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| Post Number: 51
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Expatriate 
Group: Members
Posts: 16725
Joined: Oct. 2004
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Posted on: May 06 2015,10:56 am |
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back to Bernie.
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History is no more than the lies agreed upon by the victors.
~NAPOLEON BONAPARTE
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| Post Number: 52
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Expatriate
Group: Members
Posts: 16725
Joined: Oct. 2004
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Posted on: May 06 2015,4:53 pm |
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Wednesday, May 6, 2015
Sen. Bernie Sanders on Wednesday introduced legislation to break up the nation’s biggest banks in order to safeguard the economy and prevent another costly taxpayer bailout. Rep. Brad Sherman proposed a companion bill in the House.
“No single financial institution should have holdings so extensive that its failure could send the world economy into crisis,” Sanders said. “If an institution is too big to fail, it is too big to exist.”
The biggest banks in the United States are now 80 percent bigger than they were one year before the financial crisis in 2008 when the Federal Reserve provided $16 trillion in near zero-interest loans and Congress approved a $700 billion taxpayer bailout.
“Never again should a financial institution be able to demand a federal bailout,” Sherman said. “They claim; ‘If we go down, the economy is going down with us,’ but by breaking up these institutions long before they face a crisis, we ensure a healthy financial system where medium-sized institutions can compete in the free market.”
The 2008 financial crisis had a devastating impact on the U.S. economy. It cost as much as $14 trillion, the Dallas Federal Reserve calculated. The Government Accountability Office pegged the cost at $13 trillion. The Congressional Budget Office estimated that the crisis nearly doubled the national debt and cost more than the Bush tax cuts and the wars in Iraq and Afghanistan combined.
The six largest U.S. financial institutions today have assets of some $10 trillion, an amount equal to almost 60 percent of gross domestic product. They handle more than two-thirds of all credit card purchases, control nearly 50 percent of all bank deposits, and control over 95 percent of the $240 trillion in derivatives held by commercial banks.
The Sanders and Sherman legislation would give banking regulators 90 days to identify commercial banks, investment banks, hedge funds, insurance companies and other entities whose “failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance.”
The list would have to include Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo. These eight institutions already have been deemed “systemically important banks” by the Financial Stability Board, the international body which monitors the global financial system. Under the legislation, the U.S. Treasury Department would be required to break up those and any other institutions deemed too big to fail by the treasury secretary. Any entity on the too-big-to-fail list would no longer be eligible for a taxpayer bailout from the Federal Reserve and could not use their customers’ bank deposits to speculate on derivatives or other risky financial activities.
To read the bill and a summary click .here
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History is no more than the lies agreed upon by the victors.
~NAPOLEON BONAPARTE
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| Post Number: 53
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Expatriate
Group: Members
Posts: 16725
Joined: Oct. 2004
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Posted on: May 07 2015,7:26 am |
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History is no more than the lies agreed upon by the victors.
~NAPOLEON BONAPARTE
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| Post Number: 54
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grassman
Group: Members
Posts: 3858
Joined: Mar. 2006
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Posted on: May 07 2015,7:55 am |
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Wells Fargo Bankers Accused of Fraudulent Behavior, Taking Advantage of Customers
May 5, 2015, 3:02 PM ET
By SUSANNA KIM
Wells Fargo has "victimized" its California customers with illegal bank tactics such as having accounts opened in their names without their permission so employees can reach sales quotas, according to a lawsuit filed by the Los Angeles city attorney.
Wells Fargo bankers were allegedly encouraged to "do whatever it takes" to meet sales goals, including withdrawing money from customers' unauthorized accounts to pay Wells Fargo fees and placing customers into collections when the unauthorized withdrawals go unpaid, city attorney Michael Feuer alleges in the lawsuit filed on Monday on behalf of the people of California.
Filed on behalf of the state of California in Los Angeles County Superior Court, the lawsuit claims some Wells Fargo employees even pressure their own family members and friends to sign up for accounts to the point that employees say they've "tapped out" their network.
"Our average retail banking household has about six products with us. We want to get to eight ... and beyond," stated one Wells Fargo "brochure" called "The Vision and Values of Wells Fargo," according to the lawsuit.
Wells Fargo has 6,200 banking locations in 39 states and the District of Columbia. The lawsuit doesn't name customers or allege how many people may have been affected by the alleged practices.
