Big Banks

Every Major Bank Has Now Ruled Out Funding Arctic Drilling

December 4, 2020 Dharna Noor, Gizmodo. Resist! Arctic drilling, Big Banks, climate crisis, Oil and Gas

We got another one. On Monday evening, Bank of America said that it will no longer finance fossil fuel exploration in the Arctic, joining Goldman Sachs, Morgan Stanley, Chase, Wells Fargo, and CitiBank, which all announced similar policies this year. That means no major U.S. bank will fund oil and gas production in the region anymore. The news follows years of public pressure from climate organizers for companies to stop enabling Arctic drilling. The movement heated up since last fall when a coalition launched Stop the Money Pipeline, a campaign to call out Wall Street firms’ role in particular.

Lenders Deny Mortgages For Black Homeowners At A High Rate

August 22, 2020 By Diana Olick, CNBC. Educate! Big Banks, Housing, Inequality, Racism

Discrimination in home lending goes back to the beginning of home lending itself. During the last housing boom, when subprime mortgages were all the rage, predatory lending to minority borrowers was rampant. When the mortgage market came crashing down, taking the economy with it, some major lenders were held accountable. They ended up paying massive, multibillion-dollar settlements to the federal government. But there is clearly still bias in the market. A majority (59 percent), of Black homebuyers, are concerned about qualifying for a mortgage, while less than half (46 percent) of white buyers are, according to a recent survey by Zillow, a home listing website, which launched its own mortgage lending arm, Zillow Home Loans, late last year. That is because lenders deny mortgages for Black applicants at a rate 80 percent higher than that of white applicants, according to 2020 data from the Home Mortgage Disclosure Act. For refinances specifically, Black borrowers are denied mortgage refinance loans, on average, 30.22 percent of the time, far higher than the overall denial rate of 17.07 percent

Another Bank Bailout Under Cover Of A Virus

May 20, 2020 Ellen Brown, Web of Debt. Educate! Bailout, Big Banks, Public Bank, Recession

When the Dodd Frank Act was passed in 2010, President Obama triumphantly declared, “No more bailouts!” But what the Act actually said was that the next time the banks failed, they would be subject to “bail ins” – the funds of their creditors, including their large depositors, would be tapped to cover their bad loans. Then bail-ins were tried in Europe. The results were disastrous. Many economists in the US and Europe argued that the next time the banks failed, they should be nationalized – taken over by the government as public utilities. But that opportunity was lost when, in September 2019 and again in March 2020, Wall Street banks were quietly bailed out from a liquidity crisis in the repo market that could otherwise have bankrupted them.

Scheer Intelligence: Big Banks Got The Sweetest Deal From The Covid-19 Bailouts

May 15, 2020 Robert Scheer, Popular Resistance. Educate! Big Banks, Corporate Bailout, Podcast, Recession

It’s been over a decade since the 2008 banking meltdown, and yet many Americans are still living with the consequences of the financial crisis and the Obama administration’s decision to bailout banks over people with their own tax money. As Covid-19 spread around the world, and the economic impacts of the public health crisis began to take shape, the U.S. government once again faced a similar choice regarding bailouts. This time, Congress passed the CARES Act, which, on paper, aimed to help working people and small business owners most affected by both the virus and the lockdown measures used to combat the crisis, seemingly marking a shift from the 2008 crisis handling. Yet, as banking expert Nomi Prins points out to “Scheer Intelligence” host Robert Scheer in the latest installment of his podcast, banks and large companies are once more taking advantage of a crisis to swindle the public.

Crushing The States, Saving The Banks

May 5, 2020 Ellen Brown, Web of Debt. Educate! Bailout, Big Banks, Federal Reserve, State budgets

Congress seems to be at war with the states. Only $150 billion of its nearly $3 trillion coronavirus relief package – a mere 5% – has been allocated to the 50 states; and they are not allowed to use it where they need it most, to plug the holes in their budgets caused by the mandatory shutdown. On April 22, Senate Majority Leader Mitch McConnell said he was opposed to additional federal aid to the states, and that his preference was to allow states to go bankrupt. No such threat looms over the banks, which have made out extremely well in this crisis. The Federal Reserve has dropped interest rates to 0.25%, eliminated reserve requirements, and relaxed capital requirements. Banks can now borrow effectively for free, without restrictions on the money’s use.

