Banking

Millions Of Indian Workers Strike Against ‘Anti-Labor Policies’

September 4, 2015 Al Jazeera, www.america.aljazeera.com Resist! Banking, India, Mining, Worker Rights and Jobs

By Al Jazeera - Millions of Indian workers launched a 24-hour strike on Wednesday against what they said were Prime Minister Narendra Modi's “anti-labor policies,” prompting billions of dollars in economic losses. Ten major unions called the nationwide strike over the government's pro-business initiatives after recent talks with Finance Minister Arun Jaitley broke down. The unions — which represent a wide range of industries, from banking to coal mining — are demanding the government dump plans to sell off stakes in state-run companies to boost the public purse and to shutter unproductive factories. “We are against these anti-labor policies. The government is going to change the laws to benefit the corporates,” said Gurudas Dasgupta, secretary of the Indian Trade Union Congress, which has 3.6 million members.

Obama Allowing Felon Banks To Continue Federal Mortgage Lending

August 13, 2015 Shahien Nasiripour, www.huffingtonpost.com Educate! Banking, Corruption, Finance and the Economy, Law

By Shahien Nasiripour in The Huffington Post - With the blessing of the White House and the Justice Department, the Department of Housing and Urban Development is attempting to sneak through a major policy change that would enable big banks convicted of felonies to continue lending through a federal mortgage program, according to federal records and government officials. The housing agency wants to quietly delete a requirement for lenders to certify they haven’t been convicted of violating federal antitrust laws or committing other serious crimes. HUD proposed the move on May 15, without detailing the reasoning behind the change. It’s now considering public comment, with an eye towards finalizing the proposal.

A Banker Finally Goes To Jail . . . In The UK

August 4, 2015 Gavin FinchLiam Vaughan, www.bloomberg.com Educate! Banking, Corruption, Criminal Justice and Prisons, Finance and the Economy, LIBOR

By Gavin FinchLiam Vaughan for Bloomberg - Former UBS Group AG and Citigroup Inc. trader Tom Hayes, the first person to stand trial for manipulating Libor, was sentenced to 14 years in prison after being found guilty of conspiracy to rig the benchmark rate. After a week of deliberations, jurors unanimously found that the 35-year-old worked with traders and brokers to game the London interbank offered rate to benefit his own trading positions. Judge Jeremy Cooke’s sentence after the verdict is among the longest for financial crime in the U.K. “Probity and honesty are essential, as is trust. The Libor activities of which you took part in put that in jeopardy,” Cooke said as he handed out the sentence in London Monday. “A message needs to be sent to the world of banking.” Prosecutors said during the nine-week trial that Hayes was the “ringmaster” of a global network of 25 traders and brokers from at least 10 firms who tried to manipulate Libor on an industrial scale. He would bribe, bully, cajole and reward his contacts for their help in skewing the benchmark, used to price more than $350 trillion of financial contracts from mortgages to credit cards and student loans.

Hedge Funds Want Education Slashed In Puerto Rico

July 30, 2015 Mark Karlin, www.truth-out.org Educate! Austerity, Banking, Colonialism, Education, Puerto Rico

By Mark Karlin in Truth Out - According to a July 28 article in the Guardian, the financial vultures of the US are circling over Puerto Rico's skyrocketing debt, which totals more than $70 billion dollars. It is an austerity-driven death watch that by now is common practice among predatory "debt distress" consolidators: Billionaire hedge fund managers have called on Puerto Rico to lay off teachers and close schools so that the island can pay them back the billions it owes. The hedge funds called for Puerto Rico to avoid financial default - and repay its debts - by collecting more taxes, selling $4bn worth of public buildings and drastically cutting public spending, particularly on education. The group of 34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis after the island’s governor declared its $72bn debt "unpayable" - paving the way for bankruptcy.

Lawsuit Accuses 22 Banks Of Manipulating US Treasury Auctions

July 27, 2015 Reuters, www.facebook.com Educate! Banking, Corruption, Finance and the Economy, Law

By Reuters - Twenty-two financial companies that have served as primary dealers of U.S. Treasury securities were sued in federal court on Thursday, in what was described as the first nationwide class action alleging a conspiracy to manipulate Treasury auctions that harmed both investors and borrowers. The State-Boston Retirement System, the pension fund for Boston public employees, accused Bank of America's Merrill Lynch unit,Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC,JPMorgan Chase, UBS, and 14 other defendants of illegally trying to profit on the sale of Treasury bills, notes and bonds at investors' expense. According to the pension fund's complaint, filed in U.S. District Court in New York, the banks used chat rooms, instant messages and other means to swap confidential customer information and coordinate trading strategies in the roughly $12.5 trillion Treasury market.

