A Banking Sign: Things to Come

[overcomer2]

Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.

In other words, if you have $10,000 in an account you would be allowed only $5,000.

 

[Agricola]

I assume this is the JP Morgan Chase Bank, in which case, it has nothing to do with fedral or national problems. The bank has made a $13 billion settlement with the courts. Obviously they are going to be struggling to find this amount of money, basically they are going to have to use customers money to pay this, until they can make or borrow the shortfall to repay customers.

SO you have $10,000, JPMORgan are taking $5,000 of it and will only let you have $5000 until they can recover and then allow you the other 5k

 

[AgeofKnowledge]

It's a good thing actually. JPMorgan Chase is the nation's largest private bank and it is being held accountable by the U.S. government for knowingly selling faulty mortgage securities that contributed to the financial crisis. This will send a strong message to the private banking system that they will have to pay if they engage in that behavior.

About $4 billion of the penalty will go to resolve the outstanding FHFA issues so we, the public, don't have to pay for that and about $4 billion will go to a consumer-relief fund to help troubled homeowners. That fund now has about $51 billion from all the other penalties the government has levied for this practice.

The balance will go to the Justice Department and New York state to pay all the costs (e.g. legal, court, accounting, etc...) arising from the lawsuit.

It's a win for the public.

I assume this is the JP Morgan Chase Bank, in which case, it has nothing to do with fedral or national problems. The bank has made a $13 billion settlement with the courts. Obviously they are going to be struggling to find this amount of money, basically they are going to have to use customers money to pay this, until they can make or borrow the shortfall to repay customers.

SO you have $10,000, JPMORgan are taking $5,000 of it and will only let you have $5000 until they can recover and then allow you the other 5k

 

[zone]

It's a good thing actually. JPMorgan Chase is the nation's largest private bank and it is being held accountable by the U.S. government for knowingly selling faulty mortgage securities that contributed to the financial crisis. This will send a strong message to the private banking system that they will have to pay if they engage in that behavior.

About $4 billion of the penalty will go to resolve the outstanding FHFA issues so we, the public, don't have to pay for that and about $4 billion will go to a consumer-relief fund to help troubled homeowners. That fund now has about $51 billion from all the other penalties the government has levied for this practice.

The balance will go to the Justice Department and New York state to pay all the costs (e.g. legal, court, accounting, etc...) arising from the lawsuit.

It's a win for the public.

oh for.....you're....is this a joke?

....

In Washington, One Bank Chief Still Holds Sway

By JACKIE CALMES and LOUISE STORY
Published: July 18, 2009

WASHINGTON — Jamie Dimon, the head of JPMorgan Chase, will hold a meeting of his board here in the nation’s capital for the first time on Monday, with a special guest expected: the White House chief of staff, Rahm Emanuel.

Mr. Emanuel’s appearance would underscore the pull of Mr. Dimon, who amid the disgrace of his industry has emerged as President Obama’s favorite banker, and in turn, the envy of his Wall Street rivals. It also reflects a good return on what Mr. Dimon has labeled his company’s “seventh line of business” — government relations.

http://www.nytimes.com/2009/07/19/business/19dimon.html?pagewanted=all&_r=0

...

5/13/2010 at 9:45 AM

Brian Moynihan Replaces Jamie Dimon As Obama’s Favorite Banker

For a long time, the relationship between JPMorgan CEO Jamie Dimon and President Barack Obama seemed solid. They just got each other: Both were Chicago Cubs fans and had a tendency to use salty language. Both had easygoing attitudes that disguised their rabidly ambitious natures. A rapport developed between them, based on a politically palatable quid pro quo: If the president needed to understand something about the banking industry, he called Jamie. In turn, Jamie's close relationship with the president made him seem as though he was invested in doing what was best for the American people, which helped JPMorgan avoid the public-relations trap that Goldman Sachs, whose closest Washington ally appeared to be Henry Paulson, eventually fell into.

It's hard, as it always is, to say when exactly things fell apart. Signs of strain first began appearing last summer, when the Obama administration laid out a plan for regulatory reform that banks felt was confining, and Jamie struck back in a passive-aggressive op-ed. By this spring, they were openly, uncomfortably fighting, with the JPMorgan CEO accusing the administration of indulging in "capricious, arbitrary, and punitive behavior," and the president saying that some "fat cat" bankers just "don't get it." Even though the president later backtracked by saying that he didn't "begrudge" Jamie his wealth, and (we imagine) assured him in a private phone call that he wasn't fat, there were hurt feelings on both sides. The relationship, it seemed, was inexorably broken. And then a new man came into Obama's life.

Brian Moynihan Replaces Jamie Dimon As Obama’s Favorite Banker -- Daily Intelligencer


Obama loves me; he loves me not; he loves me; he loves me not....


