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The 2009 Fraud Enforcement and Recovery Act, meant to outline future and enforce previous punishments for the Wall Street Executives who knowingly committed crimes that resulted and/or exacerbated the 2008 financial crisis has failed to live up to its name.
On February 15 2013, Massachusetts Senator Elizabeth Warren cautioned, "too big to fail is now too big to trial." University of Illinois Attorney and Professor Jim Moye has researched extensively on the subject and crafted improvements for this piece of legislation.
LET‘S PUT THE FEAR IN THE FERA! SUGGESTIONS TO MAKE THE FRAUD ENFORCEMENT AND RECOVERY ACT OF 2009 A STRONG FRAUD DETERRENT by Jim Moye must be given the attention it rightfully deserves.
Millions of consumers have lost vast sums of money due to the mis-selling of personal protection insurance, secured and non secured loans.
This practice has left many individuals having to seek redress to recover monies that should have not been taken from them due to mis-selling.
Whilst recovery of the sums involved is a step in the right direction, punitive measures must be applied to ensure similar practises are not carried put in the future
In accordance with Article One, Section Eight, Clause Five, the First amendment and Tenth amendment, to the Constitution of the United States of America.
The United States Congress is hereby ordered, by the Citizenry to repeal the Federal Reserve Act, and all subsequent Amendments to said act.
Justice for All
Please register your 'Call for a Royal Commission into the Banking Sector of Australia', with broad terms of reference.
Many Australians are victims of Full Doc, Low Doc and No Doc LAF fraud in Australia. The President of BFCSA (Inc), Ms Denise Brailey, recently spoke at a Senate Hearing in Canberra and produced undeniable and indisputable evidence of Australian banks and lenders' widespread involvement in Loan Application Fraud.
There are countless victims who have had their houses and businesses taken illegally by the banks.
There is also the serious situation of regulators turning a blind eye to consumer complaints and the same regulators supporting the banks. The regulators are hiding behind flawed legislation and their own internal policies.
This petition will be presented to the Australian Government to indicate the Will of the People that a Royal Commission into the banking sector must be instigated as a matter of urgency.
Case for a People’s Bank.
The Commonwealth Bank was a successful government owned bank with many remarkable achievements over most of the 20th century while it was the ‘People’s Bank’. Among other things Australians saw it as insurance against exploitation by private banks.
The privatisation of the Commonwealth Bank in the 1990’s was a financial disaster for Australia. It came about in the shadow of government deceit, where the people were told that this was to be the last government sale of public assets.
Since deregulation, banks have enjoyed obscene profits and paid their executives multi-million dollar salaries and bonuses. The dark side of the coin shows they have closed branches, cut services, colluded and exploited legally and illegally their collective monopoly of power whenever possible.
This failed deregulation led to all state government banks collapsing and paved the way for a wave of further deregulation and privatization which can exploit the consumer.
The results are being felt by many Australian families who are having difficulties managing budgets such as their privatised utility bills.
Adding to their financial woes is they’re being slugged with an increasing range of bank fees and charges for services, most of which were given free by the original Commonwealth Bank.
There is a strong case to reverse this negative flow, starting with the banks. Options are to nationalise all banks, or create a government owned People’s Bank based on the original Commonwealth Bank model.
Australia’s federal and state governments, general public, and small and large business sectors all stand to gain from a People’s Bank.
For example, the private banks will have to fall in line with the policies and ethics of the People’s Bank. This means less profit for the private banks and more money in your pocket.
The Commonwealth Bank model is cited in overseas publications as a system with enormous merit to both public and private sectors.
We have an opportunity to again demonstrate to the world a banking system that can bring considerable benefits to the federal government and its people.
If you believe we need a People’s Bank, sign the petition and forward it to your family and friends to sign too.
Please check out these links for relevant information:
The government is allowing banks and other financial institutions to rip off ordinary people without punishment.
The BIG 4 BANKS only offer discounts on mortgage rates to new customers.
Existing customers are forced to switch banks or accept higher rates than new customers.
