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Banks: Are they really the bad guys? (Clint Richardson)
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Southpark Fan



Joined: 24 Nov 2011
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PostPosted: Wed Jan 18, 2012 8:27 pm    Post subject: Reply with quote

Vampire Hedge Funds Are Sucking Greece Dry
January 17, 2012 | Les Leopold | AlterNet


'Who are the real [url]villains[/url] on Wall Street? When it comes to institutionalized greed and corruption, nothing tops the too-big-to-fail banks like JP Morgan Chase, Bank of America and Goldman Sachs. But these financial giants form only one part of the financial oligarchy. Lurking in the shadows are aggressive hedge funds that are just as lethal to our economic well being. If Goldman Sachs is a vampire squid, as Matt Taibbi so aptly named it, then hedge funds are like schools of piranhas or sharks, eager to strip the financial carcass to the bone.

The sharks at this very moment are circling Greece, waiting to devour that nation’s resources. To understand this attack we need to enter into the rotting innards of our financial system.'

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Southpark Fan



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PostPosted: Tue Nov 20, 2012 10:19 am    Post subject: Reply with quote

Shadow Banking Grows to $67 Trillion Industry, Regulators Say
Ben Moshinsky and Jim Brunsden | Nov 18, 2012 | Bloomberg


'The size of the shadow banking system, which includes the activities of money market funds, monoline insurers and off- balance sheet investment vehicles, “can create systemic risks” and “amplify market reactions when market liquidity is scarce,” the Financial Stability Board said in a report, which utilized more data than last year’s probe into the sector.

“Appropriate monitoring and regulatory frameworks for the shadow banking system needs to be in place to mitigate the build-up of risks,” the FSB said in the report published on its website.

While watchdogs have reined in excessive risk-taking by banks in the wake of the collapse of Lehman Brothers Holdings Inc. in 2008, they are concerned that lenders might use shadow banking to evade the clampdown. Michel Barnier, the European Union’s financial services chief, is planning to target money market funds in a first wave of rules for shadow banks next year.

The FSB, a global financial policy group comprised of regulators and central bankers, found that shadow banking grew by $41 trillion between 2002 and 2011. The share of activity based in the U.S. has declined from 44 percent in 2005 to 35 percent in 2011, moving to the U.K. and the rest of Europe.'

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Plato



Joined: 09 Dec 2010
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PostPosted: Tue Nov 20, 2012 2:27 pm    Post subject: Reply with quote

The FSB is a subsidiary of the Bank for International Settlements in Basel (it has its HQ in Basel as well, on the same premises); that (former) Nazibank that used to launder stolen gold from the Jews for the Nazis during WWII. The BIS is the central bank of central banks waiting on the sidelines to introduce the SDR (Special Drawing Rights, or whatever they're going to call it) to replace the USD, Euro and Yen if they are given half a chance. The ultimate dream of course for the financial elite, a one world currency! So don't take this report too seriously, as the FSB is a toothless bureaucratic institution pushing the agenda for the elite.

“Appropriate monitoring and regulatory frameworks for the shadow banking system needs to be in place to mitigate the build-up of risks,” the FSB said in the report published on its website.

I mean, c'mon, more than USD 640 trillion in derivatives out there, which can and will rip the whole financial system apart and they're talking about monitoring and regulatory frameworks; how lame (and late) is that?

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Southpark Fan



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PostPosted: Tue Nov 20, 2012 5:34 pm    Post subject: Reply with quote

I agree Plato. Hypocrisy at its best.

Reflects the stoppers in place to keep the squeeze on the inmate population, I mean society.

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Rumpl4skn



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PostPosted: Sun Nov 25, 2012 9:56 pm    Post subject: Reply with quote

The Corporation of the United States is now essentially just another Fortune 500 company - officially listed in Dun & Bradstreet - due to it's investments and holdings in huge multinational corporations. Besides it's job as the idiot wing of the private sector, with it's easily interchangeable whores.

This is the primary reason that huge corporations like BOA and Exxon-Mobil and Citigroup perennially get away with paying very, very little taxes - despite public outcry. The US Corp. will only feign interest in going after them - to temporarily quell public outrage - because actually punishing them would hurt the US Corp.'s bottom line.

