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Big Money Sentiment is 0 in Q4 2018. It has change of 2018Q3’s as. The ratio is flat due to BancorpSouth Bank positioning: 0 sold and 0 reduced. only 0 funds acquired positions and 1 increased positions. Investors holded 9,569 in 2018Q3 but now own 19,260 shares or 101.27% more.
Fruth Invest reported 9,500 shs stake. Gemmer Asset Limited Com has 0% invested in BancorpSouth Bank (NYSE:BXS) for 130 shs. Source
Since the foreclosure crisis that swept the nation after the 2008 crash, America’s biggest banks have been involved in a never-ending spree of abuse, scams, and crime.
The latest allegation comes from indefatigable housing reporter David Dayen. This time it is about America’s largest bank, JPMorgan Chase, and how it apparently gamed the 2012 mortgage settlement.
But it’s also worth remembering that the settlement itself was a grotesque miscarriage of justice. In a sane world, many top executives and dozens if not hundreds of lower-level employees would have gone to prison for the systematic document fraud. Yet, as Jesse Eisinger details in his excellent book The Chickenshit Club, President Obama’s Department of Justice and his U.S. attorneys were generally too lazy or too scared to prosecute big white-collar crimes. Instead, they preferred “no admit, no deny” deferred prosecution agreements, in which prosecutors didn’t have to press complicated cases, gigantic banks paid a nominal fee and swore to make changes to fix the problem (a promise which was often violated instantaneously), and case closed.
Over the past decade, this kind of settlement was reached over and over and over again without seemingly any change of behavior. Let’s roll a (highly abridged) tape of the five biggest banks, just covering settlements over $100 million since the financial crisis, compiled by the Corporate Research Project:
JPMorgan Chase (assets: $2.55 trillion)
2009: The bank settled with the Securities and Exchange Commission for $75 million in fines and $647 million in disclaimed fees over allegedly bribing officials in Jefferson County, Alabama.
2011: JPMorgan settled another class-action lawsuit for $100 million over allegations that it tricked credit card customers into higher fees and interest rates.
2012: It agreed to a $297 million SEC settlement for allegedly misleading investors.
2013: JPMorgan agreed to a $410 million settlement with the Federal Energy Regulatory Commission over allegedly rigging electricity markets; two of its traders were charged with securities fraud by the SEC over the London Whale case, for which it settled for $920 million divided between the SEC, the British Financial Conduct Authority, the Office of the Comptroller of the Currency, and the Federal Reserve, and with the Commodity Futures Trading Commission for $100 million in a separate settlement; it shared a $300 million class-action lawsuit settlement with another company for allegedly forcing homeowners into expensive insurance; it was fined $20 million plus forced to refund $309 million in fees by the Consumer Financial Protection Bureau over allegedly illegal credit card practices; it paid $4.5 billion to settle yet another class-action lawsuit over allegedly misleading investors; it agreed to a $13 billionsettlement with the Justice Department over allegations of mortgage and securities fraud connected to the financial crisis; it was fined about $108 million over allegedly rigging the LIBOR inter-bank interest rate; and it agreed to a $1.7 billion settlement with the Department of Justice over allegedly enabling Bernie Madoff’s Ponzi scheme.
2014: JPMorgan was nailed by four different regulators for rigging the foreign exchange market: fined $350 million by the OCC, fined $310 million by the CFTC, fined $352 million by the British FCA, and fined $550 million plus a felony guilty plea by the Department of Justice.
2015: It was fined $342 million by the Federal Reserve, as part of the same foreign exchange scam; it was fined $136 million by the CFPB, $30 million by the OCC, and ordered to pay $50 million in refunds over allegedly selling bad credit card debt and document fraud; it agreed to a $267 million settlement with the SEC and to pay $40 million to the CFTC over allegedly misleading investors.
2016: It was again hit by multiple regulators over allegedly bribing Chinese officials: fined $72 million by the Department of Justice, fined $264 millionby the SEC, and $61 million by the Federal Reserve.
Bank of America (assets: $2.25 trillion):
2010: Bank of America agreed to a $108 million settlement with the Federal Trade Commission over alleged fraud associated with the financial crisis; it agreed to a $150 million settlement with the SEC over an alleged failure to disclose losses; and it agreed to a $137 million settlement with the Justice Department for allegedly rigging the municipal bond market.
