Archive for the ‘Banking’ Category

REPEALING DODD FRANK

Thursday, June 7th, 2018

 

THE WEEKLY STANDARD

Regulatory Release

May 24, 2018
The partial repeal of Dodd Frank could have gone farther, but it’s a good start.

In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, and President Obama signed it into law. The legislation, more than 2,000 pages long, imposed cumbersome regulations on financial institutions, which the bill’s authors took to be responsible for the 2008 financial crisis and the consequent recession. The law also established the Consumer Financial Protection Bureau, or CFPB, an advocacy agency for consumers that, to no one’s surprise, quickly turned into a Naderite anti-corporation attack dog.

Complicated laws passed in the middle of a crisis are guaranteed to make things worse in the long run, and so Dodd-Frank proved. The Democrats, who controlled both House and Senate in 2010, took the blinkered view that the financial crisis had come about exclusively thanks to the unregulated excesses of the private-sector financial industry; regulating that industry was, for them, the only rational response. The law thus deprived the market of liquidity in the middle of a recession—with predictable results.

The Democrats ignored two important points. First, the role of the federal government itself: Government-backed mortgage giants Freddie Mac and Fannie Mae—then as now boasting powerful allies in Congress—encouraged precisely the sort of risky and foolish loans that led directly to the housing-market collapse and attendant financial meltdown. Second, what many of the investment banks did was already illegal: “cooking the books,” to use the popular term. To that extent, it was an enforcement problem, not a regulatory one. Greater regulation of investment banks largely missed the point—though it allowed powerful Democrats in Congress to blame someone other than themselves for the crisis. (The bill’s authors, Chris Dodd of Connecticut and Barney Frank of Massachusetts, both had a long history of encouraging Fannie and Freddie’s worst practices.) One of the law’s further follies is that it shackled small and mid-sized banks with the same provisions despite the fact that they had nothing to do with the financial crisis.

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BIG BANKS TARGET THE 2ND AMENDMENT

Tuesday, April 24th, 2018

 

Daniel Greenfield’s article: Big Banks Target the Bill of Rights

Link to Sultan Knish

Posted: 21 Apr 2018 09:58 PM PDT
The American people lent $45 billion to Bank of America during the bailout. That bailout came with a hefty $100 billion guarantee against losses on toxic assets.

That money came from American taxpayers. It came from gun owners and non-gun owners.

But Bank of America has warned that it will refuse to lend money to manufacturers of “assault-style guns”. It had previously announced it was edging away from the coal business to fight global warming.

Citigroup got $476 billion in cash and guarantees: the most of any bank. Now Citibank is repaying the generosity of the American people by requiring its clients to impose their own gun control policies on their stores. Impose gun control on your customers or Citibank will discriminate against you.

Next up is Wells Fargo. The stagecoach brand has said that it’s up to the government to impose gun control, but that it is discussing gun safety with its clients. That’s not enough for outraged activists. The American Federation of Teachers, an organization that runs on extorting money from teachers and taxpayers, warned Wells Fargo that it had to choose between firearms manufacturers and the AFT.

Bank of America announced its move to Bloomberg. The eponymous media outlet is associated with the billionaire sugar daddy of the anti-second amendment lobby. That wasn’t a coincidence. Neither was Citigroup making its announcement through Ed Skyler, Bloomberg’s former Deputy Mayor.

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CONSUMER FINANCE PROTECTION BUREAU OFFICIAL SUES TRUMP OVER AGENCY LEADERSHIP

Tuesday, November 28th, 2017

 
www.wsj.com/articles/showdown-looms-at-consumer-financial-protection-bureau-1511745899

CFPB Official Sues Trump Administration Over Agency Leadership

Leadership contest is the latest battle to control agency’s direction

Leadership contest is the latest battle to control agency’s direction

White House budget chief Mick Mulvaney is the president’s pick to be acting director of the Consumer Financial Protection Bureau.
White House budget chief Mick Mulvaney is the president’s pick to be acting director of the Consumer Financial Protection Bureau. PHOTO: PABLO MARTINEZ MONSIVAIS/ASSOCIATED PRESS

WASHINGTON—An Obama-era official at the Consumer Financial Protection Bureau sued the Trump administration on Sunday night to block budget director Mick Mulvaney from taking control of the agency.

Leandra English, a career staffer appointed Friday to lead the CFPB by former director Richard Cordray, filed the lawsuit in federal court the night before the bureau was set to reopen with dueling temporary leaders vying to take it over. In doing so, she touched off a legal fight that will trigger court interpretations on how different statutes regarding succession apply to the unusual struggle over control of a federal agency.

President Donald Trump asserts he has the power to appoint an acting director, while the departing chief believed the law said otherwise.

