Derivatives- What of it Warren?

I mean we even lost 400 million 

Derivatives typically have a large notional value.  As such, there is the danger that their use could result in losses for which the investor (Bank) would be unable to compensate.  So many vehicles riding on one underlying where the vehicles reach escape velocity, far outperforming the original value of the financial product through leveraging and the huge dependencies on counterparties.     

The possibility that this could lead to a chain reaction ensuing in an economic crisis was pointed out by famed investor Warren Buffett called them 'financial weapons of mass destruction.'  A potential problem with derivatives is that they comprise an increasingly larger notional amount of assets which may lead to distortions in the underlying capital and equities markets themselves.

If the sale on these were called on as a whole, the spread on the leveraging could not be covered, the original product is distorted, lesser value if any.  That's a very large number 700 Trillion $dollars$ and that was in 2011, were above that now.  It's known that the Banks can only cover part of the spread, hell that sounds like a Bookie! 

There have been several instances of massive losses in derivative markets, such as the following:

Two former JP Morgan Chase & Co. (JPM) employees were charged by federal prosecutors with attempting to conceal trading losses at the largest U.S. bank last year as part of a probe of its US$6.2 billion loss on derivatives bets, story became to be known as the The London Whale.

From Wikipedia:
American International Group (AIG) lost more than US$18 billion through a subsidiary over the preceding three-quarters on credit default swaps (CDSs). The United States Federal Reserve Bank announced the creation of a secured credit facility of up to US$85 billion, to prevent the company's collapse by enabling AIG to meet its obligations to deliver additional collateral to its credit default swap trading partners.

The loss of US$7.2 Billion by Société Générale in January 2008 through misuse of futures contracts.

The loss of US$6.4 billion in the failed fund Amaranth Advisors, which was long natural gas in September 2006 when the price plummeted.

The loss of US$4.6 billion in the failed fund Long-Term Capital Management in 1998.

The loss of US$1.3 billion equivalent in oil derivatives in 1993 and 1994 by Metallgesellschaft AG.

The loss of US$1.2 billion equivalent in equity derivatives in 1995 by Barings Bank.

The loss of UBS AG, Switzerland's biggest bank, suffered a US$2 billion loss through unauthorized trading discovered in September 2011.

This comes to a staggering US$46.9 billion, the majority in the last decade after the Commodity Futures Modernization Act of 2000 was passed.

What of it Warren?

Bill George

"Give 'em the Green Weenie"

"Give 'em the Green Weenie

 Alrighty then, this has taken five years (too little too late) for the power that has come to be in our society to regulate the fall of the 2008 financial collapse.  Many governments around the world with the banks are truly at a loss, where their being sued for the simple reason there's no money in the system and many countries are printing their own money. (quantitative easing) So they have to sue the banks, that's where the money went and now the regulators of the banks and financial instruments are turning on their pals to where as of today "Moody's" has down graded 8 banks for the simple reason a bill in place will not allow them to get a bailout from the public, Oh the poor dears!   Also remember it was the regulators who graded the mortgage swaps as AAA paper where a Mead notebook was more valuable.

So with all the rules and regulation we're suppose to be loyal to every rule in the book was broken to steal money from hard working people.  One thing comes to mind, since the system is man-made from top to bottom you know your best interest was at a loss. In order to be a better player on this board of Monopoly it's high time for loyal disobedience to ourselves, as we witnessed the selfish acts committed to all people around the world.  As a collective group the people of the world are the economy and with that if you were to barter and also work only for cash, gold, silver it would end corruption on a large scale, no money going to the ones who institute the game you must play.  It would dry up politicians, lobbyist, banks ah hell the list is long and like Warren Buffet has mention "he would not be interested in a 100 million dollar deal if it burned his gut, better to do business with ones you can trust".

So don't come crying to us if your system and or business is failing.   Anything man-made can succeed or fail and who told you to be loyal when they break their own rules, especially that it has failed you, the pressure is on from top of the ant hill to the very bottom.  Work only for what makes you feel good and by all means use cash only, you loyal disobedient soul.   Like Alan Simpson would say "give 'em the green weenie" and that's going to be Godzilla with his green toxic wanker being pushed from behind by King Kong for deep penetration!   "I can hear Kong now, I wanna push, I wanna push!"