The BIG 4 BANKS should reward LOYALTY with a discount for customers that have stayed with their bank for 3 years or more.
We the working class need to stop banks predatory practices!! Stop the resequencing of your withdrawls. Banks "reserve" the right to deduct withdrawls BEFORE they credit your account with any funds, then they also deduct your withdrawls from highest to lowest under the pretence that they are doing us a favor. Outrageous!!
Sign the petition to change these predatory practices!! When Jeff Ledford overdrew $10 from his checking account, Bank of America charged him five separate overdraft fees totaling $175.
That's a 1750% interest for going over $10. (Jeff is unemployed, by the way.)
Your Bank's Dirty Trick.
Jeff got screwed because his bank dealt with his charges out of order, processing the largest transaction first.
This common practice allows banks to deplete your account faster, thus making it easier for them to charge you unnecessary penalties.
This was not a one-time mistake or the stupid policy of a single bank. This is the industry standard. No wonder banks are set to make a record $38.5 billion in overdraft fees this year. Rod Brown with the California Bankers Association says it's normal practice for banks to process charges from the largest to smallest.
He's quick to point out, there's no law that says they can't. When Kurtis asked him if he could see how the public would think the banking industry is manipulating charges to make the most profit, he said, "No I can't."
We all know you inherited this real estate mess. We know this was in the making 5 to 6 years before you were even elected. BUT, WE ALSO KNOW THAT IF ANYONE CAN DO ANYTHING TO REMEDY THE SITUATION (BESIDES GOD ), IS Y O U, AND MAKE THESE LYING, CHEATING, CROOKED BANKS PAY FOR THE UNDUE, UNNECESSARY FINANCIAL , MORAL AND MENTAL STRESS AND SUFFERING THEY HAVE INFLICTED UPON THOUSANDS OF FAMILIES, JUST BECAUSE OF THEIR GREED.
Yesterday's 60 minutes report ( 4/3/'11) was a re-affirmation of what everybody suspected of the banks, that they have lied, cheated to accelerated the foreclosure procedures.
Banks cutting corners in order to speed up struggling home owners into foreclosure in an incredible and irresponsibly potentially fraudulent.
The background to this petition is the financial crisis, credit crunch, banking bailouts and resultant austerity measures.
The reason for this petition is the banking sector's shameful capacity to continue awarding it's staff outrageous bonuses in the name of performance - exemplified by the unabashed actions of Mr. Bob Diamond.
To avoid repeats of this global calamity and it's associated poverty, misery and pinched public services we must avoid making the same mistakes again. As a starting point we need to think differently about what performing well in high level roles like investment banking means, and what incentivises good performance over risky malpractice.
A moving introduction to the concepts of what really motivates us can be found at: http://www.ted.com/talks/lang/eng/dan_pink_on_motivation.html
The purpose of this petition is to highlight the level of discontent at the banking sector, and Bob Diamonds cavalier attitude in particular. This in an effort at reformation of banking malpractice, certainly a factor in the last economic crisis, if not the leading cause.
According to Number10 gov petitions attracting over 100,000 signatures must be debated in Parliament, and I feel certain there are at least this number of people who will remember that the banking sector has yet to be properly brought to task for it's hand in causing the current global economic difficulties, and must be to avoid these crises recurring.
I urge you to sign. Thank you.
11. UK UNCUT
UK Uncut call for Tax Evaders to be held accountable to the state and pay their dues when it comes to taxes.
UK Uncut research show that the UK Government have paid out £1 trillion to save banks from collapse.
Barclays Bank recorded Just over £11 Billion in Profits yet paid a mere £120 million in tax, they should pay nearly 30 times that!!!!.
Sir Philip Green managed to evade £300 million in UK tax by moving it around offshore accounts, this money could pay for 20,000 qualified nurses salaries or 36,000 hiked up students fees.
In 2010 Boots paid £14 million in corporation tax to the UK due to offshore banking, despite years earlier being bailed out by the UK taxpayer.
Vodaphone....... probably the biggest culprit, managed to evade paying £6 billion in UK Tax, work out the math and you will soon realise that these corporations are making a mockery out of you and the this country!.
