Banks

Enbridge’s Greenwashing Will Not Stand

March 9, 2021 Tara Houska, Stop the Money Pipeline. Resist! Banks, Divestment, Line 3 Pipeline, Pipelines

There are now more than 130 Water Protectors facing criminal charges for protecting the land from the Line 3 tar sands pipeline. At the same time, the climate criminals are free to keep bulldozing through my peoples’ sacred lands. It is physically painful to witness the land being ripped apart, to see our sacred manoomin being irrevocably harmed by a corporation that cares for nothing but profit. It is also deeply powerful to stand with those putting their bodies on the line to defend the land. For months now, we’ve been taking steady, constant direct actions to delay the construction of Line 3. In the freezing cold of a Minnesota winter, people have crawled into pipes, stood in front of excavators, engaged in tree-sits, climbed 40ft bi-pods, delayed construction with prayers, and locked to pianos to block bulldozers.

#DefundLine3: Stopping This Pipeline Is A Matter Of Justice

February 13, 2021 Tara Houska, Commondreams. Resist! Banks, Big Finance, climate crisis, Line 3 Pipeline

The fight to stop the Line 3 tar sands pipeline is about justice for the land. It’s about justice for the water. Justice for Anishinaabe people whose culture and way of life it threatens. Justice for people all over the world who are being impacted by the climate crisis. That’s why I am excited to announce that, this week, we launched a major new campaign: #DefundLine3. You can click here to take the first action as part of this campaign. Back in 2016, I helped to launch #DefundDAPL. As Indigenous Water Protectors were being brutalized by racist, militarized police―shot with rubber bullets, bitten by attack dogs and blasted with water cannons in the middle of winter―#DefundDAPL spread nationally.

The Federal Reserve Dictatorship Runs Amok Against Savers

March 21, 2020 Ralph Nader, Nader.org Educate! Banks, Federal Reserve

If you are a saver in a money market account or in a bank, you’ve already noticed your dwindling interest income as interest rates have been at their lowest in modern American history. Well, brace yourself. Your saving account has just become little more than a lock box, thanks to the supreme dictatorship of the Federal Reserve. On Sunday, March 15, The Federal Reserve announced that it would cut interest rates to “near zero.”

Regulators Finally Crack Down On Wells Fargo

February 10, 2020 Phil Mattera, Dcreport.org Educate! Banks, Regulation, Wells Fargo

It took three years but a leading U.S. regulator finally got tough with probably the most lawless large U.S. financial institution. The Office of the Comptroller of the Currency, an arm of the Treasury Department, recently took action against a former chief executive of Wells Fargo. The action was in connection with the scandal in which the bank pressured employees to create bogus accounts to extract millions in fees from unsuspecting customers.

‘Uninsurable And Unhedgeable’: Central Banks Warn Of Financial Crisis From Climate Change

February 3, 2020 By Nick Cunningham, Desmogblog.com Educate! Banks, Climate Change

A future climate disaster, or “green swan” event, could bring down the global financial system, according to a new report from the Bank for International Settlements (BIS), an international financial organization that serves as a bank for central banks around the world. Like black swan events, “green swan” events will be very difficult to predict and will hit with little warning.

Global Banks, Led By JPMorgan Chase, Invested $1.9 Trillion In Fossil Fuels Since Paris Climate Pact

January 25, 2020 By Sharon Kelly, Desmogblog.com Educate! Banks, Climate Change, Fossil Fuels

A report published today names the banks that have played the biggest recent role in funding fossil fuel projects, finding that since 2016, immediately following the Paris Agreement's adoption, 33 global banks have poured $1.9 trillion into financing climate-changing projects worldwide. The top four banks that invested most heavily in fossil fuel projects are all based in the U.S., and include JPMorgan Chase, Wells Fargo, Citi, and Bank of America. Royal Bank of Canada, Barclays in Europe, Japan’s MUFG, TD Bank, Scotiabank, and Mizuho make up the remainder of the top 10. This report comes as March has already brought deadly weather to places such as the American Midwest, where historic flooding has left four dead and farm losses could reach $1 billion...

JPMorgan Chase Records The Biggest Profit Of Any Bank In US History

January 22, 2020 Gabriel Black, Wsws.org Educate! Banks, Inequality, JP Morgan, Profit

JPMorgan Chase, the most valuable private bank in the world, made $36.4 billion in 2019, the biggest annual profit of any bank in American history. The news, reported Tuesday, sent the company’s stock up by 2 percent. In the fourth quarter of 2019, the company took in $8.5 billion, also a record, making it the tenth largest publicly traded company in the world, with a market cap of $437 billion.

