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Wall St. traders secretly used chat rooms to rig Treasury bond prices: suit

In my personal opinion the big banks and the rest of Wall Street are rigging the gold market as well in addition to most of the other markets.

Justice League

Wall Street banks secretly shared client information in online chat rooms in order to rig auctions for the $14 trillion US Treasurys market, according to an explosive lawsuit filed in Manhattan federal court on Wednesday.

The move wrongly fattened the banks’ profits and picked profits from clients, the suit claims.

The new accusations, leveled by several pension funds and wealthy individual investors, are contained in an expanded class-action suit originally filed in July 2015 — and include an unusual twist: Some of the evidence came from confidential informants and one of the banks sued in the earlier action.

Read on.

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The Public Bank Option – Safer, Local and Half the Cost — WEB OF DEBT BLOG

Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow. A UK study published on October 27, 2017 reported that the majority of […]

via The Public Bank Option – Safer, Local and Half the Cost — WEB OF DEBT BLOG

Hopefully Phil Murphy will follow through with his plans for a state-owned bank if he wins the election and becomes the next governor of New Jersey.

It’s Officially Official: Trump Killed The CFPB Arbitration Rule — considertheconsumer

It’s official. President Donald Trump killed the CFPB Arbitration Rule on Wednesday, taking away the chance that consumers may have had to file class actions against banks and other financial firms. The president signed a resolution passed by both houses of Congress under the Congressional Review Act that nullified the CFPB rule, which was released…

via It’s Officially Official: Trump Killed The CFPB Arbitration Rule — considertheconsumer

The fact that President Donald Trump signed the resolution that killed the CFPB Arbitration Rule is just more proof that despite his campaign statements against Wall Street and his promise to “drain the swamp” he has no intention of reining in Wall Street or “draining the swamp”.

Regulation Is Killing Community Banks – Public Banks Can Revive Them — WEB OF DEBT BLOG

Crushing regulations are driving small banks to sell out to the megabanks, a consolidation process that appears to be intentional. Publicly-owned banks can help avoid that trend and keep credit flowing in local economies. At his confirmation hearing in January 2017, Treasury Secretary Stephen Mnuchin said, “regulation is killing community banks.” If the process is […]

via Regulation Is Killing Community Banks – Public Banks Can Revive Them — WEB OF DEBT BLOG

This blog post is not surprising as Senator Dick Durbin once said in discussing the United States Senate that the banks “Frankly own the place”.

Almost 40 millions of Americans live in housing they cannot afford

http://www.cnbc.com/2017/07/13/harvard-study-heres-how-many-americans-cant-afford-housing.html Ester Bloom Thursday, 13 Jul 2017 | 9:22 AM ET Harvard study: Almost 40 million Americans can’t afford to pay for housing According to new research by Harvard University, almost 40 million Americans “live in housing they cannot afford.” Homeownership has gone down and rental prices keep going up, meaning that millions of residents […]

via A shocking number of Americans live in housing they can’t afford, according to Harvard study — Livinglies’s Weblog

Subprime mortgages are making a comeback

Apparently the biggest banks in the US didn’t learn their lesson the first time around… Because a few days ago, Wells Fargo, Bank of America, and many of the usual suspects made a stunning announcement that they would start making crappy subprime loans once again! I’m sure you remember how this all blew up back […]

via The Subprime Mortgage Is Back: It’s 2008 All Over Again! — Easy Money

This is very bad news for the economy as this will make the real estate bubble grow even larger and guarantees that the next real estate crash will be several orders of magnitude worse than the last one.

 

New rules for financial advisers

ONE OF THE most important investor protections in decades took effect on June 9. The new rule, issued by the Department of Labor, sets in motion a seemingly commonsense requirement that those who advise on retirement investments must put their clients’ interests ahead of their own. Yet it marks a revolution in retirement security, the result […]

via The Department of Labor new rule: Financial advisor trap — Justice League

I am not a huge fan of government regulation but it should be self-evident that anyone that advises individuals or companies on retirement investments should absolutely be required to put their client’s interests ahead of their own.

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