bank-reform

moneyland.time.com
Et tu, Citi? Bank Raises Balance Requirements and Fees

The monthly maintenance fee was raised from $7.50 to $15, and the minimum balance customers have to keep in linked accounts in order to avoid the fee jumped from $1,500 to $6,000.

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So, basically, if you have less than the $6,000 minimum balance each month, you will be spoon-feeding CitiBank $180 in a year.


Referencing Publix.com:
or 10 boxes of 60-96 count diapers.

or 113 cans of soup.


From the U.S. Energy Information Administration:

or 53 gallons of gasoline (if your car got 20 mpg then 1060 miles of travel with gas @ $3.4/gallon)

$180 a year…from one person’s account.


gawker.com
Ferguson and the Criminalization of American Life
The Department of Justice's investigation of the Ferguson Police Department has scandalized the nation, and justly so. But the department's institutional racism, while shocking, isn't the report's most striking revelation.
By David Graeber

Hey, did you guys read this article? If you didn’t, you should. This is the sort of thing we should all know about and actively be trying to stop. 

Watch on paulcurrier.tumblr.com

Watch “The Secret of Oz” here:
http://www.youtube.com/watch?v=swkq2E8mswI

huffingtonpost.com
Bank of America takes major hit in S&P downgrade

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NEW YORK — Standard & Poor’s Ratings Services has lowered its credit ratings for many of the world’s largest financial institutions, including the biggest banks in the U.S.

Bank of America Corp. and its main subsidiaries are among the institutions whose ratings fell at least one notch Tuesday, along with Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co.

S&P said the changes in 37 financial companies’ ratings reflect the firm’s new criteria for banks, and they incorporate shifts in the industry and the role of governments and central banks worldwide. The agency did not release its evaluation of each company but said it plans to discuss the changes during a conference call early Wednesday.

Bank of America’s issuer credit rating was cut to “A” from “A+,” while its Countrywide Financial Corp. and Merrill Lynch & Co. Inc. units and a series of related subsidiaries were cut to “A-” from “A.”

Ratings downgrades are never seen as positive, but this round may be particularly damaging for Bank of America.

Concern already was growing Tuesday about whether B of A has enough capital to withstand another downturn in the U.S. economy or further trouble in Europe, and the bank’s stock fell to a two-year low before the ratings announcement.

Read more.

The European Super Highway of Debt

These info-graphics shows how much banks borrowed to Portugal, Ireland, Italy, Greece & Spain (PIIGS). Europe is in a deep crisis, and this shows how much must be repaid.

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It’s just mind-boggling. See the human figure at the bottom of the image?

Next to it is a pallet of 100 Million Euros.

Each tractor trailer is loaded with these pallets.

One tractor trailer represents €2,000,000,000 (that’s Billions).

Paul Volcker, the best Fed Chairman since William Martin weighs in on the difficulty of bank reform

Paul Volcker, the best Fed Chairman since William Martin weighs in on the difficulty of bank reform

By Against Crony Capitalism

April 19, 2015

Paul Volcker, the best Fed Chairman since William Martin weighs in on the difficulty of bank reform

 

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My colleague Hunter Lewis has this to say about Paul Volcker –

“Volcker really cares about the poor and the middle class. He is also scrupulously honest, not a scintilla of cronyism or corruption in him. And he has even admitted that the financial…

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Huntsman and the GOP Debate on Too Big To Fail

There are a series of proposals, mostly surrounding taxes and caps on size, leverage and presumably complexity. The first bullet point, a cap on size relative to GDP, is similar to the SAFE Banking Act, which failed in the 2010 Senate with 33 votes. They all sound like good ideas, though they received little-to-no GOP support during the debates.

Mike Konczal sorts through Huntsman plan to end To big to Fail. Wonky but worth a read.

PETITION TO CONGRESS:

The big banks are bigger than they were before the 2008 crisis, and CEOs and Wall Street money managers continue to benefit from obscene tax loopholes that cost us billions.

Stand up to Wall Street. To build a financial system that works for Main Street and working families, not just Wall Street billionaires, Congress should adopt the following agenda:

Wall Street billionaires have rigged our economy and our democracy. Let’s fix our financial system and make it work for ordinary Americans.

https://takeonwallst.com

takeonwallst.com
Take On Wall Street

PETITION TO CONGRESS:

The big banks are bigger than they were before the 2008 crisis, and CEOs and Wall Street money managers continue to benefit from obscene tax loopholes that cost us billions.

Stand up to Wall Street. To build a financial system that works for Main Street and working families, not just Wall Street billionaires, Congress should adopt the following agenda:

  • Close the carried interest loophole that lets billionaire Wall Street money managers pay lower tax rates than nurses or construction workers.
  • Create a Wall Street speculation tax that would discourage short-term bets and generate billions in new revenue to make college affordable, invest in our infrastructure, and create jobs in our cities.
  • End “Too Big to Fail” by breaking up the big banks – making them smaller, simpler, and safer.
  • Stop subsidizing million dollar CEO bonuses by ending the CEO pay tax loophole.
  • End predatory lending and also expand access to fair consumer banking services through “a public option” like postal banking.

We call on every member of Congress to co-sponsor and urge passage of this agenda.

https://takeonwallst.com/