Richard Wolff: Banks Are Trembling!

Economist and founder of Democracy at Work Dr. Richard Wolff and broadcasting legend Larry King join Rick Sanchez to weigh in on Wall Street's terrifying Monday plunge, the worst since 2008. They explain the link between oil exploration and extraction and the debt that fuels it. They also discuss the role of the coronavirus outbreak in the economic crisis and its likely influence on US politics.

Trump’s Treasury Department Just Made Greedy Banks Even Richer

The Treasury Department has decided that banks don’t actually provide “financial services” as part of their business. While this is obviously laughable, that simple reclassification allows big banks to qualify for even more tax breaks under the Republican tax scam package that went into effect this year. Ring of Fire’s Farron Cousins explains how the new scam works.

Archbishop of Canterbury Contender Criticises Banks

THE DAILY TELEGRAPH: The frontrunner to become the next Archbishop of Canterbury has accused banks of having “no socially useful purpose” and being “exponents of anarchy” in a speech warning that the battered financial services industry cannot be repaired.

The Rt Rev Justin Welby, Bishop of Durham, says the sector must be rebuilt “from the ruins” of the financial crisis to become something that “helps people rather than being there for people to help it”.

Bishop Welby, who is a member of the Parliamentary Commission on Banking Standards, called for the introduction of formal banking qualifications, for the Government only to only support financial institutions that have a “clear and explicit social value”, and to offer an easier tax regime and lighter regulation for banks that demonstrate a “social purpose”.

Speaking at a conference in Zurich, Switzerland, Bishop Welby said: “At the moment clearly these are merely ideas in the mist.

"But one principle seems to me to be clear, we cannot repair what was destroyed in 2008, we can only replace it with something that is dedicated to the support of human society, to the common good and to solidarity.

"Financial services are crucial to human development, but they only do their job when the work they carry out is done in a way that is truly a service." » | Graham Ruddick | Saturday, October 27, 2012

Islamic Groups Offer Reward for Arrests for Crimes Committed in Muslim Garb
THE PHILADELPHIA INQUIRER: A recent wave of bank holdups and a homicide committed by men dressed as Muslim women has prompted the Philadelphia-area Islamic community to offer a $20,000 reward for tips that lead to the arrest and conviction of the suspects.

The Majlis Ash Shura, an organization representing the membership of 71 masajids and congregations in the Philadelphia area, was joined by elected officials at a news conference Tuesday at City Hall.

The message from the District Attorney’s Office and the Islamic community: zero tolerance.

“Philadelphia is a unique city in that Islam is not new here,” said Aliya Khabir, a public relations official representing the national United Muslim Masajid. “It’s up to us to set the tone for how this is addressed.”

Five bank robberies

Since December, there have been at least five bank robberies in Philadelphia in which the suspects wore Muslim clothing. The most recent holdups include a robbery at the Wells Fargo Bank in the 700 block of Adams Avenue and the Sovereign Bank in the 8300 block of Stenton Avenue. On April 18, a suspect dressed in Muslim garb entered an Upper Darby barber shop and fatally shot Michael Turner, 35. Sharif Wynn, 27, of Philadelphia has been arrested. » | Laura Cofsky | Inquirer Staff Writer | Wednesday, April 25, 2012

Go! And Please Don’t Come Back!
THE SUNDAY TELEGRAPH: Europe's banks are facing an exodus of staff to US rivals as regulatory and political pressure drives a growing pay divide between financial institutions headquartered on either side of the Atlantic.

Warnings over the divide follow a roller coaster weekend in which Sir John Vickers, the banking commission chief, said Britain's lenders could be broken up and talks between finance chiefs and the Treasury over bonuses and lending targets stalled.

Headhunters have warned that City staff at some of Europe's biggest banks are "fed up" and that they expect a wave of applications after this year's bonus round. City-based US banks and small boutique firms are expected to be the main beneficiaries.

Leading US banks from Goldman Sachs to JP Morgan last week handed bonuses to London based staff, with significant cash elements, while bankers at European rivals face smaller bonuses paid largely in deferred shares.

"A number of European banks have issues," said Stéphane Rambosson, managing partner of search firm Veni Partners. "They have been operating on the goodwill of their staff for the last couple of years, but people are getting fed up."

Credit Suisse has already said it intends to defer bonuses for more bankers this year, with much of the payouts in shares rather than cash, and other European and UK players are expected to follow.

"European banks are increasingly concerned that regulation is moving against them, allowing US banks to be more competitive in both hiring and paying staff," said Piers Benbow, managing partner of Eden Search. Banks set for staff exodus to US rivals over pay rules >>> Jonathan Sibun and Harry Wilson | Sunday, January 23, 2011

Barclays Boss Bob Diamond Says Banks Should Be Allowed to Fail
THE DAILY TELEGRAPH: Bob Diamond, Barclays' chief executive, has told a committeee of MPs that badly-run banks should not be bailed out by taxpayers.


"It is not acceptable for taxpayers to bail out banks," Mr Diamond said during questioning by the Treasury Select Committee. He added that "badly managed" banks should be allowed to fail. >>> Louise Armitstead, and Amy Wilson | Tuesday, January 11, 2011

Nuns Accuse Banks in $5m Lawsuit
THE TELEGRAPH: Germany's Deutsche Bank and US investment bank Morgan Stanley are facing a $5m lawsuit led by a group of Irish nuns.

No banker is likely to risk describing what they do as "God's work", but they might hope at least not to get on the wrong side of His earthly followers.

Unlucky then for Germany's Deutsche Bank and US investment bank Morgan Stanley, who are facing a $5m (£3.2m) lawsuit led by a group of Irish nuns.

The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters and the Irish Veterinary Benevolent Fund are among a group of 88 Irish individuals suing the two banks.

The nuns allege the two banks profited at their expense by failing to redeem an investment linked to the debt of German financial group Dresdner Bank and in so doing cost them millions of pounds. >>> Harry Wilson, Financial Services Correspondent | Wednesday, August 11, 2010

Sharia Alert!
Banks are Helping Sharia Make a Back-Door Entrance >>>
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