Additional Tax Evaders are: RBS/Natwest,Tescos, Cadbury, Walkers and Dieago.
When a borrower gets a Home Loan from a lender and the loan amount is more than 80% of the purchase price or valuation (whichever is the lesser amount) then the lender gets Lenders Mortgage Insurance to cover them for any of the debt not recoverable by foreclosure sale or settlement but this premium is paid by the borrower.
This premium is $,000's and though it covers the lender for the term of the loan which averages 25-30 years it is non-refundable after a maximum of 2 years and as soon as a loan is funded your immediate refund amount is a maximum of 40% of the premium even if you pay it out within the first week of the loan being funded. Essentially if you refinance or payout your loan within the 1st year you will only receive a refund of 40% of the premium and 30% in the second year, after that you get nothing back even though the premium is to cover the loan for the whole of its term.
If you want to refinance your loan to another lender in many instances you will have to pay a discharge fee to the lender you are leaving and then an application fee to the new lender and then because usually within the first few years of your loan the value hasn't increased much in your home so if the refinanced loan is greater than 80% of the value of the home you will again have to pay the Lenders Mortgage Insurance premium which is again up to $,000's so high value loan borrowers are usually stuck with putting up with unfair interest rates and fees or change and have to pay $'000's for the Lenders Mortgage Insurance with the new lender.
As there are 2 main Lenders Mortgage Insurance Providers in Australia and any of the lenders can use either provider then as long as the refinanced loan amount doesn't exceed the original loan amount and is in the same borrower names and for the same property there is no reason why the beneficiary of the Lenders Mortgage Insurance Premium cannot be changed to the new Lender. Any additional funds that may need to be borrowed over and above the original loan amount due to discharge and refinance costs then LMI providers should be paid a small additional amount like a loan increase with the existing lender if the borrower didn't change lenders.
This would make it more affordable for borrowers to change to Lenders with more beneficial loans available for them and increase competition in the finance market place.
On May 13th, HUD submitted legislation to Congress that would make public housing more attractive for bank mortgages and other private funders. Private banks that could take over public housing in the event of a foreclosure.
If this legislation passes, we can imagine a future where our public schools, libraries and national parks are mortgaged to banks to provide funding.
Please help us stop the mortgaging of our public property and sign the petition below.
Credit ratings are normally assigned by private Agencies on demand of the issuers. However, when the issuers and investors are very Big (for instance States) the rating Agencies play a role too big for their capacity to remain impartial. The values of such ratings has been widely questioned after the 2008 financial crisis.
Let’s read a few rows in Wikipedia : if an Agency cuts the rating of bonds issued by a State indebted on long term, this gives rise on short term to an increase of the interest applied to the bonds, that is an increase of the State financial burden. The issuer might be compelled to sell off his real estates or goods to reduce declassifying .
This is just what we saw in the last days of April 2010. After an exhausting negotiation, the Euro Countries went (April 26) on approval, together with the IMF, of a credit to Greece amounting to 45 billion Euro per year (110 billions over 3 years) at acceptable interest, in connection with an adequate commitment of the Greek government.
The day after, Standard & Poor’s declassified the Greek bonds to BB+ (Junk bonds), so these were sold in the Stock Exchanges at an interest rate not less than 10%. The greek government protested with the Agency, but it was too late.
Some days after, a new declassifying operation was repeated on bonds of Spain and Portugal. Successively Moody's recalled that also Italy and United Kingdom show public debts and annual deficits too high respect the EU standards.
After the losses suffered by the Greek bonds, some economists observed that the credit needed by Greece to avoid default will amount to about 70 billion Euro per year. This means that Greece will give back not only the 45 billions, but also other 25 billions to some creditors which speculated, thanks to a suspect rating, on a financial operation between two parties. In other words, the system of free market “regulated” by private rating agencies presents an extra cost which compels the indebted countries to return much more than the original debt.
The question arising from these facts is the same that troubled the governments during the 2008 financial crisis: Why some private Agencies have the power to trigger the financial default of the bank’s system and even of the States ?