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WHAT WENT WRONG WITH THE CONSUMER FINANCE PROTECTION BUREAU

Tuesday, November 28th, 2017

 

www.wsj.com/articles/what-went-wrong-with-the-cfpb-1511072512?tesla=y

THE WALL STREET JOURNAL

What Went Wrong With the CFPB

I was an aide to Barney Frank. I’ve learned it’s a mistake to create an unaccountable agency.

Consumer Financial Protection Bureau Director Richard Cordray testifies before House Financial Services Oversight and Investigations Subcommittee on Capitol Hill, July 30, 2014.
Consumer Financial Protection Bureau Director Richard Cordray testifies before House Financial Services Oversight and Investigations Subcommittee on Capitol Hill, July 30, 2014. PHOTO: YURI GRIPAS/REUTERS

Richard Cordray’s resignation as director of the Consumer Financial Protection Bureau provides a great opportunity for President Trump to appoint a new director who can undo an unfortunate legacy of bureaucratic overreach and political bias. More important going forward is what we have learned from our experience with the CFPB to prevent future similar missteps.

The first lesson is that Congress should never again create an “independent” agency with a sole director, particularly one not subject to the congressional appropriations process. Under the law, the CFPB—unlike the Securities and Exchange Commission, the Federal Communications Commission, the Federal Trade Commission and other independent agencies—is funded by the Federal Reserve, a move specifically designed to avoid congressional oversight.

I had the privilege of working as an aide to then-Rep. Barney Frank, chairman of the House Financial Services Committee when the Dodd-Frank Act of 2010, which created the CFPB, was written. I realized that no bill is ever perfect and the CFPB would have its imperfections. The authors wanted the bureau to be a fair arbiter of protecting consumers, instead of what it has become—a politically biased regulatory dictator and a political steppingstone for its sole director, who is now expected to run for governor of Ohio.

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SOUTH KOREAN BANKS FEAR EMP STRIKE FROM NORTH KOREA

Saturday, September 30th, 2017

 

www.thesun.co.uk/news/4574187/south-korean-banks-electromagnetic-pulse-attack-from-north/    CLICK ON LINK FOR ENTIRE ARTICLE PLUS VIDEO 

The Sun – 20170929 – SOUTH Korea fears Kim Jong-un may order a devastating electromagnetic pulse attack aimed at destroying the country’s financial infrastructure.  It is also worried North Korea may even target an EMP strike on its nuclear power stations, airlines and government ministries.

 

 

The country has been the target of successful North Korean hacking attacks in the past and there are now growing concerns the nation’s financial institutions will be the next target.  An EMP attack – either sparked by a nuclear blast or a pulse weapon  – would quickly bring the South’s financial institutions to their knees.  Now the national banks are looking into establishing data centres overseas, The Korea Herald reported.  Others are looking to build reinforced repositories designed to withstand the blast of a powerful EMP weapon.

www.thesun.co.uk/news/4574187/south-korean-banks-electromagnetic-pulse-attack-from-north/

SOUTH Korea fears Kim Jong-un may order a devastating electromagnetic pulse attack aimed at destroying the country’s financial infrastructure. It is also worried North Korea may even target a…
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J.P. MORGAN, APPLE AND THE SOUTHERN POVERTY LAW CENTER

Saturday, September 2nd, 2017

 

Kimberley Strassel rarely disappoints.  She is one of best journalists out there with fact filled and concise information.   Here’s another article  on the Southern Poverty Law Center which needs to be exposed for the hateful organization that it is  and the well-known corporations  that are funding it.     Nancy
THE WALL STREET JOURNAL 

J.P. Morgan’s Hate List

What is its gift to the Southern Poverty Law Center telling bank customers?

By Kimberley A. Strassel    August 25, 2017
Southern Poverty Law Center   in Montgomery, Alabama

Corporate America will do almost anything to stay on the safe side of public opinion—at least as it’s defined by the media. CEOs will apologize, grovel, resign, settle. They will even, as of this month, legitimize and fund an outfit that exists to smear conservatives.

The press is still obsessing over President Trump’s incompetent handling of the violence in Charlottesville, Va., and that has suited some profiteers just fine. The notorious Southern Poverty Law Center is quietly cashing in on the tragedy, raking in millions on its spun-up reputation as a group that “fights hate.Apple CEO Tim Cook informed employees that his company is giving $1 million to SPLC and matching employee donations. J.P. Morgan Chase is pitching in $500,000, specifically to further the SPLC’s “work in tracking, exposing and fighting hate groups and other extremist organizations,” in the words of Peter Scher, the bank’s head of corporate responsibility.

