Banks

Could Climate Change Spark A Financial Crisis? Candidates Warn Fed It’s A Risk

July 16, 2019 John Lippert, Insideclimatenews.org Educate! Banks, Climate Change, Finance and Economy

A few of the Democrats running for president have started warning about climate change in a way that voters rarely think about yet can profoundly affect their lives. To sum it up: If you think the housing crisis was bad, wait until you see how the climate crisis plays out for financial markets. The candidates are urging the Federal Reserve—the United States' central bank—to work with financial institutions around the world to confront climate risks that could trigger cascading collapses.

U.S. Banks Dominate Fossil Fuel Funding

March 21, 2019 By Erik McGregor. Resist! Banks, Fossil Fuels

Pete Sikora from NY Communities for Change spoke about the local pipeline fight against the Williams NESE Pipeline, that is part-funded by JP Morgan Chase, and Tom Ross, a local organizer with Sane Energy Project, and former investor with JP Morgan Chase gave sage advice to Jamie Dimon, CEO of JP Morgan Chase, and the public at large on how to move our money to a green energy fund called Green Century.

Bolton Threatens Sanctions On Banks Doing Business With Venezuela

March 11, 2019 Stephen Lendman, Intrepidreport.com Educate! Banks, Sanctions, US Imperialism, Venezuela

Because of its world’s largest oil reserves, Venezuela is a jewel in the Latin American crown the US seeks dominance over—Brazil the other jewel, the region’s largest economy, the world’s 8th largest. Washington under Republicans and undemocratic Dems is hellbent to recolonize Latin and Central America entirely, wanting all sovereign independent governments eliminated—notably in Venezuela, Cuba, Nicaragua and Bolivia. James Petras explained that “[n]ot since the US pronounced the Monroe Doctrine proclaiming its imperial supremacy over Latin America, nearly 200 years ago, has a White House regime so openly affirmed its mission to recolonize Latin America.”

JPMorgan Backs Away From Private Prison Finance

March 8, 2019 David Henry and Imani Moise, Money.usnews.com Create! Banks, Prisons

NEW YORK (Reuters) - JPMorgan Chase & Co has decided to stop financing private operators of prisons and detention centers, which have become targets of protests over Trump administration immigration policies. "We will no longer bank the private prison industry," a company spokesman told Reuters. The decision is a result of the bank's ongoing evaluations of the costs and benefits of serving different industries, he said. JPMorgan is one of several banks that have underwritten bonds or syndicated loans for CoreCivic Inc and GEO Group Inc, the two major private prison operators in the United States.

When North Dakota Has Budget Woes, It Simply Takes A Dividend From Its State-Owned Bank

January 28, 2019 Staff, Publicbankinginstitute.org Create! Banks, New Economy, North Dakota

North Dakota is facing important budget concerns due to the continued slide in oil prices. Early this month, the North Dakota Legislature lowered the amount of revenue the state can expect to collect from oil taxes by $600 million for the next two year budget cycle. Oil is a major contributor to the state’s wealth and the significant drop in energy tax revenue (despite record levels of oil production) would be expected to have significant effects on state spending.

Corporate And Banking Interests Profit From Desecration Of Black Maryland Graveyard

January 17, 2019 By Marsha Coleman-Adebayo, Blackagendareport.com Resist! Banks, Corporations, Development, Maryland, Racism

In the grand scheme of things it didn’t even register a blip. Four people arrested in an obscure auditorium in a place whose name has a certain regal air to it -- Kensington. But this wasn’t somewhere in England. No, it was in Maryland, well south of the Mason-Dixon Line, in a county with the disgraceful heritage of kidnapping, enslavement, lynching, Black breeding farms, covenants to keep Blacks and Jews sequestered and ethnic cleansing high on the list of priorities that have informed every county official since before the Emancipation Proclamation and their systematic erasure of that history both physically and from public consciousness.

Banking Giant HSBC Divests From Israeli Arms Manufacturer Following Pressure From Human Rights Campaigners

December 28, 2018 Staff, Waronwant.org Resist! Banks, HSBC, Israel, weapons

Human rights campaigners have declared a victory as global banking giant HSBC confirmed that it has divested completely from Israeli weapons manufacturer Elbit Systems after a year of campaign pressure. Elbit Systems is one of Israel’s largest arms manufacturers, notorious for its deadly drones used in attacks on Palestinian civilians, and marketed abroad as ‘combat proven’. The company has also manufactured white phosphorous and artillery systems that can be used for cluster munitions.

This Radical Plan To Fund The ‘Green New Deal’ Just Might Work

December 19, 2018 Staff, Ellenbrown.com Resist! Banks, Finance

With what Naomi Klein calls “galloping momentum,” the “Green New Deal” promoted by newly-elected Rep. Alexandria Ocasio-Cortez (D-NY) appears to be forging a political pathway for solving all of the ills of society and the planet in one fell swoop. It would give a House Select Committee “a mandate that connects the dots between energy, transportation, housing, as well as healthcare, living wages, a jobs guarantee” and more. But to critics even on the left it is just political theater, since “everyone knows” a program of that scope cannot be funded without a massive redistribution of wealth and slashing of other programs (notably the military), which is not politically feasible.