This power is unacceptable because only the States have the democratic power to take decisions about politics and macro-economics. A solution has been immediately foreseen by EU governments through the institution of an European rating Agency. A collateral action to avoid conflict of interest between private operators, has been made by the US Senate which on May 14 established that in the emission of derivative products the choice of the rating agency pertains to the Securities and Exchange Commission (SEC). However much work needs to be done in regulating the global financial market.
Let’s remember that two years ago many industrialised countries discovered that a great financial bubble (a US Court is just inquiring about its origin) triggered the default of banks, followed by a general economic recession centered in the G20 area.
A future cashless society will have several benefits for the community. Firstly, it will increase the detection of crime and be a catalyst for its reduction. As a consequence, it will lower violence in the community.
Secondly, it will reduce the black market that is based on cash and promote the integrity of the income tax base. This will give governments the funds to implement social welfare programs, pay off debt, as well as increase spending on all forms of needed infrastructure.
Thirdly, it will promote greater efficiency in the economy by eliminating the costs of managing cash in terms of counting, securing, and transporting it to banks and other commercial establishments.
The privacy of all Australians is currently protected by national privacy laws. National privacy legislation can be strengthened if needed before the introduction of a cashless economy.
There is absolutely no need for any person or business to apply for any form of credit from any institution, in a proposed Australian cashless society, in order to execute day to day transactions. All Australians can currently apply for and obtain Eftpos Cards, Visa Debit Cards, or Mastercard Debit Cards from any bank or credit union.
The technology for cashless transactions for the visually impaired can and will be developed so that they are not left-out of the means to excecute cashless transactions.
The use of the internet and mobile phone to perform cashless transactions are with us already, or in the case of mobile phones, will be further developed in future using currently available technology called radio frequency identification (RFID).
Australia currently has the technology to become a cashless society. With future research, current cashless methods can be refined while new cashless methods of making purchases can be developed.
16. Bank on Owen
This petition aims to highlight the achievements of Robert Owen by campaigning to have him commemorated on Scottish banknotes in time for the International Year of the Co-operative in 2012.
Robert Owen is respected across the globe for embodying the principle of co-operation, and for putting people before profit.
He should also be recognised for his contribution to the development of the New Lanark community, a pioneering model of good working relations which remains an enduring example to society.
For further information about Robert Owen, visit www.robert-owen.com
If you are a member of facebook, you can also sign up to our facebook group 'Bank on Owen'.
Your support is greatly appreciated.
17. USA Recovery Act
What if all The citizens that risked their life savings bailing out the banks and auto industry, received a USA Recovery Dividend.
How much do you think your dividend would be if:
1. The citizens of the USA would have received a
check to stimulate the economy instead of the
banks and auto industry.
2. Each and Every Citizen Received a dividend
from the profits of risking are financial future.
* Keeping in mind that the Financial Institutions paid
back $20,000,...... in less than how many month.
Credit Card fees and interest rates are through the roof. Financial institutions have taken advantage of the less privileged for years by burdening them with higher interest rates and have contributed to the demise of many with outrageous late fees and overlimit fees.
It is time to demand continuity from lenders for all people to who they extend credit.
The former RAF Yatesbury airfield dates back to WWI and the only reaming airfield with complete suite of buildings and hangars in the country. The hangars are listed Grade II* and believed to be the only remaining of it’s type in the world.
At the public inquiry, evidence was submitted by English Heritage that established that the site is of international, as well as national, importance. It retains “the best preserved flying field of the First World War period, bounded by one of the most complete suites of technical and hangar buildings of the period up to the end of the First World War period” and “the most complete of all 56 of the Civilian Training Schools built in the inter-war period”. At the time of its construction, this Flying School was singled out for praise by Flight Magazine which stated that “…they have unhesitatingly made at Yatesbury a model school whose pattern few will equal and none will better”.
English Heritage and Wiltshire County Council have spent great efforts to support the restoration of the airfield yet they failed to extend support at these difficult times by relaxing the onerous legal agreement they forced the owners to sign.
