponsible Few?
The practice of a minority of people who continually trigger overdraft fees could result in bank customers across America having to pay for currently free services like checking accounts. While some in the media have been making a... More of this article »
Fed Sees Continued Economic Improvement, Leaves Key Rate Unchanged
The Federal Open Market Committee released on Wednesday its latest statement on the condition of the U.S. economy. Continued improvement and stabilization were seen in several key areas, such as financial markets and consumer spending. However,... More of this article »
Sarah Palin: “Government Cause of Financial Crisis”
Sarah Palin went on the economic offensive in a speech in Hong Kong, where she spoke to a group of executives and bankers about her take on the causes behind the economic turmoil across the globe, blaming the excesses of the government... More of this article »
Peter Schiff Blasts Chris Dodd and His Plan to Create Super Regulatory Agency
It hasn’t taken long for Peter Schiff, who recently announced he’s running against Chris Dodd and others for his Connecticut Senate seat, to attack Dodd over his recent proposal to create a super regulatory agency by combining... More of this article »
Editorial: Economic Insanity – FDIC May Borrow From Healthy Banks to Prop Up More Zombie Banks
The news concerning banking regulators in the U.S., along with some of the bankers and their lobbyists, isn’t good, as now the idea is being thrown around by the FDIC to tap the healthy banks in the industry to shore up the Deposit... More of this article »
Bank Of America (NYSE: BAC) Fails To Meet Merrill Disclosure Deadline, SEC Targets Trial
Bank of America (NYSE: BAC) failed to satisfy a deadline on Monday lawmakers had set for the bank to hand over additional information in regard to its Merrill Lynch acquisition. The deadline was set after a federal judge shot down... More of this article »