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Southpark Fan



Joined: 24 Nov 2011
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Location: The Caribbean of Canada

PostPosted: Tue Apr 02, 2013 2:04 pm    Post subject: Reply with quote

Canada Includes Depositor Haircut Bail-In Provision For Systemically Important Banks in 2013 Budget!
Max Keiser Reports | March 2013


'Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures!'

Related: http://howestreet.com/2013/03/canada-discusses-forced-depositor-bail-in-procedures-for-too-big-to-fail-banks-in-2013-budget/
Inquiring minds in Canada managed to slog through a massive 433 page budget proposal and discovered Depositor Haircut Bail-In Provisions For Systemically Important Banks.

Sure enough. Right on page 145 (PDF page 155) of the Canada Economic Action Plan for 2013
See: pdf

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Southpark Fan



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PostPosted: Thu May 30, 2013 10:07 am    Post subject: Reply with quote

US banks post record profits in first quarter
Nick Barrickman | 30 May 2013 | WSW


'Profits for the US banking industry rose in the first quarter of 2013 to a record $40.3 billion, according to a report released by the Federal Deposit Insurance Corporation on Wednesday. Profits surged by 15.8 percent compared to the same quarter last year. The quarterly profits top the previous record set more than six years ago, prior to the financial meltdown of 2008. It was the 14th straight quarter of banking sector profits.

The record bank profits, along with a soaring stock market, is a direct product of the policies of the Obama administration. Trillions have been handed out to the banks and financial institutions, including $85 billion every month from the Federal Reserve. Not a single bank or bank CEO has been held criminally responsible for the financial catastrophe, which they have utilized to increase their stranglehold over the economic and political system.

In his report, FDIC chairman Martin Gruenberg paints a rosy picture of the current market: “Asset quality continues to improve, more institutions are profitable, and the number of failures and problem institutions continues to decline.” The number of “troubled” institutions fell this year to 612, down from 888 in 2011. Numerous factors are cited as contributing to the record profits, not least of which were “large, nonrecurring income and expense items at some of the industry’s largest institutions,” said Gruenberg. Significantly, major components in savings were “a reduction in expenses for litigation costs and proceeds from a legal settlement.” That is, the banks benefited from the fact that they have gotten off scot-free in the aftermath of the financial crisis.

Also cited in explaining the bank profits were reductions in provisions meant to offset potential financial losses on bad debts, which fell by $11 billion, or 23 percent from last year.

The findings illustrate that in large measure the source of major banking profits have come from reduced court costs and, increasingly, speculation. Since the financial collapse of 2008, the banks have strengthened their position, with the full backing of the political establishment, both Democrat and Republican.
...'

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Southpark Fan



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PostPosted: Sat Jul 20, 2013 7:06 am    Post subject: Reply with quote

Detroit bankruptcy filing paves the way for assault on workers
Shannon Jones | 20 July 2013 | WSW


The Internet is not responsible for gutting the middles class - greedy bankers and short-sighted, low life politicians are to blame.

'Michigan Republican Governor Rick Snyder and Kevyn Orr, the emergency manager overseeing the financial restructuring of Detroit, defended their decision to force the city into Chapter 9 bankruptcy at a press conference Friday. The bankruptcy of Detroit, a city of 700,000 people, is the largest municipal bankruptcy in US history. It sets the stage for draconian attacks on workers and pensioners, the gutting of what remains of city services, and the sell-off of public assets to pay creditors.

The events in Detroit are being watched by local governments across the United States and will set a precedent for a nationwide assault on the pensions of public sector workers. Orr, who was appointed by Snyder last March, is seeking a ruling from a US judge that bankruptcy proceedings can be used to abrogate pension agreements, even those, as in the case of Michigan, that are protected under the state constitution. The city owes about $9 billion to its retiree pension and health benefit funds. Shortly after the press conference, a Michigan Circuit Court judge ruled that the bankruptcy filing violated the state constitution by threatening to diminish the pension benefits of Detroit city workers. The governor’s office is appealing the ruling, which will likely be put on hold while the bankruptcy case proceeds in federal court.

