Posts tagged Street
Source: news.firedoglake.com – Friday, June 14, 2013
In case you forgot your bankster overlords – free of fear thanks to Obama, Holder, and the NSA – are continuing to rig markets, here is yet another scandal. Wall Street has gone beyond rigging LIBOR, Swaps, and the Oil market to include the currency market. Traders at some of the world’s biggest banks manipulated benchmark foreign-exchange rates used to set the value of trillions of dollars of investments , according to five dealers with knowledge of the practice. Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said the current and former traders, who requested anonymity because the practice is controversial. Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the industry for a total of more than 20 years. It’s so esoteric, does it even matter? “The price mechanism is the anchor of our entire economic system,” said Tom Kirchmaier, a fellow in the financial-markets group at the London School of Economics. “Any rigging of the price mechanism leads to a misallocation of capital and is extremely costly to society.” Is there no regulation for this “anchor of our entire economic system?” Sixteen of the largest banks, including Barclays, JPMorgan Chase & Co. (JPM) and Deutsche Bank (DBK), signed a voluntary code of conduct for foreign-exchange and money-ma
Source: allthingsd.com – Monday, June 03, 2013
According to sources close to the situation, Microsoft CEO Steve Ballmer is working on what is likely to turn into a significant restructuring of the massive software company, which could also move several current execs to more prominent roles. Sources noted that the changes — which center on solidifying Microsoft into the “devices and services company” that Ballmer wrote about in his annual shar
Microsoft Ponders Major Restructuring, Amid Renewed Wall Street Focus on Stock
Source: www.thegatewaypundit.com – Wednesday, May 22, 2013
HORROR! ISLAMIST WIELDING CLEAVER CHATS WITH VIDEOGRAPHER AFTER MURDERING UK SOLDIER! “We swear by almighty Allah we will never stop fighting you.” The Islamists charged police when they arrived. (Warning on Content) More video here . Open ISLAMIC Beheadings come to South London! Sky News reported: Two attackers armed with meat cleavers filmed their deadly assault on a man in London , according to Sky sources. A man reported to be a serving soldier died and two people have been shot in Woolwich, after what Sky sources understand is being treated as a terrorist attack. Senior Whitehall sources said the two attackers asked passers-by to film them, and they shouted “Allahu Akbar” (Allah is great). In footage that has emerged, one of the attackers wields a bloodied meat cleaver and says: “We swear by almighty Allah we will never stop fighting you.” The black man, dressed in a grey hooded jacket and black woolly hat, apologises to members of the public who witnessed the horrific scenes before making a number of political statements. In the footage, he is heard to say: “We must fight them as they fight us. An eye for an eye, a tooth for a tooth. “I apologise that women have had to witness this today, but in our land our women have to see the same. You people will never be safe. “Remove your government, they don’t care about you.” Witnesses also described seeing the “crazed” Woolwich attackers “hacking” at their victim and posing for pi
In the most damning piece of recent evidence that Occupy Wall Street was right that it’s Wall Street who runs things, not the government, the NYTimes today reports that Citigroup lobbyists wrote several bills that recently passed the House Financial Services Committee:
Bank lobbyists are not leaving it to lawmakers to draft
legislation that softens financial regulations. Instead, the
lobbyists are helping to write it themselves.
One bill that sailed through the House Financial Services
Committee this month — over the objections of the Treasury
Department — was essentially Citigroup’s, according to
e-mails reviewed by The New York Times. The bill would
exempt broad swathes of trades from new regulation.
In a sign of Wall Street’s resurgent influence in Washington,
Citigroup’s recommendations were reflected in more than 70
lines of the House committee’s 85-line bill. Two crucial
paragraphs, prepared by Citigroup in conjunction with other
Wall Street banks, were copied nearly word for word.
(Lawmakers changed two words to make them plural.)”
As we previously reported, on May 7th, nine deregulatory bills sailed through the House Financial Services Committee. We wrote about one of them, HR 992, and this particular bill garnered only SIX “nay” votes, out of SIXTY-ONE total representatives on the Committee.
