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  #201  
Old 06-24-2014, 10:40 PM
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Default Re: Official fuck the banks thrad

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  #202  
Old 07-16-2014, 06:43 AM
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Default Re: Official fuck the banks thrad

Citigroup to pay $7 billion fine... but of course admit no wrongdoing.
Quote:
The Justice Department said that when a third-party "due diligence vendor" turned up a significant portion of mortgages that were found to be low-grade, such as missing key documents or made to borrowers with poor credit, the bank often chose not to reject the loans. Instead, Citigroup engaged in a sleight of hand, in which it reclassified the loans as better-performing, the Justice Department said, and then misrepresented their quality to investors.
It goes a lot deeper than "sleight of hand". And in this earlier case, they actually admitted wrongdoing. BusinessWeek, May 2012:
Quote:
By 2006, the bank was buying mortgages from outside lenders with doctored tax forms, phony appraisals and missing signatures, she says. It was Hunt’s job to identify these defects, and she did, in regular reports to her bosses.

Executives buried her findings, Hunt says, before, during and after the financial crisis, and even into 2012.


In March 2011, more than two years after Citigroup took $45 billion in bailouts from the U.S. government and billions more from the Federal Reserve -- more in total than any other U.S. bank -- Jeffery Polkinghorne, an O’Fallon executive in charge of loan quality, asked Hunt and a colleague to stay in a conference room after a meeting.

The encounter with Polkinghorne was brief and tense, Hunt says. The number of loans classified as defective would have to fall, he told them, or it would be “your asses on the line.”

Hunt says it was clear what Polkinghorne was asking -- and she wanted no part of it.
...>snip<...
In August 2011, five months after the meeting with Polkinghorne, Hunt sued Citigroup in Manhattan federal court, accusing its home-loan division of systematically violating U.S. mortgage regulations.

The U.S. Justice Department decided to join her suit in January. Citigroup didn’t dispute any of Hunt’s facts; it didn’t mount a defense in public or in court. On Feb. 15, 2012, the bank agreed to pay $158.3 million to the U.S. government to settle the case.

Citigroup admitted approving loans for government insurance that didn’t qualify under Federal Housing Administration rules.
Oh, and, "What's in your wallet?" Not much if you bank with Citigroup.
Quote:
Earlier this month, Citibank notified some customers that direct deposit will no longer be enough to earn them a waiver on non-Citibank ATM fees and on the $15 monthly service fee for one type of Citi checking account. The changes take effect on April 30, 2015.

Recently, both Bank of America and Citi raised the out-of-network ATM fee to $2.50, from $2, according to mybanktracker.com.
Article also mentions how crazy high overdraft fees have gotten in the banking industry in general as a money making gambit for banks.
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  #203  
Old 07-18-2014, 07:10 PM
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Default Re: Official fuck the banks thrad



Pardon the extraneous comma.
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  #204  
Old 07-18-2014, 08:58 PM
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Default Re: Official fuck the banks thrad

Interestingly Wallstreet gave out $26B min bonuses last year.
It's almost as if they built a system who's soul purpose is to move money from the poor to the rich.
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  #205  
Old 07-18-2014, 09:18 PM
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I read some of your foolish scree, then just skimmed the rest.
 
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Default Re: Official fuck the banks thrad

To put it in perspective, for every $1 a minimum wager worker made, the banks took $2 from the poor.
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  #206  
Old 11-13-2014, 03:21 PM
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Default Re: Official fuck the banks thrad

Paul Mason, Channel 4's Economics Editor, Is Sick And Tired Of Banks Behaving Badly
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  #207  
Old 11-22-2014, 04:23 PM
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Default Re: Official fuck the banks thrad

The heist of the century | George Monbiot | The Guardian

from the linkIn the Sunday Telegraph, David Cameron said: "What I want is tax revenue from the banks into the exchequer, so we can help rebuild this economy." He's doing just the opposite.
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  #208  
Old 11-22-2014, 05:59 PM
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Default Re: Official fuck the banks thrad

Has anyone posted this?

The Secret Recordings of Carmen Segarra | This American Life

It's a really, really scary story about the effects and prevalence of regulatory capture at big banks. The recordings are ridiculous and way more overt than I'd imagined it. I guess I thought they'd at least be a little smarter about it or something.
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  #209  
Old 11-22-2014, 07:00 PM
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Default Re: Official fuck the banks thrad

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Originally Posted by mickthinks View Post
The heist of the century | George Monbiot | The Guardian

from the linkIn the Sunday Telegraph, David Cameron said: "What I want is tax revenue from the banks into the exchequer, so we can help rebuild this economy." He's doing just the opposite.
I like the article but it's pretty old, February 2011.
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  #210  
Old 11-23-2014, 12:13 AM
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Default Re: Official fuck the banks thrad

