#megabank
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Project2025 #CorpMedia #Oligarchs #MegaBanks vs #Union #Occupy #NoDAPL #BLM #SDF #DACA #MeToo #Humanity #FeelTheBern
JinJiyanAzadi #BijiRojava
#Project2025#CorpMedia#Oligarchs#MegaBanks vs#Union#Occupy#NoDAPL#BLM#SDF#DACA#MeToo#Humanity#FeelTheBern#JinJiyanAzadi#BijiRojava
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I feel like we already don’t have much choice as it is now. But if you concentrate all of that wealth and power into the hands of five or six megabanks, and it’s like, these are your options, take it or leave it, you can get thrown out onto the ice of Gotham.
-Saturday Broadcast 47, published on May 6, 2023
And now Capital One is buying Discover. 🤷🏻♀️
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HSBC and Santander are the most common banks to use and neither give financial advisers to poor people. You need 50,000 to 100,000 for financial advice depending on the bank. They’re banks, not a public service, they’re evil, unfortunately.
I mean I don't discount that the UK is just a classist shithole but like I said literally a fast food job here offered a few free financial advisor consultations as an employment benefit
#and also fair megabanks be like that i guess idk if like chase or usaa or whatever here does for lower savings accounts either#i jumped ship to local credit unions (which actually do theoretically serve member interests) the second i got eligibility#eligibility for those ofc potentially being its own privilige gate tbf (both of mine were through (community) college affiliation)#but some are open to general atea residents. though idk what all offer due to not having accounts w them. and also don't know their#prevalence in uk. and also am not really sober enough for this conversation lol so peace#but anyway TLDR sometimes things that are biggest aren't best
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Should Billionaires Exist?
Do billionaires have a right to exist?
America has driven more than 650 species to extinction. And it should do the same to billionaires.
Why? Because there are only five ways to become one, and they’re all bad for free-market capitalism:
1. Exploit a Monopoly.
Jamie Dimon is worth $2 billion today… but not because he succeeded in the “free market.” In 2008, the government bailed out his bank JPMorgan and other giant Wall Street banks, keeping them off the endangered species list.
This government “insurance policy” scored these struggling Mom-and-Pop megabanks an estimated $34 billion a year.
But doesn’t entrepreneur Jeff Bezos deserve his billions for building Amazon?
No, because he also built a monopoly that’s been charged by the federal government and 17 states for inflating prices, overcharging sellers, and stifling competition like a predator in the wild.
With better anti-monopoly enforcement, Bezos would be worth closer to his fair-market value.
2. Exploit Inside Information
Steven A. Cohen, worth roughly $20 billion headed a hedge fund charged by the Justice Department with insider trading “on a scale without known precedent.” Another innovator!
Taming insider trading would level the investing field between the C Suite and Main Street.
3. Buy Off Politicians
That’s a great way to become a billionaire! The Koch family and Koch Industries saved roughly $1 billion a year from the Trump tax cut they and allies spent $20 million lobbying for. What a return on investment!
If we had tougher lobbying laws, political corruption would go extinct.
4. Defraud Investors
Adam Neumann conned investors out of hundreds of millions for WeWork, an office-sharing startup. WeWork didn’t make a nickel of profit, but Neumann still funded his extravagant lifestyle, including a $60 million private jet. Not exactly “sharing.”
Elizabeth Holmes was convicted of fraud for her blood-testing company, Theranos. So was Sam Bankman-Fried of crypto-exchange FTX. Remember a supposed billionaire named Donald Trump? He was also found to have committed fraud.
Presumably, if we had tougher anti-fraud laws, more would be caught and there’d be fewer billionaires to preserve.
5. Get Money From Rich Relatives
About 60 percent of all wealth in America today is inherited.
That’s because loopholes in U.S. tax law —lobbied for by the wealthy — allow rich families to avoid taxes on assets they inherit. And the estate tax has been so defanged that fewer than 0.2 percent of estates have paid it in recent years.
Tax reform would disrupt the circle of life for the rich, stopping them from automatically becoming billionaires at their birth, or someone else’s death.
Now, don’t get me wrong. I’m not arguing against big rewards for entrepreneurs and inventors. But do today’s entrepreneurs really need billions of dollars? Couldn’t they survive on a measly hundred million?
Because they’re now using those billions to erode American institutions. They spent fortunes bringing Supreme Court justices with them into the wild.They treated news organizations and social media platforms like prey, and they turned their relationships with politicians into patronage troughs.
This has created an America where fewer than ever can become millionaires (or even thousandaires) through hard work and actual innovation.
If capitalism were working properly, billionaires would have gone the way of the dodo.
