Posts Tagged ‘banks’

Great news.

Yesterday California Attorney General Kamala Harris announced she was teaming up with Nevada Attorney General Catherine Cortez Masto to investigate and prosecute foreclosure fraud and misconduct in the mortgage industry.1

In announcing the move, Attorney General Harris said, “The mortgage crisis is a law enforcement matter, and we will prosecute to hold accountable those who are responsible and also protect the homeowners who are targeted for fraud.”

The alliance with Nevada’s attorney general is a very positive move by Attorney General Harris, whom we know has been pressured by the Obama administration to cut a terrible deal with Wall Street banks that lets them off the hook.

California and Nevada are the two states that have been hardest hit by the foreclosure crisis. And Nevada Attorney General Masto has been one of the most aggressive state attorneys general in holding banks accountable for wrongdoing, including criminally indicting a number of people.

The alliance to share information, litigation strategies and evidence for both civil and criminal cases has the potential to set the stage for meaningful accountability for illegal mortgage practices that harmed millions of people in California, Nevada and across the country.

And this would not have happened without the hard work by members of CREDO and other progressive organizations who worked hard to become a forceful counterweight to the political pressure from Washington and from Wall Street to sweep this issue under the carpet.

After a recent Wall Street Journal article reported that Attorney General Harris, who had stopped participating in 50-state settlement negotiations, was being wooed back to the table, CREDO members made over 1,400 calls and sent over 8,000 faxes to her office. And we were joined by groups like MoveOn, Progressives United and Color of Change. On the ground groups, like ACCE, PICO and the New Bottom Line organized protests and rallies to demonstrate strong support for holding the banks accountable.

The fact that Attorney General Harris is deciding to join forces with the only attorney general yet to make indictments — rather than the White House which wants to get back to business as usual on Wall Street — is a very good sign for the future.

The real victory will come when California’s investigations are underway and indictments are issued by Attorney General Harris’ office — we hope that day comes soon.

Bloomberg has unveiled that the Fed  “Pumped” liquidity for 770 BILLIONS (*), to the American Banks, go get over the financial crisis. That is, they pushed a button and created value from thin air. They did it covertly, in a way that wouldn’t set the markets on High Alert mode. So, I’m wondering if, instead of giving all that money to the banks, they gave it to the People? After all, It’s the PEOPLE that can’t pay their mortgages, not the banks, right?.

Now, in America there are more or less  528 millions people. So it will be about $15000 each. Not much.

But this line of thought doesn’t work very well, because we are giving the money even to the newborn. So, let’s move the thought to the FAMILIES, that are about 115 millions. That will bring the amount to roughly $67000 per family. Better already. With $67000, a family can start a business, work and create jobs… Restarting the economy in the process.

If we restrict the “Gift” to only the families in trouble, or potentially in trouble because involved in the damn subprime, then you will understand that the problem would have been solved altogether. Moreover, everybody would have a home, no foreclosures, people would have been working and happy.

Yep… But doing things this way would have caused the collapse of several banks

(*): From Milano Finanza:

In the latest Global Financial Stability Report, the International Monetary Fund updated to $410 Billions the total amount of loss of the world financial institutions in the 2007-10 period. The losses are relative to the total of financial institutions.

 « Nel recente Global Financial Stability Report, il Fondo Monetario Internazionale ha aggiornato a 4.100 miliardi di dollari l’entità delle svalutazioni del totale delle istituzioni finanziarie su scala mondiale per il periodo 2007-10. Le perdite si riferiscono al totale delle istituzioni finanziarie.»

Well, if the ALL THE FINANCIAL INSTITUTIONS lost $410 Billions… Where did the $700 Billions that the Fed gave to the banks IN THE USA ONLY, go? In other words, WHO THE HELL STOLE $360 Billions???

WHERE DID THOSE $360BIL GO?

Occupy Wall Street will try to shut down NYSE Thursday

Occupy Wall Street is set to take on New York Stock Exchange on Thursday by holding a street carnival on Wall Street to mark the two-month anniversary of their campaign.

Protest organizers said the “day of action” could be the group’s most provocative yet, and could lead to mass arrests and further strain relations with city authorities.

“I think we’re certainly going into this with our eyes wide open, but [the march is] to provoke ideas and discussion, not to provoke any violent reactions,” said Occupy Wall Street press liaison Ed Needham.

“I think it is very difficult to do a day of action and not expect some sort of reaction from the [authorities],” he said.

