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IG: More Than 1,000 IRS Employees Misused Government Charge Cards; Wrote 325 Bad Checks The Treasury Inspector General for Tax Administration revealed in a recently released audit report that in fiscal years 2010 and 2011 more than 1,000 Internal Revenue Service employees misused government charge cards issued by Citibank. The report said that during the two years in question agency employees sent Citibank a total of 325 bad checks written on personal [...] Last week it was Citibank, and now it seems hackers have taken aim at PNC Bank. The bank has sent a message to some five million customers warning of a possible cyber attack, the AP Is reporting. So far, the bank’s ”websites are getting hit with high traffic consistent with computer attacks,” according to the report, and has some users have been blocked from the site. What happens in this case is that hackers will hit the site [...] from CNN: Security firm McAfee on Thursday released a report warning that a massive cyberattack on 30 U.S. banks has been planned, with the goal of stealing millions of dollars from consumers’ bank accounts. McAfee’s research upheld an October report from RSA, the security wing of IT giant EMC Corp (EMC, Fortune 500). RSA startled the security world with its announcement that a gang of cybercriminals had developed a sophisticated Trojan aimed at funneling money out of bank [...] AFP Treasury Secretary Timothy Geithner on Thursday said he did not know whether three major US banks were involved in the manipulation of a key benchmark borrowing rate. Answering Senate Banking Committee questions about Bank of America, Citibank and JP Morgan Chase’s possible roles in the global Libor fixing scandal, Geithner referred lawmakers to investigators. Asked whether he was aware of possible wrongdoing, Geithner said: “We don’t know that. But I [...] What To Expect Next For The US Dollar, Euro, Stocks & Bonds KWN With global stock markets continuing to struggle, top Citi analyst Tom Fitzpatrick puts KWN readers ahead of the curve on stocks, the US dollar, euro, bonds & more. Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, sent KWN some extremely powerful charts and notes. Below were his comments with five key [...] KWN Today King World News wanted to share with its global readers a portion of top Citibank analyst, Tom Fitzpatrick’s latest report. Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, covered the two key markets, the euro vs the dollar and bonds. Below were his comments with two important charts:
Tom Fitzpatrick latest report:
“U.S. 30 year yields held 2.50% twice – the first time in [...] From Bruce Krasting: I participated in a slow-motion disaster back in theearly ’80s. I was working for the global powerhouse, Citibank. Walter Wristonwas running the show at the time. In an interview with King World News, top Citibank technical analyst Tom Fitzpatrick said that his group expects the stock markets to fall again thanks to the turn in consumer confidence.
“Contrary to what most people think, is that the consumer sentiment drives the equity markets rather than vice versa,” he says. More from King World News: “We saw that in 2000, 2007, and again in 2011, that when consumer confidence peaked and turned, it’s often an early [...] Today top Citibank analyst, Tom Fitzpatrick, warned that despite the rally, if Europe does not take decisive action we will see this crisis accelerate. Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, also said, “the concern levels are still there, and if anything they are becoming elevated.” Fitzpatrick also provided some excellent charts which illustrate the ongoing train wreck that is Europe. Here [...] KWN Today top Citibank analyst, Tom Fitzpatrick, warned that, despite the rally, if Europe does not take decisive action we will see this crisis accelerate. Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, also said, “the concern levels are still there, and if anything they are becoming elevated.” Fitzpatrick also provided some excellent charts which illustrate the ongoing train wreck that is Europe. Here [...] KWN Today top Citibank analyst, Tom Fitzpatrick, warned that despite the initial enthusiasm surrounding the Spanish bank bailout, “this is yet another over-promise, under-deliver dynamic coming out of Europe.” Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, also said, “we are moving to the point where we’re no longer going to be able to see the stabilization on false promises and under-deliveries.” He also [...] “Several major U.S. banks, including J.P. Morgan Chase, Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., and Morgan Stanley, are preparing for the possibility of a downgrade by Moody’s Investment Service that could come by the end of this week, the Wall Street Journal reports.” http://www.theblaze.com/stories/moodys-blues-major-u-s-banks-dreading-possible-downgrades/ Bloomberg is predicting a two-notch downgrade for Bank of America and Citibank to one level above “junk” status. “Bank of America, Citigroup, Goldman, Morgan [...] KWN Today top Citibank analyst, Tom Fitzpatrick, spoke with King World News about global markets, gold and the US dollar. Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, said that, despite bounces, stock markets will continue to head lower in the coming weeks. Fitzpatrick included two important charts, but first, here is what he had to say about the moves in the US [...] By Greg Hunter’s USAWatchdog.com The $2 billion loss of JP Morgan in derivatives trading is signaling, once again, the enormous risks big banks take with taxpayer backing. All U.S. banks are covered by the FDIC, and if a loss is big enough, it could threaten the financial system just as it did in 2008. JP Morgan has $70 trillion in total derivative exposure. The entire world has a little more than $700 [...] Citigroup, the third-largest US lender by assets, said a hypothetical two-level downgrade of its credit by all three ratings firms could compel the company to come up with $4.7 billion in cash. The funds would be needed to cover collateral for derivative triggers and exchange margin requirements, the New York-based company said yesterday in its quarterly filing with securities regulators. The sum would be $1.1 billion if only Moody’s Investors Service [...] How evil is this? At a time when two-thirds of U.S. homeowners are drowning in mortgage debt and the American dream has crashed for tens of millions more, Sanford Weill, the banker most responsible for the nation’s economic collapse, has been elected to the American Academy of Arts & Sciences. So much for the academy’s proclaimed “230-plus year history of recognizing some of the world’s most accomplished scholars, scientists, writers, artists, [...] Written by Scott Parkin Wall Street is scared shitless. They’d never admit it, but the way the big Wall Street banks are rapidly relocating their annual shareholder meetings from the concrete canyons of Midtown and lower Manhattan this shareholder season to points south, north and west means that fear is not only visible, you can smell it on them like retched dead sea life. JPMorgan Chase moved to Tampa, Florida, home of a new burgeoning [...] From Sovereign Man: If you’re a U.S. taxpayer, you’ll want to heed the following before dropping off your 1040 this year. You see, in 2010, Congress and President Obama passed a series of new rules known as the Foreign Account Tax Compliance Act, or FATCA. FATCA affects every U.S. taxpayer who does anything overseas, as well as every single financial institution on the planet. It may be the most arrogant piece of [...] Spilling out below the snow-dusted San Bernardino Mountains, California’s Inland Empire in Southern California is America’s storage shed. Its economy is a key link in the global supply chain. Goods from Asia funnel through the Los Angeles and Long Beach ports that handle more than one-quarter of all the imports pouring into the United States every year, and much of it is warehoused here before finding its way into homes and businesses [...] “Citibank: Teetering Since 1812″ www.time.com/time/magazine/article/0,9171,1873125,00.html Except for the fact that it feels like we’ve been here before, this looks very much like it’s time to have some cash, a full tank of gas, prescription drugs, and food on hand. We’ve been expecting something like this; the money has been cut off, so I doubt there will be any ‘fixing’ of this situation until things are shut down and given the opportunity to start up again [...] by AP WASHINGTON (AP) — The nation’s five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday. A draft settlement between the banks and U.S. states has been sent to state officials for review. Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement, which could be as high [...] The CDS index market remains one of the most liquid sources of hedges and positioning available (despite occasional waxing and waning in volumes) and is often used by us as indications of relative flows and sophisticated investor risk appetite. However, as Kamakura Corporation has so diligently quantified, the broad CDS market (specifically including single-names) remains massively concentrated. This concentration, evidenced by the Honolulu-based credit guru’s findings that three institutions: JPMorgan Chase, Bank of [...] http://www.fdic.gov/bank/historical/history/235_258.pdf http://www.fdic.gov/deposit/deposits/international/bibliography/1999/toobig.pdf However bailouts out banks in the US have been going on in one form or another for decades… see the history of Citibank called …. “Citibank: Teetering Since 1812″. www.time.com/time/magazine/article/0,9171,1873125,00.html City Bank of New York was founded in 1812 by a group of merchants hoping to fill the void left by the demise of the first Bank of the United States, the sort-of central bank whose charter Congress had allowed [...] |
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Under a rule approved by the FDIC Tuesday, the largest US banks must file “living wills”: plans for how they would break up their assets if they were in danger of failing. Seven banks with more than $250 billion in assets will have to show their plans by July.
WASHINGTON – The largest banks must show how they would break up their assets if they were in danger of failing, under a rule approved Tuesday.
The Federal Deposit Insurance Corp. voted to require banks with $50 billion or more in assets to submit so-called living wills. Seven banks with more than $250 billion in assets will have to show their plans by July. The other 30 affected by the rule [...]