Santa Cruz Washes Hands Of Felon Banks

July 18, 2015 Matt Stannard, www.occupy.com Resist! Banking, California, Local Politics, Santa Criz

By Matt Stannard in Occupy - In California, Santa Cruz County Supervisor Ryan Coonerty has written books on capitalism and is a founder of Next Space Coworking, a company specializing in shared workspace. He’s no revolutionary, nor an enemy of the free market. He doesn't throw bricks. But when the U.S. Department of Justice announced on May 20 that most of the wrongdoer banks were pleading guilty to felonies, Coonerty prioritized local over global, and working people over corporate profits. Spurred by a growing interest among many in Santa Cruz for economic reform, Coonerty requested that the board “not do new business for a period of five years with Citigroup, JP Morgan Chase, Barclays, Royal Bank of Scotland and UBS as specified, and further direct that the County unwind existing relationships with these five banks to the greatest extent feasible.”

Grexit Or Jubilee? How Greek Debt Can Be Annulled

July 16, 2015 Ellen Brown, www.ellenbrown.com Educate! Austerity, Banking, Greece, Politics

By Ellen Brown - Greece’s creditors have finally brought the country to its knees, forcing President Alexis Tsipras to agree to austerity and privatization measures more severe than those overwhelmingly rejected by popular vote a week earlier. No write-down of Greece’s debt was included in the deal, although the IMF has warned that the current debt is unsustainable. Former Greek finance minister Yanis Varoufakis calls the deal “a new Versailles Treaty” and “the politics of humiliation.” Greek defense minister Panos Kammenos calls it a “coup d’état” done by “blackmailing the Greek prime minister with collapse of the banks and a complete haircut on deposits.” “Blackmail” is not too strong a word. The European Central Bank has turned off its liquidity tap for Greece’s banks, something all banks need, as explained earlier here. All banks are technically insolvent, lending money they don’t have. They don’t lend their deposits but create deposits when they make loans, as the Bank of England recently confirmed.

Understanding The Defeat Means Preparing A Victory

July 16, 2015 Transform Network, www.transform-network.net/ Educate! Austerity, Banking, Europe, Greece

By Transform Network - The Greek Dilemma and Us. Nine provisional considerations after both the popular Oxi and Syriza’s Yes to the Memorandum. This is being written after the vote in the Greek parliament and before the final decision of the Eurogroup. At the moment, everything is open, and we are certain of only a couple of things. Almost everything can change, but some things will remain true. The alternative of Grexit or a third Memorandum is not the same as reform or revolution; it is only a matter of the lack of alternatives dictated by the creditors. It corresponds to the relation of forces within Europe, which can at the moment only produce defeats. The blackmailing of Greece by the creditors leaves open two paths, both of which would be defeats. This is unavoidable.

Alexis Tsipras: Latest So-Called ‘Leftist’ To Sell-Out To The Bankers

July 16, 2015 Neil Clark, www.rt.com Educate! Austerity, Banking, Europe, Greece, Left

By Neil Clark in RT - For the so-called 'radical leftist' from Greece is only the latest in a long line of ‘radicals’ and 'leftists' to betray the people who had voted for them and cave into the demands of imperialist international finance capital. The only surprising thing about Alexis Tsipras' capitulation to the troika is that anyone should be surprised by it. In Britain, we had our own version of the Greek ‘crisis’ in 1931. And like today, it was a politician nominally of the ‘left,’ the Labour Party leader Ramsay Macdonald, who eventually sided with the bankers against ordinary working people. A ‘banker-led coup’ occurred that replaced the democratically elected Labour government with a new capital-approved National Government, which moved to introduce steep cuts in public spending and slashed unemployment pay.

German Production Is A Facade Built On Bad Loans…

July 15, 2015 Thad Beversdorf, www.zerohedge.com Educate! Austerity, Banking, Europe, Germany, Greece

By Thad Beversdorf in Zerohedge - Well Greece and China have certainly taken away the need for Russia and ISIS breaking news so there’s that….. How very nice that 2 of the top 3 global threats apparently provide the West some breathing room when we have other issues to deal with. Surely this isn’t just the media determining what should be our concern and what should not? But I digress…. I want to dig into the Greece situation to provide some clarity that I feel has been lacking in mainstream media. The Greece situation is a terrible tragedy for the Greek people. However, the real crux of the matter is out of their hands. Money that is not there cannot be used to pay down debt. And so while the referendum was symbolic it really didn’t change the course of history. The true discussion and debate has been between Germany and the ECB and this dissent between the two is becoming ever harder to cover up.

