Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘banks’

“Too Big To Fail” Banks Get Bailout, Gave Customers The Shaft

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: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

Your Tax Dollars At Work: Taxpayers Subsidize CEO Pay, Here’s How #BonusLoophole

Posted by Warm Southern Breeze on Saturday, September 3, 2016

Executive Excess 2016: The Wall Street CEO Bonus Loophole

This 23rd annual report reveals how taxpayers are subsidizing financial crisis windfalls.

By Sarah Anderson and Sam Pizzigati, August 31, 2016

CashingInOnTheCrisis-Graphic-1-1This report is the first to calculate how much taxpayers have been subsidizing executive bonuses at the nation’s largest banks.

The study focuses on a 1993 Clinton administration reform that was intended to rein in runaway CEO pay by capping the tax deductibility of executive compensation at $1 million. But the new rule included a huge loophole for stock options and other “performance” pay. As a result, the more corporations hand out in executive bonuses, the lower their tax bill. This perverse incentive for excessive compensation has been a major factor in the explosion of CEO pay.

The financial bailout program closed this loophole for recipients, but only until Read the rest of this entry »

Posted in - Business... None of yours, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Fun-n-Easy Guessing Game… of International Intrigue

Posted by Warm Southern Breeze on Monday, April 28, 2014

Hey kiddos!

Here’s a funneasy 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.”)
FROM:

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: , , , , , , , , , , , , , | Leave a Comment »

U.S. Attorney General Charges 530 in Mortgage Probe With $1 Billion in Fraud Losses

Posted by Warm Southern Breeze on Tuesday, October 9, 2012

U.S. Charges 530 in Mortgage Probe With $1 Billion in Losses

The U.S. brought charges against 530 people over mortgage schemes that cost homeowners more than $1 billion, Attorney General Eric Holder said today.

More than 73,000 homeowners were victims of various frauds for which charges were filed during a year-long crackdown, including “foreclosure rescue schemes” that take advantage of those who have fallen behind on payments, the Justice Department said in a statement.

“These comprehensive efforts represent Read the rest of this entry »

Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Taxpayers’ $182B TARP bailout of AIG Now Fully Recovered

Posted by Warm Southern Breeze on Tuesday, September 11, 2012

As the president and others – nonpartisan and partisan alike – have noted, BIG BUSINESS should NOT need a bailout. They should be operated in such a manner as to allow the Free Market to decide how, to what extent, and if they prosper. As part of that process, ironclad and strong regulation to prevent fraud and abuse should be vigorously enforced. And chief executives Read the rest of this entry »

Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Welcome to our Incestuous Fiscal Orgy

Posted by Warm Southern Breeze on Thursday, December 16, 2010

On June 1 this year, I had posted a photo and commented about it. The following is that commentary. Though the picture is not necessary to support the entry, it served as a malignant source of inspiration. However, if you simply must see the photograph

Welcome to our Incestuous Fiscal Orgy – State Farm Privacy Policy

Text of the area of the note:
Why are we sending you a Notice of our Privacy Policy?

“Federal law permits banks, investment companies, and insurance companies to Read the rest of this entry »

Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

A Greece Fire; Thoughtful Commentary on Unthoughtful Commentary

Posted by Warm Southern Breeze on Thursday, May 13, 2010

A Greece Fire; Thoughtful Commentary on Unthoughtful Commentary

Having read Mr. Alex Tokarev’s commentary “My big fat Greek bonus” published online May 11, 12:49 PM at http://online.worldmag.com/2010/05/11/my-big-fat-greek-bonus/, I must admit that some of his concerns are, in part, well taken… however poorly expressed. Though he does not adequately support the case for fiscal prudence, the complaints he makes in general terms about fiscal prudence are well-deserved.

Though his straw man argument is inadequately defended, placing exclusive responsibility and blame upon Greek national officials for that nation’s crisis is insufficient, and certainly short sighted. However, his rambling, miasmatic complaints have not fallen upon deaf ears – although they may have fallen upon spirited ones. Excitement, however, must be directed toward a long-term objective, and it is the more broad scope which I think he ignores. While having the ability to direct the nation toward a long-term goal is laudable, he neither cites any governmental mandate. On the whole, after having read his opinion, one might wonder if he were doing little more than expressing infantile frustration, for he certainly offers no potential solution.

The Grecian debt crisis is not due exclusively to what he calls “the bursting of the statist bubble,” “welfare pyramids” or other descriptive pejoratives to describe Grecian governmental services and activities.

Though he decries “irresponsible lenders and borrowers” whom perpetuate “bankrupt political practices,” he attempts to correlate and demean both, describing what he calls a “strong culture of entitlement” as “a beast,” though he never specifically mentions any program, plan, office, group or person.

As colorful and passionate as he may feel about Greece’s problems, he failed to …Continue…

Posted in - Did they REALLY say that?, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Two Numbers – ONE BIG, one small

Posted by Warm Southern Breeze on Thursday, December 17, 2009

$9,100,000,000,000

Nine TRILLION, one hundred BILLION…

Remember another number.

Two.

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: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

 
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