Tag Archives | Banks

California Man Could Face Decade In Jail For Writing Anti-Bank Slogans In Chalk

chalk protest

The local government is acting on instructions from a “high-ranking bank security manager.” KMFB San Diego reports:

A North Park man is looking at more than a decade behind bars for using washable chalk to protest the banking industry. Jeff Olson is being charged with 13 counts of vandalism for writing anti-bank slogans on sidewalks outside three Bank of America branches.

A surveillance camera caught Olson in the act, writing on the sidewalk in front of a Bank of America in North Park. Olson admits it: “I wrote ‘No thanks big banks,’ I wrote ‘Shame on Bank of America,’” he said.

But the city attorney’s office — after receiving multiple emails from a high ranking bank security manager — decided to charge Olson with 13 counts of misdemeanor vandalism.

Olson’s attorney argued in motions Tuesday morning that this is free speech written in easily cleanable chalk, but Judge Howard Shore disagreed, saying this case has nothing to do with free speech.

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German Bank Worker Accidentally Transfers Nearly $300 Million By Falling Asleep On Keyboard

falling asleep on keyboardSomething tells me that the falling-asleep-on-keyboard mistake will eventually be how the world ends. Via FRANCE 24:

An obviously tired German bank employee fell asleep on his keyboard and accidentally transformed a minor transfer into a 222 million euro ($293 million) order, a court heard Monday.

The Hessen labour court heard that the man was supposed to transfer just 62.40 euro from a bank account belonging to a retiree, but instead “fell asleep for an instant, while pushing onto the number 2 key on the keyboard” — making it a huge 222,222,222.22 euro order.

The bank discovered the mistake shortly afterwards and corrected the error. The case was taken to court by the man’s 48-year-old colleague who was fired for letting the mistake slip through when verifying the order.

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Wall Street Investors Buying Up Entire Neighborhoods In Poorer Areas

wall street

Wall Street investment firms are eager to become your new landlord. New York Times Dealbook reports:

Large investment firms have spent billions of dollars over the last year buying homes in some of the nation’s most depressed markets. The influx has been so great, and the resulting price gains so big, that ordinary buyers are feeling squeezed out. Nationwide, 68 percent of the damaged homes sold in April went to investors, and only 19 percent to first-time home buyers.

Wall Street played a central role in the last housing boom by supplying easy — and, in retrospect, risky — mortgage financing. Now, investment companies like the Blackstone Group have swooped in, buying thousands of houses in the same areas where the financial crisis hit hardest.

Blackstone, which helped define a period of Wall Street hyperwealth, has bought some 26,000 homes in nine states. Colony Capital, a Los Angeles-based investment firm, is spending $250 million each month and already owns 10,000 properties.

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Liberty Reserve, “Bank of Choice for the Criminal Underworld”

Liberty reserveKurt Eichenwald likens the latest massively fraudulent bank scandal at Liberty Reserve to BCCI (remember them, the terrorist bankers of choice?), at Vanity Fair:

Another day, another alleged fraud. But this one—brought to light by the federal indictment of Liberty Reserve, which prosecutors said was one of the world’s largest online money operations—sounded a little bit too familiar.

According to the charges, the operators of Liberty Reserve constructed an extremely complex international network for financial transactions that allowed its customers to transmit vast sums of money around the globe, all while operating under layers of anonymity. As a result, the indictment says, “Liberty Reserve was in fact used extensively for illegal purposes, functioning in effect as the bank of choice for the criminal underworld.”

If that rings a bell for any of you fraud aficionados, think back to 1991 and the virtual financial explosion of a shadowy international institution called the Bank of Credit and Commerce International, best known as B.C.C.I.

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Major U.S. Banks’ Checks Sent To Homeowners Bounce In $3.6 Billion Improper Foreclosure Settlement

improper foreclosureHere’s fair warning that if Bank of America, Citibank, Goldman Sachs, HSBC, or Wells Fargo illegally foreclose on your home, the piddling compensation check sent to you a few years later may bounce when you attempt to cash it. Via ABC News:

A bunch of big banks agreed to a $3.6 billion legal settlement a few months ago to halt a review of improper foreclosures, in which banks’ law firms fabricated and robosigned documents.

Under the settlement, checks will be sent to more than 4 million homeowners who lost their homes to foreclosure in 2009 and 2010.

The first wave of checks was sent Friday. And, according to the Federal Reserve, at least some of them bounced. The Fed phrased it this way: “Some early recipients of checks informed the Federal Reserve’s consumer helpline on Tuesday that they were told their checks could not be cashed.” The Fed says the problem has been solved.

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The Illuminati Were Amateurs: The Second Huge Financial Scandal of the Year Reveals the Real International Conspiracy

Occupy Wall Street March 2012 foreclosure bannerThe biggest price fixing scandal ever is how Matt Taibbi describes it for Rolling Stone:

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world’s largest banks may be fixing the prices of, well, just about everything.

You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that’s trillion, with a “t”) worth of financial instruments.

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A Creepy Bank Advertisement Featuring Celebrity Athlete Spokespeople

An eerie and fascinating commercial of the moment from European banking and mortgage giant Santander acknowledges how corporate messages have become a deluge pervading our lives. There is no resistance. Via Potlatch:

It is one of the most unsettling pieces of film that I’ve ever seen, reducing advertising to a set of blank and bland facts, to be recited out of the mouths of an apparently arbitrary collection of sports stars. What are the celebrities doing in other people’s houses?

The ordinary people, trying to go about their days in peace and privacy, exude a sad resignation that capitalism now drops (real? hallucinatory?) celebrities into their bathrooms and kitchens, to talk at them uninvited. Is this a warning of some kind?

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Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds

via Wall Street on Parade

elizabeth warren

There is only one thing more Kafkaesque than the ongoing Wall Street frauds and that is watching a live United States Senate investigation of a diabolical settlement the banks themselves concocted to repay the victims of their own fraud. Such was the case yesterday when Senators Sherrod Brown, Jack Reed, and Elizabeth Warren grilled regulators from the Office of the Comptroller of the Currency and Federal Reserve along with outside consultants over allowing banks to hand pick the consultants to do their foreclosure reviews, negotiate confidentiality agreements with them and pay them directly.

Hundreds of millions of dollars in checks from the Foreclosure Review settlement will start going out today, eventually topping $3.6 billion in the cash portion of the settlement, and yet it was revealed during yesterday’s Senate hearing that it was the actual banks that engaged in the illegal foreclosure actions that tallied up and classified their wrongdoing under various degrees of harm; deciding themselves how many people would receive $300 and how many $125,000.

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Goldman Sachs Rejects Proposal To Run For Political Office

The investment banking giant needed intervention from the SEC to ensure that a shareholder’s satirical proposal—that the firm drop all pretense and simply run for political office as a candidate called “Goldman Sachs”—will not be put to a vote at its annual meeting, reports Bloomberg:

A shareholder proposal that the New York-based company run for office instead of funding political campaigns was discarded, according to a letter last month from the Securities and Exchange Commission, which agreed the firm can exclude the measure from its annual meeting.

Harrington Investments Inc. President John Harrington submitted the proposal last year, saying the $6.39 million in 2012 political contributions from the firm’s employees risks doing more harm to its reputation. He said the bank should explore running for office, using a U.S. Supreme Court ruling that corporations have similar political rights to individuals.

“It would be less damaging to the integrity of our political system and our company, for our corporation to directly run for office as a person under federal or state law, than to continue in the current form of political participation,” Harrington wrote in the proposal.

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