Despite threats of big fines by state banking regulators, the owner of a Shadyside (Pittsburgh, Pa) ice cream shop who opened his own version of a community bank last summer isn't abandoning his mission.
"We are taking on the challenge of transforming the retail banking industry," his website states.
"PA dept of banks threatening us ... we keep growing," he tweeted in late December.
Instead of deposits he is offering "never-ending gift cards." (More hilarious examples of how this ice cream shop/bank owner is getting around regulations in the article).Read more »
Is resigning Monday (Jan 21), months after a series of suspicious real estate transactions were revealed. Justice Hathaway quietly filed retirement papers with the state back on Dec. 20...Read more »
The 5 largest banks in the US are conspiring to not have to pay on the Credit Default Swaps they wrote, by using a shadowy organization called the "International Derivatives and Swaps Association". The problem for these bankers is that if they do, they will be insolvent and will make the 2008 economic crisis look like a warmup. They know that they will be blamed for the collapse and are desperate in their attempts to keep it from happening.
This article explores how the bankers will call on their hired politicians, police enforcers, and militaries to distract the public from their crimes.Read more »
The 11 most evil things the banking industry did in 2011. List includes illegal debt collection methods.Read more »
Banks get accused and charged with fraud when they charge fees and interest in a voluntary contract. The IRS gets away with it without consent and uses the threat of force to extract the money. Which is worse?Read more »
Taxpayers are rightfully angrier than ever before about the state of the U.S. economy and the government's handling of the financial crisis; perhaps even more so than the Colonists at the original Tea Party. After all, it appears that the only group benefiting during this painful slide into recession are the very people who caused the crisis -- The Banks.Read more »
It takes a lot to spook the solid old gold market. But when it emerged last week that one or more banks had lent 380 tonnes of gold to the Bank of International Settlements in return for foreign currencies, there was widespread surprise and confusion ....Read more »
An amendment to the financial overhaul bill banning the use of taxpayer funds for bank bailouts has been agreed upon in the Senate, says the LA Times.
"If there's one thing we should all be able to agree on, it is this: The American taxpayers should never again have to bail out Wall Street firms that gambled away our savings and wreaked havoc on our economy," said Barbara Boxer (D-CA,) the senator who proposed the amendment.Read more »
Iceland may vote to default on international debt. This is important news to Americans, because eventually, the US Federal Government will have to default on its debts, and the same political questions will come to the fore, on a much larger scaleRead more »
The pictures below are from one of the protests that lead the President to veto the bill. Remember all that talk about torches and pitchforks? Well, Iceland went ahead and broke out the torches (ok - they're flares, technically):Read more »
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