Showing posts with label big banks. Show all posts
Showing posts with label big banks. Show all posts
Sunday, March 20, 2011
Tuesday, December 14, 2010
Regulators exist to ‘serve the banks,’ next House finance chairman declares
Raw Story
Alabama Republican Spencer Bachus, the incoming chairman of the House banking committee, suggested Congress and federal regulators should play a subservient role with banks.
"In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks," Bachus told The Birmingham News in an interview.
The Republican leadership last week designated Bachus the next chairman of the powerful House Financial Services Committee, which is tasked with overseeing banks, financial markets, housing and consumer credit.
Democrats characterized the remark as a Freudian slip, nicknaming the Alabaman "Big Bank Bachus" and claiming the new Republican-controlled House will put the interests of financial institutions ahead of the American public.
"Congressman Spencer 'Big Bank' Bachus has given Americans a startlingly honest answer about the House Republican agenda – do whatever is good for the big banks and Wall Street special interests, rather than what’s good for hardworking Americans,” said Jesse Ferguson, a spokesman for the Democratic Congressional Campaign Committee.
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Tuesday, December 7, 2010
The News Has Been Cancelled -- Charlie McGrath (VIDEO)
YouTube -- crabbydogtrix
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Tuesday, October 26, 2010
Banks should be broken up, Bank of England Governor Mervyn King warns
Mervyn King, Governor of the Bank of England, has thrown his weight behind breaking up the banks as part of wider reforms to protect the taxpayer from another financial industry meltdown.
Philip Aldrich
Telegraph
In a speech to the Buttonwood Gathering in New York, he set out his vision for a banking industry that does not imperil the next generation. He warned creditors that "they will bear losses in the event of failure" and stressed that banks in the future must be "financed much more heavily by equity rather than short-term debt".
Addressing the option of separating investment banking from retail banking, he said: "If there is a need for genuinely safe deposits the only way they can be provided, while ensuring costs and benefits are fully aligned, is to insist such deposits do not coexist with risky assets."
He said such a radical measure "explicitly recognises that the pretence that risk-free deposits can be supported by risky assets is alchemy" and argued that a simple break-up would make it harder for banks to work around the rules.
"The attraction of the more radical solutions is that they offer the hope of avoiding the seemingly inevitable drift to ever more complex and costly regulation," he said. "The advantage of these types of more fundamental proposals is that no tax or capital requirement needs to be calibrated."
Banks are already facing the toughest regulatory overhaul in years with the capital and liquidity buffers being introduced under Basel III. However, Mr King said Basel is only the start as "even the new levels of capital are insufficient to prevent another crisis". The Goverment's £2.5bn bank levy is also "not a silver bullet", he said: "In the area of financial stability, it makes sense to have both belt and braces."
Banks have attacked new regulations and taxes for lumbering the industry with such high costs economic growth will suffer, claiming that as many as 10m fewer jobs will be created over five years as a result. Mr King dismissed the argument, saying: "The benefits to society, most obviously through greater financial stability, but also through factors such as higher tax revenue, are likely to swamp any change in the private costs faced by banks."
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| Mervyn King: Reuters image |
Telegraph
In a speech to the Buttonwood Gathering in New York, he set out his vision for a banking industry that does not imperil the next generation. He warned creditors that "they will bear losses in the event of failure" and stressed that banks in the future must be "financed much more heavily by equity rather than short-term debt".
Addressing the option of separating investment banking from retail banking, he said: "If there is a need for genuinely safe deposits the only way they can be provided, while ensuring costs and benefits are fully aligned, is to insist such deposits do not coexist with risky assets."
He said such a radical measure "explicitly recognises that the pretence that risk-free deposits can be supported by risky assets is alchemy" and argued that a simple break-up would make it harder for banks to work around the rules.
"The attraction of the more radical solutions is that they offer the hope of avoiding the seemingly inevitable drift to ever more complex and costly regulation," he said. "The advantage of these types of more fundamental proposals is that no tax or capital requirement needs to be calibrated."
Banks are already facing the toughest regulatory overhaul in years with the capital and liquidity buffers being introduced under Basel III. However, Mr King said Basel is only the start as "even the new levels of capital are insufficient to prevent another crisis". The Goverment's £2.5bn bank levy is also "not a silver bullet", he said: "In the area of financial stability, it makes sense to have both belt and braces."
Banks have attacked new regulations and taxes for lumbering the industry with such high costs economic growth will suffer, claiming that as many as 10m fewer jobs will be created over five years as a result. Mr King dismissed the argument, saying: "The benefits to society, most obviously through greater financial stability, but also through factors such as higher tax revenue, are likely to swamp any change in the private costs faced by banks."
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The Federal Reserve is a Ponzi Scheme, Looting is an Inside Job
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Wednesday, October 20, 2010
Cenk and Taibbi Discuss How the Banks Are Robbing the People with QE2
YouTube - TheYoungTurks
Cenk Uygur (host of The Young Turks) filling in for Chris Jansing on MSNBC Live talks to Rolling Stone's Matt Taibi about a giant loophole in the financial reform bill that allows the Fed to give backdoor bailouts to banks.
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Cenk Uygur (host of The Young Turks) filling in for Chris Jansing on MSNBC Live talks to Rolling Stone's Matt Taibi about a giant loophole in the financial reform bill that allows the Fed to give backdoor bailouts to banks.
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Monday, October 18, 2010
Big Banks, Hedge Funds Become Surrogate Tax Collectors
Youtube - HuffPostFund
Wall Street titans have a new sweet spot -- as surrogate tax collectors. They see profits in tacking on fees and threatening to foreclose when homeowners fall behind on property taxes.
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Wall Street titans have a new sweet spot -- as surrogate tax collectors. They see profits in tacking on fees and threatening to foreclose when homeowners fall behind on property taxes.
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