Yay!

rightwiththeship

Globe Backyard TV

Economic Collapse Emanate

Emanate: unseen forces coming out of a specific source.


By Greg Hunter’s USAWatchdog.com

Employers are cutting full-time employees back to part-time to avoid the
requirement of providing health insurance under Obama Care. Trader Karl Denninger says, “As the Obama Administration runs against the economic reality of what they passed, they are now trying to find ways to dodge it. . . . The Obama Administration’s reaction to this has been to unilaterally, and by the way illegally, put off the imposition of mandate.” This is not going to save the teetering economy as Denninger contends, “Bernanke has lost control of the bond market and, in general, his policy. . . . The reality is the Fed is not in charge, and when that confidence level breaks, you are going to see all hell break loose.” Denninger goes on to predict, “We are setting up for a collapse that is going to be worse than 1929, and it’s going to come sometime within the next two years. It could come as soon as the next couple of months, but it is going to happen, and there’s nothing that is going to stop it.” (end watchdog)

Wow, here's a startling fact -- more than 10 million Americans have been evicted from their homes since 2007. That's nearly the entire population of the state of Michigan. Just imagine if the people of an entire state were rendered homeless overnight -- it would be quite a calamity. In February 2007, just before everything fell apart, Goldman Sachs bundled thousands of subprime mortgages from across the country and sold them to investors. This bond became toxic as soon as it was completed. Hundreds of thousands of subprime borrowers are still struggling.

Deals like the Goldman one leave a rich paper trail that includes many details about the loans that were contained in the bond. The numbers are jaw-dropping. Three-fourths of the borrowers in the deal have fallen well behind on their payments at some point, according to a special analysis of the deal performed by the Federal Reserve Bank of Boston. Many of those people have lost their houses or will lose them. Nearly half the loans in the bond have been in foreclosure proceedings since it was issued, according to the Boston Fed.

JPMorgan has lately faced a slew of sanctions by federal regulators. In January, regulators ordered the bank to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion. The Federal Reserve and the U.S. Comptroller of the Currency also cited JPMorgan for lapses in oversight that could allow the bank to be used for money laundering.

About Greg Hunter:

Greg is the producer and creator of USAWatchdog.com. The site's slogan is "analyzing the news to give you a clear picture of what's really going on." The site will keep an eye on the government, your financial interests and cut through the media spin.
USA Watchdog is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.

Greg Hunter

U.S. vs JP Morgan Chase

Well, just a few days ago I mentioned who's next?  Here you have it, The Whale of all scandals is JP Morgan Chase, accused once again of cheating and stealing.  JP Morgan is more than willing to pay the fine, can't win this one and you still bank with them?  The U.S. Federal Energy Regulatory Commission (FERC) staff has found "eight manipulative bidding strategies" used by a JPM affiliate in 2010 and 2011, the regulator said. A civil penalty of $285 million and return $125 million in ill-gotten profits to electricity ratepayers In one scheme, JP Morgan traders made low end-of-day bids to attract large orders from buyers to provide power the next day, the FERC said. In the first two hours the next day, the bank demanded higher rates for making the power available, a maneuver that led the grid operator to pay it millions of dollars for a period in which demand is typically low.  Another ENRON, cooking the books and associated with manipulation of commodities!

“JP Morgan picked the pockets of California households and businesses, and their manipulation increased the electric bills that people pay,” Tyson Slocum, director of the energy program at Public Citizen, a Washington-based consumer advocacy group, said in an interview yesterday.  

Ya know something, want to see this practice go away, flush the toilet on this stock JPM.  Just maybe the public will start to practice what these Jack Wagons shove up everybody's ass!  Say the public buys up JBM, run up the price and on a single given day dump the stock.  Well, one would say this is insider trading of stock manipulation, no this is outsider trading, a new breed in the market and no one understands the complexity of market trade, it's what you taught us.  Sounds like fair game to me, don't do business with practices who steal from you and us.  Hey,  JP Morgan along with their golden boys are doing it to themselves, "notice the purple ties out there", read it and weep.  

