Massive Wave Of Resignations From Top Level Bankers.
Here are the recent resignations in chronological order:
February 6, 2012: Dhanlaxmi Bank CEO Amitabh Chaturvedi quits
February 10, 2012: Tamilnad Mercantile Bank MD resigns
February 13, 2012: Kuwait central bank chief resigns amid political tensions
February 14, 2012: Nicaragua’s Central Bank President Antenor Rosales quit admist row
February 15, 2012: Slovenia’s Two Biggest Banks’ CEOs Step Down
February 15, 2012: World Bank President Zoellick Resigns
February 16, 2012: CFO of ANZ Bank Resigns Amid Turmoil
February 16, 2012: Royal Bank of Scotland’s Stephen Williams quits the role
February 17, 2012: Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns
That’s 9 resignations in eleven days, we have not included the other resignations from the likes of the head of the central bank in Switzerland a month ago, and the talk of the head of Goldman Sachs leaving. Why are the heads of very large financial instutitions resigning? Corporate governance experts would say that people resign to make room for new policies, but this is a peculiar situation of contagion amongst those with key exposure.
The first to see the flame usually leave the building first…maybe this is not the case, nonetheless, such events with obvious patterns should be taken note of.
And many, many more:
On January 12, Rainforest Action Network activists converted all 85 San Francisco Bank of America ATMs into “Automated Truth Machines.” The activists converted each machine by obscuring the display with a sticker designed to mimic the ATM interface. Instead of the usual list of menu options, ATM users were greeted with a list of the Rainforest Action Network’s criticisms of Bank of America. The Rainforest Action Network has also created a Bank of America protest site: Bankrupting America. [SOURCE]
Bank Of America Sends Internal Email Exposing Where Occupy Movement Is Hurting It Most
An internal email was sent out to all Bank of America Corp Field Services regarding the Dec. 6th National Day of Action to Occupy Our Homes. See the email below.
The email reads that this event “could impact our industry.” Well, yes, BAC, that is our hope. Thanks for noticing!
The email further includes specific warnings to BAC “field services” agents:
1. Your safety is our primary concern, so do not engage with the protesters;
2. While in neighborhoods, please take notice of vacant BAC Field Services managed homes and ensure they are secured;
3. Remind all parties of the bank’s media policy and report any media incidents to 1-800-796-8448 or email at firstname.lastname@example.org.
Aside from the superficial implications, what is more important is that the big banks are showing precisely what the weakest links in the system are, and what makes them the most nervous. It is not protesters living in tents in a major metropolitan city; it is protesters disrupting the lifeblood of the broken banking system - the home selling/repossession pathway.
Fighting Foreclosure - Make the Banks ‘Produce the Note’
Glitchthemachine did a nice job of researching and posting a number of resources related to fighting foreclosure. I am going to condense and supply the links and his text here.
This is a great video, it explains about MERS and how the mortgage industry privatized the record keeping process into an electronic system to make it cheaper and more efficient for them to sell/transfer/lose your loans.
Video: How To Use ‘Produce the Note’ Defense
“Your goal is to make certain the institution suing you is, in fact, the owner of the note. There is only one original note for your mortgage that has your signature on it. This is the document that proves you owe the debt.” Very interesting comments on this youtube video.
Video: Mortgage Servicers’ Secret
The secret mortgage servicers don’t want you to know is they can make MORE money off of homeowners when they keep your loan in default. A former employee of loan servicer EMC tells the inside story why so many people can’t get their loan out of default.
Video: 60 Minutes, April 2011
It was just a matter of time, but all those phony foreclosure papers banks have been using to foreclose on homeowners are coming back to haunt them.
Video: Woman Declares War on Bank and Wins!
This particular msnbc article is from 2009 but as you can see the Massachusetts Supreme Judicial Court will release a final opinion on this very soon. “The question in the case is simply whether a foreclosing lender must hold both the note and mortgage at foreclosure.”
Article: The Massachusetts Supreme Judicial Court to Hear Appeal
In a rare direct appellate review, the Massachusetts Supreme Judicial Court has agreed to hear an appeal considering the controversial “produce the note” defense in foreclosure cases. Perhaps more importantly, the court may also consider whether a foreclosing lender must possess both the promissory note and the mortgage in order to foreclose. This is especially important for MERS mortgages.
A former Chase banker spoke with The New York Times’ Nick Kristof about how Chase pushed subprime loans to minorities for big commissions. The Young Turks host Cenk Uygur breaks it down.
From Kristof’s article:
One memory particularly troubles [James] Theckston. He says that some account executives earned a commission seven times higher from subprime loans, rather than prime mortgages. So they looked for less savvy borrowers — those with less education, without previous mortgage experience, or without fluent English — and nudged them toward subprime loans.
These less savvy borrowers were disproportionately blacks and Latinos, he said, and they ended up paying a higher rate so that they were more likely to lose their homes. Senior executives seemed aware of this racial mismatch, he recalled, and frantically tried to cover it up.
