Banks Are Finally Raising Deposit Rates 2 Years After First Fed Hike

Banks Are Finally Raising Deposit Rates 2 Years After First Fed Hike:

For more than a year now, big banks have been shafting their customers by refusing to raise interest rates on deposits and products like CDs – opting instead to use the added income to pad their bottom lines after nearly a decade of rock-bottom rates.

This has been great for shareholders, who will indirectly reap the benefits of cheap financing costs and rising profits. Until recently, JP Morgan Chase & Co. had raised its average deposit rate by a paltry 0.21 percentage points, despite the fact that interest rates have risen by 1.25% since the cycle began. A sixth rate hike is widely expected when the Fed meets later this week.

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Goldman CEO Blankfein Set To Leave, WSJ Reports

Only that his God is symbolized by this sign…

…another rat is leaving the sinking ship.

Goldman CEO Blankfein Set To Leave, WSJ Reports:

God’s work is done…

The Wall Street Journal reports that Lloyd Blankfein is preparing to step down as Goldman Sachs chief executive as soon as the end of the year, capping a more than 12-year run that would make him one of the longest-serving bosses on Wall Street.

The timing of any moves could still change, and the 63-year-old Mr. Blankfein is firmly in control of his exit, the people said.

The current thinking, though, is that he will retire ahead of or early in Goldman’s 150th anniversary year in 2019, a fitting send-off for the history buff.

Mr. Blankfein has often joked he will die at his desk, and his enthusiasm for the job has led many within the firm to believe he might outlast another set of would-be successors.

While the firm’s co-presidents, Harvey Schwartz and David Solomon, are leading candidates to replace the 63-year-old CEO, one can’t help but wonder about the timeliness of Gary Cohn’s White House exit.

Read moreGoldman CEO Blankfein Set To Leave, WSJ Reports

Rothschild Passing Dynasty on to 7th Generation, Marking 200 Years of Banker Family Rule

Rothschild Passing Dynasty on to 7th Generation, Marking 200 Years of Banker Family Rule:

Rothschild & Co. is ensuring that the business will stay in the family for a seventh generation as the current chairman prepares to hand his seat down to his son.

The Rothschild banking empire will ensure that its control continues to stay within the family for a seventh generation as David de Rothschild, 75, is set to hand the role of chairman over to his son, Alexandre de Rothschild, 37, in June.

The banking dynasty has been passed between generations for the last 200 years. It was started by Mayer Amschel Rothschild as a French railway company, and five of his sons went on to establish banking businesses across Europe. Financial Times reported that the investment bank is currently pushing to “diversify from its core French and British advisory business to help it ride out less buoyant periods in Europe’s mergers and acquisitions market.”

Read moreRothschild Passing Dynasty on to 7th Generation, Marking 200 Years of Banker Family Rule

“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”

“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”:

The construction & services giant collapsed even as KPMG signed off on its financial statements; now they deny any responsibility.

The Big Four accountancy firms — PricewaterhouseCoopers, Ernst & Young, KPMG, and Deloitte — reported combined annual revenues of $134 billion in 2017. In the global audit arena, they are virtually unassailable. In the US, the Big Four audit 497 of the S&P 500 companies. In the UK, they audit 99 of the FTSE 100 companies. In Spain there’s not a single firm listed on the IBEX 35 whose accounts are not audited by one of the Big Four.

But what are the Big Four firms actually good for?

Read more“It’s Not only Carillion that’s Built on Sand, it’s our Whole System of Corporate Accountability”

Bank Run Feared After ECB Unexpectedly Pulls Plug On Latvia Largest Private Bank

Bank Run Feared After ECB Unexpectedly Pulls Plug On Latvia Largest Private Bank:

Last week we reported that as part of a rapidly deteriorating banking crisis in Latvia, which culminated with the detention of central bank head Ilmars Rimsevics on suspicion of accepting a bribe of more than €100,000 (which prompted both the prime minister and president to demand his resignation, something he has so far refused to do), the European Central Bank froze all payments by Latvia’s largest private bank, ABLV, following U.S. accusations the bank laundered billions in illicit funds, including for companies connected to North Korea’s banned ballistic-missile program.

Then overnight the Latvian banking crisis escalated when in a statement released early Saturday, the ECB said ABLV Bank’s liquidity had deteriorated significantly, making it unlikely to pay its debts and declaring it “failing or likely to fail.” As a result, Latvia’s third largest bank will be wound up under local laws after the European Central Bank

Following the ECB’s decision, which also included the bank’s subsidiary in Luxembourg, the WSJ reported that Europe’s banking resolution authority decided the banks didn’t represent a systemic risk for their countries or the region and should be wound up by local authorities rather than be “bailed in” under EU rules.

And so, on Saturday ABLV said it would be liquidated. In four days, the bank claimed, it had raised enough capital to meet all its depositors’ demands and keep functioning, however “Due to political considerations the bank was not given a chance to do it,” it said in a statement.

