Citibank

The Fed Fiddles While Free Markets Burn

"...it is unmistakable via Mr. Fischer’s latest remarks that both the Fed. and others are quite content at bowing their monetary fiddles... All while free market capitalism burns at the altar of monetary imperialism."

Barack Obama May Have Finally Destroyed America's #1 Advantage

Abuse. Deceit. Extortion. Not exactly great ways to win friends and influence people. It’s as if Barack Obama pulled together the smartest guys he could find to make a list of all the ways the US government would have to screw up in order to lose its enormous financial privilege… and then he went out and did ALL of them.

Did Citi Just Confiscate $1 Billion In Venezuela Gold

Venezuela's President Nicolas Maduro said on Monday that Citibank planned to shut his government's foreign currency accounts within a month, denouncing the move by one of its main foreign financial intermediaries as part of a "blockade." What Maduro did not mention is that among the central bank accounts closed by Citi will be at least one, rather prominent, gold swap launched just over a year earlier, which saw some 1.4 million ounces in gold swapped over to Citi in exchange for cash... gold which now appears to be confiscated.

The Case For A Super Glass-Steagall

By embracing this kind of Super Glass-Steagall Trump would consolidate his base in the flyover zones and reel in some of the Bernie Sanders throng, too. The latter will never forgive Clinton for her Goldman Sachs speech whoring. And that’s to say nothing of her full-throated support for the 2008 bank bailouts and the Fed’s subsequent giant gifts of QE and ZIRP to the Wall Street gamblers.

In Latest Market Rigging Settlement, Citi Fined $425MM For Manipulating Interest Rates

Another day, another too-big-to-fail bank gets slapped on the wrist after being busted for blatant rigging of the market. The CFTC Order finds that from Jan 2007 to Jan 2012, Citibank on multiple occasions attempted to manipulate, and made false reports concerning, the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a global benchmark for interest rate products. Notably, while a handful of European banks have already settled criminal or civil claims tied to Libor rigging, Citi is the first U.S. bank to do so. Citi will pay a combined $425 million to resolve this manipulation, and as they proudly note in the press release, with today's actions, CFTC has imposed over $5.08 billion in penalties in 17 actions against banks and brokers to address rigging and manipulation in ISDAFIX, FX, and LIBOR benchmarks.

What Consequences? Judge Rules Student Loans Of Broke Lawyers Can Be Cancelled

Following SCOTUS' decision not to hear a case making it easier to get rid of student debt, and The White House's push to ease student loan 'burdens', WSJ reports a federal judge ruled law-school graduates who file for bankruptcy protection can cancel the debt they racked up while studying for the bar exam. Once again - a poor outcome from a seemingly-easy decision (suggested by, and made easy by government) is made consequence-free by America's government (on behalf of US taxpayers). One wonders if the law graduates in question should receive "participation trophies" also as they enter the workforce (as Baristas).