Just how disproportionately? The people receiving these bad loads were 16% white, 33% Latino, and 50% Black. According to Think Progress:
These disparities help explain why, according to a new report from the Center on Responsible Lending, Latinos and blacks are twice as likely to have been impacted by the housing crisis as whites. In fact, “approximately one quarter of all Latino and African-American borrowers have lost their home to foreclosure or are seriously delinquent, compared to just under 12 percent for white borrowers.”
According to the Republicans and weak Democrats, we need to deregulate the banks anyway because these are the “professionals” Alan Greenspan referred to that are so brilliant, only they can trick minorities into taking bad loans so they can make money and we need to let them so they can get the economy back up and running again!
These people have no morals. Yeah, we need to deregulate an industry where its employees are throwing minorities out onto the street so they can make a quick buck.
Cost to Make Penny and Nickel Rises for US Mint
For the fifth year in a row, it cost the United States Mint more than face value to produce and distribute the cent and nickel. For the fiscal year ending, September 30, 2010, the unit cost for the cent was 1.79 cents and the cost of the nickel was 9.22 cents.
For the one cent coin, this represents the highest unit cost on record. Each penny has a composition of 2.5% copper and 97.5% zinc. Although the metal value of each newly minted cent remains below face value, the process of manufacture and distribution push costs higher. For the fiscal year, production of the smallest denomination generated a loss of $27.4 million.
The cost of producing the nickel, remained slightly below the peak of 9.53 cents per coin, reached for the 2007 fiscal year. Each nickel has a composition of 75% copper and 25% nickel. The metal value of a nickel is approximately 6.5 cents. For the current year, production of the denomination resulted in a loss of $15.2 million.
During the 2010 fiscal year, the costs of producing the dime, quarter, and dollar coins, each remained below their respective face values. Across all denominations issued for circulation, the US Mint generated $0.49 in seigniorage for each dollar issued. The total seigniorage for the fiscal year was $300.8 million.
JAK Members Bank - Our Bank (English)
Ideas like this really could be part of the solution! Maybe OWS should think about something like this? I realize credit unions are better than most, but they still charge INTEREST.
Here we have a bank that DOESN’T CHARGE INTEREST ON LOANS or make ANY money?!
And has already established itself with 38,000 members.
Is this the first example of what some might call open source banking?
Goes along nicely with this: Side-stepping credit cards
Off-duty cop in front of Bank of America attacks protester
GET THIS. 8 Occupy protesters were arrested in Dallas this past November 5th during a riot. Okay, we’ve heard that before. The headlines say that this is what happened: Cop asks protester to get off of a planter box he’s standing up on. Protester gets violent and attacks cop. Riot ensues.
ACTUALLY, what happened is this: protester is standing on planter box. OFF-DUTY police officer wearing his cop uniform pushes him off. Protester breaks a bunch of ribs.
Stephen Benavides, the protester who was not doing anything violent or out of his rights in the first place, spent four nights in jail on a felony charge of assaulting a public servant and resisting arrest. One article even says he tried to hit an officer in the face with a flagpole! Thank goodness for this poor guy that someone took a video of what actually happened. 7 other people were charged with “improperly using a sidewalk”.
Initially Police Chief David Brown defended the officer who insisted that he was violently attacked, but when the video came out on youtube he issued this statement:
Last night, the Dallas Police Department discovered a new video of the Occupy Dallas demonstration that occurred on November 5, 2011. The video shows a Dallas Police Officer, who was working off-duty for Bank of America, push a demonstrator off a planter in front of the building.
Chief David Brown has ordered the officer placed on restricted duty and initiated a formal investigation into the officer’s actions. The restricted duty assignment will also prohibit the officer from working off-duty employment until the departmental investigation is complete.
In light of this development, the Police Department has requested that the Dallas County District Attorney and the Dallas City Attorney proceed no further with the criminal cases alleged to have occurred until further consultation takes place. These meetings are anticipated to occur next week.
Seriously, if I show up to one of these things should I expect cops to break a few of my ribs, shoot my face at close range with a grenade, or spray pepper stray straight into my eyes even though I’m doing everything I’m told?
Is this a free society?
Let us never forget that it was the Bank of America and the other huge financial institutions on Wall Street who caused the recession that we are in resulting in millions of people losing their jobs, their homes, their life savings. Let us never forget that when Wall Street was on the verge of collapse it was the American people and the Fed who bailed them out. And now that Wall Street and the large banks are making very handsome profits, paying their CEOs some of the largest compensation packages they’ve ever received their thank you to the American people was to charge them five dollars a month debit fee. Well, you know what happened? The American people said thanks, but no thanks. It wasn’t the Senate that turned this around. It wasn’t the House that turned this around. It was the American people and I want to applaud the people for the Occupying Wall Street campaign who focused attention on the greed of Wall Street and the millions of other Americans who have said enough is enough. So, today I want to congratulate the American people. You did it. You took on the largest financial institution in the United States of America and you beat them.