What Mr. Scher is referring to is the SPLC’s “Hate Map,” its online list of 917 American “hate groups.” The SPLC alone decides who goes on the list, but its criteria are purposely vague. Since the SPLC is a far-left activist group, the map comes down to this: If the SPLC doesn’t agree with your views, it tags you as a hater.

Let’s not mince words: By funding this list, J.P. Morgan and Apple are saying they support labeling Christian organizations that oppose gay marriage as “hate groups.” That may come as a sour revelation to any bank customers who have donated to the Family Research Council (a mainstream Christian outfit on the SPLC’s list) or whose rights are protected by the Alliance Defending Freedom (which litigates for religious freedom and is also on the list).

Similarly put out may be iPhone owners who support the antiterror policies espoused by Frank Gaffney’s Washington think tank, the Center for Security Policy (on the SPLC’s list). Or any who back the proposals of the Center for Immigration Studies (on the list).

These corporations are presumably in favor of the SPLC’s practice of calling its political opponents “extremists,” which paints targets on their backs. The group’s “Field Guide to Anti-Muslim Extremists” lists Mr. Gaffney (who worked for the Reagan administration); Maajid Nawaz (a British activist whose crimes include tweeting a cartoon of Jesus and Muhammad ); and Ayaan Hirsi Ali (a Somali refugee who speaks out against Islamic extremism).

The SPLC has tarred the respected social scientist Charles Murray, author of the well-regarded book “Losing Ground,” as a “white nationalist.” Mr. Murray has been physically assaulted on campus as a result. He happens to be married to an Asian woman and has Asian daughters, so the slur is ludicrous. But what’s a little smearing and career destruction if J.P. Morgan Chase gets some good headlines?

It isn’t only the lists. An honest outfit tracking violent groups would keep to straightforward descriptions and facts. Instead, the SPLC’s descriptions of people are brutally partisan, full of half-truths and vitriol designed to inspire fury.

We’ve seen what this kind of fury can do in Europe, with the murder of Theo Van Gogh, the controversial filmmaker, by a Dutch-Moroccan Islamic fanatic. Ms. Hirsi Ali, who had worked with Van Gogh, still travels with security—and J.P. Morgan thinks it appropriate to further target her? In 2012 a gay-marriage supporter named Floyd Corkins smashed into the Family Research Council’s headquarters and shot a security guard. He told police he was inspired by the SPLC’s “hate group” designation.

Had the companies done a bit of homework, they’d have discovered the SPLC isn’t even considered a sound charity. Karl Zinsmeister excoriated the outfit in a recent article for Philanthropy Roundtable: “Its two largest expenses are propaganda operations: creating its annual list of ‘haters’ and ‘extremists,’ and running a big effort that pushes ‘tolerance education’ through more than 400,000 public-school teachers. And the single biggest effort undertaken by the SPLC? Fundraising. On the organization’s 2015 IRS 990 form it declared $10 million of direct fundraising expenses, far more than it has ever spent on legal services.”

Apple did not return a call to its media center. J.P. Morgan Chase, in an emailed statement, said only that it has a “long history of supporting a range of organizations that are committed to addressing inequality.”

The corporate donations are nonetheless appalling, as they legitimize a group that already exercises inappropriate influence. The SPLC’s list is cited regularly by the media and congressional Democrats, ignorant or uncaring of its falsehoods. The charity tracker GuideStar for a time attached warning labels to philanthropies flagged by the SPLC.

This undermines the fight against truly hateful groups. Comparing pro bono lawyers at the Alliance Defending Freedom to hood-wearing KKK members only make the Klan seem more innocuous. Blackballing mainstream groups only silences the moderate voices the country needs to fight hate and bigotry.

Corporations have a role to play in calming today’s divisions. This is the opposite.

Write to kim@wsj.com.

 

 

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WASSERMAN SCHULTZ’S IT AIDE ARRESTED AT AIRPORT

Wednesday, July 26th, 2017

 

THE DAILY CALLER

Wasserman Schultz’s IT Aide Arrested At Airport After Transferring $300k To Pakistan From House Office

Luke Rosiak  Investigative Reporter   July 25, 2017

Florida Democratic Rep. Debbie Wasserman Schultz’s top information technology (IT) aide was arrested Monday attempting to board a flight to Pakistan after wiring $283,000 from the Congressional Federal Credit Union to that country.

He attempted to leave the country hours after The Daily Caller News Foundation’s Investigative Group revealed that he is the target of an FBI investigation, and the FBI apprehended him at the airport.

Credit union officials permitted the wire to go through, and his wife has already fled the country to Pakistan, after police confronted her at the airport and found $12,000 in cash hidden in her suitcase but did not stop her from boarding, court documents show.

