Banks

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.”

Central Banks Bailing Out Wall Street And Big Finance As Crash Looms

October 21, 2019 Nick Beams, Wsws.org Educate! Banking and Finance, Banks, New Economy, Wall Street

Two actions by US financial authorities this week indicate that the United States will respond to a looming downturn in the global economy by providing, once again, unlimited amounts of cash to financial markets. On Wednesday, the Federal Reserve began an operation, lasting at least six months, to purchase around $60 billion of Treasury bills a month in response to sharp spikes in interest rates in overnight markets. The following day, in a separate action, the New York Federal Reserve injected $104.15 billion into financial markets to boost liquidity.

JPMorgan Chase Metals Desk Charged With Being A Criminal Enterprise For Rigging Metals Prices

October 5, 2019 Pam Martens and Russ Martens, Wallstreetonparade.com Educate! Banks, JP Morgan, Mining

Two notable things happened on Monday, September 16, 2019. Rates started to spike in the overnight loan (repo) market, reaching a high of 10 percent the next day and forcing the Federal Reserve to step in as a lender of last resort for the first time since the financial crisis. The Fed has had to intervene every business day since then with overnight loans, funneling hundreds of billions of dollars to its primary dealers, while also providing $150 billion in 14-day term loans to unnamed banks.

A US Green Investment Bank For All: Democratized Finance For A Just Transition

October 4, 2019 Thomas Marois and Ali Riza Gungen, Thenextsystem.org Create! Banks, New Economy, Reform

In ways unimaginable just a few years ago, public banking and its potential for catalyzing a transition to a green and just future have been catapulted to the center of political and economic debate. The reason: The greed-driven excesses of Wall Street and global finance that gave rise to the 2008-09 global financial crisis are now continuing to drive today’s global crisis of climate finance. The financial sector today offers seemingly limitless access to debt for financing planet-damaging consumption but does not carry its weight in financing solutions to the climate crisis.

GEO Group Runs Out Of Banks As 100% Of Banking Partners Say ‘No’ To The Private Prison Sector

October 3, 2019 Morgan Simon, Forbes.com Educate! Banks, Prisons, Privatization

All of the existing banking partners to private prison leader GEO Group have now officially committed to ending ties with the private prison and immigrant detention industry. These banks are JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, Fifth Third Bancorp, Barclays, and PNC. This exodus comes in the wake of demands by grassroots activists — many under the banner of the #FamiliesBelongTogether coalition — shareholders, policymakers, and investors.

Reality Check: Bank Of England Governor Criticizes The Petrodollar!

September 7, 2019 Cheikh Amma Diop, Blackagendareport.com Educate! Banks, Currency, Inter-Imperialist Rivalry, United Kingdom (UK)

It is remarkable that Bank of England Governor Mark Carney recently spoke publicly about “the U.S. dollar’s “destabilizing” role in the world economy,” going on to suggest that “central banks might need to join together to create their own replacement reserve currency.” This is very significant because in his capacity as Bank of England Governor, Carney serves as Chairman of the Monetary Policy Committee, giving him a major role in directing national economic and monetary policy.

Artists Call For Kemper Museum Of Contemporary Art To Drop Trustee Tied To $130 Million Lawsuit Over ICE Detainees

September 6, 2019 By Staff, Artforum.com Resist! Banks, Lawsuit, Missouri, Protests

Mariner Kemper, the CEO and chairman of the UMB Financial Corp (UMB Bank) and a trustee of the Kemper Museum of Contemporary Art in Kansas City, Missouri—which was founded by his parents, R. Crosby Kemper Jr. and Mary “Bebe” Hunt, in 1994—is under fire for his connections to President Trump’s controversial immigration policies. Artists began calling for his removal from the museum board after learning that UMB Bank represents the bondholders for the publicly owned and privately operated Wyatt Detention Center in Central Falls, Rhode Island...

Move Over Wall Street, People’s Banks Are Coming To Replace You

September 2, 2019 Phoenix Goodman, Truthout.org Create! Banks, New Economy, Reform

A specter is haunting Wall Street: the public banking movement, which vows to replace private banks’ influence in public affairs. This movement is gaining traction in states and cities across the U.S. as motions to advance public banking are emerging in legislative halls from California to New York. In response to this momentum, hope is growing that the first U.S. public bank in 100 years will form in the foreseeable future. As this movement gains momentum, sparking a chain reaction, a mass switch to public banks could shift untold billions from the coffers of Wall Street into Main Streets everywhere...

How Trump’s Political Appointees Overruled Tougher Settlements With Big Banks

August 6, 2019 By Jesse Eisinger and Kevin Wack, Propublica.org Educate! Banks, Reform, Trump Administration

Since Donald Trump’s election, federal white-collar enforcement has taken a big hit. Fines and settlements against corporations have plummeted. Prosecutions of individuals are falling to record lows. But just how these fines and settlements came to be slashed is less well understood. Two settlements with giant banks over financial crisis-era misdeeds provide a window into how the Trump administration has eased up on corporate wrongdoers. In settlements last year with the two big U.K.-based banks, Barclays and Royal Bank of Scotland, political appointees at the Trump administration Justice Department took the unusual step of overruling staff prosecutors...

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