Funny how we find humor in tragedy, like Dimon tied on a whale in the photo above.  This image represents Capt. Ahab on the back of Moby Dick.  In the movie,  Moby Dick crushes the launch boats along with the crew and Capt. Ahab on the back of Moby tangled in ropes, dead by drowning.  Mody now slams the ship and creates a whirlpool by swimming around the ship and sinks. 

I watched Moby Dick the 1956 movie again last night a Novel by Herman Melville published in 1851, Gregory Peck is Ahab.  JP Morgan can be proud of that but what if Moby Dick was the PUBLIC?  Is that spelled in all capital letters?   Aye        

Moby Dick

Wall Street Journal

Shaking The Banks, the Pope is even in on it!

Who's Next

This has been years in the making, banking reform.  FHFA sued UBS and 17 other banks in 2011, seeking to recover losses on a total of $200 billion in mortgage-backed securities sold to the two government-sponsored enterprises.  In November, U.S. District Judge Denise Cote, who is overseeing the UBS suit and most of the other FHFA suits, denied a request by Citigroup, Bank of America Corp. and two other banks to dismiss them. 

 UBS Americas will pay $885 million to settle ongoing litigation with the Federal Housing Finance Agency (which oversees Freddie Mac and Fannie Mae) over the bank's sale of toxic residential mortgage-backed securities to F&F.  The FHFA has alleged that the various banks violated federal and state securities laws when selling private-label RMBS to the housing agencies. Under the terms of the settlement, UBS will pay approximately $415 million to Fannie and $470 to Freddie to resolve certain claims.

Some of these names, as the settlement agreement covers claims between FHA and UBS in the following cases: FHFA v. UBS Americas, Inc.; FHFA v. Ally Financial Inc.; FHFA v. Countrywide Financial Corp.; and FHFA v. First Horizon National Corp. Of the 18 suits filed in 2011, FHFA has now settled three cases and remains committed.  The banks are shaking as to who is next.

Fannie Mae and Freddie Mac, a bipartisan group of senators calling for their dissolution within five years.

Taxpayer Protection Act of 2013:

To provide secondary mortgage market reform and for other purposes. The bill would transfer some of Fannie and Freddie's functions to a "modernized and streamlined" agency. To keep taxpayers from absorbing losses in the secondary mortgage market during periods of economic stress, the bill requires private market participants to hold 10 percent of the first loss of any mortgage-backed security that purchases a government reinsurance wrap.

Overview: House Bill

Summary: H.R.1101 — 113th Congress (2013-2014)
Introduced in House (03/12/2013)

Homeowners and Taxpayers Protection Act of 2013 - Directs the Secretary of the Treasury to establish the National Commission on Natural Catastrophe Preparation and Protection to advise the Secretary regarding the estimated loss costs associated with reinsurance protection contracts.

Requires the Secretary to implement a program that utilizes premiums from eligible state or multi-state plans to pre-fund future natural catastrophe recovery by making available for purchase, only by such plans, contracts for reinsurance coverage.

Requires such contracts to cover insured property losses covered under primary insurance contracts to homeowners, mobile homeowners, renters, and condominium owners for specified natural catastrophic events.

Prescribes requirements for the operation of state plans and the terms of reinsurance contracts.

Encourages states to create and maintain catastrophe funds for themselves or with other states.

Sets forth requirements for the treatment of insured losses and maximum federal liability.

Establishes in the Treasury the Catastrophe Preparedness Fund, consisting of contract sales receipts and any amounts borrowed or earned, which shall be used to pay Commission administrative costs and loss payments under reinsurance contracts. Prohibits the authorization or appropriation of federal funds for the Fund or for implementing the reinsurance liquidity protection program.

Establishes a post-catastrophe market stabilization program for liquidity loans to: (1) expedite payment of claims under state catastrophe insurance programs, (2) authorize the Secretary to issue loans to assist financial recovery from significant natural catastrophes, and (3) promote the availability of private capital to state catastrophe insurance programs in order to provide liquidity and capacity.

Establishes the National Readiness, Preparedness and Mitigation Committee to administer a Readiness, Preparedness, and Mitigation Grant Program of grants to state and local governments, nonprofit organizations, and other appropriate public and private entities to develop programs and initiatives to improve catastrophe response, citizen preparedness and protection, and prevention and mitigation of losses from natural catastrophes.