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A longtime investment banker named David Webb is exposing a global plot dubbed “The Great Taking” to steal stocks and other assets from Americans and people across the world, explains The New American magazine Senior Editor Alex Newman in this episode of Behind The Deep State. As part of the plan, laws were quietly changed to strip security owners of their property rights and instead give them a “security entitlement.” Now, those assets have been used as collateral by financial institutions as part of the massive derivatives complex. And when the system crashes, which Webb suspects will happen this year, you will own nothing, and ordinary investors will be left out to dry as unsecured creditors while the megabanks take priority. Thankfully, there are efforts to stop this in its tracks.
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Global banks defy U.S. crackdowns by serving oligarchs, criminals and terrorists - ICIJ
"money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world.
The records show that five global banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.
U.S. agencies responsible for enforcing money laundering laws rarely prosecute megabanks that break the law, and the actions authorities do take barely ripple the flood of plundered money that washes through the international financial system.
In some cases the banks kept moving illicit funds even after U.S. officials warned them they’d face criminal prosecutions if they didn’t stop doing business with mobsters, fraudsters or corrupt regimes.
JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal.
The bank moved more than $1 billion for the fugitive financier behind Malaysia’s 1MDB scandal, the records show, and more than $2 million for a young energy mogul’s company that has been accused of cheating Venezuela’s government and helping cause electrical blackouts that crippled large parts of the country.
JPMorgan also processed more than $50 million in payments over a decade, the records show, for Paul Manafort, the former campaign manager for President Donald Trump. The bank shuttled at least $6.9 million in Manafort transactions in the 14 months after he resigned from the campaign amid a swirl of money laundering and corruption allegations spawning from his work with a pro-Russian political party in Ukraine.
Tainted transactions continued to surge through accounts at JPMorgan despite the bank’s promises to improve its money laundering controls as part of settlements it reached with U.S. authorities in 2011, 2013 and 2014.
In response to questions for this story, JPMorgan said it was legally prohibited from discussing clients or transactions. It said it has taken a “leadership role” in pursuing “proactive intelligence-led investigations” and developing “innovative techniques to help combat financial crime.”
HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon also continued to wave through suspect payments despite similar promises to government authorities, the secret documents show.
The leaked documents, known as the FinCEN Files, include more than 2,100 suspicious activity reports filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network. The agency, known in shorthand as FinCEN, is an intelligence unit at the heart of the global system to fight money laundering.
BuzzFeed News obtained the records and shared them with the International Consortium of Investigative Journalists. ICIJ organized a team of more than 400 journalists from 110 news organizations in 88 countries to investigate the world of banks and money laundering.
In all, an ICIJ analysis found, the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity — including $514 billion at JPMorgan and $1.3 trillion at Deutsche Bank.
Suspicious activity reports reflect the concerns of watchdogs within banks and are not necessarily evidence of criminal conduct or other wrongdoing.
Financial institutions have abandoned their roles as front-line defenses against money laundering.
– Paul Pelletier
Though a vast amount, the $2 trillion in suspicious transactions identified within this set of documents is just a drop in a far larger flood of dirty money gushing through banks around the world. The FinCEN Files represent less than 0.02% of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.
FinCEN and its parent, the Treasury Department, did not answer a series of questions sent last month by ICIJ and its partners. FinCEN told BuzzFeed News that it does not comment on the “existence or non-existence” of specific suspicious activity reports, sometimes known as SARs. Days before the release of the investigation by ICIJ and its partners, FinCEN announced that it was seeking public comments on ways to improve the U.S.’s anti-money laundering system.
The cache of suspicious activity reports — along with hundreds of spreadsheets filled with names, dates and figures — flag bank clients in more than 170 countries and territories who were identified as being involved in potentially illicit transactions.
Along with sifting through the FinCEN Files, ICIJ and its media partners obtained more than 17,600 other records from insiders and whistleblowers, court files, freedom-of-information requests and other sources. The team interviewed hundreds of people, including financial crime experts, law enforcement officials and crime victims.
According to BuzzFeed News, some of the secret records were requested as part of U.S. congressional investigations into Russian interference in the 2016 U.S. presidential election. Others were gathered by FinCEN following requests from law enforcement agencies, BuzzFeed said..."
The above graph on the article page is interactive. Republicans AND Progressives are currently attempting to blame the bank meltdowns on Biden and the FED. They all knew the banks have been under investigation for various activities since 2020. FinCen is the Financial Crimes Enforcement Network.
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Since the Paris Agreement in 2016, the world’s 60 largest private banks financed fossil fuels with USD $6.9 trillion. Nearly half – $3.3 trillion – went towards fossil fuel expansion. In 2023, banks financed $705 billion in fossil fuel financing with $347 billion going to fossil fuel expansion alone.
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POSTED ON MAY 28, 2024
In this week’s Economic Update, Professor Richard Wolff comments on US megabanks once again taking new off-the-books risks, Elon Musk endorsing right-wing undemocratic census proposals and Fossil Fuel industry executives bribe Trump with campaign donations. In addition, we highlight the many US and global labor unions and workers who have joined the movement in supporting of ending the Israeli military actions in Gaza.