25 People Occupy Chase Bank Branch In D.C. As Climate Activists Launch A Major New Campaign Targeting The Financial Industry

January 11, 2020 Staff, Sierraclub.org Resist! Activists, Banks, Climate Change, Finance and the Economy

WASHINGTON - Over twenty people occupied a Chase Bank branch in Washington, D.C. today to kick off Stop the Money Pipeline, a major new activist effort going after the financial industry’s funding of climate destruction. The action took place alongside today’s Fire Drill Friday protest at the Capitol led by Jane Fonda and allies. Fonda, Susan Sarandon, Greenpeace U.S. Director Annie Leonard, and dozens more marched down Pennsylvania Avenue from the Capitol to the Chase Bank branch to show solidarity with the protestors inside.

Fed Up: The Impunity Of Central Banks

December 11, 2019 By Trevor Jackson, Dissentmagazine.org Educate! Banks, Finance and the Economy, History

September 29, 2008, was one of the strangest days in the recent history of capitalism. The investment bank Lehman Brothers had failed two weeks earlier in the largest bankruptcy in U.S. history, and Washington Mutual had failed after a bank run on the 26th. Insurance giant AIG was bailed out on the 30th. Global credit markets were paralyzed, stock markets were in vertiginous collapse, and the entire international financial system was at risk. Treasury Secretary Henry M. Paulson Jr. approached Congress with the Emergency Economic Stabilization Act and the $700 billion Troubled Asset Relief Program (TARP)...

Massive Hack Strikes Offshore Cayman National Bank And Trust

November 21, 2019 Dan Feidt and Freddy Martinez, Unicorn Riot Resist! Banks, Hacking

Isle of Man, UK – A blast of sunshine has hit a secretive banking network used by global ultra-wealthy figures following a massive hack by “Phineas Fisher“, a notorious self-described “hacktivist”, of Cayman National Bank and Trust, which serves nearly 1,500 accounts in Isle of Man. Transparency collective Distributed Denial of Secrets has began publishing copies of the bank’s servers, a cache of documents as well as communications among bankers and others. Journalists around the world are investigating and have begun releasing stories.

World’s Largest Bank Ends Fossil Fuel Financing

November 20, 2019 By Alexandra Jacobo, Nationofchange.org Create! Banks, Fossil Fuels, Investment

The bank's decision to end all financing of oil, gas, and coal projects after 2021 will make it the first multilateral lender to rule out financing for projects that contribute to the climate crisis. Environmentalists have a reason to celebrate this week. The European Investment Bank (EIB) announced on Thursday that it will phase out its financing completely for fossil fuels within the next two years. The bank’s decision to end all financing of oil, gas, and coal projects after 2021 will make it the first multilateral lender to rule out financing for projects that contribute to the climate crisis.

Lebanon Protests: The People Want The Downfall Of The Bank

November 11, 2019 Hicham Safieddine, Middleeasteye.net Resist! Banks, Debt, Lebanon, Protests

There is no shortage of corruption in Lebanon. According to Transparency International, people in Lebanon are the most likely in the MENA region to describe their politicians and state institutions as highly corrupt. From the smallest bureaucratic transaction to the largest government contract, billions of dollars are drained from people’s pockets through bribery and from the public purse through embezzlement. But the focus on liberal forms of corruption, as defined by Transparency International and other international actors, has reduced the crisis to a problem of bad governance.

Another Look At The Federal Reserve’s Panic In September 2019 And Solutions To The Crisis

November 6, 2019 By Eric Toussaint, Cadtm.org Create! Banks, Currency, Federal Reserve

You may recall that from 17 September 2019, the United States Federal Reserve injected massive amounts of liquidity into banks due to a quite abnormal situation on the repo market [1]. The repo market designates a mechanism used by banks to obtain short-term financing. They sell securities they hold in repurchase agreements (repo). For example they place US Treasury bonds or Triple-A company securities in repo overnight, to serve as warranty or collateral for the loan they are making, and they buy them back on the following day.

A Radical Break With The Status Quo Is The Most Sensible Path Forward

November 4, 2019 Diliff, Publicbankinginstitute.org Create! Banks, Debt, New Economy

“Today, it is quite clear that only a radical break with the past will deliver us from the post-crisis malaise and the climate crisis that has emerged alongside it. … A public banking system must be established as part of this in order to direct capital away from speculation and towards productive, sustainable investment. These plans must be accompanied by greater state and worker ownership so that the returns from growth are not monopolised by a tiny elite.

Opening The Public Bank Floodgates

November 2, 2019 Staff, Publicbankinginstitute.org Create! Banks, New Economy, Public Banks

“These [public] banks could follow in the footsteps of the German KfW Group, a collection of state-owned infrastructure banks that directed more than one-third of its funds to climate and environmental protection in 2018—not just in Germany, but in thirty countries. So instead of propping up oil pipelines, public money could catalyze a rapid transition to a zero-carbon economy. Public banks can also drastically reduce the cost of financing infrastructure projects, because if the lender is a public bank, interest payments can be re-used for public benefit, rather than to enrich investors.”

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