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New York Community
30 июня, 18:02

Charitable Giving Is Only a Small Part of What Foundations Do With Their Money

Most of their capital doesn’t wind up in grants, but in investments. Is the latter the key to maximum impact?

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28 апреля, 16:41

New Strong Sell Stocks for April 28th

Here are 5 stocks added to the Zacks Rank #5 (Strong Sell) List today:

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20 апреля, 15:08

Why New York Community Bank Put Less Money Into Multifamily Lending Last Year

Overall commercial real estate lending fell 17% year over year in New York City, and multifamily lending fell 23% in that time. But that doesn't explain the whole picture.

20 марта, 22:34

Will Banks' Merger-Rule Easing Lead to More Consolidations?

The Federal Reserve made it easier for big banks to merge by changing the threshold size of the combined entity. Will this lead to a rise in merger deals in the banking industry?

14 марта, 18:12

NYCB's Ratings Affirmed by Moody's, Outlook Stable

New York Community Bancorp, Inc. (NYCB) and its subsidiary New York Community Bank's ratings were recently affirmed by Moody's Investor Service, the rating services arm of Moody's Corporation (MCO). The agency kept the company's rating outlook stable.

18 января, 15:30

From Occupy Wall Street To Occupy White House: The Resurrection of Goldman Sachs

Five years ago Goldman Sachs played the arch villain of the financial crash ― the very essence of a greedy, rapacious bank that profited while ripping off its own customers and the American people. As the vampire squid, it was the perfect target for the Zuccotti Park demonstrations that turned into Occupy Wall Street with 900 encampments around the world.The charges against Goldman Sachs were real. They really did violate the law. They really did rip off their customers. They really did defraud investors. As of today, it has paid nearly $9 billion in government fines for its shoddy dealings. Of course, no one has gone to jail for these enormous swindles.During the 2016 presidential campaigns, the Goldman Sachs brand continued to be politically toxic. This seemed obvious to everyone except Hillary Clinton who proceeded to accept $675,000 from Goldman Sachs for three speeches, the transcripts of which she refused to release. First Sanders and then Trump pounded her for catering to Wall Street elites. It may not have been the only reason for her defeat, but it contributed mightily.Remarkably, Trump believes the toxicity won’t rub off on him. In a clear cut signal to the financial community, he has opened the White House to powerful Wall Street appointees. Goldman Sachs, again, has one of its own, Steven Mnuchin, as Treasury Secretary and Gary Cohn as chair of the National Economic Council. Other Goldman Sachs alumni in the Trump administration include chief White House strategist, Steven Bannon, Jay Clayton as head of the Securities and Exchange Commission, and Dina Powell as a White House advisor. Trump may be setting a record for Goldman Sachs appointeesWill Trump pay the price?A good part of Trump’s victory was built upon three deep resentments simmering in the electorate ― hatred of Wall Street and what it got away with, disgust over trade deals that destroyed decent U.S. jobs, and the off-shoring of U.S. jobs to low wage area.By recruiting Goldman Sachs alumni to run government economic policy, Trump has set himself on a collision course between his jobs/trade pledges and his desire to kiss up to Wall Street.So how does Trump justify his new love affair with Goldman Sachs executives? He can’t. His team defends the choices by saying they are only hiring the very best people, not Goldman Sachs. Media outlets like the New York Times, then confirm the good character of these choices by interviewing prominent people, like former New York Mayor Michael Bloomberg, (himself a Wall Street billionaire), who says, “Whatever you may think of them individually, you can’t get to be a Goldman partner and survive if you’re stupid, lazy or unprofessional.”But such media fluff is irrelevant. It doesn’t matter whether they are smart or able. Of course they are. What matters is the world view they will carry into the heart of the Trump administration. After decades on Wall Street, the needs of global finance shape their entire universe, their sense of the possible, and their sense of justice.Even a cursory investigation leads to an obvious conclusion: The Goldman Sachs view of the world is all about the outsourcing of jobs and the promotion of corporate trade ― the polar opposite of what Trump claims he wants for working people. The Goldman Sachs CommandmentsGoldman Sachs sits at the heart of the global network of production and distribution of nearly everything we use and need. This is not an exaggeration. Of the largest 43,060 trans-national corporations, only 147 corporations, nearly all of them financial, exercise significant control, directly