Jamal Khanfer has fought and waited 8 years before he succeeded in securing a planning consent, which ensures its survival for future generations. Jamal has sacrificed every thing possible to secure the consent financially, personally and gave up his very promising career.
The project is funded by RBS who have in October 2008 stopped funding the project. The project, however, remains widely supported by the local community and many associations as well as nationally and internationally.
As you know America is in a huge recession; why don't we allow the American people the opportunity to stimulate the economy?
China's economy is rising exponentially. Why? The people of China are working together to boost their own economy.
We as Americans have become lazy. We look to the government to continuously bail us out; all the while putting us further and further into dept. The more money the government throws into stimulus packages that don't work, the more our national debt goes up.
Americans constantly complain that the President isn't doing enough, or isn't putting money into the right areas. Instead of complaining we should take the initiative and ask to have the right to contribute and decide where the money goes. The solution is very elementary.
Take a look at the size of the adult population in America; if each adult citizen pays just $10.00 a month to a stimulus fund that would equate to approximately $3 billion dollars a month. That money raised could bail this country out quickly without adding to our national deficit.
My suggestion is allocate the funds each month to two areas. The first being the SBA and the second being infrastructure. We've spent enough money on the stock markets, banks and the automobile industry. Small businesses are the meat and potatoes of America. Why are we padding the pockets of the already wealthy CEO's of these big corporations?
This stimulus fund will boost small businesses to grow and expand therefore, creating more jobs. Equally it will create jobs by enabling constant growth in our infrastructure.
So, why don’t we as Americans quit complaining and ask that we contribute into digging ourselves out of this hole.
Banks and banking organisations urge individuals and businesses to store funds within them in order for them to invest the money in large corporate ventures for the purpose of gaining large profits.
Hence, why do they charge us fees on bank accounts and ATM's when they make billions due to the money we entrust with them?
All around the world the banks understand this concept - but not Australian banks!
Our "politicians" and "business" leaders are criminals and criminals are not going to pass laws against themselves.
Following the Reserve Bank of Australia's recent review of ATM fees, from Tuesday 3 March 2009 there will be industry wide changes to the way that ATM fees are charged.
The previous fees charged by banks called "interchange" fees have been abolished, and ATM owners are now able to charge as much as they like. Most ATM operators in Australia are now charging up to $2 per transaction.
Let the banks and the Reserve Bank of Australia know that this is not on.
Every bank uses the system of "largest check cashed first" during any given posting period. If you have 100.00 in your checking account and write five checks, two for 30.00, two for 20.00, and one for 60.00 and they all come to the bank during the same posting period, they will ordinarily post the largest amounts first. Namely, the sixty dollar check and then the two thirty dollar checks.
This causes three checks to bounce. One of the 30.00 checks and the two 20.00 checks. So now you owe 80.00 in checks and another 99.00 in fees bringing your amount owed to 179.00. If they had cashed the ones they knew would clear, the two 30.00's and two 20.00's, you would only owe 93.00 dollars in fees. An 86.00 dollar difference!
This is technically legal, but certainly not ethical. It only allows the bank to charge more NSF fees and increase their profits.
The government bailed out many business places against the will of the people. We as Americans have been abused by congress as they go against the voices of Americans, congress has caused a great part of this recession and why should we allow these people to take our future and monies from our children especially when the congress has decided to give banks the run and say to create mortgages for the lower income people to have homes , but also have the fed banks write loans like 80/20 loans with no money down yet the loans were either compromised to go either way especially when a family wanted a thirty year fix rate they would get one but the trick was either on the regular primary note or the junior loan which was set at a high rate locked in for 30 years at 13%.
Then told with two mortgages once you were signed into it later you wouldn`t be able to refinance because you have one loan even though you have two mortgages, then they gave you a two year arm at 7.0250% nthen after two years up it went. They used language to make you feel as though you had a good mortgage fix for thirty years, but no where to be found on the primary note. The language was the killer and people trusted the lender and they took millions for the money,and now the bail out money is buying the mortgages back.