Banks bail on mortgages and MSR: (mortgage servicing rights)

Banks Bail

Wells Fargo announced that it is eliminating its entire remaining joint venture mortgage banking affiliates.  Bank of America is now in the midst of one of the biggest transfers of MSRs in history, selling servicing rights for about $215 billion of loans to Nationstar Mortgage Holdings Inc.  There is some history here: about half the loans involved are owned or guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.  Bank of America agreed to a $10-billion-or-so settlement (some of the public received $3000 to keep quiet, many haven't even cashed the check) with Fannie over who was responsible for the problems with the massive defaults on loans from the mortgage boom era.

The Pope:

There is a Pope!  Francis himself is imposing a shake-up in the Vatican's staid and dysfunctional bureaucracy, setting in motion a reform plan and investigations into misdeeds at the scandal-plagued Vatican bank and other administrative offices.  It was a slightly more diplomatic expression of the direct, off-the-cuff exhortation he delivered to young Argentine pilgrims on Thursday.  In those remarks, he urged the youngsters to make a "mess" in their dioceses and shake things up, even at the expense of confrontation with their bishops and priests.

Another Tricky Day:

Well, Pod a lot of shaking going on, the whole world is fed up with this crap.  What's happening now is that the Banksters and Jack Wagons are getting their punk ass pockets picked.

TheWhoVEVO

Higher Rates- Higher Inflation

Stick Together 

Yes, sir, you knew this was coming, higher interest rates. Started off with students loans which there is more debt than on credit cards at the moment a cool 22 billion, ah that's why the banksters started here and many senators said their still working with lawmakers to bring the rate down instead of letting it double to 6.4%, yeah right!  You can also define this as the banksters going after the sons and daughters fist, attacking kids, the future of society. (oh, they care about you remember!)  Ever since the bailout to the banksters loans have been hard to come by for the simple reason the rates were so low the banks couldn't make higher profits.  But now the rates are going up you will find it easier to borrow money, thanks, banksters! The sad part of this is the Feds printed so many trillions of dollars that your dollars are going to purchase less because here comes inflation.  Don't watch the market, watch the bond market and tangible goods which is the commodities like oil, grains, metals, as the dollar becomes weaker these prices will rise.  Mortgage rates are on the rise along with the credit card rate, car loans and any transaction of you borrowing money.  This is not only going to be hard on the public but any town, city and state will have to come up with more money, many are already broke!

You want to know what to do here, pool together with friends and family, coworkers and work on a strategy of purchasing power.  You can make this interest free or tag a small increase to the money borrowed in a pool for purchasing a home, car, student loan or any large ticket item, hell you could use the money as an investment tool for the pool if you want.  At which point after one individual receives his or her needs onto the next.  The money is paid back to the pool so everybody swims, the pool could hold the loan as collateral like a mortgage, car title, student loan till paid off.  The more people you have in your pool the more purchasing power you will have and monies coming back to the loan pool for future investment and or purchase.  That's right you just became the bank but in a very private sector with no regulation, who's going to know?  They do not even follow their own laws of regulation so why should you care Pod, I thought so, game on!  Also find other sources than normal media, do yourself a favor.  The harder you work the better your luck is and luck is not a factor.

The ship is working on a circle of ethics to bring you tools, information and individuals to use for the commonwealth of humanity.  Not for the ones who want to clean your clock!  Outside of this, it seems people are detached from reality and could give a rat's behind about you, well Pod I like US.

rightwiththeship

Financial Sense

Arithmetic- 2012 Election

Video uploaded by CSPAN

Well alrighty then, good skit by Eastwood and great speech by former President Bill Clinton where some are saying they would vote for him again for president. Lets look at the reason to why no president could fix the economy in just four years. Here is one answer, The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999.

Many commentators have stated that the Gramm-Leach-Bliley Act’s repeal of the affiliation restrictions of the Glass–Steagall Act of 1933 was an important cause of the late-2000s financial crisis. Some critics of that repeal argue it permitted Wall Street investment banking firms to gamble with their depositors' money that was held in affiliated commercial banks. Others have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the Glass–Steagall Act. Commentators, including the American Bankers Association in January 2010, have also argued that the ability of commercial banking firms to acquire securities firms (and of securities firms to convert into bank holding companies) helped mitigate the financial crisis.

