Banks & Money
Elected officials serve one purpose — to represent their constituents, the people who voted them into office. Last year, many of our elected officials let us down by giving in to deep-pocketed lobbyists and passing laws meant to boost corporate profits at the expense of individual liberty. Our Senators and Representatives showed how little they cared about personal freedoms when they voted overwhelmingly to pass the National Defense Authorization Act (NDAA). The NDAA allows for the indefinite detention of individuals based merely on a suspicion or allegation of sympathizing with questionable groups or causes.
A few emails like this have hit our inbox this morning: Have you seen this CME margin thing? Isnt this global meltdown on Monday???????????? Seen on 0hedge and The Trader. What's happening?
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Even in a tight credit market, David Meinert didn't think he'd have a problem getting funding from his bank. He was a model entrepreneur, with good credit and a profitable business earning $2 million in revenue. But when he applied for a relatively small $50,000 line of credit from Chase in late 2010, he got denied in 12 hours, with no explanation. "It was insulting and made no sense, even to the banker. And there was no one to even talk to about it," Meinert says.
US Bank President Richard Davis addressed the 1% at a Minnesota Chamber of Commerce luncheon this afternoon while the 99% protested outside. The "Golden Boy of Wall Street," as the New York Times recently dubbed him, was there to discuss the chamber's 2012 legislative priorities -- none of which include housing, the foreclosure crisis, or banking issues, although "tax reform" is on the agenda as the body's "major policy initiative." Outside, a group of protesters including Occupy MNers and community leaders rallied to demand banks stop "foreclosing on the American Dream." In a speech lasting about half an hour, Davis did not address the Occupy movement sweeping the country. The banker began his speech to the assembled fat cats by introducing the Boy Scout motto, "Be Prepared," and Minnesota's state motto, "Get prepared." That, Davis said on numerous occasions throughout the speech, was the key to making it through this recession.
Updated at 9:46 a.m. ET WASHINGTON - Jon Corzine stepped down Friday from running the securities firm that collapsed after his disastrous bets on European debt. The move was announced as a criminal probe of the company appeared to be intensifying. The firm, MF Global, said Corzine has resigned as chairman and CEO and will decline payments from a severance package worth $12.1 million, including cash and benefits.