IS MY NAME REALLY DIMOND? LIKE CREFLO DOLLAR?

LOLOLOLOLOL

 

[overcomer2]

BOSTON (CBS/AP) - People in Ohio, Michigan and 15 other states found themselves unable to use their food stamp debit-style cards on Saturday, after a routine test of backup systems by vendor Xerox Corp. resulted in a system failure. At about 9 a.m. Saturday, reports from across the country began pouring in that customers’ EBT cards were not working in stores. At 2 p.m., an EBT customer service representative told CBS Boston that the system was currently down for a computer system upgrade. Xerox spokeswoman Jennifer Wasmer released further details later in the afternoon in an emailed statement. “While the electronic benefits system is now up and running, beneficiaries in the 17 affected states continue to experience connectivity issues to access their benefits. Technical staff is addressing the issue and expect the system to be restored soon,” Wasmer said. “Beneficiaries requiring access to their benefits can work with their local retailers who can activate an emergency voucher system where available. We appreciate our clients’ patience while we work through this outage as quickly as possible.” Chase Manhattan Bank is in charge of EBT (food stamp) cards. Interesting...

 

[AgeofKnowledge]

Zone, you posted cartoons and some article that doesn't refute anything I said. Please try again. This time, write a few paragraphs using standard English addressing the points I made in my post (as opposed to points that aren't relevant to what I'm posting).

I don't understand the screed and why you so often choose to miscommunicate in that style. You can obviously read and write English so do so.

I stated:

"It's a good thing actually. JPMorgan Chase is the nation's largest private bank and it is being held accountable by the U.S. government for knowingly selling faulty mortgage securities that contributed to the financial crisis. This will send a strong message to the private banking system that they will have to pay if they engage in that behavior.

About $4 billion of the penalty will go to resolve the outstanding FHFA issues so we, the public, don't have to pay for that and about $4 billion will go to a consumer-relief fund to help troubled homeowners. That fund now has about $51 billion from all the other penalties the government has levied for this practice.

The balance will go to the Justice Department and New York state to pay all the costs (e.g. legal, court, accounting, etc...) arising from the lawsuit.

It's a win for the public."

Try again. This time, focus on what I'm saying and see if you have anything directly relevant to the specific points I'm making.

 

[zone]

Zone, you posted cartoons and some article that doesn't refute anything I said. Please try again. This time, write a few paragraphs using standard English addressing the points I made in my post (as opposed to points that aren't relevant to what I'm posting).

I don't understand the screed and why you so often choose to miscommunicate in that style. You can obviously read and write English so do so.

I stated:

"It's a good thing actually. JPMorgan Chase is the nation's largest private bank and it is being held accountable by the U.S. government for knowingly selling faulty mortgage securities that contributed to the financial crisis. This will send a strong message to the private banking system that they will have to pay if they engage in that behavior.

About $4 billion of the penalty will go to resolve the outstanding FHFA issues so we, the public, don't have to pay for that and about $4 billion will go to a consumer-relief fund to help troubled homeowners. That fund now has about $51 billion from all the other penalties the government has levied for this practice.

The balance will go to the Justice Department and New York state to pay all the costs (e.g. legal, court, accounting, etc...) arising from the lawsuit.

It's a win for the public."

Try again. This time, focus on what I'm saying and see if you have anything directly relevant to the specific points I'm making.

i started another thread.
you could go there.

you're all over the place.
this...is a joke:

It's a good thing actually. JPMorgan Chase is the nation's largest private bank and it is being held accountable by the U.S. government for knowingly selling faulty mortgage securities that contributed to the financial crisis. This will send a strong message to the private banking system that they will have to pay if they engage in that behavior.

come on. who believes (and posts) this stuff?
for real?

tell me - is it Obama spending money? all by himself?
do you know who Jeffrey R. Immelt is?

anyways.....ttyl.

 

[Hellooo]

Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.

In other words, if you have $10,000 in an account you would be allowed only $5,000.

International wires -- there's a lot of money structuring and laundering that happens through wiring...it's a lot easier to detect and track this type of activity - that finances terrorism, pyramid schemes, etc - on inbound wires. Plus, who wants to eat the cost for sending money outside the country...foreign wires cost way more than domestic. I dislike fees as much as the next person, but I get why it would be passed along to me.

Cash withdrawal limits -- banks already do this on a lot of levels. ATMs impose daily withdrawal limits both on an account level and at the machine level. Your debit card almost always has a daily withdrawal and daily point of sale purchase limit. If you want to do a significantly large cash withdrawal the bank report it to the IRS (among other various agencies). For really large sums of cash, you HAVE to call ahead..they won't hand it over same day at the window, and it can take over a week to receive your bills. Those electronic transfers between people on banking websites have limits. Savings accounts limit you to 6 transfers out in a statement cycle regardless of amount, 3 of them can be paper checks unless you go see a face to face teller or an ATM.

