WASHINGTON: ‘ Hillary Clinton blames Republicans for Inequality in US ‘

#AceNewsReport – WASHINGTON:June.13: Clinton announced her candidacy by blaming Republicans for the fact that inequality in the US has been increasing and Wall Street managers and CEOs have expanded their share of the economy while overlooking how that trend started during her husband’s administration.

Hillary Clinton officially announced her candidacy today saying that she intends to reshape the US economy so it works for more Americans rather than just those on the wealthier end of the spectrum. However, she overlooked her husband’s role in bank deregulation that led to an increase in inequality and the crash of 2008.

“These Republicans trip over themselves promising lower taxes for the wealthy and fewer rules for the biggest corporations without regard for how that will make income inequality even worse,” Clinton said in her speech.

The Republican candidates in the 2016 cycle are continuing to push for the same damaging policies, Clinton argues.

“They pledge to wipe out tough rules on Wall Street, rather than rein in the banks that are still too risky, courting future failures. In a case that can only be considered mass amnesia.”

The choice of Roosevelt Island, named after and dedicated to Franklin Delano Roosevelt stands as an ironic symbol given that Hillary Clinton’s husband, President Bill Clinton, undid key legislation that Roosevelt enacted to end The Great Depression and rein in runaway financial institutions.

President Clinton’s tenure was characterized by financial deregulation which set the stage for the expanded deregulation during the administration of George W. Bush, during the end of which the economy crashed. Clinton signed the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation Roosevelt had put in place. Bill Clinton also signed the Commodity Futures Modernization Act, exempting credit-default swaps from regulation.

Bill Clinton would likely have a significant advisory role should the couple return to the White House. 

@AceNewsServices

Ace Worldwide News

#barack-obama, #george-h-w-bush, #george-w-bush, #goldman-sachs, #hillary-clinton, #jon-corzine, #republican-national-committee, #robert-rubin, #united-states, #wall-street

WASHINGTON: ‘ DEMOCRATS WITHHOLD SUPPORT OVER CHANGES TO DODD-FRANK REFORM LAW ‘

#AceNewsServices – WASHINGTON:Dec.11 – Senator Elizabeth Warren urged Democrats Wednesday to withhold support for a massive funding bill, as opposition on the political left mounted over a set of changes to the Dodd-Frank Wall Street reform law buried in the legislation.

“I urge my Democratic colleagues in the House to withhold support for it until this risky give-away is removed,” Warren (D-Mass.) said during remarks on the Senate floor as Peter Schroeder reported. 

Among the host of provisions included in the $1.1 trillion funding measure is one that would partially repeal a Dodd-Frank rule aimed at ensuring risky derivatives trading happens away from banks that have a government safety net.

The last-minute inclusion, hammered out by party negotiators, is outraging several Democrats who have spent years fighting back against GOP efforts to reduce the impact of the 2010 law.

#ANS2014 

#dodd-frank, #wall-street

CINCINNATI: ‘ ONE RULE FOR ONE AND ONE RULE FOR ANOTHER OR BANKSTERS’ V GREENPEACE ‘

#AceWorldNews – CINCINNATI – October 16 – Wall Street bankers each caused over $2 trillion in damages during the global economic collapse caused by their corporations’ fraud.

None of them were investigated, much less charged and jailed.

But eight Greenpeace activists are on trial facing a decade in prison because they each allegedly caused $2,000 in damage to Procter & Gamble’s Cincinnati headquarters during a protest earlier this year.

The trial begins later this month. 

Source: 

#ANS2014 

#cincinnati, #greenpeace, #wall-street

UNITED STATES: ‘ The Meek Will Inherit the Earth and the Strong Will Wither on the Vine ‘

#AceNewsServices – UNITED STATES – October 10 – All money that is printed for the purpose of the lending market, has but one purpose from a lenders point of view ,to create a way to hold people accountable, should they not pay!

