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Lonnie Hicks

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Finance: Banking Crisis in the US?
by Lonnie Hicks
Sunday, November 17, 2013
Rated "G" by the Author.

        		Recent stories by Lonnie Hicks
· History: The Bible as the Oldest Egalitarian Document in History
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· Poor Humor
· Surrendering
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           >> View all 487

     Is Banking WorldWide, and in the US, in a Crisis? Let's take a look

11/23/13 Are Rating Agencies Truly Independent?
11/20/13 Are US Banks Solvent? Data says no.
11/20/13
A Two Tier Society? Retail patterns reflect societal patterns

The Four Largest Banks Credit Worthiness Downgraded. What does it mean?
First some information.

http://mobile.nytimes.com/blogs/dealbook/2013/11/15/moodys-cuts-ratings-of-four-big-banks/?_r=0

http://mobile.nytimes.com/blogs/dealbook/2013/11/14/u-s-investigates-currency-trades-by-major-banks/?from=dealbook

http://mobile.nytimes.com/2013/11/16/us/justices-to-revisit-securities-fraud-suits.html

http://mobile.bloomberg.com/news/2013-11-15/investor-suits-challenged-as-court-takes-halliburton-case.html

4.5 Billion Dollar Settlement for JP Morgan
http://in.reuters.com/article/2013/11/15/jpm-mortgage-deal-idINL2N0J01PV20131115

JP Morgan Scandal Overseas?
http://www.malaysiasun.com/index.php/sid/218450420/scat/3a8a80d6f705f8cc/ht/JPMorgan-Chase-being-fully-investigated

http://www.mintpressnews.com/federal-judge-slams-doj-prosecuting-wall-street-execs/172825/
 
http://www.washingtonpost.com/business/economy/jpmorgans-13-billion-settlement-to-include-deadline-for-assisting-homeowners/2013/11/18/919695ea-508b-11e3-a7f0-b790929232e1_story.html

 Back to discuss in the next few days.

11/20/13
A Two Tier Society? Retail patterns reflect societal patterns
http://www.cnbc.com/id/101212187

Bank Mismanagement A Threat To Everyone?

 http://www.bloomberg.com/news/2012-09-02/big-banks-are-hazardous-to-u-s-financial-health.html

The insiders are now split on the wisdom of having the big six banks potentially threaten the financial stability of the entire global economy.

 Are US banks solvent? What is their exposure to derivatives?

Everything you would want to know about the banking industry-Report from the Federal Office of the Comtroller of the Currency.

And below it is a beautiful chart detailing graphically what a trillion dollars looks like.

And it includes how much derivative exposure each of the major US banks  have. And note most are insolvent on paper.
From:
http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html

http://www.occ.gov/publications/publications-by-type/other-publications-reports/semiannual-risk-perspective/semiannual-risk-perspective-fall-2012.pdf

 

Are Rating Agencies Truly Independent?

Regulators unlikely to change rating agency incentives: Occupy Wall Street

By Luciana Lopez

NEW YORK Tue Nov 19, 2013 7:11pm EST

0 Comments

A view shows the Standard & Poor's building in New York's financial district February 5, 2013.

Credit: Reuters/Brendan McDermid

 

NEW YORK (Reuters) - Regulators are unlikely to take action to address the way rating agencies are rewarded for their work, despite concerns that the current practice involves conflicts of interest that helped enable the financial crisis, an official of Occupy Wall Street said on Tuesday.

Regulators "don't seem to have plans to change the underlying incentives in the system," Cathy O'Neil, principal with the Alternative Banking Group of Occupy Wall Street, told the Reuters Global Investment Outlook Summit.

Lawmakers and analysts have worried that the longstanding practice in which the debt issuer pays agencies to rate the strength or weakness of a debt instrument influences the agencies' decisions.

 

Regulators unlikely to change rating agency incentives: Occupy Wall Street

By Luciana Lopez

NEW YORK Tue Nov 19, 2013 7:11pm EST

0 Comments

A view shows the Standard & Poor's building in New York's financial district February 5, 2013.

Credit: Reuters/Brendan McDermid

 

NEW YORK (Reuters) - Regulators are unlikely to take action to address the way rating agencies are rewarded for their work, despite concerns that the current practice involves conflicts of interest that helped enable the financial crisis, an official of Occupy Wall Street said on Tuesday.

Regulators "don't seem to have plans to change the underlying incentives in the system," Cathy O'Neil, principal with the Alternative Banking Group of Occupy Wall Street, told the Reuters Global Investment Outlook Summit.

Lawmakers and analysts have worried that the longstanding practice in which the debt issuer pays agencies to rate the strength or weakness of a debt instrument influences the agencies' decisions.

 From:

http://www.reuters.com/article/2013/11/20/us-investment-summit-ratingagencies-idUSBRE9AI1ER20131120

 

 

 

 

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Reviewed by Ronald Hull 11/18/2013
I've not read all of your links, but I have taught in a graduate school of business and noticed that most of the students were concerned about only one thing, and that was making money. We all know that collecting interest and fees does not make anything--in other words, it adds nothing to the economy, only lines the pockets of the collectors--banks.

For the past four years, the Fed has been lending money at either no interest or almost no interest to banks so that they can "stimulate" the economy. While the banks have been investing in the stock market and profiting greatly from it, they have not lent that money to small business where it could create jobs. Instead, they have continued to engage in "bait and switch" tactics with credit cards, increased fees for minor discrepancies, and continued mortgage practices that led to the recession we are in. All the while giving huge bonuses to the criminals who masterminded the downfall in the first place.

We all need to quit these banks like Ed Phillips writes, and join local banks and credit unions, more interested in local development and not lining their own pockets.

Ron
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