"Banks fight to keep profits; Facing overhaul, adapt by boosting fees, operations" by Eric Dash and Nelson D. Schwartz, New York Times | July 17, 2010
NEW YORK — The ink is not even dry on the new rules for Wall Street, and already, the bankers are a step ahead of everyone else....
Related: Senate Sends Along Financial Fraud Bill
And they called it victory.
After spending many millions of dollars to lobby against the legislation, bankers are now turning to Plan B: adapting to the rules and turning them to their advantage.
So it was a nothing bill that was passed -- with all the time and taxpayer time wasted by the Senate and Dodd's career achievement.
What a failure of a career; however, he did get sweetheart loans from Countrywide while taking millions from lobbyists.
Now that's a successful career!
Faced with new limits on fees associated with debit cards, for instance, Bank of America, Wells Fargo, and others are imposing fees on checking accounts. Compelled to trade derivatives in the daylight of closely regulated clearinghouses, rather than in murky over-the-counter markets, titans like J.P. Morgan Investment Bank and Goldman Sachs are building up their derivatives brokerage operations. Their goal is to make up any lost profits — and perhaps make even more money than before — by becoming matchmakers in the vast market for these instruments, which critics say were a principal cause of the financial crisis.
That is WHAT THEY WERE DOING BEFORE -- selling you a PoS while betting against it at the casino, 'er, on Wall Street!
Even when it comes to what is perhaps the biggest new rule — barring banks from making bets with their own money — banks have found what they think is a solution....
Banks concede they intend to pass many of the costs associated with the bill to their clients.
You got so screwed, America.
The legislation, which President Obama is expected to sign next week, is intended to address the causes of the 2008 economic crisis and curb the most risky behavior on Wall Street.
Yeah, now it is one of his great achievements -- according to the MSM.
“If you’re a restaurant and you can’t charge for the soda, you’re going to charge more for the burger,’’ Jamie Dimon, chairman and chief executive of JPMorgan Chase, said after his bank reported a $4.8 billion profit for the second quarter on Thursday. “Over time, it will all be repriced into the business.’’
Like a hamburger, huh?
Related: JPMorgan’s quarterly profit rises 76%
Also see: The Odious Debt of an Odious Government
And Wall Street cooked it for you!
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"Bank of America rethinks free checking; Seeks to offset costs of new financial rules" by Todd Wallack, Globe Staff | June 18, 2010
Bank of America, the biggest bank in the state and nation, is considering charging some checking customers additional fees starting next year as it tries to offset the cost of complying with new financial rules....
Send it back!
Bank of America, like many banks, is looking for new revenues as it faces additional financial regulations....
How many BILLIONS in PROFIT did they make last quarter?
Like many banks, Bank of America already charges a monthly maintenance fee for many standard accounts. But most customers can easily avoid the fee by maintaining a minimum balance or meeting other requirements, essentially giving them free basic checking.
Yeah, if you PLAY by the RULES then they just CHANGE the RULES!
What a band of usurious vampires!
Other major banks are also expected to implement new fees or find other ways to increase their revenue in coming months....
How are YOU doing on YOUR REVENUE, average American?
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Of course, they are working for you:
"Analyst warns banks creating next bubble" by Zeke Faux and Jody Shenn, Bloomberg News | August 10, 2010
NEW YORK — Wall Street banks are creating the “next investment bubble’’ by selling opaque and unregulated structured notes to investors hunting for yield, says Christopher Whalen, managing director of Institutional Risk Analytics.
A fool and his money will always be parted.
Using the same loophole that allowed over-the-counter sales of collateralized debt obligations and auction-rate securities, the firms are pitching illiquid structured notes whose value is partly derived from bets on interest rates, Whalen wrote yesterday in a report.
So the GREAT REFORM of WALL STREET was worth NOTHING!
Whalen, who predicted in March 2007 the collapse of the mortgage-backed securities market, said that these structured notes “promise enhanced yields that go well into double digits’’ and “often come with only minimal disclosure.’’
Dealers say they buy the securities back from investors, providing liquidity, said Keith Styrcula, chairman of the Structured Products Association, a trade group that organizes industry conferences. The products are used by sophisticated investors to make tailored bets, he said....
Do you trust the lying, looting f***ers?
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