' Bankers Lending Money and Manipulating the Stock Markets '

‘ Bankers Lending Money and Manipulating the Stock Markets ‘

That is the First Rule of Lending:

The second is to minimise the risk in favour of themselves, so as in the case of the wall street bankers they created a way to maximise profits and minimise risk, simply by creating a portfolio of hedge funds, these were of course situated offshore, thus no taxation payable! They were then utilised to buy corporate bonds and using the hedge funds, they created products to sell to their investors! So when an investor came to them looking for good investment opportunities, they were  as with all products, advised of the  risk, asking whether they would prefer a low, medium or high risk investment ,not realising the products they were being offered, had been designed and honed by the investment bankers!

In fact they were so well designed that the bankers made money, whether the client made money or not! As the products were designed with one simply plus, that of capitalizing on the “Investors Greed” so the more the client made, utilising their highest risk investments, the more the bankers made, but add to that the additional plus {For them not the Investor} the more the client lost, they still made money!

Now with all that accumulated wealth funds offshore they do not need people to invest ,they have all the capital they need, and can sit in their ivory towers and move money on a computer screen, making a billion a second!  One final bonus for them is that using all the hedge funds they then convert them into Wealth Funds and as an investment vehicle buy shares in corporations when the 2008 crisis hit!

Also as  a lot of investors went to the wall around that time, they picked up dirt cheap assets, purchased with their own clients money!!

Well Now Their is a Bonus for the Bankers: 

' Wall Street '

‘ Wall Street ‘ 

Now these Wall Street Bankers have become to big too fail, the reason well their clients provided the wealth for them to grow to a size, to buy anything and provide funding through “Dark Money” Investment Vehicles” to make it possible to manipulate the governments of the world!

They started by backing certain politicians in the senate and of course their own future leader ,they may have failed this last time, but mark my words they will succeed eventually!

So now these bankers – who people have aptly called bankster’s ,who trousered the wealth can watch people fail, or lose their livelihood as they did in 2008!

You see these bankers are too big to fail for one reason and one reason only, while they can manipulate people with their billions, they control the world by the simple action of “Money” and as everyone should know “The Love of Money is the Root of all Evil” and it is the bankers that are the snakes, and we are those that can be bought following their words eat of the tree of knowledge of good and evil, everyday of our lives!

Eventually and sooner than you think these people will close their doors and banks will not be open to the likes of us ,who do not have the billions and they will sit in their newly created ivory towers, looking down upon those that put them in this seat, of so-called power!

Then like a massive monopoly board they will move their money on the screen of their computers ,buying and selling assets, they partly own or control!

So when people keep saying to me that we can control these banksters, we can implement “Rules and Regulations” through the FCA or the like, really they have no chance, of success! As the bankers are the ones who hold all the cards and are one step ahead, as they know all the right people, as they buy their power with the almighty dollar.

So they will for the time being sit in the shadows and manipulate the markets.

There is however one saving grace, that one day someone much bigger waiting in the wings will come to the fore and will like them, have already moved all the pieces on the board of life into place, with the whole intention of not controlling money, using power but eventually controlling people’s minds!

They may think they can hide in the lies in their words and avoid detection, but the time is coming when their final days will be over for ever!

Always remember as in the story of little boy who slew the giant Goliath with little more than a sling and a stone.

The Meek will Inherit the Earth and the Strong will Wither on the vine!

#ANS2014

#bankers, #earth, #evil, #good, #meek, #united-states, #wall-street

` @GSElevator loses his book deal as he goes down to ground level ‘

#AceFinanceNews says that the man behind a popular Twitter account that appeared to provide a rare insider look at Goldman Sachs has lost his book deal after revelations the former banker never actually worked at the firm.

Banker John Lefevre gained Internet fame through his @GSElevator account, where he posted dialogue he claimed to have overheard in the elevators of the top global investment firm, angering many at Goldman Sachs and other Wall Street executives.

Lefevre, formerly of Citibank, had remained anonymous for three years, until The New York Times revealed his identity last week.

“In light of information that has recently come to our attention since acquiring John Lefevre’s ‘Straight to Hell,’ Touchstone has decided to cancel its publication of this work,” the division of Simon & Schuster said in a statement.

