Why Should Taxpayers Give Big Banks $83 Billion a Year? On television, in interviews and in meetings with investors, executives of the biggest U.S. banks -- notably JPMorgan Chase & Co.
Chief Executive Jamie Dimon -- make the case that size is a competitive advantage. It helps them lower costs and vie for customers on an international scale. Limiting it, they warn, would impair profitability and weaken the country’s position in global finance. So what if we told you that, by our calculations, the largest U.S. banks aren’t really profitable at all? What if the billions of dollars they allegedly earn for their shareholders were almost entirely a gift from U.S. taxpayers? Granted, it’s a hard concept to swallow. Let’s start with a bit of background. Lately, economists have tried to pin down exactly how much the subsidy lowers big banks’ borrowing costs. Small as it might sound, 0.8 percentage point makes a big difference. Spanish doctors told to prescribe cheaper generic drugs. Spain's pharmacies are now obliged to provide the cheapest available versions of drugs to patients.
Photograph: Alamy In a move designed to save €2.4bn (£2.1bn) a year, Spain's socialist government has passed a law forcing doctors and pharmacies to prescribe generic drugs rather than the more expensive brand names sold by pharmaceutical companies. Spanish doctors will now have to complete prescriptions giving only the details of the active ingredients of the medicine that their patients must take, as well as the dose and format. The drugs are paid for partly by the state and partly by patients. Pharmacies will be obliged to provide the cheapest available versions of drugs, which will frequently mean not the better-known brand names sold by the big drugs firms.
The government believes the overall saving to the state and to the regional governments who administer health, combined with other drug-price reduction measures adopted on Tuesday, will be about €2.4bn (£2.09bn) a year. Homeowner says Bank of America foreclosure notice doesn't add up. Ed Murray/The Star-Ledger Mark Conca in front of his Caldwell home, he is having trouble with his mortgage holder Bank of America.
As a real estate agent, Mark Conca has watched homeowners struggle to make their mortgage payments. He’s seen a lot of short sales and foreclosures in recent years, and he’s even assisted homeowners looking for mortgage modifications. He didn’t want to be one of them. But the distressed housing market put a major dent in Conca’s commission-based income. He said he still paid his bills on time, but his savings account was dwindling.
Schneiderman Is Said to Face Pressure to Back Bank Deal. Associated Press.
US Made $1.2 Trillion in Secret Loans to 10 Biggest Banks. Aug 22, 2011 This morning a report by Bloomberg News shatters everything we thought we knew about the US financial crisis.
In 2008, as the financial crisis descended into chaos that rattled the foundations of the country, the Federal Reserve announced a $700 billion bank bailout called TARP, in addition to a $160 billion public bailout meant to bolster the balance sheets of America’s biggest banks. As the bets they’d made turned bad and lax regulations required them to have little cash on hand to deal with such a crisis, the Fed was forced to step in as lender of last resort, or face the potential insolvency of America. Today, for the first time, we find out that’s only half the picture—literally.
At the same time TARP was being announced, the country’s biggest banks were actually being propped up by another fund of public bailout loans—these ones secret—that dwarfed TARP and the announced $160 bailout combined. Banking giant plans to cut 25,000 more jobs - Business - World business. News of the World phone-hacking whistleblower found dead. Sean Hoare, the former News of the World showbusiness reporter who was the first named journalist to allege that Andy Coulson was aware of phone hacking by his staff, has been found dead .
Hoare, who worked on the Sun and the News of the World with Coulson before being dismissed for drink and drugs problems, was said to have been found at his Watford home. Hertfordshire police would not confirm his identity, but said in a statement: "At 10.40am today [Monday 18 July] police were called to Langley Road, Watford, following the concerns for the welfare of a man who lives at an address on the street. Letting Bankers Walk. Jailed for cashing Chase check at Chase bank.
AUBURN, Wash. - Buying his own home was a big accomplishment for construction worker, Ikenna Njoku, of Auburn.
He’s only 28 years old. “I was really excited. For the first time, I actually got to buy a lawn mower, mow my lawn and everything,” said Njoku. Njoku qualified for the first time home buyer rebate on his tax return. "It was really important, I had a vehicle I was looking on paying off," said.