Read moreBank Run Feared After ECB Unexpectedly Pulls Plug On Latvia Largest Private Bank

Another Big British Bank Lands in Deep Trouble

Another Big British Bank Lands in Deep Trouble:

Now, it’s the UK’s second-largest bank Barclays’ turn to face the music. A week ago, it was the UK’s third-largest bank, state-owned Royal Bank of Scotland, that faced one of its biggest scandal yet after whistle-blowers accused the bank of systematically forging customer signatures. RBS also faces the prospect of a multi-billion dollar fine for the way it sold residential mortgage-backed securities during the lead up to the Financial Crisis.

On Monday, the UK’s Serious Fraud Office (SFO) announced that it was charging Barclays for a second time over a deeply suspicious £2.2 billion ($3 billion) loan it issued in 2008 to Qatar. To avoid a government bailout, Barclays took a £12 billion loan from Qatar Holdings, which is owned by the state of Qatar. Under that deal, Barclays loaned £2.3 billion back to Qatar Holdings, which allegedly was then used to buy shares in Barclays. If true, it would amount to “unlawful financial assistance,” the SFO says.

Read moreAnother Big British Bank Lands in Deep Trouble

Spanish finance minister backed for leading ECB job

Spanish finance minister backed for leading ECB job:

BRUSSELS (AP) — Finance ministers from the 19-country eurozone on Monday endorsed Spain’s Luis de Guindos for the coveted post of European Central Bank vice president, after Ireland withdrew the only other candidate.

European Union leaders are expected to anoint de Guindos at a summit on March 22-23, after seeking the opinion of EU lawmakers and the ECB, which oversees the euro currency. Once that is done, de Guindos will replace Vitor Constancio on June 1 and serve a non-renewable eight-year term.

H/t reader squodgy:

“Looking at this lot, I can’t say I feel any confidence or reassurance whatsoever.
As we say, “They couldn’t run a piss up in a brewery”.”

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World Bank Whistleblower Karen Hudes: “All This Talk About Release The Memo Is A Red Herring. Donald Trump Is Merely A Big Actor, An Agent Of The Banking Cartel.” (Video)

*****

Trump, like the Clinton’s, the Bush’s, Obama, Merkel, May, Cameron, Blair, Macron, Hollande, Sarkozy Putin and Xi Jinping, is a Freemason and an elite puppet.

George Soros serves the Rothschilds and the Rothschilds are the founders of Israel.

Trump is nothing but a Rothschild/Illuminati puppet.

Why Did George Soros Forgive Donald Trump As Much As $312 MILLION In Debt For No Apparent Reason?

JARED KUSHNER DIDN’T DISCLOSE BUSINESS TIES TO SOROS, THIEL, AND GOLDMAN SACHS, OR THAT HE OWES $1 BILLION IN LOANS

Ivanka Trump’s women entrepreneurs fund takes $100 MILLION from Saudi Arabia and United Arab Emirates (If you know that the Saudis belong to the Khazarian mafia, then it all does make sense.)

Ivanka Trump and Jared Kushner Visit Lubavitcher Rabbi’s (Founder Of The Chabad Movement) Grave for Pre-Election Blessing (Video)

Donald Trump, Chabad-Lubavitch Anerdd The Oligarchs

Slate: “Jared’s Not So Sure He Can Bring Peace to the Middle East. Thank God.” – Maybe Kushner, who owns the 666 Fifth Avenue building in NYC and belongs to Jewish supremacist doomsday cult, does NOT want to bring peace?

The Jewish Supremacist Doomsday Cult That Connects Trump and Putin — Chabadniks And Zionists Are 9/11 “Perpetraitors”

Saudi King Shah Salman gifts items to Trump worth $1.2 BILLION (If you know that the Saudis belong to the Khazarian mafia, then it all does make sense.)

There is Something Very Strange about This Man! (Jared Kushner) – (Video)

Kushners Belong to Jewish Supremacist Doomsday Cult – #WW3

GEORGE SOROS GAVE JARED KUSHNER $259 MILLION CREDIT

David Icke: President Two Mouths – “Trump Is 100% Owned By Israel” (Video)

Donald Trump Pals Around with George Soros:

Trump actually spent Christmas Eve with George Soros in 2009, according to the New York Post.

Read moreWorld Bank Whistleblower Karen Hudes: “All This Talk About Release The Memo Is A Red Herring. Donald Trump Is Merely A Big Actor, An Agent Of The Banking Cartel.” (Video)

World’s largest hedge fund puts down $13 billion to profit from trouble in Europe.

Bridgewater Bets Big against Largest Banks in Spain & Italy:

World’s largest hedge fund puts down $13 billion to profit from trouble in Europe. 