Goldman responded to the news with some humour. “Guess elevators go up and down,” it posted on its Twitter account.

#AFN2014

#gselevator, #goldman-sachs, #john-lefevre, #mes, #new-york-times, #simon-schuster, #touchstone, #twitter, #wall-street

JPMorgan Employee Falls to Death From Building Roof in Hong Kong

WHAT IS GOING ON HERE? ANOTHER DEATH FOR A JP Morgan employee, as you all know I follow this story here: http://prayingforoneday.wordpress.com/?s=banks
A JPMorgan Chase & Co. (JPM) employee fell to his death from the roof of Chater House, the investment bank’s Asia-Pacific headquarters in Hong Kong.

“A sad and tragic incident occurred in Chater House, Hong Kong, which is currently being investigated by the police,” JPMorgan said in an e-mailed statement yesterday. The bank declined to comment further “out of respect for those involved. Our thoughts and sympathy are with the family that’s involved at this difficult point of time.”

A Hong Kong police official, who asked not to be identified in line with the agency’s policy, said the person was certified dead at the hospital. The man was a junior employee in a supporting function who didn’t work as a trader or investment banker, said a JPMorgan employee who asked not to be identified because they weren’t authorized to release the information until the man’s family overseas are contacted.

“A Chinese male in his thirties” was found in front of the building at about 1:55 p.m. yesterday, Lee Kwok Wing, senior manager for security and support services of building owner Hongkong Land Holdings Ltd., said at the scene. The building at 8 Connaught Road Central is 30 stories high, according to Hongkong Land’s website. JPMorgan occupies the top 10 floors.

Other building tenants include Franklin Templeton Investment Funds, Mizuho Securities Asia Ltd., Pictet Asset Management (HK) Ltd. and Sumitomo Mitsui Asset Management Co.

Last month, a 39-year-old vice president in technology operations died after falling from JPMorgan’s London headquarters.

#bankers-committing-suicide-world-wide, #banking-lies, #banking-story, #financial-journalist, #financial-regulators, #financial-scandals, #insider-warns-that-more-banker-assassinations-are-coming, #jp-morgan, #jpmorgan, #jpmorgan-banker-dies, #political-lies, #wall-street

” Financial World Shaken by `Death’s of Four Banker’s Apparent Suicides’ in one Week”

#AceNewsServices says `Financial World Shaken’ by `Four Bankers‘ Apparent Suicides in one Week.

The apparent suicide death of the chief economist of a US investment house brings the number of financial workers who have died allegedly by their own hand to four in the last week.

2russell-investments-chief-economist-dead.si50-year-old Mike Dueker, who had worked for Russell Investment for five years, was found dead close to the Tacoma Narrows Bridge in Washington State, says AP.

Local police say he could have jumped over a fence and fallen 15 meters to his death, and are treating the case as a suicide.

Dueker was reported missing by friends on January 29, and police had searched for him.

A Sheriff’s spokesman said investigators learned that he was having problems at work but did not elaborate.

Jennifer Tice, a company spokeswoman declined to comment, however said, that Dueker was in good standing at Russell.

We were deeply saddened to learn today of the death,” Tice said in an e-mail on Friday. “He made a valuable contributions that helped our clients and many of his fellow associates.

Dueker joined Russell Investment in 2008. He wrote for Market Outlook financial services publications, forecasting the business cycle and the target federal funds rate. He is the creator and developer of a business cycle index that forecast economic performance published monthly on the Russell website.

He was previously an assistant vice president and research economist at the Federal Reserve Bank of St. Louis, and is ranked in the top 5 percent of published economists.

Over the past two decades he wrote tens of research papers mostly on monetary policy, according to the bank’s website.

His most-cited paper was “Strengthening the case for the yield curve as a predictor of U.S. recessions, published in 1997 while he was a researcher at the Federal Reserve.

He was a valued colleague of mine during my entire tenure at the St. Louis Fed,” said William Poole, the bank’s ex-president. Everyone respected his professional skills and good sense.

