Last December I wrote about a bank merger deal that could create yet another "too big to fail" bank from the smoking embers of two of the very banks that helped blow up our economy in 2008: OneWest Bank (formerly IndyMac) and CIT Bank. While I'm baffled that this merger is still pending, I'm happy to report a bit of good news.
Here, finally, is the great black-ice pileup between so-called "IT" and "marketing." And banks suck it up to avoid revealing their vulnerability and lack of internal controls to regulatory watchdogs, customers -- and thieves.
For those who prefer to bank with an institution that has an outpost in nearly every city (and even, in some cases, internationally) GOBankingRates ranked the best banks of 2015. This study excluded online banks and military institutions, which were evaluated in separate rankings.
Every single Muslim man in America, and beyond, should be concerned about the opening of the Women's Mosque of America because it's the biggest indication that the Muslim community is losing its women.
Hillary Clinton served on the board of directors of Walmart from 1986 to 1992. She is among the thousands of prominent and successful individuals who have sat on the boards of major corporations. The reason that the rest of us should care about corporate directors is that these are the people who determine the pay of corporate CEOs.
I don't anticipate that the Fed will (or should), "tighten" at its Federal Open Market Committee meetings on January 27-28. Nor do I think the Fed will tighten as soon as most people think.
This is not Zimbabwe. It is Detroit. Yet, you'd never know there was a problem this big in our own backyard because there's hardly anything at all in the media on the subject. And, why should there be? It's only the single-greatest economic collapse in American history.
The House Democratic Party leadership made a remarkable step forward last week in putting out a proposal for a financial transactions tax (FTT). There has long been interest in financial transactions taxes among progressive Democrats. The list of people who have proposed financial transactions taxes over the years includes Representatives Peter DeFazio and Keith Ellison, along with Senators Tom Harkin and Bernie Sanders. But the proposal last week came from Representative Chris Van Hollen, who is part of the party's leadership. And Minority Leader Nancy Pelosi indicated that she also supports the proposal. This means that financial transactions taxes are now part of the national debate on tax and financial policy. And there should be no mistake; this is a really big deal for the financial industry.
Of all the places you keep your money, your checking account is the foundation. It's the one of the most popular financial products in the country, used by roughly 200 million Americans, according to the Consumer Financial Protection Bureau.
The market reaction was brutal, punishing the Euro and every foreign exchange and options trader on the wrong side of this trade. Some forex trading firms will go under. Foreign exchange trading desks within banks are, of course, part of ongoing unwilling taxpayer largesse.
These elaborate illegal acts over many years show a deliberate willingness by Credit Suisse AG officials to knowingly engage in profitable activities that defrauded the U.S. Treasury and burdened honest taxpayers. But the Credit Suisse story does not end there.
I agree with some of the new federal initiatives to prevent identity theft and protect consumers' privacy. But they can only do so much. The pressure is now on financial institutions to provide the most secure technology available.
It's all about how millions of Americans who may have been thrown out of their homes, or at least forced to stress about the possibility, were denied access to information that might have revealed how widespread the foreclosure problem was.
A nasty strain of austerity capitalism has taken over Europe, leaving broken lives in its wake. Researchers Servaas Storm and C.W.M. Naastepad consider how things got so bad, what role economists and misguided policy-makers have played, and how to change course.
Well, 2014 is coming to a close. It's that time when MyBankTracker reflects on the banking trends that we predicted would take focus in the past year....
Here are 10 ways in which we should be looking to change the structure of the market in 2015 so that all the money doesn't flow to the 1 percent. This list should provide a useful set of market-friendly policies that will lead to both more equality and more growth.