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Quote:
Originally Posted by mickthinks View Post
The heist of the century | George Monbiot | The Guardian

from the linkIn the Sunday Telegraph, David Cameron said: "What I want is tax revenue from the banks into the exchequer, so we can help rebuild this economy." He's doing just the opposite.
I like the article but it's pretty old, February 2011.
Yeah, but you know bankers. Buggering the customer never gets old. Neither do tax breaks. Getting away with outrageous behavior is fun. :popcorn:
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  #211  
Old 11-23-2014, 08:01 AM
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I like the article but it's pretty old, February 2011.
:doh: Old radiation echoes round the Internet like the Big Bang around the Cosmos.
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  #212  
Old 01-03-2015, 04:07 AM
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Default Re: Official fuck the banks thrad

The "Cromnibus" bill that passed had language once again removing financial regulation- regulation that basically said as a bank you can't co-mingle risky financial investments with FDIC- insured accounts- i.e. the accounts regular people have. Why? Because if those risky investments fail the bank gets the FDIC insurance money from the government, then pays off its investors first, and leaves nothing, or cents-on-the-dollar for regular account-holders who thought their money was FDIC insured. And why would banks mix your checking accounts with their risky swaps and derivatives? Because fuck you, that's why. Because they can mitigate risk to their investors and themselves at your expense... which is why Citigroup literally wrote the part of the bill that guts any attempt to re-regulate that.

But what is extra stomach-churning isn't that banks are slimy, parasitic, value-removing, 800-lb economic dirty bombs. That's clear as daylight. It's the political theater meant to disguise the reality.

Matt Taibbi, Rolling Stone, Dec 13, 2014:
Quote:
...Warren's opposition to the Citi provision wasn't a left-leaning move at all. It was very much a conservative position. Ayn Rand herself, dragged from the grave and lashed to a chair on the floor of the Senate, would have argued the same thing.

All the Dodd-Frank rule says is that if you're a federally-insured depository institution – if you're an FDIC-guaranteed bank, where real people have real bank accounts that are guaranteed by the federal government – you can't also be gambling with swaps and other dangerous derivative instruments.

Think of it in terms of a workman's compensation law. If you're going to be insured against injury by the state, the state should get to demand that you don't engage in fire-eating or base-jumping during work hours.

There's no logical argument against the provision. The banks only want it because they want to use your bank accounts as a human shield to protect their dangerous gambling activities.

Thus it was no surprise when JPMorgan Chase chief Jamie Dimon started personally calling lawmakers this week to make sure the Citigroup provision passed. Dimon's bank is the poster child for this rule, since the infamous London Whale episode of a few years ago is exhibit A of what this rule is designed to prevent: a trillion-dollar federally-insured depository bank engaging in tons of unsafe financial sex with risky derivatives, leading to spiraling losses in the billions that imperiled the savings of millions of ordinary people.

Both parties are moving against their ideological reputations in this fight. On one side, we have "conservatives" in the House and Senate who want to put taxpayers on the hook for massive future welfare payments. We had to have Senate hearings last year after the London Whale episode, which by itself ought to have infuriated conservatives everywhere. After all, why should the government have to get involved if Jamie Dimon feels like losing $6 billion at the blackjack table? Why is that our business?

Well, we had to have those hearings because the offending gambler, JPM, was and is a company whose bank deposits were federally insured. All Chase has to do is untether its consumer bank from its lunatic hedge fund, as both Warren and genuine conservatives like David Vitter want, and the state wouldn't have to so much as blink when these rich dweebs rack up big gambling losses.

Meanwhile, on the other side, we have "liberals" in the White House and in the lame-duck Senate leadership who are nakedly whoring for big business in this affair, unashamedly doing favors for banks like Citigroup and JPMorgan Chase that in recent years have racked up tens of billions of dollars in penalties for a smorgasbord of corrupt practices. Establishment Democrats like Harry Reid almost certain to cave and wave through the Citigroup provision, foregoing a filibuster-type standoff.

Why? As Warren has cannily pointed out, veterans of Citigroup have dominated the Democratic Party establishment for quite a long time now, through figures like current Treasury Secretary Jack Lew and former Clinton Treasury Secretary Bob Rubin.

Conservatives for welfare, and liberals for big business. It doesn't make sense unless we're not really dealing with any divided collection of conservatives or liberals, and are instead talking about one nebulous mass of influence, money and interests. I think of it as a single furiously-money-collecting/favor-churning oligarchical Beltway party, a thing that former Senate staffer and author Jeff Connaughton calls "The Blob."

What's happening here is that The Blob, which includes supposed enemies like Reid and Graham, wants to give donation-factory banks like Citi and Chase a handout.
This is once again a helping of fuck the banks, but double portions of fuck the bank enablers in political power that stage theater for the masses; and fuck the US political system that has political candidates depend massively on banks to fund their campaigns.
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  #213  
Old 01-07-2015, 04:13 PM
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Default Re: Official fuck the banks thrad

Quote:
Originally Posted by chunksmediocrites View Post
Because fuck you, that's why.
If we say you get 1% to save and pay 10% to borrow, that's what happens, so just STFU and take it, stooge. If you have to pay for our economy exploding bonuses then that is how it's gonna be, because you don't know the right people and we do, buttmunch! Get over it!