and indirectly, over this vast network, according to an exacting 2011 study. Goldman Sachs is ranked as the 18th most powerful institution in the world on that very small core list. Trump’s global empire is not ranked ― a minnow compared to a vampire squid.These are the fundamental values that Goldman Sachs will bring to the White House:1. Thou shall off-shore as many jobs as possible: Currently, Goldman Sachs is teaching the world how to move white collar service jobs from high wage to low wage areas. It has created a model community in Bangalore, India, (the Embassy Golf Links Business Park), that now houses 6,000 Goldman Sachs jobs, making it the largest Goldman Sachs office complex outside of New York. Also, it is the home of other US corporations like IBM, Yahoo and Microsoft. Together the facility is home to 43,000 jobs, many of which once were filled by U.S. workers on U.S. soil.The primary architect of the Goldman Sachs flight to India is none other than Gary Cohn, the former Goldman Sachs president who will head Trump’s National Economic Council.2. Thou shall buy back your stocks. Goldman Sachs has direct and indirect control over thousands of corporations. To profit from that control, it must extract wealth from how those corporations operate. The simplest way to do so is by pressing for stock buybacks ― forcing the company to use its cash-flow to go into the marketplace and buy back its own shares, thereby raising its price. In doing so it automatically raises the value of Goldman Sachs investments. It is routine for Goldman Sachs to demand such buybacks.To create the cash flow to finance stock buybacks, corporations are pressured to move jobs from high wage to low wage areas. Inevitably, when a company announces the off-shoring of jobs, it comes on the heals of a very large stock buyback plan. (See here for how this played out at Carrier and United Technologies.)3. Thou shall deregulate trade: The leading financial corporations in the world believe that capital, especially bank capital, should be permitted to travel the globe without government restrictions. In addition, they want multi-national trade agreements and institutions to enforce the repayment of debts, no matter the circumstances. They also want corporate rights to supersede local regulations that might interfere with profits. (If, for example, local environmental regulations lead to lost profits, the governments involved should be held liable.) Overall, Goldman Sachs wants trade agreements to enable any and all firms to move capital around the globe at will with no retaliatory tariffs.If you’re a Goldman Sachs partner, you must believe in this kind of trade. Your entire financial career was based upon it. Therefore, while Trump might say otherwise, there is no chance that his Goldman Sachs team will advocate policies that could upset the international trade regime.4. Thou shall not regulate finance: To be part of Goldman Sachs is to believe that financial regulation is superfluous. As a sacred creed, they believe that the global markets police themselves. Government regulations, not only, are unnecessary but usually harmful, creating inefficiencies that hinder economic growth.If Goldman Sachs did anything wrong in the lead up to the crash it was inadvertent, or accidental, or the result of poor regulations. Overall, Goldman Sachs partners believe the institution is honorable, honest and vitally important to the global economy.Yes, they all know Goldman Sachs is far too big to fail. But that’s not a worry. They truly believe they never will fail, because they never are fundamentally wrong.So, we won’t be hearing about new Wall Street regulations from the Goldman Sachs White House team. There’s a reason why many bank shares have jumped 35 percent since the election.Occupy Goldman Sachs?Is there a way to counter the Goldman Sachs occupation of the Trump administration? The answer might be a new Occupy Wall Street.This week a group of activists from New York Communities for Change and other area organizations are setting up an encampment at Goldman Sachs headquarters, 200 West Street in Manhattan. Under the banner of “Shutdown Goldman Sachs” a series of events are scheduled to highlight its financial greed. (See the organizers’ Facebook page for up to date information.)One hopes that this kind of event will catch on and spread. But one thing is crystal clear: We need to mobilize in some bold way as soon as possible to counter the Goldman Sachs occupation of the White House. We should support these intrepid activists in any way that we can.(This report was originally produced for Alternet.org)Les Leopold, the director of the Labor Institute, is currently working with unions and community organizations to build the educational infrastructure of a new anti-Wall Street movement. His new book Runaway Inequality: An Activist Guide to Economic Justice serves as a text for this campaign. All proceeds go to support these educational efforts. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