US Banks Make A Quick $10 Billion Processing Government Loans

April 27, 2020 Julian Kossoff, Business Insider. Educate! Big Banks, Government, Recession, Small Business

Banks have earned a quick $10 billion processing US government loans to small businesses affected by the coronavirus crisis, according to a new report. The $350 billion rescue program aims to funnel cash to small businesses distressed by the economic blows of the COVID-19 crisis. In two weeks, banks including JP Morgan, Bank of America, and PNC Bank vetted thousands of applications for federal loans of up to $10 million. Transaction charges start at 5% for loans under $350,000, reducing to 1% for loans between $2 and $10 million, according to NPR. The loans are guaranteed by the government, and the guidelines issued by the Treasury Department indicate that they require less vetting than regular loans. There is no risk to the banks which are merely the middlemen.

Small Businesses Furious At Paycheck Protection Program Structure

April 22, 2020 Main Street Alliance. Resist! Bailout, Big Banks, Courts, Small Business

With allegations that major banks shuffled Paycheck Protection Program applications to prioritize larger loan amounts and bigger businesses, Main Street businesses are furious. This possibility points to a clear design flaw in the program that tried to use the private lending market, already rife with discrimination and putting profits over all, as the mechanism for small business relief. Small businesses are demanding that any new funding must come directly to them via subsidies, not loans, and it must prioritize those who were left out. Business owners of color are particularly vulnerable to discrimination in the lending system. A report from the Center for Responsible Lending shows that a large majority of minority owned businesses, including 95 percent of Black business owners...

On Market Solutions To The Covid-19 Crisis

April 4, 2020 Jack Rasmus, Znet. Educate! Big Banks, Capitalism, Corporate Bailout, Federal Reserve, Recession

In 2008 the Federal Reserve provided more than $4 trillion to bail out the banks. Now it is providing more than $6 trillion (thus far)—and this time the banks haven’t even failed yet! The Fed has opened a free money spigot to investors, bankers, and to big business of all types, and has simply declared ‘come on in and take it’. And if the $6 trillion to date isn’t enough, we’ll provide more. For the first time ever the Fed is now providing free money not only to bankers, but to credit card companies, mortgage companies, corporate bondholders, and even to investors in derivatives like Exchange Traded Funds, or ETFs. Next, it will start buying stocks to prop up those markets. Its cousin central bank, the Bank of Japan, has been doing that for years now.

Protest Morgan Stanley Over Support For Pipelines

May 25, 2018 Resist! #NoDAPL, Big Banks, Oil and Gas, Pipelines

Purchase, NY - Early yesterday morning, a group of activists disrupted Morgan Stanley's annual shareholder meeting by blocking vehicle access at both entrances to their corporate campus in Purchase, NY. The action was carried out in solidarity with communities across the continent who are being harmed by Morgan Stanley's continued financing of extreme energy development. This includes providing financing for Energy Transfer Partners (ETP), the company behind the highly controversial Dakota Access, Bayou Bridge and Mariner East pipelines.

Big Banks Got Huge Tax Cuts, Then Hiked States’ And Cities’ Interest Rates

March 2, 2018 Staff, Publicbankinginstitute.org Educate! Banks, Big Banks, New Economy, Taxes

The monster banks get monster tax cuts … then turn around and hike interest rates for states and cities. The hikes could translate into millions of dollars of extra costs for cash-strapped municipalities. Creating Public Banks would cut these middlemen — along with the enormous soaring drain of interest payments and fees — out of public budgets. Bloomberg: “It takes away from money that would help the state’s reserve, or it takes away from money the state may appropriate for other statewide public purposes,” said David Erdman, the capital finance director for Wisconsin, whose payments on a $279 million loan will jump by about $750,000 next year.