“On January 18, 2017 at 12:09 pm, an international wire transfer request form was submitted [at the Congressional Federal Credit Union] at the Longworth House Office Building in the District of Columbia, in the amount of $283,000.00, to two individuals in Faisalabad, Pakistan,” according to an affidavit obtained by TheDCNF.

Imran Awan, a Pakistani-born IT aide, had access to all emails and files of dozens of members of Congress, as well as the password to the iPad that Wasserman Schultz used for Democratic National Committee business before she resigned as its head in July 2016.

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THE NEW DEM CIVIL WAR: RACE VS CLASS

Thursday, May 4th, 2017

 

RACE VS CLASS: THE NEW DEM CIVIL WAR

Fight white men or Wall Street?

MAY 2, 2017

Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam.

EXCERPT FROM THIS ARTICLE: 

The old left insists that social differences will fade away under Socialism. The intersectional left believes that without social deconstruction, Socialism will just mean white supremacy and hetero-cis power.

The old left believes that the true enemies are the billionaires and that working class white men must be enlisted to fight them. The intersectional left will take money from billionaires to fight working class white men who are the real enemy.  That is the Bernie and Obama split in a nutshell.  Obama will take money from Wall Street to fight white men. Bernie wants white men to fight Wall Street.   Both factions of the left are utterly deranged. Their ideologies are built on hatred and can only cause misery. And they are now fighting each other for control of the left, the Dems and the country.

 

The Democrats have ended their unity tour more divided than ever. Unlike Republican quarrels, their war is mostly ignored by the media. And yet it will define what the left and its plan to take over the country will look like.

When Hillary lost, she didn’t just lose the White House. She also lost the DNC. Her loyalists, already discredited for their brazen tampering to disenfranchise Sanders supporters, had to make way for Obama’s people. The Clinton legacy is over. The Dems belong to Obama now.

Or do they?

When Obama inherited the DNC from the Clintons, he also inherited their bitter enemy.

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CORDRAY ‘YOU’RE FIRED”

Wednesday, April 19th, 2017

 

The Consumer Financial Protection Bureau was the brain child of Elizabeth Warren.   Nancy
THE WALL STREET JOURNAL

You’re Fired,’ Trump Should Tell Richard Cordray

Under a dubious statute, the CFPB head can be dismissed only for cause—but there’s plenty of it.

April 13, 2017 6:56 p.m. ET

Messrs. Rivkin and Grossman practice appellate and constitutional law in Washington.

The greatest mystery in Washington involves not Russian spies or wiretaps but Richard Cordray’s continued employment as director of the Consumer Financial Protection Bureau. In the face of President Trump’s mandate for change, Mr. Cordray continues the Obama administration’s regulatory crusade against lenders, blocking access to the credit that supports so many small businesses and so much consumer spending.

Why would a president who made a TV show out of firing underlings now suffer a subordinate who refuses to get with the pro-growth agenda he campaigned on? If reports from the West Wing are to be believed, Mr. Trump’s unusual timidity is the result of overcautious legal and political advice.

Mr. Cordray is insulated from presidential control by a New Deal-era innovation: a statutory clause that allows the president to fire an independent agency head only “for cause,” meaning “inefficiency, neglect of duty, or malfeasance in office.” In October a three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia struck down that restriction as an infringement of the president’s constitutional authority to “take care that the laws be faithfully executed.”

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HILLARY SUPPORTS OPEN BORDERS AND MORE REFUGEES

Saturday, October 8th, 2016

 

Open Borders is a very controversial subject but all one has to do is look at the enormous problems that Open Borders has caused in Europe,   If a nation does not control its borders, it cannot control its sovereignty.   Nancy

Leaked Hillary Clinton Speech to Foreign Bank: ‘My Dream Is a Hemispheric Common Market with Open Trade and Open Borders’

by JULIA HAHN7 Oct 2016Washington D.C.
EXCERPT FROM  THIS ARTICLE: 

  • The Center for Immigration Studies’ Steve Camarota has projected that, based on the minimal figures Clinton has put forth thus far, Clinton could add 10 million new immigrants to the U.S. during her first term alone – in addition to the 11 million illegal immigrants Clinton has said she plans to amnesty within her first 100 days in office.
  In closed-door remarks delivered to a foreign bank, Hillary Clinton declared that her “dream is a hemispheric common market, with open trade and open borders.”

This statement from one of Clinton’s private paid speeches was discovered in leaked emails of Clinton’s campaign chair, John Podesta, which were made public by WikiLeaks.

One email, which provided partial transcripts of some of Clinton’s speeches, reads in part:

*Hillary Clinton Said Her Dream Is A Hemispheric Common Market, With Open Trade And Open Markets. *

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