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Obama Administration Raises Deficit Forecast to $9 Trillion
The budget deficit for the federal budget has just been revised by the White House by close to $2 trillion over the next 10 years, now estimated to come in at around $9 trillion rather than the $7.1 trillion originally projected. (I... More of this article »
What Would Be Involved in an Audit of the Federal Reserve? – Part Two
Last post we talked about Congress being granted the power by the Constitution to “coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures.” So Congress obviously has the... More of this article »
TARP Bailout Money: How was the $700 Billion Spent?
Last fall, the country was in a major financial crisis, in response, the Department of the Treasury with authorization from Congress gave over $700 billion to banks and financial institutions under the troubled asset relief program... More of this article »
What Would Be Involved in an Audit of the Federal Reserve? – Part One
There has been a self-conscious effort to confuse the proposed audit of the Federal Reserve, initiated by Ron Paul, in order to fight off what would be unveiled and revealed by that very audit. So before we get into what an audit of... More of this article »
FDIC’s Proposed Private Equity Restrictions Hindering Bank Sales
As usual, when the government steps in to the private market they screw things up, and in the case of regulations proposed by the Federal Deposit Insurance Corp., they would essentially stop all interest of private equity firms in... More of this article »
Editorial: Why it’s in the Public Interest for the Fed to be Audited
Ron Paul has been fighting an uphill battle to enlist the aid of his fellow lawmakers to remove the secrecy and hidden actions of the Federal Reserve, which is moving far too autonomously for the public good; confirmed by the outrageous... More of this article »
JP Morgan Provides California $1.5 Billion Loan To Repay IOUs
The California State Treasurers office announced late Tuesday that JP Morgan Chase is supplying a $1.5 billion loan that will allow it to end its IOU program come September 4, when the state’s new cash-flow borrowing plan kicks in. The... More of this article »
NCUA Warns Of Fraudulent Credit Union Advertisements
The National Credit Union Administration learned earlier this month of a fraudulent lending scheme by parties that claim to be credit unions. The scheme is done by placing false advertisements that offer to help potential customers... More of this article »
FDIC Seizes Colonial Bank, Four Others
The Federal Deposit Insurance Corporation announced Friday that it was appointed receiver of five more banks that were shutdown by State Commissions this week. The biggest name of which is Colonial Bank, which has been in the news... More of this article »
Federal Reserve To End Treasury Buying In October
Following the latest Federal Open Market Committee meeting, the Federal Reserve said it plans to slow its purchases of U.S. Treasuries and end the buying program in October, one month later than originally planned. The Federal Reserve’s... More of this article »
Colonial Bancgroup Unable to File 2nd Quarter Results Citing Accounting Irregularities
A meeting between Alabama banking regulators and Colonial Bank scheduled for Wednesday, August 12, was canceled, which was set to talk about the possible takeover of the company by the FDIC. The reason it was canceled was because a... More of this article »
Can Guaranteed Bonuses in the Banking Industry Really be Stopped?
The public outcry over huge guaranteed bonuses independent of performance has pressured the Obama administration to attempt to do something about the practice, but the challenges are great if there will ever be any changes made there. Before... More of this article »
Large US Banks Record Huge Profits for Second Quarter
Many US banks continue remain under pressure as the recession rolls on, but some of the larger banks reported strong second quarter earnings, although many banks still are fighting to survive, as the numerous bank closings this year... More of this article »
Judge Forces SEC, Bank of America to Disclose Details of Agreement
Citing the serious nature of the charges and allegations made by the SEC about bonuses promised to employees of Merrill Lynch last year, Judge Jed S. Rakoff refused to sign off on the $33 million settlement reached by the SEC and Bank... More of this article »
Fannie Mae Posts $15.2 Billion Loss, Seeks $10.7 Billion In Gov’t Aid
Fannie Mae announced plans Thursday to access another $10.7 billion in government aid. The move follows a second quarter earnings report that showed the mortgage giant lost $15.2 billion during the period. Last year, the government... More of this article »
U.S. Banks Barely Active In Home Loan Modification Program
A report released by the U.S. Treasury Department showed that the nation’s nine largest banks have not been very active in conducting loan modifications under the Obama Administration’s “Making Home Affordable Program.” The... More of this article »
Bank of America To Pay $33 Million Penalty Over Merrill Lynch Bonuses.
Bank of America announced Monday that it has agreed to pay a $33 million fine to settle charges brought on by the Securities and Exchange Commission. The complaint was in regard to its disclosure of Merrill Lynch bonuses paid to... More of this article »
Federal Agents Raid Florida Bank
In what appears to be a suspicious move by the office of Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, federal agents swarmed two Florida banks Monday after a deal last week that didn’t work... More of this article »
Five More U.S. Banks Shut Down by Regulators
Along with First BankAmericano in Elizabeth, N.J, which American Banking News reported on over the weekend, four more banks were closed late on Friday to close out a rugged July for the industry, bringing the total bank closings for... More of this article »
House Passes Bill Too Limit Wall Street Compensation, Give Shareholders Say
The U.S. House of Representatives passed a bill on Friday that will give regulators additional power to limit compensation of banking and financial institution executives. The move comes in an effort to minimize the incentives for... More of this article »
New Jersey Bank Forced to Close by Regulators
For the second time a New Jersey bank was forced to shutter its doors, as State and federal regulators closed First BankAmericano, a small community bank based in Elizabeth. The other New Jersey bank shut down was Citizens Community... More of this article »
FDIC’s Closure Of Security Bank Corp. Brings 2009 Total To 58
The FDIC broke its streak of weekly bank closures on Friday, failing to report any bank seizures this week for the first time in 2009. Last Friday’s closure of Security Bank Corp., headquartered in Macon GA, was the latest and... More of this article »
New Bill Would Empower FDIC to Wind Down Bank Holding Companies
New legislation described as an “interim” measure was introduced by Republican Bob Corker and Democrat Mark Warner to give the Federal Deposit Insurance Corp. power to wind down bank holding companies. What the bill was... More of this article »