Snyder oozed pious hypocrisy in his opening remarks, feigning concern for the plight of Detroit residents. At the same time, he praised billionaires like Quicken Loans President Dan Gilbert and Little Caesar’s owner Mike Ilitch who are buying up downtown property on the cheap in the hopes of turning a quick profit as developers pour money into the downtown area. Both Snyder and Orr repeatedly cited “legacy costs”—that is, the pensions and health care benefits of the city’s 31,000 active and retired workers—as a major factor in the decision to file for bankruptcy. Under a proposal that Orr advanced earlier this year, pension funds would receive just 10 cents on the dollar for billions in the city’s unfunded pension obligations. Orr likewise proposed an immediate freeze on future pension payments and to shift retirees onto Medicare or privately-controlled health care exchanges under Obama’s Affordable Care Act. Current employees would also see drastic cuts in health benefits and the loss of employer-paid pensions.

The Obama administration, while signaling its support for the bankruptcy filing in Detroit, has made clear there will be no federal money made available to assist the city. This despite the $85 billion a month that the Federal Reserve is pumping into Wall Street through its “quantitative easing” program.
...'

More: The Detroit bankruptcy

See: No to bankruptcy! Mobilize the working class against the bankers dictatorship!

See: Detroit bankruptcy sets stage for national assault on public-sector pensions

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"Now water can flow or it can crash. Be water, my friend." - Bruce Lee
"Three things cannot be long hidden: the sun, the moon, and the truth." - Buddha


Last edited by Southpark Fan on Mon Jul 22, 2013 11:27 am; edited 2 times in total
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RedMahna



Joined: 07 Sep 2006
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PostPosted: Sat Jul 20, 2013 3:29 pm    Post subject: Reply with quote

Quote:
The Obama administration, while signaling its support for the bankruptcy filing in Detroit, has made clear there will be no federal money made available to assist the city. This despite the $85 billion a month that the Federal Reserve is pumping into Wall Street through its “quantitative easing” program.


i am interested to see what comes of Detroit. it may be the next huge PPP project for investors of the green kind, particularly historic renovations, re-urbanization, or even, and hopefully, the re-tooling of factories. and perhaps it winds up becoming the new industrial center - or one of them - if and when the USA builds out robotics process manufacturing.

i am not sure about the condition of current industrial structures in Detroit to be speaking from any expertise. but i am certain the insurance companies know. the FIRE sector works in concert, so we will see how that plays out.

the other and possibly bigger thing i am interested in seeing is how Big O plays ball with the said FIRE sector regarding Detroit, or if he will do so under another guise, such as civil rights lawyer, if a group he disagrees with comes up with more real estate than his cronies in the process.

upon edit: or perhaps he will have a huge representation in local government.

one would think this story of the bankruptcy of Detroit would be a hot item, but currently Big O is on a mission to cause a race riot. i think i would find that to be counter-productive even to socialists.

i cannot figure the guy out, therefore i cannot figure a reasonable forecast for all our Detroits, not just this one.

red

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Benn



Joined: 11 Oct 2006
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PostPosted: Sun Jul 21, 2013 9:02 pm    Post subject: Reply with quote

@Red -- by "PPP" you mean Public-Private Partnerships? And you seem to be implying they are a good thing? I ask because I've never heard anyone on the left say that.
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RedMahna



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PostPosted: Sun Jul 21, 2013 9:28 pm    Post subject: Reply with quote

i know they can't be republicans, b/c our GOP folks here are more into mega-churches than putting in bike-lanes.

i guess i'm not really sure who the PPP crowd belongs to. personally, they are real estate (and social-engineering) hustlers if you asked me.

red

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Benn



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PostPosted: Mon Jul 22, 2013 2:02 am    Post subject: Reply with quote

As I understand the ideological arguments to go (and generalizing vastly): to Republicans and Right Libertarians PPPs are good news because they represent emerging business opportunities; to Democrats they are a "lesser of two evils" compromise that can't be avoided without actually changing the economic system (and we all know Dems don't actually want to do that any more than Republicans do), for Socialists, Anarchists, Left Libertarians & AnCaps the very notion is disgusting, it is seen as a "foot in the door" which will send even more public assets down the slippery slope to total privatization.
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