COBOL Snowball

The COBOL snowball programming tech still melting away in banks since 1956 – I never knew how screwed up global banking was until I started my own bank – Sovereign Man – yup, no doubt about this fact-based statement.

[ I personally wrote some of it -editor ]



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Business Sector Index (BSI)

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Q3-2016 FDIC Banking Profile

Chairman’s Opening Statement Third Quarter 2016 Quarterly Banking Profile


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Buffett Backed Bank

Elizabeth Warren Says Wells Fargo’s CEO Should Face Criminal Prosecution | Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal | Wells Fargo Bank



The aforementioned, in no particular order, is for information purposes only which are included for related research regardless of any other characterization.

Business Sector Index (BSI)

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[ not deposit products | not FDIC insured | not a bank ]

[ not insured by any government agency ]

[ not an offer to sell or solicit securities ]

[ subject to market risk and may loose value ]

[ past performance is no guarantee of future results ]

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US Banking Action

Fed’s Tarullo: 2016 rate hike possible, but I want to see more inflation – Governor Daniel Tarullo Will Speak with CNBC’s Steve Liesman on “Squawk on the Street” Tomorrow | Wells Fargo fined $185M for fake accounts; 5300 were fired | Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts | FDIC Fund Climbs to Postcrisis High


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Global Banking

Chinese Police Have Reportedly Uncovered $30 Billion in Illegal Banking Activity | Puerto Rico governor declares emergency at Government Development Bank | Government Development Bank for Puerto Rico | Caught in Economic Storm, Puerto Rico Buys More Time for Bond Repayment | Bad-Loan Deals Surge in Europe as Italian Banks Clean Up Assets | Italian Banks Reel But Monti Has No Regrets for Avoiding Bailout | Barclays pays a further $100m in the US over Libor fraud – 325 years of banking experience Barclays operates in over 50 countries | It is our goal to adequately inform you, as a provider of wholesale funding and/or capital, about the creditworthiness of Rabobank


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USA Banking


The Future Way of Banking

       

       

FDIC Quarterly Banking Profile
Assets and Liabilities of Commercial Banks in the United States 

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FDIC Enforcement HSBC

Global Head of HSBC’s Foreign Exchange Cash-Trading Desks Arrested for Orchestrating Multimillion-Dollar Front Running Scheme

Charges Also Unsealed Against Former Head of Foreign Exchange Cash-Trading Desk for Europe, Middle East and Africa

The head of global foreign exchange cash trading at HSBC Bank plc, a subsidiary of HSBC Holdings plc (collectively HSBC), and HSBC’s former head of foreign exchange cash trading for Europe, the Middle East and Africa were charged with conspiring to defraud a client of HSBC through a scheme commonly referred to as “front running.”

Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, U.S. Attorney Robert L. Capers of the Eastern District of New York, Acting Inspector General Frederick W. Gibson of the Federal Deposit Insurance Corporation (FDIC) and Assistant Director in Charge Paul M. Abbate of the FBI’s Washington Field Office made the announcement.

Mark Johnson, 50, a U.K. citizen and U.K. and U.S. resident, and Stuart Scott, 43, a U.K. citizen and resident, were charged by complaint with conspiracy to commit wire fraud. Johnson was arrested last night at JFK International Airport in Queens, New York, and will be arraigned later today before U.S. Magistrate Judge Lois Bloom of the Eastern District of New York.

“The defendants allegedly betrayed their client’s confidence, and corruptly manipulated the foreign exchange market to benefit themselves and their bank,” said Assistant Attorney General Caldwell. “This case demonstrates the Criminal Division’s commitment to hold corporate executives, including at the world’s largest and most sophisticated institutions, responsible for their crimes.”

“As alleged, the defendants placed personal and company profits ahead of their duties of trust and confidentiality owed to their client, and in doing so, defrauded their client of millions of dollars,” said U.S. Attorney Capers. “When questioned by their client about the higher price paid for their significant transaction, the defendants wove a web of lies designed to conceal the truth and divert attention away from their fraudulent trades. The charges and arrest announced today reflect our steadfast commitment to hold accountable corporate executives and licensed professionals who use their positions to fraudulently enrich themselves.”

“The Federal Deposit Insurance Corporation Office of Inspector General is pleased to join the Department of Justice and our law enforcement colleagues in announcing this arrest,” said Acting Inspector General Gibson. “Our collective efforts help ensure public confidence in the financial markets. It is critically important to hold individuals accountable for their actions, particularly those who abuse their positions of public trust. We will continue to pursue justice for those involved as this case moves forward.