Dueker held an undergraduate degree in math from the University of Oregon, a master’s degree in economics from Northwestern University and a Ph.D. from the University of Washington.

Streak of bankers’ deaths

Dueker’s apparent suicide was the fourth among financial experts in a week.

A 58-year-old former senior executive at Deutsche Bank AG, William Broeksmit, was found dead on January 26 in his home after an apparent suicide in South Kensington in central London.

The next day, January 27, Tata Motors managing director Karl Slym, 51, was found dead on the fourth floor of the Shangri-La hotel in Bangkok. Police said he could have committed suicide. Mr. Slym was staying on a 22th floor with his wife, and was attending a board meeting in the Thai capital.

Another tragic incident occurred on January 28, when a 39-year-old Gabriel Magee, a JP Morgan employee, died after falling from the roof of its European headquarters in London.

The offices of JP Morgan in the Canary Wharf district of London (Reuters/Simon Newman)The offices of JP Morgan in the Canary Wharf district of London (Reuters/Simon Newman)

While creating fortunes, City and Wall Street jobs are notorious for extra-long working weeks and huge amounts of stress. In a move to ease the tension some of the world’s biggest lenders like Bank of America, Goldman Sachs, JP Morgan and Credit Suisse have told junior staff to take more time off.

Some European countries like Belgium and the Netherlands have reduced the working week from 40 to 30 hours without damaging their economies, while in Germany an average worker puts in 35 hours a week and is the world’s fourth largest economy.

 

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#acenewsservices, #bangkok, #dueker, #federal-reserve-bank-of-st-louis, #general-motors, #goldman-sachs, #london, #russell, #russell-investment, #tacoma-narrows-bridge, #tata-motors, #wall-street

Forced Bankruptcy and Privatization of the City of Detroit: Law Suit in Federal Court

Forced Bankruptcy and Privatization of the City of Detroit: Law Suit in Federal Court

Global Research, September 23, 2013
Please note this is a copyrighted article and cannot be altered in any way without express permission of the writer. Thank you Editor.  
English: Michigan Gov. Rick Snyder

English: Michigan Gov. Rick Snyder (Photo credit: Wikipedia)

Contradicting what the corporate media editorial boards have promoted in chorus with the multi-millionaire Governor Rick Snyder and his appointed emergency manager Kevyn Orr, 110 people filed objections to the forced bankruptcy of the City of Detroit. The hearing took place on September 19 and was widely covered in the local, national and international press.

This extraordinary hearing had provided only a small window of time for legal action. Many of the people that testified were retirees, city workers, community organizers and professionals who met the deadline set by the Judge Steven Rhodes to submit their objections.

Outside the federal courthouse on Lafayette Blvd. downtown, members of the Moratorium NOW! Coalition carried a banner which read “Cancel the Debt: Jobs, Pensions, City Services, the Banks Owe Us!” Later a group of active firefighters gathered to demonstrate their displeasure with the state of affairs facing the people of this majority African American municipality.

English: Detroit Free Press logo

English: Detroit Free Press logo (Photo credit: Wikipedia)

Retired Detroit Department of Health chemist Walter Knall, a member of the Stop the Theft of Our Pensions Committee (STOPC), told the Free Press in front of the courthouse that what the banks and their operatives are attempting in the city could set a pattern for the rest of the United States. “I don’t see how anyone could take (pensions) away from a whole generation of people who’ve worked hard for the city,” Knall said.

Testimony Illustrates Broad Opposition to Bankers’ Rule

Jean Vortkamp, a lifelong Detroiter and recent mayoral candidate for the 2013 primary elections, broke out in tears as she expressed her opposition to what she considered an illegal bankruptcy filing by Orr and Snyder. She said “If this bankruptcy and the goal of pension cutting are allowed, it will impoverish my parents, sister, friends and neighbors. Many seniors say that cutting health care and their meager incomes is a way to cut the senior population.”

Vortkamp continued stressing “If the undemocratic EM whom I did not elect is going to break union contracts and pensions, then he should also break the contracts Detroit has with financial institutions. Our assets are not for sale. It is not either the art or the pensions. It is neither.”