:sadcheer:

I can not believe that what, 7 years? after the Catastrophuck, it still loses money to bank your money? You'll take your 1% interest and be glad to have it, loser! This is really off pissing.
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  #214  
Old 07-02-2015, 11:58 PM
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Default Re: Official fuck the banks thrad

Latin America: The archetypal financial crisis

From the linkCitibank and its friends didnít really lose much money. They profited early on making the loans and when they lost value they were able to sell them off to the US government through the Brady bonds. All in all lending money to countries that could not repay them ended up being a pretty good deal for the big money centre banks.

The people of Latin America, especially the middle class and the poor, didnít do so well. ...
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  #215  
Old 09-21-2016, 10:32 PM
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Default Re: Official fuck the banks thrad

Wells Fargo workers: I called the ethics line and was fired - Sep. 21, 2016

I feel like I'm just going to need to keep posting Fry being "shocked" for every news story I post now.
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  #216  
Old 09-22-2016, 01:54 AM
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Default Re: Official fuck the banks thrad

Yet liberals love the federal reserve system, so they can get their free things from borrowed monies.
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  #217  
Old 09-22-2016, 04:53 PM
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Default Re: Official fuck the banks thrad

Good gawds, it's like you're not even trying. Where has the love gone? :cryhome:
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  #218  
Old 10-19-2016, 08:31 PM
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Default Re: Official fuck the banks thrad

Wells Fargo to Pay $24M for Improper Repossession of Troops' Cars
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  #219  
Old 10-19-2016, 08:34 PM
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I read some of your foolish scree, then just skimmed the rest.
 
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Default Re: Official fuck the banks thrad

That'll teach them!
Half a percent of their quarterly income.
How will they ever survive after that!
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  #220  
Old 10-20-2016, 06:53 PM
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Default Re: Official fuck the banks thrad

Letter warned Wells Fargo of 'widespread' fraud in 2007 - exclusive - Oct. 18, 2016

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  #221  
Old 10-20-2016, 09:42 PM
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I read some of your foolish scree, then just skimmed the rest.
 
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Default Re: Official fuck the banks thrad

In soviet Russia, you steal from bank.
In capitalist America, bank steal from you!
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  #222  
Old 10-21-2016, 02:23 AM
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Default Re: Official fuck the banks thrad

It looks like Stumpf got his hand caught in the cookie jar.

I am shocked and disappointed that Wells Fargo would do something like this. Dale Robertson must be spinning in his grave.
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  #223  
Old 07-25-2017, 08:22 PM
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Default Re: Official fuck the banks thrad

MiB: Jesse Eisinger Explains Why No One Went to Jail after Great Recession - The Big Picture

It's a podcast to download, but there you go.
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  #224  
Old 07-25-2017, 08:59 PM
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Default Re: Official fuck the banks thrad

Not a...

pod..pod...

:scaredshiver:
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  #225  
Old 04-09-2019, 12:27 AM
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Default Re: Official fuck the banks thrad

Wall Street loves socialism for bankers – but not for ordinary people
Jamie Dimon is concerned about income inequality. Also Jamie Dimon thinks socialism would be really bad. Also Jamie Dimon is a banker who profited massively off of huge subsidies and bail-outs and handouts from the government after his banks ripped everybody off and pocketed the profit, because capitalism! Or lemon socialism:
Quote:
Dimon should know. He was at the helm when JPMorgan received a $25bn socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their reckless loans.

Dimon subsequently agreed to pay the government $13bn to settle charges that the bank overstated the quality of mortgages it was selling to investors in the run-up to the crisis. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold. (Presumably this is where the “stagnation, corruption and often worse” comes in.)

The $13bn penalty was chicken feed to the biggest bank on Wall Street, whose profits last year alone amounted to $35bn. Besides, JPMorgan was able to deduct around $11bn of the settlement costs from its taxable income.

To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the dangerous and irresponsible loans their banks were peddling – on which they made big money – finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business.

If this isn’t socialism, what is it?

Yet it’s a particular form of socialism. Millions of homeowners who owed more on their homes than the homes became worth didn’t get bailed out. Millions of workers who lost their jobs or their savings, or both, didn’t get bailed out. No major banker went to jail.

Call it socialism for rich bankers.

It’s a gift that keeps giving. Dimon took advantage of the financial crisis to acquire Bear Stearns and Washington Mutual, vastly enlarging JPMorgan. America’s five biggest banks, including Dimon’s, now control 46% of all deposits, up from 12% in the early 1990s.

And because they’re so big, Dimon’s and other big Wall Street banks are now considered “too big to fail”. This translates into a hidden subsidy of some $83bn a year, because creditors who face less risk accept lower interest on deposits and loans.

More socialism for rich bankers.
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