President Bill Clinton’s signing statement for the GLBA summarized the established argument for repealing Glass-Steagall Section’s 20 and 32 in stating that this change, and the GLBA’s amendments to the Bank Holding Company Act, would “enhance the stability of our financial services system” by permitting financial firms to “diversify their product offerings and thus their sources of revenue” and make financial firms “better equipped to compete in global financial markets.”

Robert Kuttner, Joseph Stiglitz, Elizabeth Warren, Robert Weissman, and others have tied Glass-Steagall repeal to the late-2000s financial crisis. Kuttner acknowledged “de facto enroads” before Glass-Steagall “repeal” but argued the GLBA’s “repeal” had permitted “super-banks” to “re-enact the same kinds of structural conflicts of interest that were endemic in the 1920s”, which he characterized as “lending to speculators, packaging and securitizing credits and then selling them off, wholesale or retail, and extracting fees at every step along the way.” Stiglitz argued “the most important consequence of Glass-Steagall repeal” was in changing the culture of commercial banking so that the “bigger risk” culture of investment banking “came out on top.” He also argued the GLBA “created ever larger banks that were too big to be allowed to fail”, which “provided incentives for excessive risk taking.” Warren explained Glass-Steagall had kept banks from doing “crazy things.” She credited FDIC insurance, the Glass-Steagall separation of investment banking, and SEC regulations as providing “50 years without a crisis” and argued that crises returned in the 1980s with the “pulling away of the threads” of regulation. Weissman agrees with Stiglitz that the “most important effect” of Glass-Steagall “repeal” was to “change the culture of commercial banking to emulate Wall Street's high-risk speculative betting approach.”

Proposed reenactment:

During the 2009 House of Representatives consideration of H.R. 4173, the bill that became the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Representative Maurice Hinchey (D-NY) proposed an amendment to the bill that would have reenacted Glass-Steagall Sections 20 and 32 and also prohibited bank insurance activities. The amendment was not voted on by the House.

On December 16, 2009, Senators John McCain (R-AZ) and Maria Cantwell (D-WA) introduced in the Senate the “Banking Integrity Act of 2009” (S.2886), which would have reinstated Glass-Steagall Sections 20 and 32, but was not voted on by the Senate.

Before the Senate acted on its version of what became the Dodd-Frank Act, the Congressional Research Service issued a report describing securities activities banks and their affiliates had conducted before the GLBA. The Report stated Glass-Steagall had “imperfectly separated, to a certain degree” commercial and investment banking and described the extensive securities activities the Federal Reserve Board had authorized for “Section 20 affiliates” since the 1980s.

The Obama Administration has been criticized for opposing Glass-Steagall reenactment. Treasury Secretary Timothy Geithner testified to the Joint Economic Committee that he opposed reenacting Glass-Steagall and that he did not believe “the end of Glass-Steagall played a significant role” in causing the financial crisis.

On April 12, 2011, Representative Marcy Kaptur (D-OH) introduced in the House the “Return to Prudent Banking Act of 2011” (H.R. 1489), which would amend the Federal Deposit Insurance Act to add prohibitions on FDIC insured bank affiliations instead of reenacting the affiliation restrictions in Glass-Steagall Sections 20 and 32, direct federal banking regulators and courts to interpret these affiliation provisions and Glass-Steagall Sections 16 and 21 in accordance with the Supreme Court decision in Camp, and repeal various GLBA changes to the Bank Holding Company Act.

On July 7, 2011, Representative Maurice D. Hinchey (D-NY) introduced in the House the “Glass-Steagall Restoration Act of 2011” (H.R. 2451), which would reinstate Glass-Steagall Sections 20 and 32.

Conclusion: 

Well now this is very important to the financial world and with all these entities regulating themselves under the umbrella of The Federal Reserve, their not in trouble, the American taxpayers are the FED has them covered, Bail Out. So Bill Clinton is right no president can fix this in 4 years and with that we hear once again the word change. The Republicans blame the Democrats and vice-a-versa, we hear the same thing every 4 years.

