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July 28, 2013
Now, I’m just angry. It wouldn’t be a big deal if they would step up and say ‘I’m sorry, we will replace your stuff.’ Instead, I’m getting attitude from them. They’re sarcastic when they talk to me. They make it sound like I’m trying to rip the bank off. All I want is my stuff back.

Katie Barnett, an Ohio woman who recently lost all her possessions when First National Bank mistakenly foreclosed on her home, removed its contents, and changed her locks while she was on vacation. The bank is refusing to give back her things or fully reimburse her. (via maneatingbadger)

Ugh with a capital UGH.

(Source: mymodernwatershed, via maneatingbadger)

9:18 // 1 year ago
April 9, 2013

Most borrowers affected by mortgage-related abuses won’t get a big payout

  • <$1000payout received by settlement to an average borrower victimized by banks’ alleged mortgage-related abuses. Federal regulators slated 1,135 people who’d lost their homes, most of them members of the military, to receive a bigger piece of the $3.6 billion pie — $125,000 for each. For 80% of those being compensated, however, the return won’t be so rich. source
20:05 // 1 year ago
December 4, 2012
Liberals rejoice, financial sector weeps: With her election to the Senate, Warren became one of the most powerful people in the country; now, she&#8217;s headed to one of the most powerful committees in the Senate. Financial regulation is Warren&#8217;s specialty; she helped oversee the distribution of TARP funds in 2009 and essentially created the Consumer Financial Protection Bureau. We can&#8217;t imagine the bank lobby wanted her on this committee, but then again, there&#8217;s probably not much they could have done to prevent it. (Photo: AP) source

Liberals rejoice, financial sector weeps: With her election to the Senate, Warren became one of the most powerful people in the country; now, she’s headed to one of the most powerful committees in the Senate. Financial regulation is Warren’s specialty; she helped oversee the distribution of TARP funds in 2009 and essentially created the Consumer Financial Protection Bureau. We can’t imagine the bank lobby wanted her on this committee, but then again, there’s probably not much they could have done to prevent it. (Photo: AP) source

12:58 // 1 year ago
November 9, 2012
Warren to nab powerful committee seat?  According to several Senate sources, Senator-elect and populist hero Elizabeth Warren has a good chance of getting a seat on the powerful Senate Banking Committee. This is a logical fit for Warren, architect of the Consumer Financial Protection Bureau, and would give her great power in her efforts to curb deceptive and unscrupulous practices on the part of financial institutions. "[G]iven her prominent work on those issues, she would certainly have a very good shot" at getting a spot on the committee, an aide tells Reuters. Having Warren on Banking is essentially the Republicans&#8217; worst nightmare, but it&#8217;s worth noting that it&#8217;s a nightmare entirely of their own short-sited construction. source

Warren to nab powerful committee seat?  According to several Senate sources, Senator-elect and populist hero Elizabeth Warren has a good chance of getting a seat on the powerful Senate Banking Committee. This is a logical fit for Warren, architect of the Consumer Financial Protection Bureau, and would give her great power in her efforts to curb deceptive and unscrupulous practices on the part of financial institutions. "[G]iven her prominent work on those issues, she would certainly have a very good shot" at getting a spot on the committee, an aide tells Reuters. Having Warren on Banking is essentially the Republicans’ worst nightmare, but it’s worth noting that it’s a nightmare entirely of their own short-sited constructionsource

15:39 // 1 year ago
September 29, 2012

Bank of America dishes out big settlement on Merrill Lynch allegations

$2.43 bil. the cost of a legal settlement between Bank of America and shareholders source

This time the piper pays: A group of shareholders and investors alleged that Bank of America misled them in 2008 regarding the institutional health of Merrill Lynch, prior to its acquisition by BofA, hiding huge losses mounting on the floundering bank’s record. This is the largest class-action settlement to emerge from the financial crisis, and there’s a reason if companies seem so eager to settle – doing so can limit further action that might be taken by attorneys general, in this case New York AG Eric Schneiderman.