2011: It paid $315 million to settle a class-action lawsuit over allegedly misleading investors; it agreed to a $335 million settlement with the Justice Department over alleged lending discrimination done by a bank it had bought; it settled with Fannie and Freddie for $2.8 billion over allegedly selling faulty loans.
2012: Bank of America paid $2.43 billion to settle another class-action lawsuit about allegedly misleading investors.
2013: It settled for $165 million with the National Credit Union Administration over alleged bad loans; it agreed to a $131 million SEC settlement over allegedly misleading investors; it paid Fannie $3.6 billionand agreed to buy back $6.75 billion in alleged bad loads, and it settled with Freddie Mac for $404 million over the same thing.
2014: The CFPB ordered the bank to pay $727 million over allegedly illegal credit card practices; it was fined $204 million by the Federal Reserve for allegedly rigging foreign exchange markets; and it agreed to a $16.65 billion Justice Department settlement (the largest single-company settlement in history) over alleged mortgage and securities fraud connected with the financial crisis.
2016: It agreed to a $415 million SEC settlement and to admit wrongdoing for illegally trading with customer deposits.
2009: The bank agreed to buy back $1.4 billion in mortgage securities in a settlement with California over allegedly misleading investors.
2010: It agreed to provide $2 billion more in relief to California.
2011: Wells Fargo agreed to a $148 million settlement with the Justice Department over alleged municipal bond rigging done by a bank it had bought (to which was added a later $37 million settlement on Wells Fargo itself); it paid $125 million to settle a class-action lawsuit over allegedly misleading investors.
2012: The bank agreed to a $175 million settlement with the Justice Department over allegedly racist lending practices.
2013: It agreed to pay Freddie Mac $869 million over allegedly bad loans.
2016: Wells Fargo agreed to a $1.2 billion settlement with the Justice Department over allegedly illegal mortgage lending; and it was fined $100 million by the CFPB for illegally opening two million secret credit card and deposit accounts for its customers, according to its own internal analysis (it later found 1.7 million more accounts).
Citigroup (assets: $1.82 trillion):
2011: The bank agreed to a $285 million settlement with the SEC over alleged securities fraud; it paid $158 million in a civil settlement over allegedly defrauding the government’s mortgage insurance programs.
2012: It paid $590 million to settle a class-action suit over allegedly misleading investors.
2013: Citigroup paid $730 million to settle another class-action lawsuit over allegedly misleading investors; it paid $968 million to Fannie Mae and $395 million to Freddie Mac over alleged bad mortgage loans.
2014: The bank paid $1.13 billion to settle yet another class action lawsuit over allegedly misleading investors; it agreed to a $7 billion settlement with the Department of Justice over allegedly misleading investors about toxic mortgage securities; it was nailed by two different regulators for allegedly rigging foreign exchange markets: $310 million by the Commodities Futures Trading Commission, $358 million by the British Financial Conduct Authority.
2015: Two more regulators hit Citigroup for rigging foreign exchange markets: $925 million plus a guilty plea by the Department of Justice, and $342 million by the Federal Reserve; it was fined $700 million by the CFPB over allegedly illegal credit card practices; and finally it was fined $175 million by the CFTC for allegedly rigging two key inter-bank interest rate benchmarks.MORE PERSPECTIVESW. JAMES ANTLE IIIAre libertarian Republicans misreading the political climate?MATTHEW WALTHERThe Senate’s sound and fury over a non-emergency
Goldman Sachs (assets: $894.1 billion):
2010: This bank agreed to a $550 million settlement with the SEC over the notorious ABACUS deal, in which it allegedly colluded with trader John Paulson to create a security filled with toxic loans that Paulson could bet against, then sold it to a German bank without disclosing Paulson’s involvement.
2013: Goldman agreed to a $330 million settlement with the Federal Reserve over alleged foreclosure abuses.
2014: It agreed to pay Fannie and Freddie $3.15 billion in a settlement with the Federal Housing Finance Authority over alleged securities fraud.
2016: The bank agreed to a $5 billion settlement with the Department of Justice over allegedly misleading investors; it was fined $120 million by the CFTC for allegedly rigging benchmark interest rates.
This jaw-dropping list leaves out literally dozens of smaller fines and settlements with the government and private businesses and individuals. And yet, all of these banks remain wildly profitable. Finance accounts for about 8 percent of GDP and something like one-third of corporate profits. All these fines, even taken together, are basically a drop in the bucket — indeed, given how top law enforcement has worried about financial instability in the case of personal prosecutions, it’s highly likely that these settlements are designed to not exceed the banks’ ability to pay.
