Network Archives

Coinsetter CEO’s Message to Banks: You Will Soon Love Bitcoin

"Put yourself into a world in which banks charge $20 to $50 to manage an international wire transfer, but hardly make a profit on it. Conceptualize a world in which banks delay domestic ACH transfers up to three days, in a large part to reduce fraud risk. Imagine a world in which taking on just one new customer necessitates the hiring of another employee. If you’re a commercial bank, these problems are likely all too familiar. Your costs are continuously rising, but your clearing and compliance infrastructure hasn’t changed. Well I have some good news for you: Bitcoin is going to lower your network and compliance costs by 90%, and I guarantee you will be using it within ten years or less." Continue reading →

Continue ReadingCoinsetter CEO’s Message to Banks: You Will Soon Love Bitcoin

WikiLeaks raises $12,000 in Bitcoin for Edward Snowden’s defense

"Now that he’s found asylum in Russia and faces espionage charges at home, a legal defense fund launched by WikiLeaks has raised over $16,000 to pay Snowden’s legal fees. 75 percent ($12,740 by current exchange rates) of that money came in the form of Bitcoins raised in just the past two weeks. A Bitcoin is currently selling for about $130 on Mt. Gox, the currency’s largest exchange. Over 105 Bitcoins from 144 donors have made their way to a Bitcoin wallet set up by WikiLeaks specifically for Snowden donations. Since they began accepting Bitcoin donations on August 12, the single largest deposit to the account has been an impressive 25 Bitcoins ($2,908)." Continue reading →

Continue ReadingWikiLeaks raises $12,000 in Bitcoin for Edward Snowden’s defense

Lawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.

"The six biggest U.S. banks, led by JPMorgan Chase & Co. (JPM) and Bank of America Corp., have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years. Bank of America, led by Chief Executive Officer Brian T. Moynihan increased its legal costs by $3.3 billion in the first half to a total of $19.1 billion. That’s the amount allotted to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures, according to data compiled by Bloomberg. The sum, equivalent to spending $51 million a day, is enough to erase everything the banks earned for 2012." Continue reading →

Continue ReadingLawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.

U.S. seeking $6 billion from JPMorgan to settle mortgage claims

"U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. The FHFA litigation is among a raft of legal issues JPMorgan is trying to work through in addition to investigations over its $6.2 billion 'London Whale' derivatives loss of last year. The FHFA, which oversees Fannie Mae and Freddie Mac, sued JPMorgan over some $33 billion of securities two years ago and also sued at least 16 other financial institutions. Fannie Mae and Freddie Mac were seized by the government in 2008 and received $187.5 billion to stay afloat." Continue reading →

Continue ReadingU.S. seeking $6 billion from JPMorgan to settle mortgage claims

JPMorgan Bribe Probe Said to Expand in Asia as Spreadsheet Is Found

"The Justice Department has joined the SEC in examining whether JPMorgan hired people so that their family members in government and elsewhere would steer business to the firm, possibly violating bribery laws. The scrutiny began in Hong Kong and has now expanded to countries across Asia, looking at interns as well as full-time workers, two people said. The employees include influential politicians’ family members who worked in JPMorgan’s investment bank, as well as relatives of asset-management clients, the people said. Wall Street firms have long enlisted people whose pedigree and connections can win business, a practice that doesn’t necessarily violate the law." Continue reading →

Continue ReadingJPMorgan Bribe Probe Said to Expand in Asia as Spreadsheet Is Found

JP Morgan fines may hit $600 million

"JP Morgan's penalties to resolve various probes of the 'London whale' trading fiasco are expected to total $500 million to $600 million, according to people close to the situation. US and UK officials for months have been considering the possibility of a global settlement that would resolve all the probes at once, said another person familiar with the matter. Exact terms aren't known and no final decisions have been reached. Any settlement might include the filing of civil charges alleging that JP Morgan failed to supervise adequately former traders responsible for the bets and lacked sufficient controls to prevent an alleged cover-up of the losses, people close to the investigations said." Continue reading →

Continue ReadingJP Morgan fines may hit $600 million

Delta and Virgin Atlantic venture gets tentative immunity from antitrust laws

"Delta Air Lines and Virgin Atlantic Airways on Friday won tentative US approval for antitrust immunity for their proposed transatlantic joint venture, officials said. The Department of Transportation said it had recommended approving a request by the two airlines for protection from prosecution over antitrust issues, saying the tie-up would likely increase competition. The antitrust immunity 'would allow the airlines to operate a joint venture on flights between the United States and the United Kingdom,' the department said on its website." Continue reading →

Continue ReadingDelta and Virgin Atlantic venture gets tentative immunity from antitrust laws

Peter Schiff: The Unfriendly Skies

"The truth is that our impoverished citizenry can no longer support the airline industry we once had. That's why American and U.S. Air had to merge in order to stay competitive and profitable. That is the sad truth behind the headlines. The government is correct about one thing, the merger would result in fewer choices and higher fares for customers. But given the reduction of our living standards that outcome is impossible to avoid. If our government really wants to protect consumers and allow for more affordable air travel, a better solution would be to reverse the destructive policies that made the merger necessary in the first place." Continue reading →

Continue ReadingPeter Schiff: The Unfriendly Skies

The Undead Corporate Welfare Programs For Automakers

"Originally created by Congress in 2007, the Advanced Technology Vehicle Manufacturing Program provided low-cost government loans that were subsidized, guaranteed, and then in part eaten, as we now know, by hapless and strung-out American taxpayers. Ford was the top beneficiary. While bragging vociferously that it hadn’t been bailed out by the government, as opposed to GM and Chrysler, it received a $5.9 billion loan under that program ostensibly to retool its plants and start producing electric vehicles. Nissan got $1.4 billion to build its plug-in EV, the Leaf. Tesla got $465 million. It is building a few, very expensive plug-in EVs a day. Others weren’t so 'successful.'" Continue reading →

Continue ReadingThe Undead Corporate Welfare Programs For Automakers

Americans are Now Traveling Overseas for Surgery

"Growing up I recall hearing stories of how wealthy foreigners would frequently travel all the way to these United States in order to receive top notch medical attention. Fast forward a decade or two, and all I hear about now is how it is us Americans being forced abroad in order to receive affordable care. The article below from the New York Times, 'In Need of a New Hip, but Priced Out of the U.S.' is a fantastic, but depressing read on the subject. While this is an extraordinarily complicated subject, one on which I claim zero expertise, one thing is for certain. If a U.S. citizen has to travel to Belgium to implant a medical device made right here in the USA, we have a very, very serious problem." Continue reading →

Continue ReadingAmericans are Now Traveling Overseas for Surgery