18 января, 15:30

From Occupy Wall Street To Occupy White House: The Resurrection of Goldman Sachs

Five years ago Goldman Sachs played the arch villain of the financial crash ― the very essence of a greedy, rapacious bank that profited while ripping off its own customers and the American people. As the vampire squid, it was the perfect target for the Zuccotti Park demonstrations that turned into Occupy Wall Street with 900 encampments around the world.The charges against Goldman Sachs were real. They really did violate the law. They really did rip off their customers. They really did defraud investors. As of today, it has paid nearly $9 billion in government fines for its shoddy dealings. Of course, no one has gone to jail for these enormous swindles.During the 2016 presidential campaigns, the Goldman Sachs brand continued to be politically toxic. This seemed obvious to everyone except Hillary Clinton who proceeded to accept $675,000 from Goldman Sachs for three speeches, the transcripts of which she refused to release. First Sanders and then Trump pounded her for catering to Wall Street elites. It may not have been the only reason for her defeat, but it contributed mightily.Remarkably, Trump believes the toxicity won’t rub off on him. In a clear cut signal to the financial community, he has opened the White House to powerful Wall Street appointees. Goldman Sachs, again, has one of its own, Steven Mnuchin, as Treasury Secretary and Gary Cohn as chair of the National Economic Council. Other Goldman Sachs alumni in the Trump administration include chief White House strategist, Steven Bannon, Jay Clayton as head of the Securities and Exchange Commission, and Dina Powell as a White House advisor. Trump may be setting a record for Goldman Sachs appointeesWill Trump pay the price?A good part of Trump’s victory was built upon three deep resentments simmering in the electorate ― hatred of Wall Street and what it got away with, disgust over trade deals that destroyed decent U.S. jobs, and the off-shoring of U.S. jobs to low wage area.By recruiting Goldman Sachs alumni to run government economic policy, Trump has set himself on a collision course between his jobs/trade pledges and his desire to kiss up to Wall Street.So how does Trump justify his new love affair with Goldman Sachs executives? He can’t. His team defends the choices by saying they are only hiring the very best people, not Goldman Sachs. Media outlets like the New York Times, then confirm the good character of these choices by interviewing prominent people, like former New York Mayor Michael Bloomberg, (himself a Wall Street billionaire), who says, “Whatever you may think of them individually, you can’t get to be a Goldman partner and survive if you’re stupid, lazy or unprofessional.”But such media fluff is irrelevant. It doesn’t matter whether they are smart or able. Of course they are. What matters is the world view they will carry into the heart of the Trump administration. After decades on Wall Street, the needs of global finance shape their entire universe, their sense of the possible, and their sense of justice.Even a cursory investigation leads to an obvious conclusion: The Goldman Sachs view of the world is all about the outsourcing of jobs and the promotion of corporate trade ― the polar opposite of what Trump claims he wants for working people. The Goldman Sachs CommandmentsGoldman Sachs sits at the heart of the global network of production and distribution of nearly everything we use and need. This is not an exaggeration. Of the largest 43,060 trans-national corporations, only 147 corporations, nearly all of them financial, exercise significant control, directly and indirectly, over this vast network, according to an exacting 2011 study. Goldman Sachs is ranked as the 18th most powerful institution in the world on that very small core list. Trump’s global empire is not ranked ― a minnow compared to a vampire squid.These are the fundamental values that Goldman Sachs will bring to the White House:1. Thou shall off-shore as many jobs as possible: Currently, Goldman Sachs is teaching the world how to move white collar service jobs from high wage to low wage areas. It has created a model community in Bangalore, India, (the Embassy Golf Links Business Park), that now houses 6,000 Goldman Sachs jobs, making it the largest Goldman