If we want Wall Street to stop committing so many crimes, perhaps it’s time to start personally punishing the perpetrators — and reducing the massive size of these institutions. Source
Since the global financial crisis, the world’s largest banks have agreed to pay close to $60 billion in fines just to the U.S. Department of Justice for creating and selling toxic mortgage-backed investments.
These don’t include the tens of billions that the banks have also paid in connection with lawsuits from investors or other federal agencies.
The web of complex mortgage-based financial products they created are largely to blame for creating the global financial crisis of 2007 and 2008, which ultimately led to the Great Recession.
The latest banks to be fined just in the last 24 hours are Germany’s Deutsche Bank (DB) and Switzerland’s Credit Suisse (CS), which agreed to multi-billion dollar settlements with the U.S. Department of Justice, worth a combined $12.5 billion.
A majority of that money will go directly towards programs designed to help homeowners and borrowers.
The Justice Department announced Thursday that its next target is British bank Barclays (BCS). It’s accusing the bank of fraudulently selling shady mortgage-backed securities that left its clients with billions of losses.
Here’s a breakdown of some of the biggest banks and their settlements with the Justice Department in the last few years, ordered from oldest to newest:
- JP Morgan (JPM) – $13 billion (2013)
- Citigroup (C) – $7 billion (2014)
- Bank of America (BAC) – $16.7 billion (2014)
- Goldman Sachs (GS) – $5.1 billion (2016)
- Morgan Stanley (MS) – $3.2 billion (2016)
- Deutsche Bank (DB) – $7.2 billion (this week)
- Credit Suisse (CS) – $5.3 billion (this week)
The fines were the result of investigations into widespread fraud and abuse in the mortgage market and were pursued by multiple U.S. government agencies.
The DoJ has said that the banks packaged poor-quality mortgages into investments and sold them to clients globally. When the mortgages soured, investors lost billions.
“Abuses in the mortgage-backed securities industry helped turn a crisis in the housing market into an international financial crisis,” said Benjamin Wagner in 2013, when he was the U.S. Attorney for the Eastern District of California.
But these settlements don’t paint the whole picture. Banks have paid out billions from other crisis-era settlements over things like manipulating interest rates and foreign exchange rates.
They have also paid billions more to settle other mortgage-related lawsuits from that period. For example, Bank of America paid nearly $12 billion in 2012 to help settle lawsuits over wrongful foreclosures.
Earlier this year, Wells Fargo (WFC) agreed to pay $1.2 billion for shady mortgage lending practices between 2001 to 2008. This deal was also settled with the Justice Department.
Source Noone was jail!!…
Corruption has played a starring role in the history of financial institutions. Corruption is likely to cause inefficiency when assets are used inappropriately. Read More
|Bank||City||State||Date||Assets at time of failure|
|Washington Mutual||Seattle||Washington||2008||$307 billion|
|Continental Illinois National Bank and Trust||Chicago||Illinois||1984||$40.0 billion|
|First Republic Bank||Dallas||Texas||1988||$32.5 billion|
|American Savings and Loan||Stockton||California||1988||$30.2 billion|
|Colonial Bank||Montgomery||Alabama||2009||$25 billion|
|Bank of New England||Boston||Massachusetts||1991||$21.7 billion|
|FBOP Corp banking subsidiaries||Oak Park||Illinois||2009||$18.4 billion|
|Gibraltar Savings and Loan||Simi Valley||California||1989||$15.1 billion|
|First City National Bank||Houston||Texas||1988||$13.0 billion|
|Guaranty Bank||Austin||Texas||2009||$13.0 billion|
|Downey Savings and Loan||Newport Beach||California||2008||$12.8 billion|
|BankUnited FSB||Coral Gables||Florida||2009||$12.8 billion|
|HomeFed Bank||San Diego||California||1992||$12.2 billion|
|AmTrust Bank||Cleveland||Ohio||2009||$12.0 billion|
|WesternBank||Mayaguez||Puerto Rico||2010||$11.9 billion|
