Guy Fawkes Day in America – Moving Money

So what happens if 100,000 people move their money to small banks?

The fees charged by the big banks have gotten progressively ridiculous, and several of the major banks like Bank of America purposefully manipulated customer accounts to maximize overdraft fees to the tune of $2o billion a year…

Bank executives continue to get massive multi-million dollar bonuses… despite the fact it was American taxpayer money that bailed those very same banks out of a crisis created by the banks themselves.

Wall Street Protests Get Specific: Could ‘Bank Transfer Day’ Pit Americans Against Their Big Banks?

The growing anger directed at U.S. banks (especially the big ones that took federal bailout funds) over recent fee increases coalesced this weekend into a Facebook-driven campaign urging Americans to close their accounts at large banks and move their money to credit unions by Nov. 5.

Though not initiated by the Occupy Wall Street movement in New York and other cities around the country, the effort has been embraced by the protesters, and their “We are the 99%” mantra is all over the “Bank Transfer Day” Facebook page — making this the first specific action by a political movement that has been criticized as unfocused and incoherent.

Bank Transfer Day was started by a 27-year-old Los Angeles art-gallery owner, Kristen Christian. She says she’s not affiliated with the Occupy Wall Street protesters but that many organizers of those demonstrations had reached out to her to express support.

Christian chose Nov. 5 because of its association with 17th century British folk hero Guy Fawkes, who tried to blow up the House of Lords but was captured on that date in 1605. In an interview with the Village Voice, however, Christian and Occupy Wall Street leaders who discussed the effort to get Americans to move their money from large banks to small institutions emphasized that they weren’t trying to create a collapse of the financial system. ”I’ve been very careful to state that this is not … anarchy,” Christian told the Voice. “It’s shifting the money to a company people respect the practices of. It’s like, if you don’t like Walmart’s practices, shopping at a local grocery store instead.”

Guy Robs Same Bank 3 Times in 3 Days

Sometimes things get “good to you” – but this is ridiculous!

Ex-Mental Patient Robs Bank 3 Days in a Row: Cops

A former mental patient allegedly robbed the same bank three days in a row this week while living the high life on his stolen money, the New York Post reports. New York City police say Charles Burnett, 29, robbed the Sovereign bank of $2,200 on Monday and booked himself into the Grand Hyatt near Grand Central with his new cash. Tuesday, he repeated his performance at Sovereign for a whopping $14,000. That’s when he hired a personal driver for a third robbery.

Initially Burnett had the luxury SUV take him shopping at a sporting goods store, where he picked up—and paid for—a New York Giants hat and Yankees batting glove. “I thought he was a baseball player,” says driver Rafael Rubio. Burnett then had Rubio drop him off at Sovereign bank, which Burnett robbed of $10,000 before being tackled by cops. Sources say the 6-foot-1, 275-pound suspect, arraigned yesterday, was released not long ago from a mental hospital in the South.

“Rogue Trader” Takes Down UBS for $2 Billion

Talk about a major screw up! How is that if you are $.25 overdrawn the bank jumps all over your case…

And a 31 Year Old Trader with less than 5 years experience gets to play with billions of dollars unchecked?

It doesn’t appear (at least in what has been announced publicly so far) that this guy stole money – it may well be that he got nailed chasing a bad investment loss with increasingly risky (and thus higher paying) investments which didn’t work.

Rogue trades cost UBS $2bn

kweku adoboli

Kweku Adoboli

LONDON police have arrested Kweku Adoboli over alleged rogue trading that has cost Swiss banking giant UBS an estimated $US2 billion ($A1.95 billion).

Mr Adoboli, 31, worked in the bank’s exchange-traded funds business and was arrested yesterday.

Police, who declined to confirm the trader’s identity, said: ”A 31-year-old man was arrested at 3.30am in central London on suspicion of fraud by abuse of position. He remains in custody.”

Records from the City regulator suggest Mr Adoboli joined UBS as a trainee in March 2006. He was hired after studying at the University of Nottingham.

The Zurich-based bank suffered a near-10 per cent share-price fall after it revealed the loss could push it into the red this quarter. UBS, which dominates the Australian investment banking market, announced the loss just before the Swiss stock exchange opened.

UBS said it was still trying to get to the bottom of the matter, which was announced on the third anniversary of the collapse of Lehman Brothers.

It refused to elaborate but in an internal memo to staff, the executive committee of UBS revealed it only uncovered the incident on Wednesday.

”The matter is still being investigated, but UBS’s current estimate of the loss on the trades is in the range of $US2 billion,” UBS said.

”It is possible that this could lead UBS to report a loss for the third quarter of 2011.”

 

Shut ‘Em Down!

You know – those Union Pension and retirement funds make up a large part of Wall Street Capital. Because Koch Industries is privately owned, it isn’t subject to  Investor pressure. However, many of their co-criminals and “pardners” are…

M&I Bank branch on Capitol Square closes after protests

M&I Bank’s branch on the Capitol Square, at 1 W. Main St., closed Thursday after demonstrators, protesting campaign contributions by bank executives to Gov. Scott Walker, gathered outside the bank and several pulled their money out.

Sara Schmitz, a spokeswoman for M&I in Milwaukee, said in an e-mail the bank shut its doors “under the advisement of the Madison Police Department and due to the significant number of protesters surrounding the Capitol.”