Sachs office complex outside of New York. Also, it is the home of other US corporations like IBM, Yahoo and Microsoft. Together the facility is home to 43,000 jobs, many of which once were filled by U.S. workers on U.S. soil.The primary architect of the Goldman Sachs flight to India is none other than Gary Cohn, the former Goldman Sachs president who will head Trump’s National Economic Council.2. Thou shall buy back your stocks. Goldman Sachs has direct and indirect control over thousands of corporations. To profit from that control, it must extract wealth from how those corporations operate. The simplest way to do so is by pressing for stock buybacks ― forcing the company to use its cash-flow to go into the marketplace and buy back its own shares, thereby raising its price. In doing so it automatically raises the value of Goldman Sachs investments. It is routine for Goldman Sachs to demand such buybacks.To create the cash flow to finance stock buybacks, corporations are pressured to move jobs from high wage to low wage areas. Inevitably, when a company announces the off-shoring of jobs, it comes on the heals of a very large stock buyback plan. (See here for how this played out at Carrier and United Technologies.)3. Thou shall deregulate trade: The leading financial corporations in the world believe that capital, especially bank capital, should be permitted to travel the globe without government restrictions. In addition, they want multi-national trade agreements and institutions to enforce the repayment of debts, no matter the circumstances. They also want corporate rights to supersede local regulations that might interfere with profits. (If, for example, local environmental regulations lead to lost profits, the governments involved should be held liable.) Overall, Goldman Sachs wants trade agreements to enable any and all firms to move capital around the globe at will with no retaliatory tariffs.If you’re a Goldman Sachs partner, you must believe in this kind of trade. Your entire financial career was based upon it. Therefore, while Trump might say otherwise, there is no chance that his Goldman Sachs team will advocate policies that could upset the international trade regime.4. Thou shall not regulate finance: To be part of Goldman Sachs is to believe that financial regulation is superfluous. As a sacred creed, they believe that the global markets police themselves. Government regulations, not only, are unnecessary but usually harmful, creating inefficiencies that hinder economic growth.If Goldman Sachs did anything wrong in the lead up to the crash it was inadvertent, or accidental, or the result of poor regulations. Overall, Goldman Sachs partners believe the institution is honorable, honest and vitally important to the global economy.Yes, they all know Goldman Sachs is far too big to fail. But that’s not a worry. They truly believe they never will fail, because they never are fundamentally wrong.So, we won’t be hearing about new Wall Street regulations from the Goldman Sachs White House team. There’s a reason why many bank shares have jumped 35 percent since the election.Occupy Goldman Sachs?Is there a way to counter the Goldman Sachs occupation of the Trump administration? The answer might be a new Occupy Wall Street.This week a group of activists from New York Communities for Change and other area organizations are setting up an encampment at Goldman Sachs headquarters, 200 West Street in Manhattan. Under the banner of “Shutdown Goldman Sachs” a series of events are scheduled to highlight its financial greed. (See the organizers’ Facebook page for up to date information.)One hopes that this kind of event will catch on and spread. But one thing is crystal clear: We need to mobilize in some bold way as soon as possible to counter the Goldman Sachs occupation of the White House. We should support these intrepid activists in any way that we can.(This report was originally produced for Alternet.org)Les Leopold, the director of the Labor Institute, is currently working with unions and community organizations to build the educational infrastructure of a new anti-Wall Street movement. His new book Runaway Inequality: An Activist Guide to Economic Justice serves as a text for this campaign. All proceeds go to support these educational efforts. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