Newsletter – Austerity Is A Weapon

July 12, 2015 Margaret Flowers and Kevin Zeese, www.popularresistance.org Newsletter Austerity, Banking, Climate Change, Greece, Neoliberalism, TISA, TPP, TTIP

By Margaret Flowers and Kevin Zeese for Popular Resistance - Austerity, decreased spending by government on necessary programs, is a type of economic sanction like the ones that are often imposed by one country upon another country as a form of punishment. Financial elites and their institutions such as the International Monetary Fund (IMF) force austerity measures on countries that have been driven into debt in order to extract every ounce of wealth from them and weaken the populace's ability to resist.Austerity Unite Against Austerity Austerity is a fundamental tool in the neo-liberal agenda that is spreading around the world to monetize and privatize everything. It is fundamental to our success in resisting this agenda and preserving a livable future that we understand austerity amounts to sanctions against the people. We hope Greece, and the rest of the world, begins to pursue a new economy rather than kow-towing to bankster criminals.

Greece Not Alone: 22 Countries In Debt Crisis; 71 Could Be Soon

July 12, 2015 Staff, www.jubileedebt.org.uk Educate! Austerity, Banking, Debt, Finance and the Economy

By Staff for Jubilee Debt Campaign -- This report finds that the level of such debts owed between countries has risen from $11.3 trillion in 2011 to $13.8 trillion in 2014, and predicts that in 2015 they will increase further to $14.7 trillion. Major global debtors, including the US, UK, France, India and Italy, have been increasing their debts with the rest of the world, whilst Germany, Japan and Russia have been increasing their surpluses. Debts owed by low income countries are also increasing rapidly, with Mozambique the most indebted country – public and private sector – in the world as a proportion of GDP. Lending to low income countries has trebled since 2008, driven initially by borrowing by countries to cope with the impacts of the global financial crisis. This has been followed by an increase in ‘aid’ being given as loans, including through multilateral institutions such as the World Bank.

Ireland Showed We Can Get By Without Banks

July 12, 2015 Patrcick Cockburn, www.independent.co.uk Create! Banking, Finance and the Economy, Greece, Ireland

By Patrick Cockburn for the Independent - Shuttered banks are a striking physical symbol of economic disaster, but even they are not proof that the final dénouement is at hand. I recall a six-and-a-half month strike that closed all banks in Ireland in 1970 which was meant to have similarly calamitous results as predicted for Greece today, but in fact had very little destructive impact. Contrary to expectations, Irish people rapidly found other ways of carrying out the functions previously performed by the banking industry. The economist Michael Fogarty, who wrote the official report on the bank dispute, was quoted by the Irish Independent as saying that “the services of the clearing banks proved by no means as indispensable as would have been expected before the dispute”. Others take the example of the Irish bank strike as evidence that much of what banks do is a “socially useless activity”. My father was not alone in enjoying the crisis which turned out to be no such thing. Almost half a century later, many Irish people remember with relish how they successfully replaced the banks with other ways of dealing with payment and credit.

“Guerrilla Warfare Against A Hegemonic Power”

July 12, 2015 Ellen Brown, www.ellenbrown.com Resist! Banking, Europe, European Union (EU), Finance and the Economy, Greece

By Ellen Brown for Web of Debt - Banks create money when they make loans. Greece could restore the liquidity desperately needed by its banks and its economy by nationalizing the banks and issuing digital loans backed by government guarantees to its ailing businesses. Greece could provide an inspiring model of sustainable prosperity for the world. But it is being strangled by a hegemonic power in a financial war that is being waged against us all. As reported in Zerohedge, the Greek government was prepared to pursue three “nuclear options” to protect the deposits of the Greek people: (1) nationalize the banks, (2) launch a parallel currency in the form of electronic California-style IOUs, and (3) use the Greek central bank’s printing press to issue euros.

Holder Returns To Law Firm That Lobbies For Big Banks

July 10, 2015 Lee Hang, www.firstlook.org Educate! Banking, Capitalism, Corruption, Eric Holder, Law

By Lee Hang in The Intercept - After failing to criminally prosecute any of the financial firms responsible for the market collapse in 2008, former Attorney General Eric Holder is returning to Covington & Burling, a corporate law firm known for serving Wall Street clients. The move completes one of the more troubling trips through the revolving door for a cabinet secretary. Holder worked at Covington from 2001 right up to being sworn in as attorney general in Feburary 2009. And Covington literally kept an office empty for him, awaiting his return. The Covington & Burling client list has included four of the largest banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo. Lobbying records show that Wells Fargo is still a client of Covington.

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