Madison police said hundreds of people had gathered at the front entrance to the bank.

“(The) concern was if the crowd continued to grow, it would be difficult for us to guarantee access and safety for those trying to get in and out of the bank,” police spokesman Joel DeSpain said. He said police did not tell M&I officials to close the bank.

Members of several labor unions stopped at M&I twice between 9 and 9:30 a.m., said Joe Conway, Jr., president of Local 311 of the International Association of Fire Fighters. The protest was peaceful, he said.

Several protesters went inside and closed their accounts, displaying checks that totaled $192,000 withdrawn, Conway said. Schmitz declined to comment about any withdrawals.

Some of the products produced by Koch – which could be subject to boycott…

Georgia-Pacific LLC, based in Atlanta, and its subsidiaries, have approximately 300 manufacturing facilities across North America, South America and Europe, ranging from large pulp, paper and tissue operations to gypsum plants, box plants and building products operations, and more than 40,000 employees worldwide.

Georgia-Pacific’s familiar consumer brands in North America include Quilted Northern®Angel Soft®,Brawny®Sparkle® Soft ‘n Gentle®, Mardi Gras®,Vanity Fair®, and the Dixie® brand of tabletop products.

INVISTA B.V. and its subsidiaries (INVISTA) deliver exceptional value for customers through market insight, technology innovations, and a powerful portfolio of some of the most recognized global brands and trademarks in the nylon, spandex and polyester value chains, as well as other specialty products

Consumer brands include STAINMASTER®carpetANTRON® carpet fiberCORDURA®fabric, and COMFOREL® fiberfill.

 

 

FDIC Begins Bank Prosecutions

Seems like it took forever, but the FDIC has finally begun to go after the tip of the iceberg of Bank Fraud.

Now, if the SEC will only follow suit with Wall Street.

One for You, Two for Me...One for You, Three for Me...

 

U.S. Sets 50 Bank Probes

FDIC Steps Up Investigations at Failed Lenders; ‘These Numbers Will Increase’

The Federal Deposit Insurance Corp. is conducting about 50 criminal investigations of former executives, directors and employees at U.S. banks that have failed since the start of the financial crisis.

The agency responsible for dealing with bank failures is stepping up its effort to punish alleged recklessness, fraud and other criminal behavior, as U.S. officials did in the wake of the savings-and-loan crisis a generation ago. More than 300 banks and savings institutions have failed since the start of 2008, but just a few have led to criminal charges being filed against bank officials.

In an interview, Fred W. Gibson, deputy inspector general at the FDIC, which works with the Federal Bureau of Investigation to investigate crime at financial institutions, said the probes involve failed banks of all sizes in cities across the U.S. The FDIC is also ramping up civil claims to recover money from former bankers at busted lenders. He declined to identify any of the people or banks under investigation.

 

 

“Move Yo’ Money” Goes Statewide

As I have mentioned before, HuffPo and several other organizations have started a campaign for depositors to move their money from the big national banks to community banks in response to the obscene bonuses being paid out, and the refusal of the big banks to use the TARP money for community lending.

This campaign is beginnning to get traction, as the first State, New Mexico has voted to move state funds from Bank of America to community banks and S&Ls operating within the state.

New Mexico House Votes 65-0 To Move State’s Money To Credit Unions, Community Banks

New Mexico’s House of Representatives voted Monday to pass a bill that allows the state to move $2 billion – $5 billion of state funds to credit unions and small banks.

The municipal funds bill was approved 65-0 (roll call – PDF), and is subject to a vote by New Mexico’s Senate. Governor Bill Richardson told the bill’s sponsor that he supports the legislation.

Move Your Money is a project started by Arianna and Rob Johnson that aims to spur financial reform at big banks by encouraging account holders to move their money to smaller credit unions and community banks. New Mexico currently keeps $1.4 billion in accounts at Bank of America.

The implications here are huge. If more states follow New Mexico’s lead, much less if major financial organizations like State Employee Pension Funds move, there will be a tectonic shift in banking in the US.

//

// <![CDATA[
document.write('');
document.write('');
var debugadcode = '';
debugadcode = debugadcode.replace(/\' \+ HPAds.ads_client_side_qvs\(\) \+ \';/gi,HPAds.ads_client_side_qvs());
document.write(debugadcode);

// ]]>

New Mexico House Votes 65-0 To Move State’s Money To Credit Unions, Community Banks

The New Jim Crow – Financing, Forclosure, and the Virtual Debtors Prison

Settlement of the United States, as well as a few other places around the world, started with Europe’s rejects. The English in particular were very adept at packing up “criminals”, and shipping them off to the Americas and Australia.

Debtors Prison, York, England

Debtors Prison, York, England

If you are thinking rapists and murderers, the answer is in majority, no. Those folks got hung. The vast majority of “criminals” sent off in ships were debtors in an age before usury laws – people who, for whatever reason couldn’t pay off their debts. Often it was because the moneylenders could charge exorbitant rates, effectively doubling and tripling the debt faster than the victim could possibly afford to pay off the principal.

Sort of like what we have today in the credit card industry. In light of the various protections given the banking and credit industry the last 8 years, such as a rewrite of the bankruptcy laws by Republicans – and a steadfast refusal to address the issues of privacy…

Continue reading

Follow

Get every new post delivered to your Inbox.

Join 133 other followers