22 декабря 2016, 01:18

New York Community Bancorp Ceases $2B Deal with Astoria

NYCB shares declined more than 3% on Tuesday, after the company declared to call off the $2-billion strategic in-market merger deal, announced in Oct 2015, with Astoria.

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21 декабря 2016, 17:07

New York Community Bancorp downgraded to underperform from market perform at FBR & Co.

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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20 декабря 2016, 23:12

New York banks call off tie-up plan

New York Community Bank and Astoria Financial halt plans, underlining barriers to M&A

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07 октября 2016, 14:23

New York Community Bancorp started at neutral with $15 stock price target at Wedbush Securities

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

21 сентября 2016, 20:00

Warren Tells "Gutless" Wells Fargo CEO To Resign

Wells Fargo CEO John Stumpf was on the hot seat Tuesday when he faced Senator Elizabeth Warren of Massachusetts and other angry lawmakers at a Senate Banking Committee hearing designed to investigate the bank's widespread rip-off of its customers. Warren told Stumpf, who earns $19 million a year: "You should resign...You should be criminally investigated." Warren's verbal assault on Stumpf generated considerable publicity. But this issue wouldn't have surfaced in the first place without the hard work of grassroots community and labor organizations - especially the Committee for Better Banks -- that first brought the scandal to the attention of the media, elected officials, and regulators. Warren also demanded both the Department of Justice and Securities and Exchange Commission criminally investigate Stumpf for the bank's practice of pressuring its low-level employees to create over 2 million unwanted checking and credit-card accounts without consumers' knowledge or permission in order to grow the bank's stock price. She told Stumpf that during the years that Wells Fargo engaged in this "scam," Strumpf's own portfolio of company stock increased by $200 million. She urged Stumpf to return the compensation he received while these practices went on. "So, you haven't resigned, you haven't returned a single nickel of your personal earnings, you haven't fired a single senior executive," Warren told Stumpf. "Instead, evidently, your definition of accountable is to push the blame to your low-level employees who don't have the money for a fancy PR firm to defend themselves. It's gutless leadership." "You squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket," Warren said. Warren questioned Stumpf about the fraudulent accounts, asking how such an operation could have occurred without the knowledge of top management. Wells Fargo employees say they did so because of what they've called the bank's "sell or die" quota system which put pressure on them to engage in these practices in order to keep their jobs. They've said it was a routine practice that employees referred to as "sandbagging." Wells Fargo's official line is that the employees were acting on their own to skim extra pay from the bogus accounts. Activists are up in arms over Wells Fargo's double standard in dealing with its employees. After the scandal was exposed by grassroots advocates, the media, and government regulators, the bank fired at least 5,300 employees and refunded millions of dollars to customers. But bank reform activists are skeptical that so many employees could have acted on their own without the knowledge of higher-up bank executives. Meanwhile, in July, in the wake of the scandal, Carrie Tolstedt, Wells Fargo's director of consumer banking, the operation that opened fake accounts, abruptly left the bank where she worked for 27 years. She took with her a $124.5 million bonus. After her retirement announcement, Stumpf praised Tolstedt as "a standard-bearer of our culture" and "a champion for our customers." Warren criticized Stumpf for failing to withdraw Tolstedt's bonus (a practice known as a "clawback) in light of the revelations about her division's behavior. Stumpf said it was up to the bank's compensation committee, comprised of board members, to decide whether to rescind Tolstedt's bonus. "If you have no opinions on the most massive fraud that's hit this bank since the beginning of time, how can it be that you get to continue to collect a paycheck?" Warren asked. Moreover, activists say that the problem goes well beyond Wells Fargo and is an industry-wide scandal. Ruth Landaverde, a former employee at both Wells Fargo and Bank of America, said the pressure from her supervisors at both banks was so intense that she developed a tic in her eye and had trouble sleeping. She told the Associated Press that in order to keep her job she was required to sell four credit cards and four auto loans each week in addition to three home mortgages or refinances. "I wasn't going to do something unethical, but the sales pressure was very real," she said. "I can see why some employees did what they did." Landaverde is now a member of the Alliance of Californians for Community Empowerment (ACCE), a statewide advocacy group that works on housing and banking issues and is a member of the Committee for Better Banks, a coalition of community and labor groups. In an email this week to ACCE members and supporters, she wrote: "When I worked for Bank of America, I felt uncomfortable when I was given a list of bank customers and told to call them and push new accounts and credit cards that could end up sticking them with unnecessary fees and debt. What's worse, we were targeting customers in low-income communities of color much more than the customers in more affluent zip codes." Landaverde explained that "there are still many more banks