Posts Tagged ‘financial’

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.

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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?

UPDATE – Full subtitled interview with the Italian TV – AVAILABLE

Occupy Wall Street will wel­come famed Ital­ian jour­nal­ist in hid­ing, Roberto Saviano, who will be dis­cussing the pro­found cor­re­la­tion between the wors­en­ing of the eco­nomic cri­sis and the sky­rock­et­ing busi­nesses of crim­i­nal orga­ni­za­tions this com­ing Sat­ur­day after­noon. A dra­matic exam­ple of this cor­re­la­tion is Italy, where the mafia is tak­ing advan­tage of the country’s unprece­dented cri­sis. If new rules do not arise, Saviano explains, the mafias will deter­mine our future.

Europe is in turmoil, governments change and the fall of two prime ministers (Berlusconi in Italy and Papandreu in Greece) are clear indication that things are going to change. The question is now: “Are they going to change for the better?

You see, three of the main European figures, two prime ministers and the president of the Central European Bank tied up with the BIG financial system, and with two Goldman Sachs men among them, it’s a little bit SCARY! We’ll see what they’ll do but my first thought is “What the HELL are Goldman Sachs AND THE FED doing in the European Governments?

Let’s see who the new prime ministers are:

Italy: Mario Monti
Monti is a Praesidium member of Friends of Europe, a leading European think tank, was the first chairman of Bruegel, a European think tank founded in 2005, and he is European Chairman of the Trilateral Commission, a think tank founded in 1973 by David Rockefeller. He is also a leading member of the Bilderberg Group. He also is an international adviser to Goldman Sachs and The Coca-Cola Company.

Greece: Lucas Papademos
He has served as Senior Economist at the Federal Reserve Bank of Boston in 1980. He joined the Bank of Greece in 1985 as Chief Economist, rising to Deputy Governor in 1993 and Governor in 1994. During his time as Governor of the national bank, Papademos was involved in Greece’s transition from the drachma to the euro as its national currency.
After leaving the Bank of Greece in 2002, Papademos became the Vice President to Wim Duisenberg (and then Jean-Claude Trichet) at the European Central Bank from 2002 to 2010. In 2010 he left that position to serve as an advisor to Prime Minister George Papandreou. (That didn’t work out quite as planned, now, did it?)

President of the Central European Bank: Mario Draghi
Draghi was then vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002–2005). A controversy existed on his duties while employed at Goldman Sachs. Pascal Canfin (MEP) asserted Draghi was involved in swaps for European governments, namely Greece, trying to disguise their countries’ economic status.

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

Eight years ago, on February 15, 2003, upwards of 15 million people in sixty countries marched together to stop President Bush from invading Iraq … a huge chunk of humanity lived for one day without dead time and glimpsed the power of a united people’s movement.

That didn’t work out too well. President George W. Bush kept going with his blind resolution to invade Iraq. He did it and, in the process, he basically nuked the economy in the USA (And the whole world), inflating the public debt beyond any limit, and making the recovery from this crisis extremely difficult, for the actual and any future president.

On October 29, on the eve of the G20 Leaders Summit in France, people of the world rose up and demanded that our G20 leaders immediately impose a 1% #ROBINHOOD tax on all financial transactions and currency trades. People sent them a clear message: We want you to slow down some of that $1.3-trillion easy money that’s sloshing around the global casino each day – enough cash to fund every social program and environmental initiative in the world.

This is what #OCCUPYTOGETHER should talk about!

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