Pointing the finger at the banks and their role in the financial ruin of Detroit, she asked “Why haven’t we sued for the LIBOR rigging? Collected unpaid taxes from the wealthy and fines from blight and environmental violations? Detroit needs to protect our assets and get the forensic audits we have needed for decades – of all depts., authorities and the work the State and Jones Day has done here.”

Vortkamp surmised before Judge Rhodes that “I suspect there is a small group of racist rich men and banks who have been pulling the puppet strings of Detroit for a very long time. As I stand in bankruptcy court I would say they haven’t done a good job. Detroiters need to stop blaming themselves and stop listening to the local media that is controlled by these rich men and banks.”

Later Michael Shane, a resident of the northwest side of Detroit, told the bankruptcy court of the impact of predatory lending carried out by the banks had contributed to the economic crisis of the city. He described the practices of the banks as illegal and racist in its overall character.

“The financial crisis in Detroit was triggered by the housing crisis where an estimated 100,000 home foreclosures occurred and almost a quarter million people left the city. The banks issued predatory loans, targeting Detroit and other communities of color in a racist and illegal manner,” Shane noted.

Shane then emphasized that “The banks have already been fined tens of billions of dollars. And former bank employees are testifying under oath, confirming the illegal and racist practices of the banks. Some of this testimony includes racially offensive language that cannot be repeated in polite company. These banks include many of the same banks who hold Detroit’s debt.”

“Property and income taxes dropped precipitously during this crisis, causing huge losses to the City of Detroit. And to make matters even worse, the banks refuse to pay property taxes on homes seized after foreclosure,” Shane told Judge Rhodes.

Another objector to the bankruptcy filing was Cynthia Blair, the widow of a Detroit police officer. Blair has been active in attempts to mobilize retirees and their families against the program of cuts and austerity being imposed by Orr and Snyder.

Blair said “The bankruptcy could take me and my daughter’s pension away. And we would be thrown directly to the welfare rolls.”

According to the figures released by the emergency manager, Detroit has over $22 billion in long term debt. These purported debts are to the banks, bondholders and insurers who have played the most significant role in the decline of the city.

Orr is attempting to cut a deal with the banks and bond insurers where they will be paid 80 percent of what they say is owed to them by Detroit while pensioners and workers are being chained with massive obligations that derive directly from financial practices dictated by Wall Street and the corporations, many of whom are based in the metropolitan area.

The automobile firms of General Motors and Chrysler were bailed out in 2009 by the federal government. Nonetheless, the pre-packaged bankruptcy and restructuring resulted in the loss of tens of thousands of jobs and small businesses such as car dealerships which employed skilled and often unionized workers.

People in Detroit are saying that the municipality is not a private corporations and that people have a vested interests in maintaining their jobs, salaries, healthcare benefits, pensions and city assets. Many more people are agreeing with the slogans and program advanced by the Moratorium NOW! Coalition calling for the cancellation of the bank debt and the holding of the financial institutions and corporations accountable for the damage they have done to the city.

Survey Reveals Mass Opposition to the Theft of Pensions and Assets

Further confirming the widespread anger over the attempts by Orr and Snyder on behalf of the banks to impose unbearable austerity on the city, a study conducted by the Detroit Free Press and WXYZ Channel 7 revealed that 75 percent of likely voters said they were against any cuts to municipal pensions. In addition, 78 percent also responded that they also opposed the selling off of the works at the Detroit Institute Arts (DIA) to pay the bankers. (freep.com, September 22)

Nonetheless, this opposition must be organized if it is to be effective. In fact the entire emergency management process had been rejected by a majority of people around the state of Michigan in a referendum held just last November.

However, Snyder and his cohorts in the state legislature in December 2012 passed another law that re-instituted this pseudo-legal rationale for municipal dictatorship and austerity. Even the bankruptcy filing procedure was conducted illegally says Krystal Crittendon, the former Corporation Counsel of the City of Detroit Law Department.

