Posts Tagged ‘banks’

ATMs

October 24, 2017

After you insert your bank card and enter your PIN, how does the ATM know how to give you the right number of bills?

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Why Banks Fail

January 18, 2017

Former Bank of England Governor Mervyn King explains why and how banks fail.

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Flamenco Flash Mobs Strike Spain’s Banks

April 21, 2013

Financial institutions across Andalusia are under percussive attack from Flamenco Flash Mobs. Guerilla performances of these indignados flamencos are political demonstrations, expressions of anger and frustration at the Spanish economic crisis. Like this performance in a branch of Bankia, they’re choreographed by the anti-capitalist group Flo6x8. 

More:

“Los “indignados flamencos” Flo6x8 arrasan en Internet con su bulería contra Bankia,” Vertele.com

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JPMorgan Chase: Banking as Betting

May 15, 2012

JPMorgan Chase: Banking as Betting

JPMorgan Chase & Co. had an awkward moment recently when it bet its hedges instead of hedging its bets. This resulted in a $2 Billion loss, some management changes, and loss of CEO Jamie Dimon’s ability to lobby against Wall Street reform with a straight face.

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Goldie for President!

November 29, 2011

Goldie for President!

“Goldman Sachs, the global investment bank and financial services firm, announced Friday morning that it is running for president of the United States.”

“… the conglomerate will forgo donations altogether and instead finance the campaign with a portion of the $10 billion in taxpayer-funded bailout money the investment bank received in 2009. “

— “Goldman Sachs announces presidential run,” K.M. Breay, Salon

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Banker Quotes Karl Marx

September 14, 2011

Banker Quotes Karl Marx

“Policy makers struggling to understand the barrage of financial panics, protests and other ills afflicting the world would do well to study the works of a long-dead economist: Karl Marx.”

“The wily philosopher’s analysis of capitalism had a lot of flaws, but today’s global economy bears some uncanny resemblances to the conditions he foresaw.”

“As he wrote in ‘Das Kapital,’ companies’ pursuit of profits and productivity would naturally lead them to need fewer and fewer workers, creating an ‘industrial reserve army’ of the poor and unemployed: ‘Accumulation of wealth at one pole is, therefore, at the same time accumulation of misery.’

The process he describes is visible throughout the developed world, particularly in the U.S. Companies’ efforts to cut costs and avoid hiring have boosted U.S. corporate profits as a share of total economic output to the highest level in more than six decades, while the unemployment rate stands at 9.1 percent and real wages are stagnant.

U.S. income inequality, meanwhile, is by some measures close to its highest level since the 1920s. Before 2008, the income disparity was obscured by factors such as easy credit, which allowed poor households to enjoy a more affluent lifestyle. Now the problem is coming home to roost.”

Who wrote that? The Senior Economic Adviser at UBS, the Swiss bank. Read it all:

“Give Karl Marx a Chance to Save the World Economy,” George Magnus, Bloomberg

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Teaching Kids to Consume

May 7, 2011

Teaching Kids to Consume

PNC Bank and public TV’s Sesame Street say they are teaming up to teach kids about money. David Sirota explains it another way:  “A bailed-out financial institution teams up with PBS to teach our kids how to spend money on useless crap.”

“‘Sesame Street’: Brought to you by PNC Bank,” David Sirota, Salon

“PNC” logo and the Sesame Street logo element and creature are property of their respective trademark owners and used here under the “Parody” provisions of the “Fair Use” doctrine.  Hey, if PNC hasn’t paid back all that Federal bailout money, taxpayers probably own some rights in their stuff anyway.

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Wall Street’s Bailout Bonuses

July 23, 2010

 Wall Street's Bailout Bonuses

Kenneth Feinberg, Special Master on Compensation Reform, cited 17 financial firms for “ill-advised” excessive payments to their executives while taxpayers were bailing their companies out with TARP funds. He called this “bad judgement.” Total of the bonuses and other executive payouts: $1.6 billion.

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SEC Asks Banks About Accounting Dodge

April 14, 2010

SEC Asks Banks About Accounting Dodge

The Securities and Exchange Commission (SEC) has sent a letter to a score of bank CFOs asking if they used the same maneuver as Lehman Brothers to cook the books during quarterly reporting periods. In the trick, called Repo 105, a  bank uses a short-term contract (a Repurchase Agreement) to exchanges assets for cash, agreeing to buy them back later at 105 percent of their value, but the firm reports the resulting cash as if it were a straight sale. This gives the temporary illusion of bank soundness and profitability.

More:

“SEC: Did others use Lehman accounting gimmick?” AP via Salon.

“SEC to Banks: Who Else Used Repo 105?” Marian Wang, ProPublica.

“Do other firms use Lehman’s accounting ‘drug’?” Alistair Barr, MarketWatch.

 

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not obscene. Comments may be edited for clarity and length.

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Economic Recovery Simplifed

February 27, 2009

Economy Recovery Simplified

All you need to know about the current economic situation in the United States.

 

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

“Citi” and the Citi logo are registered trademarks of Citicorp, 40 percent of which is owned by U.S. taxpayers.