This egregious bill, which is named “Swaps Regulatory Improvement Act”, but it should be called, “If Banks Get Bailed Out, We’ll Get Sold Out. Again,” was written in large part by Citigroup. As the NTYimes reports:
“Citigroup and other major banks used a similar approach on
another derivatives bill. Under Dodd-Frank, banks must
push some derivatives trading into separate units that are
not backed by the government’s insurance fund. The goal was
to isolate this risky trading.
The provision exempted many derivatives from the
requirement, but some Republicans proposed striking the
so-called push out provision altogether. After objections
were raised about the Republican plan, Citigroup lobbyists
sent around the bank’s own compromise proposal that
simply exempted a wider array of derivatives. That
recommendation, put forth in late 2011, was largely part of
the bill approved by the House committee on May 7 and is
now pending before both the Senate and the House.”
Citigroup was responsible for the death of Glass-Steagall, which led to the free-wheeling and casino-lifestyle that caused the 2008 Financial crisis. Citigroup mismanaged their firm and loaded up to the hilt with toxic mortgage products, requiring a massive taxpayer bailout. And if that weren’t enough, they also received a total of $ 99.5 Billion in secret loans from the Federal Reserve after the crisis to avert their own ruin. And now, they’re writing our laws to tear down even the paltry protections put in place post-crisis.
America: Brought to you by Citigroup
Source: www.fox8live.com – Sunday, May 12, 2013
FOX 8 WVUE New Orleans News, Weather, Sports
Basin Street Blues open line
Instagram photo posted by Mortgage Bankers Association lobbyist Len Wolfson during their fundraising ski trip with Rep Jeb Hensarling (R-TX) — Memify this!
One might think that with the wave of scandals that have rocked the banking industry in the last several months, from HSBC money laundering to drug cartels, to the lies perpetuated in the JP Morgan London Whale trades, that politicians might have some sense of shame about continuing to deregulate on behalf of the banks. One might think that even if they are captured completely by their true bosses–Wall Street–that politically, they would have enough sense to go easy, lay low, and not carry the water for the banks so soon after this deluge of scandals.
You’d be wrong.
This Tuesday, the House Financial Services Committee will be reviewing nine bills that gut many of the reforms passed to regulate derivatives on Wall St in 2010. These bills vary in the specifics of their aims, but all effectively make profits easier for Wall Street, often at the expense of the American public.
As Mike Konzcal wrote for the Washington Post, “One bill would weaken cross-border regulations, allowing U.S. firms that run their derivatives in other countries to avoid following the new derivative rules. Another would exempt inter-affiliate swaps, or derivatives between various corporate entities, from having to follow the new Dodd-Frank derivative rules.”
But by far the most egregious of these bills is HR 992. Currently, banks can hold three kinds of derivatives in the same accounts as depositor funds–those that enjoy FDIC insurance. HR 992 would expand this to allow banks to hold ANY kind of derivative, with one exception (a structured swap, which is defined in the bill), in the insured depository.
The reason this is a problem is because derivatives are senior in bankruptcy. In the event a big bank went under, hedge funds sitting on the other side of trades with the bank would get money paid back to them first. If the hedge funds and other companies the bank traded derivatives with (what is technically called a “counterparty”) exhausted the funds set aside to insure the regular depositors (those with checking and savings accounts), the FDIC would have to 1) sell assets from the failed bank to raise money, and 2) try and fight to get back some of this money from the derivatives counterparties. If that didn’t work, the Treasury would step in and give a loan to the failed bank for 5 years–which essentially is a bailout. Banks want to hold their derivatives in the insured account because it makes it cheaper for them. HR 992 at its heart is about making the cost of doing business cheaper for Wall Street at the expense of Main Street.
These bills will most likely pass the Republican-controlled House Financial Services Committee. They will likely garner support from every Republican on the committee. Republican Randy Hultgren will certainly vote for his bill, HR 992 mentioned above. The head of the committee, Jeb Hensarling (known for a lavish ski vacation with Wall Street lobbyists). Another Republican, Scott Garrett, is also stuffed full of Wall Street cash, and will be sure to show his support for the banking lobby on Tuesday.