You know something, both parties are at fault and so are we, the American people. We're not going to see change anytime soon instead of listening to political body's blaming each other we need to fix just that. Since the government has taken on the role of business and many are not happy with business today, you can vote every day in America or the world for that matter by simply not doing business with the entities who are screwing up.  All the bills, amendments to the pile of laws governing this luxury of business won't amount to a hill of beans if you don't buy. We don't have to wait for another politician to save our ass from either party, once you know the game you know the players, pick who you will do business with, your stronger at this point instead of listening to the sound of change.

Bill Clinton mentioned arithmetic, neither side knows arithmetic. My third-grade teacher gave us a tip to help with the spelling of arithmetic, little did she know she was envisioning the future of our country, here is that spelling tip.

A rat in the house may eat the ice cream.

Government, Corporation, Consumer, Unity

Banks: Soap on a Rope

The rating agencies have been downgrading world banks at an alarming rate!  Gee, how did that happen?  I mean really did they think business as usual and I don't what to hear them cry!

Moody's ratings agency has downgraded the credit ratings of eight top Greek banks - including the largest lender National Bank of Greece.

It said the cuts were because of the banks' holdings of Greek government bonds which are looking increasingly risky. Moody's also cited declining bank deposits and Greece's struggling domestic economy which contracted 7.3 percent year-on-year in the second quarter of 2011, as well as unemployment over 16 percent.

Euronews



French banks

Sept. 12/2011 - Growing fears of a Greek default send a hurricane through French banks and hit the euro as investor confidence in the euro zone's ability to deal with the debt crisis fades. Sonia Legg report:

Dec.09 - Moody's has downgraded the debt of France's three largest banks, citing deteriorating liquidity. Sonia Legg reports:

ReutersVideo



Paul Krugman

May 17, 2012

Nobel Prize-winning economist Paul Krugman, warns the current bank run in Greece could spiral into the end of the Eurozone. "It is really quite shocking," Krugman says. "I hate to sound apocalyptic." Meanwhile, France's new finance minister has reiterated that the country's new socialist government will not ratify the European Union's fiscal pact calling for greater austerity.

democracynow



The Mood Hits Home

June 21, 2012

$INDU  12,573.57 -250.82

This went around the world and it's going to touch everyone. Moody's Investors Service lowered the credit ratings of 15 of the world's largest banks late Thursday, including Bank of America, JPMorgan Chase and Goldman Sachs, saying their long-term prospects for profitability and growth are shrinking.

AssociatedPress

Consumer and Ally Financial

Ally Financial was better known as GMAC Inc. General Motors Acceptance Corporation. This was founded in 1919 by GMC, Ally headquarters is in the Motor City Detroit.  December 29 of 2008 the United States Department of the Treasury invested 5 billion dollars from TARP (Troubled Asset Relief Program).

As of January 2012, TARP has about $12 billion invested in Ally.  The U.S. Government has a 74% ownership.  Wait a minute, is this the true people's bank now?  Wow, we own this one, maybe there is room for improvement, got to really watch this bank.

Updates: The 73.8% government ownership stake was reduced to 63.4% through a share dilution in November 2013. Following this, the share eventually was reduced to 0% through both private and public equity sales by the government from January 2014, to December 2014. In total, the U.S. Treasury recouped $14.7 billion of the assistance principal and received $4.9 billion in dividends and other income from its involvement with GMAC/Ally between 2008 and 2014.

In December 2013, the Consumer Financial Protection Bureau (CFPB) announced a settlement with Ally Financial to resolve alleged discrimination in its indirect auto lending program.

In 2015, it moved its headquarters to One Detroit Center, Michigan. Now that's helping your hometown and shows you care. Because in life, luck is not a factor, you earn it! In 1919, GMAC (now Ally) offices opened in Detroit, New York, Chicago, San Francisco, and Toronto.

Unwinding the Government Stake

Ally Financial  

Ally Stock

News they're not afraid to put thier face out there.

Some Vids

Ally Bank



CambridgeCredit




This post is in part of Projects from the G.C.C.U.

Consumers and Wells Fargo

Wells Fargo is the 4th largest bank here in the US. and 2nd largest in home mortgage services.  Wells Fargo Home Mortgage service worked with one out of 4 home mortgage loans, valued at 1.8 trillion dollars.  Now that's a lot of people working with Wells Fargo and I have to ask one question, hows it going?