Only some cash machines around the UK have an on-screen option to dispense £5 notes. This option should be freely available on EVERY single cash machine, so the general public can manage their money in the way they wish.
For example, cash machines are pointless if you only have £7 in your account, and do not wish to be charged for going over your limit. £5 note options should be available, for personal financial management, and to increase the circulation of £5 notes in the High Street.
The mortgage markets are in virtual paralysis. People can't buy homes or raise a loan for a car. Businesses can't raise finance for re-investment or to help underwrite cashflow. The entire financial system is virtually in grid-lock. We are all innocent victims of the excessive, irresponsible and greedy behaviour of the banks over the last few years.
Our High Street Banks loaned against 'assets' and 'mortgage-backed securities' which were worth only a fraction of their value at the time and they knew that. But no-one in the banking sector dared challenge them because they were all making so much money out of it. In short, they made bad loans with funds that they never had, nor could they ever expect to be paid back. But as the housing bubble grew and grew, not a single bank chose to blow the whistle.
Now with the inevitable collapse of the banking system which has only been prevented by a worldwide co-ordinated approach by the G7 governments, we as tax payers are all left paying for it. We are bailing them out for their irresponsible excesses and their toxic greed. Last month the UK Government approved a £250 billion bailout of the UK banking system, semi-nationalising them in the process. The US Federal Reserve is injecting a further £400 billion to prop up the Banks.
So we all have a significant stake in our banks now - quite literally. And yet these same institutions are the ones that are now hounding us for re-payment of our debts and making it virtually impossible to get a loan - be it for personal or business use. The Banks are using increasingly aggressive tactics to come after our comparatively tiny debts and in some cases are forcing their own customers to even sell their homes.
Businesses on the other hand cannot operate without liquidity and they desperately need finance and improved overdraft facilities to ease cash-flow and continue operating. Without that basic ingredient they cannot pay their staff and therefore the country is facing the imminent prospect of hundreds of thousands of job losses. One forecast puts total worldwide job losses at a staggering £20 million as a result of this crisis.
Despite interest rates being axed to just 3%, many of our banks rushed to pull discounted mortgage products from their catalogues. Other banks had to be FORCED by Downing Street to reduce their standard variable rates for customers as their reluctance to help businesses and consumers becomes ever-more evident.
Now, in these economically challenging conditions, is the time for Banks to stand-by their customers and deliver when it really matters. Banks need to realise their obligations to us as stakeholders; to safeguard peoples' jobs, homes and livelihoods. Any failure to do so will bring our country to its knees and create unimaginable misery for millions.
I would like MGM Movies to make just 1 more AGENT CODY BANKS MOVIE.
St.George & BankSA staff and customers are opposed to the takeover by Westpac because:
1) Competition – The consumer advocate CHOICE says that the takeover has the potential to significantly reduce competition in the banking sector. Consumers need more competition, not less, in order to drive down fees. Australia needs more banks not fewer. The more the finance sector concentrates under fewer participants the less choice for consumers.
2) Jobs – if the takeover goes ahead the new group would have 30,000 employees. Industry analysts predict that 5,000 of these jobs could be cut. Indeed Westpac is flaunting that one of the benefits of the takeover would be the removal of duplicate infrastructure and the development of common processing and support systems.
The first to be affected will be back office functions – call centre, processing and support jobs. The propaganda from Westpac says that they will keep St George and BankSA branches, however the history of similar takeovers indicate that eventually the St George and BankSA brands will be phased out.
Over time the commerecial imperative would be to close down the St George/BankSA branch, and the bigger brand will prevail. It happened to Bank of Melbourne, despite what Westpac said at the time, and it will happen to St George and BankSA.
St George and BankSA staff also have a much better Enterprise Agreement than Westpac. St George staff stand to lose guaranteed salary increases, rest breaks, allowances and other entitlements.”
We do not believe that the Westpac merger with St George/BankSA will be in Australia's national interest.
The facts are that the Jonas Brothers have never been on the Tyra Banks Show. And they should. Me (Shanique), Jeankarla, and Alexia have decided to start a petition to try and get the Jonas Brothers on the Trya Banks Show.