Posts Tagged ‘banking’
Posted by Warm Southern Breeze on Monday, December 19, 2016
Chalk One Up for the Working Man
By Donald V. Watkins
©Copyrighted and Published (via Facebook) on December 18, 2016
Used with permission
On Thursday, I tried a case for a close friend on mine in the Jefferson County, Alabama District Court in Bessemer, Alabama. My friend is a hard working Bessemer resident and family man whose world was turned upside down when Citibank sold his credit card account to San Diego-based junk debt buyer, Midland Funding, LLC. He is one of millions of bank credit card customers each year whose accounts are bundled in loan pools and then sold to junk debt buyers without the customer’s knowledge.
Midland Funding is one of several mega junk debt buyers in America. This group of financial sharks buys unsecured bank debt for pennies on a dollar and then strong arms debtors who miss one or more of their monthly payments. Midland is part of a multi-billion industry of shady financial predators.
In my friend’s case, Citibank sold his account to Midland Funding. The balance on the account was $6,800. My friend paid his credit card monthly on a regular basis, but had an unexpected hiccup in his monthly cash flow a couple of years after he opened the account. As a result he failed to make a couple of his payments on time. When this occurred Citibank sold my friend’s account to Midland, and Midland eventually sued my friend. This is how my friend became my client.
Remember, Citibank had a similar hiccup during the Great Recession of 2008. The bank requested and received a total of $181.6 billion in federal bailout assistance to keep from collapsing. In fact, Citibank led the banking industry’s “welfare queens” by receiving more financial bailout assistance than any big bank in the U.S.
Citibank’s “Thank You” to the taxpayers like my client, whose tax dollars made the financial bailout possible for these big banks, was the low-down act of selling his credit card account to a shark like Midland Funding. The big banks were quick to take taxpayer-sponsored financial assistance, but slow to give taxpayers similar financial assistance in return.
[Editor’s Note: Alamerica Bank, which is Read the rest of this entry »
Posted in - Business... None of yours, - My Hometown is the sweetest place I know | Tagged: abuse, AL, Alabama, ALpolitics, bailout, banking, banks, Bessemer, business, Citibank, county, court, credit, credit card, creditor, debt, district, District Court, employment, government, JeffCo, Jefferson, Jefferson County, job, junk, junk bond, law, Midland Funding, money, politics, problems, profit, sale, sharks, trial, troubles, Welfare, welfare queen | 1 Comment »
Posted by Warm Southern Breeze on Monday, April 28, 2014
Here’s a fun–n–easy guessing game!
(Emphasis on “easy.”)
Don’t be scared or intimidated by the fill-in-the-blanks.
(Which appear as _?nation?_.)
It’s really only two answers.
(The other answer is _?currency?_.)
HINT: (None of which are “United States.”)
The CIA World Factbook
The _?nation?_ economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, _?_ had experienced more than 20 years of continued economic growth, averaging 3.5% a year.
Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high _?currency?_ has hurt the manufacturing sector, while the services sector is the largest part of the _?nation?_ economy, accounting for about 70% of GDP and 75% of jobs.
_?nation?_ was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control.
_?nation?_ has benefited from a dramatic surge in its terms of trade in recent years, stemming from Read the rest of this entry »
Posted in - Business... None of yours, - Even MORE Uncategorized!, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: banking, banks, business, CIA, CIA World Factbook, economy, fun, Games, international, intrigue, jobs, policy, trade, World Factbook | Leave a Comment »
Posted by Warm Southern Breeze on Tuesday, July 17, 2012
Honestly (and some use that word lightly), is there any reason why Banks should NOT be heavily regulated?
Is there any reason why Stock Brokerage Houses should not be similarly heavily regulated?
Is there any legitimate reason why Insurance Companies should not be regulated?
Finally, is there any compelling reason why those BIG THREE financial businesses should be allowed to be in each other’s business?
Why do people NOT see these horrible things?
Where is the disconnect that they’re not able to put 1 + 1 together and come up with 2?
This is FRAUD – FRAUD – FRAUD!!!
And we’re just gonna’ let it slide by?
July 14, 2012
Goldman Sachs and the $580 Million Black Hole
By LOREN FELDMAN
THE business deal from hell began to crumble even before the Champagne corks were popped.
The deal, the $580 million sale of a highflying technology company, Dragon Systems, had just been approved by its board and congratulations were being exchanged. But even then, at that moment of celebration, there was a sense that something was amiss.
The chief executive of Dragon had received a congratulatory bottle from the investment bankers representing the acquiring company, a Belgian competitor called Lernout & Hauspie. But he hadn’t heard from Dragon’s own bankers at Goldman Sachs.
Janet and Jim Baker at home. They are fighting Goldman Sachs over its work in 2000 on the all-stock sale of their business, Dragon Systems, to a company that later collapsed, leaving them shut out. / Photo: Gretchen Ertl for The New York Times
“I still have not received anything from Goldman,” the executive wrote in an e-mail to the other bank. “Do they know something I should know?”
More than a decade later, that question is still reverberating in a brutal legal battle between Goldman and the founders of Dragon Systems — along with a host of other questions that go to the heart of how financial giants like Goldman operate and what exactly they owe their clients.
James and Janet Baker spent nearly two decades building Dragon, a voice technology company, into a successful, multimillion-dollar enterprise. It was, they say, their “third child.” So in late 1999, when offers to buy Dragon began rolling in, the couple made what seemed a smart decision: they turned to Goldman Sachs for advice. And why not? Goldman, after all, was the leading dealmaker on Wall Street. The Bakers wanted the best.