|United Commercial Bank||San Francisco||California||2009||$11.2 billion|
|Southeast Bank||Miami||Florida||1991||$10.5 billion|
|Goldome||Buffalo||New York||1991||$9.9 billion|
|City Federal Savings and Loan||Elizabeth||New Jersey||1989||$9.8 billion|
|Imperial Federal Savings Assoc.||San Diego||California||1990||$9.6 billion|
|Great American Savings||San Diego||California||1991||$9.5 billion|
|CenTrust Bank||Miami||Florida||1990||$8.2 billion|
|Empire of America Savings||Buffalo||New York||1990||$8.2 billion|
|California National Bank||Los Angeles||California||2009||$7.8 billion|
|Crossland Savings Bank||Brooklyn||New York||1992||$7.4 billion|
|The Connecticut Bank & Trust Co.||Hartford||Connecticut||1991||$7.2 billion|
|Corus Bank||Chicago||Illinois||2009||$7.0 billion|
|Gibraltar Savings Association||Houston||Texas||1988||$6.5 billion|
|First Federal Bank of California||Santa Monica||California||2009||$6.1 billion|
|Sunbelt Savings||Irving||Texas||1991||$6.0 billion|
|Doral Bank||San Juan||Puerto Rico||2015||$5.9 billion|
|R-G Premier Bank of Puerto Rico||Hato Rey||Puerto Rico||2010||$5.9 billion|
|Western Savings and Loan||Phoenix||Arizona||1989||$5.7 billion|
|Columbia Savings & Loan Assn.||Beverly Hills||California||1991||$5.4 billion|
|Franklin Bank||Houston||Texas||2008||$5.1 billion|
|Lincoln Savings and Loan Association||Irvine||California||1989||$4.9 billion|
|Silverton Bank||Atlanta||Georgia||2009||$4.1 billion|
|Imperial Capital Bank||La Jolla||California||2009||$4.0 billion|
|PFF Bank & Trust||Pomona||California||2008||$3.7 billion|
|Franklin National Bank||New York||New York||1974||$3.7 billion|
|La Jolla Bank||La Jolla||California||2010||$3.6 billion|
|Frontier Bank||Everett||Washington||2010||$3.5 billion|
|Amcore Bank||Rockford||Illinois||2010||$3.4 billion|
|First National Bank of Nevada||Reno||Nevada||2008||$3.4 billion|
|Riverside National Bank of Florida||Fort Pierce||Florida||2010||$3.4 billion|
|Midwest Bank and Trust Company||Elmwood Park||Illinois||2010||$3.2 billion|
|First National Bank, also operating as The National Bank of El Paso||Edinburg||Texas||2013||$3.1 billion|
|Superior Bank||Birmingham||Alabama||2011||$3.0 billion|
|TierOne Bank||Lincoln||Nebraska||2010||$2.8 billion|
|Irwin Union Bank and Trust Colorado.||Columbus||Indiana||2009||$2.7 billion|
|Orion Bank||Naples||Florida||2009||$2.7 billion|
|EuroBank||San Juan||Puerto Rico||2010||$2.6 billion|
|First Community Bank||Taos||New Mexico||2011||$2.3 billion|
|Integra Bank, N.A.||Evansville||Indiana||2011||$2.2 billion|
|ANB Financial||Bentonville||Arkansas||2008||$2.1 billion|
|First Regional Bank||Los Angeles||California||2010||$2.1 billion|
|Silver State Bank||Henderson||Nevada||2008||$2.0 billion|
|New Frontier Bank||Greeley||Colorado||2009||$2.0 billion|
|Georgian Bank||Atlanta||Georgia||2009||$2.0 billion|
|Vineyard Bank||Rancho Cucamonga||California||2009||$1.9 billion|
|Peoples First Community Bank||Panama City||Florida||2009||$1.8 billion|
|County Bank||Merced||California||2009||$1.7 billion|
|Hillcrest Bank||Overland Park||Kansas||2010||$1.6 billion|
|Advanta Bank Corp.||Draper||Utah||2010||$1.6 billion|
|CF Bancorp||Port Huron||Michigan||2010||$1.6 billion|
|Mutual Bank||Harvey||Illinois||2009||$1.6 billion|
|Community Bank of Nevada||Las Vegas||Nevada||2009||$1.5 billion|
|First Bank of Beverly Hills||Calabasas||California||2009||$1.5 billion|
|Temecula Valley Bank||Temecula||California||2009||$1.5 billion|
|New South Federal Savings Bank||Irondale||Alabama||2009||$1.5 billion|
|Community Banks of Colorado||Greenwood||Colorado||2011||$1.4 billion|
|Hamilton Bank||Miami||Florida||2002||$1.3 billion|
|Horizon Bank||Bellingham||Washington||2010||$1.3 billion|
|United States National Bank||San Diego||California||1973||$1.3 billion|
|Premier Bank||Jefferson City, Missouri||Missouri||2010||$1.2 billion|
|Broadway Bank||Chicago||Illinois||2010||$1.2 billion|
|Security Bank of Bibb County||Macon||Georgia||2009||$1.2 billion|
|Charter Bank||Santa Fe||New Mexico||2010||$1.2 billion|