A lot of people have lost a lot of money in the recent financial market convulsions, but there’s still plenty of money to be made by betting against the companies, as the world’s largest hedge fund, Bridgewater Associates, showed this week. It bet heavily against four of Spain’s biggest corporate hitters. The fund took up short positions worth €1.2 billion, or 0.5% of total shares at Banco Santander, BBVA, Telefónica and Iberdrola.

The gamble has already reaped dividends. Shares of Iberdrola, Spain’s biggest utilities company, Telefonica, Spain’s struggling telecoms giant, and Santander, Spain’s biggest bank ended the week around 5% lower, while BBVA tumbled 4%. Bridgewater placed its best against the two large Spanish banks last week, just as they presented annual results that largely disappointed the market. Since then, both banks have lost close to 10% of their market cap.

Read moreWorld’s largest hedge fund puts down $13 billion to profit from trouble in Europe.

Three Crazy Things We Now Accept As “Normal” For The Economy

Three Crazy Things We Now Accept As “Normal” For The Economy

H/t reader squodgy:

“Despite the FACT it was stolen by the priveliged before it started to get to the worker/peasant level and never actually filtered down to Joe BigMac, the dumbos still consider it a stimulus for the economy……Doh!

It was never to help the worker, it was an insurance policy for the bankster elite……”

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Credit Suisse “Terminates” XIV

Credit Suisse “Terminates” XIV:

After it was halted for trading earlier in the day, which many saw as a harbinger of imminent termination – moments ago Credit Suisse confirmed retail vol sellers’ worst fears when it announced that it would indeed be “accelerating” the XIV ETN, i.e. terminating it.

From the press release:

Credit Suisse AG Announces Event Acceleration of its XIV ETNs

New York February 6, 2018 Credit Suisse AG (“Credit Suisse”) today announced the event acceleration of its VelocityShares™ Daily Inverse VIX Short Term ETNs (“XIV”) due to an acceleration event. The acceleration date is expected to be February 21, 2018.

Since the intraday indicative value of XIV on February 5, 2018 was equal to or less than 20% of the prior day’s closing indicative value, an acceleration event has occurred. Credit Suisse expects to deliver an irrevocable call notice with respect to the event acceleration of XIV to The Depository Trust Company by no later than February 15, 2018. The date of the delivery of the irrevocable call notice, which is expected to be February 15, 2018, will constitute the accelerated valuation date, subject to postponement due to certain events. The acceleration date for XIV is expected to be February 21, 2018, which is three business days after the accelerated valuation date.

How much money will holders of the now defunct XIV get?

Read moreCredit Suisse “Terminates” XIV

Wells Fargo Plunges 9%, Biggest Drop Since August 2015 “ETFlash Crash”

Wells Fargo Plunges 9%, Biggest Drop Since August 2015 “ETFlash Crash”:

Following Friday’s shocking Fed crackdown, Wells Frago stock is reeling on Monday morning, tumbling as much as 9%, its biggest intraday drop since the August 2015 ETFlash Crash.

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Joanne Nova: The Other Side of Climate (Video)

H/t reader squodgy:

“Very interesting.
Never joined the dots properly between the big banksters and the climate issue.”

Flashback:

JPMorgan Employee Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade

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Bank Of America, JPMorgan Bar Crypto Purchases On Credit Card

Bank Of America, JP Morgan Bar Crypto Purchases On Credit Card:

The second largest US bank said it “will begin declining credit card transactions with known cryptocurrency exchanges” starting today.

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“There’s No Silver Lining”: Deutsche Bank Tumbles On Abysmal Earnings

“There’s No Silver Lining”: Deutsche Bank Tumbles On Abysmal Earnings:

It is safe to say that after years of disappointment, investor expectations were low ahead of today’s Deutsche Bank earnings report. Yet somehow, the biggest German lender failed to beat even the most pessimistic one.

Deutsche Bank, which had already guided for a slump, shocked markets when revenue that missed the lowest estimate and fell to the lowest in seven years amid declines at businesses from transaction banking to equity derivatives, and pretty much everything else. Even cost control – supposedly a key feature of CEO John Cryan’s tenure – was worse than expected. The company also reported a €1.3 billion loss for Q4, which while better than the company’s disastrous report last year, was €100mm worse than the lowest forecast and far worse than the consensus loss of €478mm.

“The results are disappointing again and we don’t see anything encouraging in them, reinforcing our doubts in the bank’s strategy and management,” said Michael Huenseler at Assenagon. “There’s no silver lining.”

In line with its US peers, revenues in the all important fixed income and currencies trading group fell 29% year-on-year, and combined FIC and FIC-related financing were 20% lower. Echoing JPM and Goldman, Deutsche said the division suffered from “low volatility, low institutional client activity and difficult trading conditions in certain areas“, Deutsche said in a statement.

Overall trading revenue at the investment bank, excluding financing, declined 27 percent, Deutsche Bank said.

Read more“There’s No Silver Lining”: Deutsche Bank Tumbles On Abysmal Earnings