“These individuals are accused of defrauding clients by misusing confidential information to manipulate currency prices for the benefit of the bank and themselves,” said Assistant Director in Charge Abbate. “The FBI will continue to work aggressively with our partners to prevent, investigate and prosecute criminal fraud in the financial markets.”

According to the complaint, in November and December 2011, Johnson and Scott misused information provided to them by a client that hired HSBC to execute a foreign exchange transaction related to a planned sale of one of the client’s foreign subsidiaries. HSBC was selected to execute the foreign exchange transaction – which was going to require converting approximately $3.5 billion in sales proceeds into British Pound Sterling – in October 2011. HSBC’s agreement with the client required the bank to keep the details of the client’s planned transaction confidential. Instead, Johnson and Scott allegedly misused confidential information they received about the client’s transaction. On multiple occasions, Johnson and Scott allegedly purchased Pound Sterling for HSBC’s “proprietary” accounts, which they held until the client’s planned transaction was executed. The complaint alleges that, as part of the scheme, both Johnson and Scott made misrepresentations to the client about the planned foreign exchange transaction that concealed the self-serving nature of their actions. Specifically, the complaint alleges that Johnson and Scott caused the $3.5 billion foreign exchange transaction to be executed in a manner that was designed to spike the price of the Pound Sterling, to the benefit of HSBC and at the expense of their client. In total, HSBC allegedly generated profits of roughly $8 million from its execution of the FX Transaction for the Victim Company, including profits generated from the front running conduct by Johnson, Scott, and other traders whom they directed.

The investigation is being conducted by the FDIC’s Office of Inspector General and the FBI’s Washington Field Office. Trial Attorney Melissa Aoyagi and Senior Litigation Counsel Carol Sipperly of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Jacquelyn Kasulis of the Eastern District of New York’s Business and Securities Fraud Section are prosecuting the case.

The charges in the complaint are merely allegations, and the defendants are presumed innocent unless and until proven guilty.

The charges in this case were brought in connection with the President’s Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices and state and local partners, it is the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions and other organizations. Since fiscal year 2009, the Justice Department has filed over 18,000 financial fraud cases against more than 25,000 defendants. For more information on the task force, please visit www.StopFraud.gov.


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FDIC State Profiles

FDIC State Profiles
Effective January 2007, FDIC State Profiles have been reformatted as a quarterly data sheet summation of banking and economic conditions in each state.


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Barclays PLC Action

Brexit widens chasm between Wall Street and Europe’s investment banks | European ADRs Climb as Banking Stocks Extend Gain | Barclays CEO Staley Says Brexit Concern Is Tied Mainly to Profit | Fed Watches Closely as U.S. Dollar Gains Strength | Buy or Sell the Biggest Brexit Losers (BCS, SAN) | Britain’s bank stocks crash; Credit Suisse lowers McDonald’s target on Brexit fallout | Barclays PLC (BCS) -NYSE

FDIC Foreign Banking Organizations (FBOs)

   

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FDIC Foreign Banking Organizations (FBOs)

Agencies Extend Deadline for Certain Foreign Banking Organizations’ Resolution Plan Submissions

The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Wednesday announced that four foreign banking organizations (FBOs) will be required to submit their next resolution plans on July 1, 2017.

Previously, the four FBOs–Barclays PLC, Credit Suisse Group, Deutsche Bank AG, and UBS–were required to submit their next plans on July 1, 2016. However, the agencies jointly determined the 2016 annual resolution plan filing requirement will be satisfied by the submission of 2017 resolution plans.

The agencies made their decision in light of the significant restructuring these companies are undertaking to come into compliance with the Federal Reserve Board’sIntermediate Holding Company (IHC) requirement, which is also due on July 1, 2016. The formation of an IHC will facilitate supervision and regulation of the U.S. operations of a foreign bank, and certain IHC-required initiatives are likely to affect the firms’ resolution plans and strategies. The IHC requirement was established by the Federal Reserve Board in 2014 as part of its implementation of the enhanced prudential standards required under the Dodd-Frank Wall Street Reform and Consumer Protection Act for bank holding companies and foreign banking organizations with total consolidated assets of $50 billion or more.

The agencies expect to provide feedback to the four FBOs based on their 2015 plans as well as provide additional guidance to the firms for their 2017 plans.

The Dodd-Frank Act requires that bank holding companies with total consolidated assets of $50 billion or more or foreign banks with $50 billion or more in global consolidated assets periodically submit resolution plans to the FDIC and the Federal Reserve. Each plan must describe the company’s strategy for rapid and orderly resolution under the U.S. Bankruptcy Code or other applicable insolvency regime in the event of material financial distress or failure of the company.


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