15:56 // 2 years ago
June 29, 2012

Europe apparently put in a good mood by soccer, so they created a banking union

  • cause In an effort to salvage the economies of many nations in the Eurozone, European leaders financially united their nations and created a banking union last night.
  • effect The union, which effectively makes the Euro’s banking system more like the United States’, gave investors faith — the Dow jumped by 200 points this morning. source
14:36 // 2 years ago
May 16, 2012
Euro zone fears lead to massive Greek bank exodus
As fears of a Greek exit from the Euro zone grow, investors across the country withdrew hundreds of millions of Euros from Greek banks on Monday and Tuesday. As thousands of customers closed accounts, or transferred to euro-friendly banks in neighboring countries like Cyrus, analysts began to fear that a &#8220;bank run&#8221; was on the horizon. Bank runs take place when large groups of customers withdraw their holdings from banking institutions, fearing that the bank will soon be insolvent. As more people withdraw from the bank, the likelihood of insolvency increases, further increasing the number of customers who withdraw. Essentially, closure transforms from a possibility to self-fulfilling prophecy.
€800 million pulled from Greek banks Monday — nearly $1 billion in U.S. dollars
€72
billion pulled from Greek banks since January 2010 alone source
» Attempting to calm &#8220;bank run&#8221; fears: President Karolos Papoulias announced the staggering total during a speech before heads of Greece&#8217;s Panhellenic Socialist party. Papoulias admitted that analysts estimated similarly high withdrawals on Tuesday, but assured party members that there was no need to fear a &#8220;bank run&#8221;. Analysts seem to agree for now, with Mediobanca analyst Alex Tsirigotis telling Reuters, &#8220;We have witnessed periods of tension before when the banks experienced large outflows. In my view, the majority of people with these concerns would have done so by now.&#8221; (Photo via dullhunk)


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As fears of a Greek exit from the Euro zone grow, investors across the country withdrew hundreds of millions of Euros from Greek banks on Monday and Tuesday. As thousands of customers closed accounts, or transferred to euro-friendly banks in neighboring countries like Cyrus, analysts began to fear that a “bank run” was on the horizon. Bank runs take place when large groups of customers withdraw their holdings from banking institutions, fearing that the bank will soon be insolvent. As more people withdraw from the bank, the likelihood of insolvency increases, further increasing the number of customers who withdraw. Essentially, closure transforms from a possibility to self-fulfilling prophecy.

  • 800 million pulled from Greek banks Monday — nearly $1 billion in U.S. dollars
  • 72
    billion
    pulled from Greek banks since January 2010 alone source

» Attempting to calm “bank run” fears: President Karolos Papoulias announced the staggering total during a speech before heads of Greece’s Panhellenic Socialist party. Papoulias admitted that analysts estimated similarly high withdrawals on Tuesday, but assured party members that there was no need to fear a “bank run”. Analysts seem to agree for now, with Mediobanca analyst Alex Tsirigotis telling Reuters, “We have witnessed periods of tension before when the banks experienced large outflows. In my view, the majority of people with these concerns would have done so by now.” (Photo via dullhunk)

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19:40 // 2 years ago
April 19, 2012

Bank of America has solid quarter despite massive charge

  • $653M the size of the profit Bank of America had this quarter, which beat investor estimates
  • $2.05B the size of the profit BofA had in the same quarter a year ago; but wait, isn’t that a decline?
  • $4.8B the size of an accounting charge on the value of the bank’s debt, causing lower profits source

» In other words … If you take out the charge, their profits were nearly $5.5 billion this quarter. This total beat the street’s estimate by a wide margin — a reported profit of 31 cents per share, versus what investors thought would be a profit of 12 cents per share. As a result, the stock made a fairly big leap this morning, surging 6 percent in pre-market trading.

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10:14 // 2 years ago
April 17, 2012

Citigroup shareholders seem to have had enough

  • $15 million bonus for bank exec rejected by shareholders source

» Citigroup CEO Vikram S. Pandit’s upcoming compensation package, along with the compensation packages of other executives, was voted down by a majority of shareholders during an investors meeting in Dallas. While the vote was nonbinding, meaning the bank doesn’t actually have to act according to the shareholders’ wishes, the bank says it will not ignore its investors. “Citi’s board of directors takes the shareholder vote seriously,” said spokesman Jon Diat, adding, ” [We’ll] consult with representative shareholders to understand their concerns.”

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17:01 // 2 years ago