Wall Street Thrives And Working People Struggle As GOP Tax Cut Turns One

December 18, 2018 By Max Moran, Inequality.org Educate! Banks, Tax cuts for the rich, Wall Street

The Tax Cuts and Jobs Act of 2017 — the only major piece of legislation passed by the Trump administration — turns one year old this week. The law’s advocates promised it would create an economic bonanza for working people. Instead, its biggest corporate backers have laid off employees and offshored jobs while the promised investment boom is nowhere to be found. And for all of the talk about rising GDP and a tight labor market, millions are still barely making ends meet. But that’s not all. As critics warned when the bill was being drafted, the legislation gave disproportionate benefits to one massive, reviled industry: Wall Street.

Energy Transfer, Banks Lost Billions By Ignoring Early Dakota Access Pipeline Concerns

December 11, 2018 By Sharon Kelly, Desmogblog.com Educate! Banks, Dakota Access Pipeline, Pipelines

Roughly four years ago, Energy Transfer Partners (ETP) filed a federal application to build a 1,172 mile oil pipeline from North Dakota’s Bakken shale across the U.S. to Illinois at a projected cost of $3.8 billion. Before that application was filed, on September 30, 2014, the Standing Rock Sioux Tribe met with ETP to express concerns about the Dakota Access pipeline (DAPL) and fears of water contamination. Though the company, now known as Energy Transfer, had re-routed a river crossing to protect the state capital of Bismarck against oil spills, it apparently turned a deaf ear to the Tribe’s objections.

Occupy Jamie Dimon: Activists Are Chasing The Billionaire Across The U.S.

December 6, 2018 Michelle Davis and Max Abelson, Bloomberg.com Resist! Banks, Energy, Protests

A few feet away, an activist named Ruth Breech reminded herself to stay calm: “I need to be ready.” When JPMorgan Chase & Co.’s leader paused a moment and looked to his left, Breech, at 5-foot-2, was standing beside his chair. “It’s so good to see you again,” she said. She and another protester raised a banner: “Chase: Stop profiting off dirty energy.” Dimon adjusted his tie. Dimon had just become the only remaining Wall Street boss who led a global bank before the financial crisis. JPMorgan is so big and profitable, and the billionaire has won so much influence, that he’s being followed around the U.S. by a growing crew of critics who want the bank to join their fights against climate change, human-rights abuses, and private prisons.

Activists Disrupt Jamie Dimon Speech And Hand Deliver IPCC Report To Send Message That Chase Must Stop Banking On Fossil Fuels

November 20, 2018 Staff, Ran.org Resist! Activists, Banks, Fossil Fuels

Columbus, OH–This morning activists disrupted JPMorgan Chase CEO Jamie Dimon’s speech at an Axios.com event, calling attention to the bank’s funding of fossil fuels, carbon pollution, and Indigenous rights violations. The activists handed Dimon a copy of the latest UN scientist report on climate change. This action is part of a broader, growing pattern. Dimon has been hounded with the same message at many events across the country, including the bank’s AGM, various speaking engagements, and outside its headquarters. Activists are determined to continue bird dogging him until he takes responsibility for his role as one of the most powerful funders of climate change.

What Banks Owe America

November 19, 2018 Isaiah J. Poole & Devin Case-Ruchala, Prospect.org Educate! Banks, Capitalism

The last time the Community Reinvestment Act (CRA) was in the news, conservative critics of financial regulation blamed the law for the 2008 financial crisis, complaining that Wall Street’s reckless behavior didn’t cause the crash; it was all that mandated lending to poor people. So ten years later it is scarcely surprisingly that the law is under attack again. Activists in the low- and moderate-income communities that the law is supposed to benefit seek to hold banks to a higher standard that includes investments by financial institutions that build wealth and power for marginalized residents, rather than simply extracting profits from them.

UK Banks Refuse To Return Venezuela’s Gold

November 12, 2018 Peter Korzun, Strategic-culture.org Educate! Banks, Gold, United Kingdom (UK), Venezuela

Russia and Venezuela are among the countries the EU, including Great Britain, has imposed sanctions on. Both nations have been targets of London’s vigorous attacks, being blamed for numerous nefarious things they have allegedly done. The UK insists that everyone play by the rules. Meanwhile, London is making mockery of commonly accepted norms in the international relations. The government of Venezuela is seeking to eventually repatriate at least 14 tons of gold held at the Bank of England (BOE). It has recently asked to release the gold bars worth about £420 million or $550 million. This is the right and timely move as the new round of punitive measures recently imposed on Caracas by Washington showed.

Bank Of England Refusing Venezuelan Request To Return $550 Mln In Gold

November 8, 2018 Staff, Sputniknews.com Educate! Banks, Gold, United Kingdom (UK), Venezuela

Earlier, Caracas indicated that it was looking to repatriate some 14 tons of gold bars back from the UK out of concern that the bullion may be affected by harsh US sanctions against the Latin American country. The Bank of England is refusing to release Venezuela's gold bars, worth about $550 million or £420 million, back to Caracas, with British officials understood to have referred to "standard" anti-money laundering measures, The Times reports, citing unnamed sources. "There are concerns that Mr. [Nicolas] Maduro may seize the gold, which is owned by the state, and sell it for personal gain," the newspaper explains. On Tuesday...

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