|Alliance Bank||Culver City||California||2009||$1.1 billion|
|City Bank||Lynnwood, Washington||Washington||2010||$1.1 billion|
|Columbia River Bank||The Dalles||Oregon||2010||$1.1 billion|
|Community Bank and Trust||Cornelia||Georgia||2010||$1.1 billion|
|Integrity Bank||Alpharetta||Georgia||2008||$1.1 billion|
|Affinity Bank||Ventura||California||2009||$1.0 billion|
|Appalachian Community Bank||Ellijay||Georgia||2010||$1.0 billion|
- Financial crisis of 2007–08
- List of banks acquired or bankrupted in the United States during the 2007–2012 global financial crisis
- List of bank failures in the United States (2008–present)
- Savings and loan crisis (which resulted in many bank failures)
- Too big to fail
John Wesley who said that what we tolerate in our generation, will be embraced by the next. Wesley is 100% correct! We are living in sick times.
HNewsWire- “All political language is designed to make lies sound truthful and murder respectable.” Just look at some of our modern day examples: torture is “enhanced interrogation techniques”; murder is “collateral damage”; the aggression initiation of war is a “pre-emptive strike”; the theft of taxpayers’ money is a “bailout”; and the theft of depositors’ money in a bank is a “haircut” or “bail-in”.In a blatant example of Newspeak, the New World Order controllers (through the psychiatric DSM V) have tried to rename pedophiles as “minor-attracted persons” and redefine pedophilia as a “sexual orientation”. This makes no sense, since sexual orientation has to do with gender not age, with whether you are attracted to males or females, not how old they are. There are even organizations (like B4UAct.org) which are claiming that pedophiles are being unfairly stigmatized for their feelings!
Justice is a word that stands alone, adding anything to it demeans it….
It is impossible to find anyone in the Bible who was a power for God who did not have enemies and was not hated.
Children are being misplaced or lost in our foster care system, we must demand more openness and accountability from each state.
If you have information or believe there is a child in danger that’s being exploited please contact 127 Faith Foundation
The 127 Faith Foundation
Please help me help these kids(orphans) that are in trouble, PLEASE 80% of the book sales goes directly to: The 127 Faith Foundation
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“It is better to be divided by truth than to be united in error. It is better to speak the truth that hurts and then heals, than falsehood that comforts and then kills. Let me tell you something, friend, it is not love and it is not friendship if we fail to declare the whole counsel of God. It is better to be hated for telling the truth, than to be loved for telling a lie. It is impossible to find anyone in the Bible who was a power for God who did not have enemies and was not hated. It’s better to stand alone with the truth, then to be wrong with a multitude. It is better to ultimately succeed with the truth than to temporarily succeed with a lie. There is only one Gospel and Paul said, ‘If any man preaches any other gospel unto you than that which we have preached unto you, let him be accursed.”
Proverbs 31:8 (NIV)
Speak up for those who cannot speak for themselves,
for the rights of all who are destitute
MY MISSION IS NOT TO CONVINCE YOU, ONLY TO INFORM…
Jesus come quick, there is nothing left in society that’s sacred….
The 127 Faith Foundation: We do not solicit donations from “those on disability, on a fixed income, or those who cannot afford to give.” Please Pray!
Or, make checks payable to:
The 127 Faith Foundation
PO Box 127
Pontotoc, TX 76869
The number of Orphans aging out of Child Protective Custody has grown at an alarming rate. The 127 Faith Foundation receives many requests each week to house them at our ranch. Our prayer is that the good people of our country will step up to the challenge and offer financial support for "the least among us." We need your help! StevieRay Hansen, Founder, The 127 Faith Foundation
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