"In order to achieve its goal of selling a high number of 'solutions' to each customer, Wells Fargo imposes unrealistic sales quotas on its [California] employees, and has adopted policies that have, predictably and naturally, driven its bankers to engage in fraudulent behavior to meet those unreachable goals," Feuer alleges in the lawsuit.
Wells Fargo and Company, headquartered in San Francisco, said in a statement that it would "vigorously" defend itself against the allegations.
“Wells Fargo's culture is focused on the best interests of its customers and creating a supportive, caring and ethical environment for our team members,” the bank said in its statement. “This includes training, audits and processes that work together to support our Vision & Values and our commitment to customers receiving only the products and services they need and will benefit from.”
At a news conference today, Feuer encouraged Wells Fargo customers to take “basic steps” to check their accounts.
“We urge every Wells customer to review with care their banking accounts and records,” Feuer said. “See if there are any unauthorized checking and saving accounts in their name. Have accounts they closed remained opened?”
Frank Ahn, a small business owner who owns a convenience store and laundromat in the San Fernando Valley, told reporters at the news conference that he received a call about once a month for about three or four months from Wells Fargo employees asking him to open another account.
He declined, but later discovered when he was checking his account online that he was receiving $15 or $20 charges for accounts he didn’t authorize. He complained to the bank.
“They kept making promises and said, ‘We won’t charge you any fees. This is it.’ I thought it was the end of it, but it wasn’t. I wanted to trust them, but now I know I can’t,” Ahn said.
At one point, Ahn said, he had about 10 accounts despite only opening one.
“This kept going back and forth for two or three years,” he said, adding that he wanted to speak publicly so Wells Fargo can’t take advantage of people such as his parents, who spoke little English when they immigrated to the U.S.
Wells Fargo declined to comment about Ahn’s experience with the bank.
The suit claims Wells Fargo violated the state's unfair competition laws and could be liable for a civil penalty up to $2,500 for each violation, plus unspecified restitution for harmed customers. If the suit succeeds in Los Angeles County Superior Court, that could apply to all residents of the county and possibly people outside its boundaries, Feuer told the Los Angeles Times, which has reported on the alleged practices.
The lawsuit alleges Wells Fargo participated in illegal practices such as "bundling," which requires a person wanting one product to buy additional ones. It also alleges the bank engaged in "pinning," which allows a banker to create a debit card PIN number, often without customer authorization, to enroll a customer in online banking, as well as "sandbagging," in which a banker delays opening new accounts or processing a sale until a time that is most beneficial, such as a new sales reporting period.
Wells Fargo has fired or disciplined a "number of employees" for illegal practices, but "far fewer" than have actually engaged in them, the lawsuit alleges.
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git er done!
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| Post Number: 55
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alcitizens
Albert Lea
Group: Members
Posts: 3664
Joined: Jul. 2009
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Posted on: May 07 2015,8:58 am |
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My only concern's with Bernie is that he isn't conservative enough to draw Independent's..
And Jewish candidates have never done very well in a General Election.. He could even hurt Hillary as a Vice President selection.. 
My opinion..
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| Post Number: 56
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Common Citizen
Group: Members
Posts: 4818
Joined: Jul. 2006
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Posted on: May 07 2015,9:33 am |
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He'll be as successful as Ralph Nader.
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| Post Number: 57
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Botto 82
Group: Members
Posts: 6293
Joined: Jan. 2005
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Posted on: May 07 2015,10:37 am |
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And Stroke Lady Hillary Mrs. Bill will demolish anyone the Republitards put on the ballot anyway.
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Dear future generations: Please accept our apologies. We were rolling drunk on petroleum.
- Kurt Vonnegut
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| Post Number: 58
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Self-Banished
Group: Members
Posts: 22555
Joined: Feb. 2006
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Posted on: May 07 2015,11:43 am |
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Seems to me stroke lady's doing a good job of demolishing herself.
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 Remember boys and girls,
Don’t be a Dick …
Or a “Wayne” 
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| Post Number: 59
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Expatriate
Group: Members
Posts: 16725
Joined: Oct. 2004
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Posted on: May 07 2015,12:02 pm |
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History is no more than the lies agreed upon by the victors.
~NAPOLEON BONAPARTE
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| Post Number: 60
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Self-Banished
Group: Members
Posts: 22555
Joined: Feb. 2006
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Posted on: May 07 2015,2:43 pm |
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I say we all go to the primaries and vote Bernie in😃
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Remember boys and girls,
Don’t be a Dick …
Or a “Wayne”
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