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Wells Fargo didn’t just engage in identity theft, but they also broke the law in seizing autos from military personnel

It has not been a good month for Warren Buffet's pet financial institution Wells Fargo.  After first being fined by the Consumer Financial Protection Bureau (CFPB) $185 million for fraudulently creating close to two million unwanted accounts, they then saw their CEO John Stumpf crucified in hearings before both the House and the Senate where legislators called for his head out of either neglect, or outright ...

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Corrupt ECB President Mario Draghi cries foul when accused of being responsible for Deutsche Bank’s problems

The primary reason former Goldman Sachs banker Mario Draghi became the President of the European Central Bank was because he could be trusted to not only aid and abet fraud and corruption with the European banking system, but had already proven himself capable of manufacturing financial fraud himself.  Many people forget that he was the head of Goldman Sachs international division when the bank hid Greek de ...

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Imagine if Greece and Lehman had a love child… it would be named Germany

Just like in 2008, the mainstream business media is downplaying the Deutsche Bank crisis as if it were some minor bank problem simply waiting on a government bailout.  But in a new piece of news that came across the wire earlier today, DB is not the only financial institution in trouble within the German banking system, and is setting up the Eurozone's largest economy to have to look towards the ECB and IMF ...

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Deutsche Bank in the spotlight as Merkel states government will not provide a bail-out

Even before the DOJ issued a $14 billion fine against the German financial juggernaut known as Deutsche Bank, the institution was already on life support with an estimated $17.5 billion in assets, and a whopping $1.375 trillion in liabilities that do not include over $40 trillion in derivative exposure.  And now in Sept. 24, German Chancellor Angela Merkel announced that the bank cannot expect a taxpayer fu ...

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FDIC closes fifth bank of 2016 in the state of Arkansas

On Sept. 23, the FDIC closed down their fifth bank for 2016 as Allied Bank shuttered its doors.  This institution is the first bank failure for the month of September, and the first Arkansas bank closure since December of 2010. 9/23/2016 *** Arkansas *** Mulberry *** Allied Bank *** $6.9 million dollar estimated FDIC DIF cost. The total DIF for failed banks this week is $6.9 million. If you were banking at ...

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As the U.S. creates debt at new record levels, is there expectation of a global debt jubilee down the road?

In August the Obama administration borrowed a record $151 billion for a single month, setting for the course for 2016 to see an increase in the national debt of $1.36 trillion.  In fact, America's debt was recently reported to have crossed over $19.5 trillion, and has begun to accelerate higher ever since Congress removed the debt ceiling completely last October. And while the U.S. is not the only economy t ...

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Dallas police pension fund is a microcosm of why U.S. financial system doesn’t price things mark to market

Following the 2008 Credit Crisis, and even after passage of the Dodd-Frank Wall Street Reform Act, the Western financial systems have fought hard to ensure that their assets never have to be valued at mark to market.  Instead they are recognized as 'mark to maturity' or 'mark to model', making it seem as though these institutions are solvent when liquidation of their assets would cause them to actually be b ...

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Russia in talks with U.S. economic ally South Korea to establish free trade with the EEU

The world is rushing headlong into a myriad of new trade alliances, with much different protocols than that of the European Union.  For example, over in Asia China leads the Asean trade union along with the Shanghai Cooperation Organization (SCO), and in the Eurasian sphere Russia has put together a group of trade partners under the umbrella of the Eurasian Economic Union (EEU). And at the heart of these tr ...

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For the first time in 30 years, a Presidential candidate makes the Fed an issue

It has been about 30 years, and perhaps going back to the 1987 stock market crash since the Federal Reserve has been a point of debate during a Presidential race.  But in 2016, and at a time when the credibility of the central bank is being questioned from economists and even the business media, Donald Trump is sensing blood in the water and last week decided to put the Fed on trial for the American people ...

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Russia and Iran working on a new banking system that bypasses the dollar

So... what would you do if you are one of the two countries that have been put under the Damocles Sword of dollar based economic sanctions in the past decade? You can A. - Impose reverse sanctions of your own B. - Impose reverse sanctions on allies of the United States C. - Go black market like Iran did for a decade when they traded oil for gold through Turkey Or D. - Pick up your ball and go play at a fiel ...

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Of course Goldman Sachs was going to turn their depositors into Muppets

In a new revelation that should not have been surprising to anyone, Goldman Sachs was discovered to have taken money from depositors and used it to make speculative bets in the markets to try to reap investment profits. Unlike monies that are supposed to be segregated between investors, depositors, and the bank itself, Goldman Sachs has now followed in the footsteps of MF Global by re-hypothicating dedicate ...

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QE unintended consequences: Central Banks buying assets could turn capitalist economies into socialist ones

As central banks gear up for new rounds of stimulus and QE, where they will be printing trillions of dollars out of thin air to buy every type of asset imaginable, a fascinating debate was forged on Sept. 12 by one of the world's leading economist. And the issue proposed by the analyst known as Dr. Doom is that should central banks move full bore into purchasing equities like has been done in Japan over the ...

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