The protesters plan to march from Zuccotti Park to Wall Street then spread across the city’s subways to tell the stories of disenfranchised Americans, finally meeting up later for a march across the Brooklyn Bridge.

Last month, more than 700 people were arrested during a similar march across the bridge, after some protesters sat on the pedestrian walkway and refused to move, while others strayed into car lanes.

“We will shut down Wall Street,” a post on the movement’s Facebook page said.

“We will ring the People’s Bell, and initiate a street carnival in which we rebuild and celebrate the neighborhoods that the Wall Street economy has destroyed.”

The group promises “a block party the 1% will never forget.”

A spokesman for the stock exchange declined to comment.

When asked Monday about the march, Mayor Michael Bloomberg said: “The New York Stock exchange will open on time. People will be able to get to work, you can rest assured.”

(with Reuters)

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Most important demand is ending the FED because:

  • They’ve enslaved the U.S. government with debt.
  • They create money out of thin air.
  • The banks that now dominate the U.S. banking system use the FED as a tool to make money.
  • They devalue our currency.
  • They manipulate the U.S. economy by setting national interest rates.
  • They control the money supply.
  • The Federal Reserve is not part of the US government.
  • They’ve become too powerful.
  • They’re not accountable to anyone.

WASHINGTON — A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee, a nonpartisan congressional scorekeeping panel.

The analysis was sent Monday to the offices of Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.), the lawmakers who proposed the tax, and provided to The Huffington Post.

The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.

The European Union is pressing forward with a financial transaction tax, though it is encountering some resistance from the United Kingdom, the financial center of Europe.

In order to be effective, the tax would need to be implemented in most major industrial countries where trading is done.

Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a “meaningful” tax being placed on Wall Street trading.

Specific solutions to economic inequality are not in short supply. What’s been missing for years has been the political will to implement them.

“Occupy Wall Street has just reminded a large majority of the American people that our economy was destroyed by gambling on Wall Street. And that the people who destroyed our economy have been amply rewarded and not prosecuted,” DeFazio told HuffPost.

The tax would raise $352 billion between January 2013 and December 2021. It faces stiff opposition from congressional Republicans, nearly all of whom have taken a pledge not to support new taxes, as well as ambivalence from some Democrats who rely on Wall Street cash to fund their campaigns

From the Huffington Post

Thirty large and profitable U.S. corporations paid no income taxes from 2008 through to 2010, despite making combined pre-tax profits of $160billion, a report out today said.

A comprehensive analysis of 280 corporations on the Fortune 500 list found that their tax subsidies amounted to $222.7bn in the last three years.

The report, from Citizens for Tax Justice and the Institute on Taxation and Economic Policy, arrives as Congress faces rising demands for tax reform but seems unable or unwilling to act.

Under half: Corporations are paying far less income tax as a percentage than the statutory rate of 35 per cent, shown in graph of 2008 totalsUnder half: Corporations are paying far less income tax as a percentage than the statutory rate of 35 per cent, shown in graph of 2008 totals

Customers kleft out of Wells Fargo at Capitol Mall in Sacramento

SACRAMENTO – Bank Transfer Day in the state capitol began with a dramatic exchange at the Wells Fargo Capitol Mall location. The Occupy Sacramento protesters marched up to the front doors as two Wells Fargo customers claimed the bank wasn’t allowing them to close their accounts.

“I’m trying to withdraw my money, but I’m not being allowed in,” said a mother with her child holding her bank card up to the glass window.

“They won’t let me shut down my bank account, because there are some punks in there,” said Matt, a young man.

“They said I was loud, banging my head against the glass, and making death threats.”

Both customers were eventually let into the branch and closed their accounts. Wells Fargo spokeswoman Julie Campbell said the branch was closed in the morning for a preplanned power maintenance problem. The branch reopened at 12:30pm, but the property management security guards only opened the doors for individual clients, after they said a disruptive man presented a safety concern for the staff.

“The customer can always choose to close his or her account,” said Campbell.

“We will always honor that request and address their concerns. We’re listening to customers’ views and values.”

Protestors with Move On and Occupy Sacramento said they’re behind the “Bank Transfer Day” to send the message that local banks and credit unions give back to the community instead of corporate greed.

“Local banks invest in local business, local people, the community. They’re not about the profit,” said Rev. Odeye with Occupy Sacramento.

Golden 1 Credit Union prepare for the movement by extending branch hours from 4pm to 6pm and opening all locations over the weekend.

“It’s a busy day for us. We were anticipating we’d see a lot of new members and that’s what’s happening at every branch,” said Vice President of Marketing, Scott Ingram.

From News10