But there are also many Democrats who will likely vote for these bills. Jim Himes of CT (@jahimes) is a co-sponsor of one of the dangerous HR 992. David Scott of GA (@repdavidscott) is another co-sponsor, and he will also show allegiance to Wall Street on Tuesday. Carolyn Maloney of New York (@RepMaloney), will also likely vote on behalf of the banks, as she has proven a long-time ally of Wall Street.
Despite the fact that the ongoing wave of banking scandals demonstrate that the megabanks willfully violate existing laws, politicians on both sides of the aisle remain ready and willing to march ahead on their behalf, tearing down even the meager protections put in place after the financial crisis.
The bipartisan support for these bills shows that Wall Street still runs the show. And it also shows that even in the wave of revelations of money laundering by banks to drug cartels, politicians are still willing to risk populist rage in order to demonstrate where their ultimate allegiance lies. The banks remain so powerful, that Democrats and Republicans alike are willing to risk their re-elections rather than stand up to the criminals on Wall Street who give them their marching orders.
Source: www.inquisitr.com – Tuesday, April 23, 2013
Over the last few years, homeowners and residents around the country have taken a stand against the banks and fought foreclosures and evictions. The growing network of Occupy Our Homes supporters have signed petitions, made phone calls, and showed up to events to help families stay in their homes. Dozens of homeowners around the country have won their fights, but the crisis is far from over.
Communities have been destroyed as millions of families have already lost their homes to foreclosure, while millions more are underwater on their mortgages. The big banks are bigger and more powerful than ever. To date, no high level Wall Street executives have been prosecuted for their crimes, such as mortgage fraud and predatory lending. US attorney general, Eric Holder even admitted recently that in the administration’s eyes, the banks are not only ‘too big to fail,’ they’re now ‘too big to jail.’
As a new housing bubble fueled by Wall Street speculation is forming, it’s clear that the financial industry didn’t learn their lesson from the last mess. It’s more important than ever for us to take action to demand meaningful relief for homeowners and prosecutions for the criminals at the top.
Only through the power of thousands of organized homeowners taking action in the streets can we make the Attorney General and the President listen.
Occupy Our Homes, the Home Defenders League, and others are joining fed-up homeowners who are ready to demand action– join us the week of May 20th.
Over the next two months, Home Defenders from across the country will have an opportunity to tell their stories and fight back. Some will travel to Washington, DC the week of May 20th to make their voice heard directly at the Department of Justice.
Join the fight! Sign up now to fight in your city. Scholarships will be available to attend the Department of Justice Action in Washington DC.
Source: www.mediabistro.com – Wednesday, April 03, 2013
Two years after the major earthquake, tsunami and nuclear disaster wiped out many towns in the Fukushima region of Japan, some towns remain uninhabitable. Google is working with local officials in Namie-machi , a small city in Fukushima Prefecture, to help document the damage by sending Street View cars to take panoramic images of the abandoned town. This Street View imagery is available on Google Maps and on a page called Memories for the Future site , where you can explore before and after photos of the damaged area. “Ever since the March disaster, the rest of the world has been moving forward, and many places in Japan have started recovering,” Namie-machi mayor Tamotsu Baba wrote on the Google blog . “But in Namie-machi time stands still. With the lingering nuclear hazard, we have only been able to do cursory work for two whole years. We would greatly appreciate it if you viewed this Street View imagery to understand the current state of Namie-machi and the tremendous gravity of the situation.” (Via The Atlantic ). New Career Opportunities Daily: The best jobs in media .
Source: www.thegatewaypundit.com – Tuesday, March 19, 2013
Two pro-Israel activists were shoved, assaulted and chased away from a leftist pro-Hamas street protest in Oakland, California. The leftist attacker kept yelling: “You f*cking rightwing piece of sh*t! Get out of here!” From the video: This video from Oakland in the United States shows pro-Israel activists attacked and chased away in an aggressive manner for a peaceful protest against anti-Israel activists