There's no cash limit on the upgraded accounts according to JPM..the restriction is imposed on the basic business accounts, which they allege are accounts opened mostly online. The upgraded accounts require asset levels that are higher. Just a guess on my part, but the basic accounts probably aren't too profitable....the new terms will drive customer behavior towards upgrading to the premium accounts, closing their accounts out entirely, or just paying the fees to do the extra wires and such.

JPM... not a privately held bank. It's publicly held and traded.

There's no denying that we are in a strange economic time. Banks and major companies are sitting on a lot of cash, and even with these significantly low interest rates, people aren't really borrowing. Perhaps I'm being naive in not taking the capital control theory too seriously, but if banks were going out of their way to attract deposits and trap them in the bank, I would personally expect to see higher yields on deposit accounts, before deliberately implementing capital control methods....banks make way more money on interest rate spreads than they do from the excessive withdrawal fees.

People should put there money wherever it will allow them to sleep well at night, or if you hate the service you're getting..there's competitors everywhere who may suit you better. For those who really fear banks, just make sure you're educating yourself on the risks of the other savings/investment vehicles before you get suckered into scams. A lot of people have lost 20-40% in gold and silver this year, thinking they were safe and conservative investments, and not fully aware of the different kinds of risks involved, how much commodity values actually fluctuate, or all the fees involved with purchase, storage, and liquidation.


Just my .02

(Disclaimer..I dont work for JPM, I don't bank with them, dont hold any jpm stock, never held any, nor do i intend to purchase any shares)

 

[AgeofKnowledge]

Great. Please provide me the link to your thread.

As for Immelt, he's the chairman and CEO of GE and a member of Obama's Economic Recovery Advisory Board which has patently failed to bring about economic recovery but has resulted in us getting even more in debt.

I've read that he may have violated federal law in his business dealings with Iran but that doesn't equate to he runs Iran, etc.. as some pothead conspiracy nuts post.

i started another thread. you could go there. you're all over the place. this...is a joke: come on. who believes (and posts) this stuff? for real? tell me - is it Obama spending money? all by himself? do you know who Jeffrey R. Immelt is? anyways.....ttyl.

 

[zone]

Great. Please provide me the link to your thread.

http://christianchat.com/conspiracy...-forum/76559-international-monetary-fund.html

As for Immelt, he's the chairman and CEO of GE and a member of Obama's Economic Recovery Advisory Board which has patently failed to bring about economic recovery but has resulted in us getting even more in debt.

faulty intelligence?
mismanagement?

the CEO of GE gets it wrong? really?

and why isn't he in prison?

I've read that he may have violated federal law in his business dealings with Iran

you'll have your assets seized; be visited by FBI or SS; and go on a terror-watch list if you send money to Iran or have business dealings with them.

even 10 dollars in a card for family you've never met - it happened up here to canadian-born citizens of Iranian descent.
assets frozen, and just taken.
sickening.

but you're not Mr. [Fukushima] Immelt.

 

[iamsoandso]

I'm not sure when it will it will be reveled,that is it's not given for man to comprehend things before there time,,,,then like when we were young,all the sudden the multiplication table,just clicked "and bingo we knew it",,,we figure out things step by step,,cant walk till we learn to crawl,milk first then meat,don't eat the fruit of that three,,,,,,,but one day we will be sitting back in our easy chairs and it will dawn on us,,,"oh!!!,90 percent of the earth already has a pin number in there fore-head they use to buy and sell",,,,,,,,

 

[AgeofKnowledge]

So you're a globalist that wants Canadian law used to prosecute an American citizen?

and why isn't he in prison?but you're not Mr. [Fukushima] Immelt.

 

[zone]

So you're a globalist that wants Canadian law used to prosecute an American citizen?

ha? lol.what does Canada have to do with it?
i'm a globalist? AoK are you alright?

i'm just an observer of events my friend.

i don't know why you don't prosecute criminals.
is it cuz they have immunity?

 

[AgeofKnowledge]

I like that: an observer. I'd call you more than that though. I'd call you an engaged observer. You're someone who votes, is engaged in current events, and also an observer. That's good.

And the reason we don't prosecute political corruption in the U.S. diligently is because most of it's legal... lol. It's legal in the U.S. to use power by government in an official capacity for private gain in a great many ways. It should NOT be!

ha? lol.what does Canada have to do with it?
i'm a globalist? AoK are you alright?

i'm just an observer of events my friend.

i don't know why you don't prosecute criminals.
is it cuz they have immunity?