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Should Billionaires Exist? Do billionaires have a right to...
New Post has been published on https://robertreich.org/post/749312735787008000
Should Billionaires Exist? Do billionaires have a right to...
youtube
Should Billionaires Exist?
Do billionaires have a right to exist?
America has driven more than 650 species to extinction. And it should do the same to billionaires.
Why? Because there are only five ways to become one, and they’re all bad for free-market capitalism:
1. Exploit a Monopoly.
Jamie Dimon is worth $2 billion today… but not because he succeeded in the “free market.” In 2008, the government bailed out his bank JPMorgan and other giant Wall Street banks, keeping them off the endangered species list.
This government “insurance policy” scored these struggling Mom-and-Pop megabanks an estimated $34 billion a year.
But doesn’t entrepreneur Jeff Bezos deserve his billions for building Amazon?
No, because he also built a monopoly that’s been charged by the federal government and 17 states for inflating prices, overcharging sellers, and stifling competition like a predator in the wild.
With better anti-monopoly enforcement, Bezos would be worth closer to his fair-market value.
2. Exploit Inside Information
Steven A. Cohen, worth roughly $20 billion headed a hedge fund charged by the Justice Department with insider trading “on a scale without known precedent.” Another innovator!
Taming insider trading would level the investing field between the C Suite and Main Street.
3. Buy Off Politicians
That’s a great way to become a billionaire! The Koch family and Koch Industries saved roughly $1 billion a year from the Trump tax cut they and allies spent $20 million lobbying for. What a return on investment!
If we had tougher lobbying laws, political corruption would go extinct.
4. Defraud Investors
Adam Neumann conned investors out of hundreds of millions for WeWork, an office-sharing startup. WeWork didn’t make a nickel of profit, but Neumann still funded his extravagant lifestyle, including a $60 million private jet. Not exactly “sharing.”
Elizabeth Holmes was convicted of fraud for her blood-testing company, Theranos. So was Sam Bankman-Fried of crypto-exchange FTX. Remember a supposed billionaire named Donald Trump? He was also found to have committed fraud.
Presumably, if we had tougher anti-fraud laws, more would be caught and there’d be fewer billionaires to preserve.
5. Get Money From Rich Relatives
About 60 percent of all wealth in America today is inherited.
That’s because loopholes in U.S. tax law —lobbied for by the wealthy — allow rich families to avoid taxes on assets they inherit. And the estate tax has been so defanged that fewer than 0.2 percent of estates have paid it in recent years.
Tax reform would disrupt the circle of life for the rich, stopping them from automatically becoming billionaires at their birth, or someone else’s death.
Now, don’t get me wrong. I’m not arguing against big rewards for entrepreneurs and inventors. But do today’s entrepreneurs really need billions of dollars? Couldn’t they survive on a measly hundred million?
Because they’re now using those billions to erode American institutions. They spent fortunes bringing Supreme Court justices with them into the wild.They treated news organizations and social media platforms like prey, and they turned their relationships with politicians into patronage troughs.
This has created an America where fewer than ever can become millionaires (or even thousandaires) through hard work and actual innovation.
If capitalism were working properly, billionaires would have gone the way of the dodo.
0 notes
Text
Project2025 #CorpMedia #Oligarchs #MegaBanks vs #Union #Occupy #NoDAPL #BLM #SDF #DACA #MeToo #Humanity #FeelTheBern
JinJiyanAzadi #BijiRojava
#Project2025#CorpMedia#Oligarchs#MegaBanks vs#Union#Occupy#NoDAPL#BLM#SDF#DACA#MeToo#Humanity#FeelTheBern#JinJiyanAzadi#BijiRojava
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One of the most terrifying things is when some bureaucrat trots out and tells the public that all is well and there’s nothing to worry about.
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Financial Highlights: Megabank Compensation, Job Market, and Industry News
The recent revelation that the head of HSBC, Quinn, earned significantly more than his closest peer at Citigroup has sparked discussions about the varying standards for executive pay across different banking institutions. While £10.64 million is nothing to scoff at, the fact that it pales in comparison to the $26 million earned by the head of Citigroup is noteworthy. Shareholders of U.K. banks…
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Megabanks, in turn, are confident that their brokerage services can compete because they may be able to offer high-performing mutual funds with well-known managers in addition to other products.
"Our Nations Marsico 21st Century Fund uses the strategy of Tom Marsico, who recently was named as one of the Top 10 money managers in the country by Money magazine," said Candace Calloway, market executive and senior vice president of Banc of America Investment Services Inc., which has eight full-service brokerage locations in the metropolitan area.
A national trend
Bank brokerage subsidiaries are part of a national trend, helped by government regulatory changes - such as the recently ratified Financial Services Modernization Act -- that allow banks to buy and sell a whole menu of financial products.
Customers have the opportunity to work with licensed brokers, who help them figure out
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