The modern banking system manufactures money out of nothing.
The modern banking system manufactures money out of nothing.
To say that Citibank has had more than its share of problems would be an understatement. In May, for instance, the bank agreed on a 2.65 billion settlement with investors who bought stock and bonds in WorldCom before it filed for bankruptcy. Later that month, the Federal Reserve fined the bank 70 million for abuses in personal and mortgage loans to low-income and high-risk borrowers. In June, Citigroup suspended two executives in China, citing them for presenting false financial information to Chinese regulators and to the bank itself. In August, British regulators began an investigation of a 13.5 billion bond trade that was executed by Citigroup. Then, in September, Japan ordered Citigroup to close its private banking unit there for, among other things, failing to guard against money laundering. That was apparently the last straw for CEO Charles Prince. After a very public apology to the Japanese people, Prince set about on a daunting task -- changing the corporate culture of the financial giant. Is it possible Yes, ... But it's not probable. There's very little meaningful change that can go on in an organization because of past investments, taken-for-granted assumptions, vested interests in the status quo, inertia and other deeply rooted factors.
From blood banking to the modern subway, from jazz to social justice, the contributions of African Americans have shaped and molded and influenced our national culture and our national character.
The banking on the course allows for the new rail settings. With our new ability to move the rail even farther out than before, we'll be able to preserve the course much better than we were able to in the past.
We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.
Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
We believe that approval of this application would set a serious precedent and lead to the erosion of the national policy against mixing banking and commerce.
The middle class is teetering on the brink of collapse just as surely as AIG was in the fall of 2009 - only this time, it's not just one giant insurance company (and its banking counterparties) facing disaster, it's tens of millions of hardworking Americans who played by the rules.
Because of the success we had in driving some of this ... out of the traditional banking sector, criminals are looking for alternative ways. They are intelligent people, and they are going to be innovative. But it requires us to be innovative as well, because we now have to adjust our actions on all levels, law enforcement, regulation and education in the private sector, to stay one step ahead.
So far, Indian companies have focused more on customer application. This needs to shift to packaged software for sectors such as banking and financial services.
We've got activists all across the country like the members of the Million Mom March organization, some of their leaders are here tonight. We're phone banking congressional offices and pursuing editorial boards.
In the deregulated realm of US banking and finance, crime does occasionally pay for its foul deeds, not in prison time but by making modest rebates to the victims.
The whole profit of the issuance of money has provided the capital of the great banking business as it exists today.
I believe that banking institutions are more dangerous to our liberties than standing armies.
Washington should revive international efforts begun during the Clinton administration to pressure countries with dangerously loose banking regulations to adopt and enforce stricter rules.
My innovation involved taking an idea from the telecommunications and banking industries, and applying that idea to transportation business.
© 2020 Inspirational Stories
© 2020 Inspirational Stories