This, of course, was before the scandals of the subprime mortgage era. It was before the bailouts, before Occupy Wall Street, before ordinary Americans began complaining about “banksters” and “muppets” and “the vampire squid.” In short, before Goldman Sachs became, for many, synonymous with Wall Street greed.
And yet, even today what happened next to the Bakers seems remarkable. With Goldman Sachs on the job, the corporate takeover of Dragon Systems in an all-stock deal went terribly wrong. Goldman collected millions of dollars in fees — and the Bakers lost everything when Read the rest of this entry »
Posted in - Lost In Space: TOTALLY Discombobulated, - Read 'em and weep: The Daily News | Tagged: Baker, banking, Dragon NaturallySpeaking, Dragon Systems, fraud, Goldman, Goldman Sachs, Goldman Sachs Group, GoldmanSachs, insurance, Janet Baker, Lernout Hauspie, stock brokerage houses, Wall Street | 2 Comments »
Posted by Warm Southern Breeze on Monday, July 16, 2012
Smack-dab in the heart of rural, working class, coal-mining America.
Oh… the irony!
Read the rest of this entry »
Posted in - Even MORE Uncategorized!, - Lost In Space: TOTALLY Discombobulated | Tagged: America, American, Bain Capital, bank, banking, Coal, Coal mining, economy, employment, foreign, GOP, humor, irony, jobs, Made in America, Mining, Mitt, Mitt Romney, mittromney, money, outsourcing, policy, politics, president, Republican, Romney, sarcasm, system, United States, West Virginia, Working class, WV | Leave a Comment »
Posted by Warm Southern Breeze on Sunday, July 8, 2012
Here is Wisdom.
(Either that, or pragmatism.)
If there is nothing humans can to to lessen the severity or frequency of these, and other extreme weather events, then the very least that should be done is to significantly improve infrastructure to more effectively manage them, and to mitigate potential for damage.
And that is spelled I – N – F – R – A – S – T – R – U – C – T – U – R – E.
A definition of infrastructure from the New Oxford American Dictionary: “the basic physical and Read the rest of this entry »
Posted in - My Hometown is the sweetest place I know, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: banking, economic infrastructure, economy, employment, England, enterprise, Environment Agency, Extreme weather, flood, flood control, flooding, government, greenhouse effect, greenhouse gas, Heavy Rain, infrastructure, Interstate Highway System, Ireland, jobs, Met Office, money, New Oxford American Dictionary, North East, Scotland, spending, tax, taxes, United States, Wales, waste water, Wastewater, water, weather | Leave a Comment »
Posted by Warm Southern Breeze on Tuesday, December 14, 2010
It has been brought to management’s attention that some individuals throughout the company have been Read the rest of this entry »
Posted in - Uncategorized | Tagged: bad, bank, banking, Bharrat Jagdeo, Cancún, classless, Climate change, CNN, conversation, cursing, cussing, Denial-of-service attack, e-mail, email, employment, foul language, Guyana, HR, Human Resources, Huntsington, insurance, Jens Stoltenberg, Julian Assange, language, Leaks, linguistics, London, low class, no class, Non-profit organization, Norway, poor, Profanity, Ron Paul, spam, speech, talk, Taste, tasteless, twitter, United States, Wiki, Wiki-Leaks, WikiLeak, WikiLeaks | 1 Comment »
Posted by Warm Southern Breeze on Saturday, March 6, 2010
“Credit-default swaps – where you insure your neighbor’s house just to destroy it and make money from it – that’s exactly what we have to curb.”
How dangerous is it for money traders to take bets on, and therefore exploit, a nation’s budget deficit or any other fiscal crisis?
Regarding the quote, if you guessed that Harry Reid, President Obama, Janet Reno, George W. Bush, …Continue…
Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: bank, bankers, banking, credit, credit default swaps, default, derivatives, finance, fiscal, fraud, government, liars, money, money grubbers, rich, speculators, swaps, thief, thieves, traders | Leave a Comment »
Posted by Warm Southern Breeze on Thursday, December 17, 2009
Nine TRILLION, one hundred BILLION…
Remember another number.
During the reign of King George W. Bush, just TWO of his failed policies have cost Americans $9,100,000,000,000.
What two failed policies are those?
The Bu$h tax cuts, and the creation of a Rx (prescription drug “benefit” written wholly by Big Pharmaceutical industry cronies.
The U.S. Census Bureau’s most current estimation of the population of the United States places 308,171,505 people in the United States as of December 17, 2009.
Put another way, that’s a cost of $29, 529 per person.
As a result of deregulation of the financial industries – banks, insurance and stock brokerages – thus creating one giant incestuous financial orgy, Americans have directly suffered under the thumbs of bankers and insurance companies, while their Wall Street cohorts, in conjunction with imaginative thieves, have twiddled and fiddled to create “investment derivatives” – essentially a Ponzi schemed fiscal fraud – out of thin air. That house of cards having collapsed, has revealed what was suspected all along. Outside the transparent dressing room of his glass house, the king had no clothes.
Driven by greed and an insatiable lust for more, …Continue…
Posted in - Lost In Space: TOTALLY Discombobulated | Tagged: avarice, banking, banks, Bush, collapse, Congress, cost, crime, criminal, deficit, depression, deregulation, derivatives, economic, economy, fiscal, fraud, George W. Bush, Great Depression, Great Recession, greed, GW Bush, incest, incorrigible, industry, insatiable, insurance, loss, lust, Office of Management and Budget, OMB, orgy, Ponzi, population, president, recession, regulation, Rx, scheme, screwed, W, Wall Street, White House | 1 Comment »