Update: During the 2016 World Series a commercial aired claiming Wells Fargo is "Renewing our commitment to you".  I have to ask, why did you ditch the commitment in the first place?  This is like renewing wedding vows after cheating on your spouse!  You paid for this commercial?  It's 2016 now, 8 years after the 2008 financial crisis and you forged 2 million customer accounts!  This institution needs to go out to pasture and that's being kind.

Update 7/29/17:

It Just Doesn't Let Up With Wells Fargo

Whoops, did I forget a link to Wells Fargo?  No Sir, it's by design. Welcome to the New Real World. (NRW)      

Wells Fargo Wild West

Wells Fargo Stock (Team Fargo, get the T-shirt, Try not to Suck)

Wikipedia- Recent Controversies  

Some Vids

wellsfargo (this will get pulled so go here https://www.youtube.com/watch?v=uh3zleQY-QY)



TheYoungTurks



This post is in part of Projects from the G.C.C.U.

Consumers and JPMorganChase

Park Ave. Chase

JPMorgan Chase, is a financial holding company a global financial service firm and a banking institution in the United States, with global operations.  This is America's Bank, the largest to date.  Assets at 2 Trillion dollars and operations in 60 countries.  It's just not the way you stand in the street and look up at this National Banking Institution.  It's what's inside of you and how did business go?  From the projects page of The G.C.C.U. grade the work ethics of JPMorgan Chase.

Update: 7, 2014, JPMorgan agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The government filed a two-count criminal information charging JPMorgan with Bank Secrecy Act violations, but the charges will be dismissed within two years provided that JPMorgan reforms its anti-money laundering procedures and cooperates with the government in its investigation. The bank agreed to forfeit $1.7 billion.

JPMorgan Chase

JPMorgan Chase Stock

News

Long list of Settlements  (board members "when will it end". The poor dears!)

Some Vids

fgueva66




TheStreetTV




This post is in part of Projects from the G.C.C.U.

Consumers and Citigroup

Five banks have been working with the Federal Government on a new deal.  You will find this at the G.C.C.U. Projects page.  Which brings us to Citigroup. Their web site is here along with other media information to give you a chance to rate this corporation.

Update: In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services.  This institution gets bailed out in 2008 and its back to the Betty Crocker Cook Books!

Citigroup

Citigroup Stock

News

Follow The Money

Some Vids

Video uploaded by U Tube user Citi



CNNMoney



This post is in part of Projects from the G.C.C.U.

Consumers and Bank of America

Life needs a sporting chance and that's where you come in. Going to approach this by the book,  good and bad news through media available.  Time for any company to start working for you because you're going to vote on it!  Back to ethics and working for the common good.  So how is any of this doing?  You decide, we're keeping score!

Update: In August 2014, Bank of America agreed to a near-$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds and municipalities. Real estate economist Jed Kolko said the settlement is a "drop in the bucket" compared to the $700 billion in damages done to 11 million homeowners. Since the settlement covered such a substantial portion of the market, he said for most consumers "you're out of luck."

Bank of America

Bank of America stock

News

Now for some Vids

Bank of America



The BigPictureRT



This post is in part of Projects from the G.C.C.U.

Bust The Banksters

Just like this oldstone work of the Money Changers our modern day Banking system is cracking. The Federal Reserve  is making a deal with five banks.  Here they are, Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial the deal is to cut mortgage debt amounts and restructure troubled loans over the next three years.  Also, they are to pay $5 billion in cash (why cash?) to Federal and state governments including $1.5 billion to fund a $2,000 payment to borrowers involved in foreclosure (wow thanks).  But with this, the banks do not have to confess to the crimes they were involved with (Ah the cash).  Confessor not we know your crooks and thank you Federal Reserve for at lease naming these five.


Also, many of our fine institutions have been involved in drug money laundering, you will see a video here Funding Mexican Drug Cartel.  Corruption is running rampant through our nation at all levels, what one needs to do is don't do business with these companies, where little by little we will close them down.  In business, you need costumers, with no customers you are out of business.


This is all coming out, just watch the names and don't give them a dime, if you're working with them quit.


The BigPictureRT

                    

          Caught dirty with the money have a look.

NWOIS666


    

                              Today's institutions 

" We Earn money the old fashion way We Steal it"