Big Banks Are Committing Major Crimes Against The Climate

November 6, 2017 Alison Kirsch, alternet.org Educate! Banks, Big Banks, Climate Change, Corporate crime

By Alison Kirsch for AlterNet - At the start of next week, the United Nations Framework Convention on Climate Change, the U.N.'s negotiating body on climate change, will meet in Germany to discuss next steps after the historic agreement by 195 countries to curb global climate change to 1.5° Celsius, or 2° at most—an agreement whose only logical conclusion is that the world cannot afford expansion of the fossil fuel industry. Various players in the financial industry have talked a big game on their commitments to the Paris Agreement. But their business practices prove otherwise. According to the new report Funding Tar Sands: Private Banks vs. the Paris Climate Agreement, in the first three quarters of 2017, major international banks have financed the extraction and transportation of tar sands at levels one and a half times higher than in the whole of 2016. How can it be that in the last 9 months, $32 billion has gone to an extreme fossil fuel whose development is flatly incompatible with meeting the goals of the Paris Agreement? Moreover, banks continue to stand behind their clients whose proposed tar sands projects, from Teck Resources' Frontier open-pit mine, to Enbridge's Line 3 pipeline, would further damn our climate and infringe upon Indigenous rights.

Pipeline Protestors Shut Down Citizens Bank

March 4, 2017 The Fang Collective, www.thefangcollective.org Resist! Big Banks, Divestment, Oil and Gas, Pipelines

By The Fang Collective. Providence, RI – On Thursday morning three people with The FANG Collective blockaded the main entrance to the Citizens Bank global headquarters building in downtown Providence, RI to protest the Bank’s financing of Sunoco Logistics. Two people used a series of bike locks to lock their necks to two sets of doors, while another person used their body and several door stoppers to block a revolving door. The action follows the February launch of the “Shame On Citizens” campaign which calls attention to Citizens Bank’s role in a $2.5 billion line of credit to Sunoco Logistics, a pipeline company behind several controversial projects, including the Dakota Access Pipeline. Citizens contributed $72.5 million to this line of credit. Sunoco Logistics is in the process of fully merging with Energy Transfer Partners.

Aide Planted Anti-Bank Comments In Paid Clinton Speech

October 18, 2016 Zaid Jilani, www.theintercept.com Resist! Banks, Big Banks, Corruption, Hillary Clinton

By Zaid Jilani for The Intercept - A TOP AIDE calculatingly inserted a passage critical of the financial industry into one of Hillary Clinton’s many highly-paid speeches to big banks, “precisely for the purpose of having something we could show people if ever asked what she was saying behind closed doors for two years to all those fat cats,” he wrote in an email posted by Wikileaks.

Newsletter: Elections Expose the Oligarchs

October 9, 2016 Kevin Zeese and Margaret Flowers, www.PopularResistance.org Newsletter Austerity, Banking and Finance, Big Banks, Big Pharma, Corruption, Democracy, Donald Trump, health insurance industry, Healthcare, Hillary Clinton, Neoliberalism, oligarchy, Sexism, Single payer health care, Tax Evasion, Wikileaks

By Kevin Zeese and Margaret Flowers for Popular Resistance. The 2016 presidential election has shown how the duopoly, the two parties that represent big business interests and the wealthiest, are corrupted in ways that prevent the people’s voices from being heard, their necessities being met and the planet being protected from human greed. During the campaigns, leaks have given people a behind-the-scenes look at how the parties operate and research on the candidates shows their personal failures. They give voters an image of elites who behave as if the law does not apply to them and who put themselves ahead of the public interest. Last Friday was a day of embarrassment for both the Republican and Democratic Parties. A tape showing Donald Trump bragging about sexual assault in lewd ways has gotten the bulk of attention, but Wikileaks also released thousands of pages of The Podesta Emails, 2,060 emails and 170 attachments. John Podesta is the ultimate insider.

Chicago Latest To Sanction Wells Fargo For Defrauding Customers

October 8, 2016 Karen Pierog and Dave McKinney, www.reuters.com Resist! Big Banks, Chicago, Sanctions, Wells Fargo

By Karen Pierog and Dave McKinney for Reuters - The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo & Co from city business because of its scandal over phony accounts, joining the states of Illinois and California in punishing the bank. The ban includes bond underwriting, brokerage, trustee and other services the bank has provided to the city. Wells Fargo has earned $19.5 million in fees from Chicago since 2005.

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