Crittendon, who was later removed from her position as head of the law department for opposing emergency management, but still works within it, noted that an actual bankruptcy must be filed by elected officials of a municipality. Consequently, the agents of banks in Lansing working through Kevyn Orr violated even the state constitution in carrying out this attempt to further drive the city and its people into deeper poverty and oppression.

The International People Assembly Against Banks & Austerity is being organized by the Moratorium NOW! Coalition and other community organizations in Detroit and surrounding areas. Over 280 endorsements for the gathering on October 5 and 6 at Grand Circus Park downtown have come in so far.

The event will coincide with the fifth anniversary of the massive bank bailout in 2008. This bailout is continuing through the compensation by the Fannie Mae and Freddie Mac for so-called toxic assets as well as the $85 billion turned over by the Federal Reserve to the banks every month.

This two-day long event will feature people from the city, the nation and indeed the world. Statements of solidarity have been issued from people’s organizations in Brazil, Portugal and other states facing similar crises.

The International Peoples Assembly will also be designed to build for a massive mobilization on October 23 when Judge Rhodes hears arguments on the constitutionality of the bankruptcy filing. Members of the coalition putting together the Assembly say that people should surround the courthouse on October 23 calling for the end of the bankruptcy and the cancellation of bank debt.

Organizers for the International Peoples’ Assembly are encouraging all of those concerned to join the effort in solidarity with the city of Detroit.

Those interested in finding out more information about this historic gathering should log on to moratorium-mi.orgdetroitdebtmoratorium.organd internationalpeoplesassembly.org .

Copyright © 2013 Global Research

#acenewsservices, #city-of-detroit, #detroit, #detroit-free-press, #federal-court, #general-motors, #governor-rick-snyder, #jones-day, #libor-scandal, #michael-shane, #rick-snyder, #steven-rhodes, #united-states, #wall-street

Private Healthcare Companies Are Too Big To Fail

Standards in social are being undermined because the handful of private

English: Wall Street sign on Wall Street

English: Wall Street sign on Wall Street (Photo credit: Wikipedia)

companies which dominated public sector contracts are deemed too big to fail, according to a report by Social Enterprise UK. The report’s authors said that Britain faces “another banking crisis” in the care sector unless charities and social enterprises are given a greater slice of the market.

Ace News Desk: Our take on the story based on:

” Banks Being Too Big To Fail”

There was a phrase someone time ago, that l remember well and it went like this:    ” The  Bigger You Are The Harder You Fall” but we live in times of austerity whereby the rich do not get touched by the hardship of the poor!

Although we have a broken country and the 2008 crisis led us to the brink, we never saw any bank of size fail! Oh initially they were stating that they were unable to trade, due mainly to liquidity. But this liquidity existed in one country at the time, as they moved their funds around! The country in 2008 that brought us the brink was the United States Of America and they had a street that was ” Walled” like some ancient wall of Jericho, and we all know what happened to that eventually, but not now!

But in this global world of cross fertilisation of currency and ideas, it was not long until we were to witness, that what ever happens across the pond, eventually arrives on the United Kingdoms shores!  Then like a greedy monster, it started to devour every financial product insight, just to protect itself!

This was to continue to “ricochet” backwards and forwards for three whole years, with the “blame culture” evident and Wall Street putting up the barriers to protect themselves! The words “Too Big To Fail” became the “Watchwords of the Day” and these monoliths of investment were looking like they may tumble! But they did something, that no other establishments had ever done! They had protected themselves by designing a system, that would stop all comers getting beyond their firewalls, these ” Seven Wall Street Banks” were protected by protecting each other! They defied all rules of “Financial Regulatory Controls” in place at the time, and did not fail!

Now fours years on it is the turn of the ” Healthcare Industry” to become “Too Big To Fail” and then as more of these massive, uncontrolled corporations and institutions, see it works!

Five Giants Of Care According To The Beverage Report

Five Giants Of Care According To The Beverage Report

Another phrase comes to mind

“Much Wants More And Greedy Wants The Lot

#britain, #business, #public-sector, #social-enterprise, #social-enterprise-uk, #too-big-to-fail, #united-states, #wall-street