that have not committed to stop requiring their employees to push unnecessary products in order to keep their jobs. And now, Wells Fargo CEO John Stumpf is throwing his own employees under the bus rather than accepting responsibility for the outrageous high-pressure sales culture that he and other Wall Street executives are creating!" "I know first-hand that predatory sales exist across the U.S. banking industry," said Cassaundra Plummer, a former teller at TD Bank and member of the Committee for Better Banks. "At TD bank, sales goals made it impossible for frontline bank workers to help customers find the financial products best suited to them. My manager would encourage customers to take out home equity lines to go on vacation which is the worst financial advice I've ever heard! We need to end predatory sales goals across the industry not just Wells Fargo." Last year the Committee for Better Banks delivered a petition signed by more than 11,000 people to Stumpf, along with a letter noting that workers faced "pressures to meet sales quotas under strict monitoring and threat of losing their jobs, often forcing them to push unnecessary products and fees on to their customers, causing them stress and financial hardship," and that loan servicing departments have been using similar tactics to push consumers toward riskier products they can ill afford. The group has now launched a petition asking elected leaders in Los Angeles and other cities around the country to ban all city business with banks that force their employees to meet sales goals for high fee products such as credit cards, new accounts and home refinance loans. They say that these incentive programs create a system where bank workers are forced to engage in predatory practices against their professional and ethical beliefs. "Wells Fargo's action to eliminate sales quotas is a hard-won victory for front-line bank workers who have been denouncing abusive sales goals for over two years," said Reuben Traite, an organizer with the Committee for Better Banks. "The fact that Wells Fargo turned a blind eye is appalling. But these high pressure sales goals are rampant across big banks and we need to end it across the industry." Activists with the Los Angeles chapter of ACCE brought the issue to the attention of the Los Angeles Times, which broke the story in 2013. Once it made the papers, Los Angeles City Attorney Michael Feuer conducted his own investigation and then sued Wells Fargo. All this got the attention of the Consumer Financial Protection Bureau (CFPB), a federal agency. Last week, CFPB Director Richard Cordray, Comptroller of the Currency Thomas Curry, and Los Angeles City Attorney Michael Feuer announced that they had reached settlements with Wells Fargo over its "a major breach of trust." Wells Fargo agreed to pay the CFPB $100 million (the largest fine the agency has ever imposed) in addition to $50 million to the city and county of Los Angeles, and $35 million to the Office of the Comptroller of the Currency. Wells Fargo did not admit any wrongdoing in the settlements, although it issued an apology to its customers, promised to revise its sales practices, and agreed to pay consumers refunds for fees assessed on checking and credit cards accounts they didn't authorize. Activists point out that the fines being levied against Wells Fargo are a drop in the bucket compared with Wells Fargo's 2015 profits of $20 billion. It is even less than the more than $200 million in company stock that Strumpf owns. Last year Wells Fargo -- the nation's fourth largest bank by assets and its leading home lender -- paid Strumpf $19.3 million. He serves on the board of directors of Target Corporation and Chevron Corporation and, until recently, on the board of the Financial Services Roundtable, a powerful industry lobby group. The bank's apology and refunds won't make the issue go away. Many consumers are suing the banks as are former employees who say they were fired (or forced to resign) when they refused to engage in the fraudulent practices in order to meet the bank's unrealistic sales quotas. The issue first emerged last year when the Los Angeles Times uncovered Wells Fargo's illegal practices. In response to the Times story, Feuer initiated his own investigation and sue the bank, alleging that it had "victimized their customers by using pernicious and often illegal sales tactics," including unattainable quotas that pressured bank employees to "engage in fraudulent behavior." The CFPB - the federal agency created by the 2010 Dodd-Frank bank reform law -- undertook its own investigation. He discovered that Wells Fargo employees opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without consumers' knowledge or permission. The LA and CFPB investigations, the resulting media coverage, and Wells Fargo's attempt to blame its lower-rung employees for the scandal led five Democrats on the Senate Banking Committee -- Sherrod Brown (Ohio), Jack Reed (R.I.), Robert Menendez (N.J.), Jeff Merkley (Ore.), and Warren -- to push its Republican chairman, Richard Shelby of Alabama, to hold Tuesday's hearings. The Democrats are particularly interested in asking CEO Strump if he intends to retract lucrative bonuses for management-level employees in the wake of the scandal. They sent Strump a letter last week expressing concern that consumers and low-level employees will bear the burden of the bank's misconduct "while senior executives walk away with multi-million dollar awards based on what the company later finds out are fraudulent practices." The San Francisco-based Wells Fargo has long been a target of bank reform activists for its troublesome track record of risky and reckless behavior. For more than a decade, grassroots groups have challenged Wells Fargo's racially discriminatory lending practices and aggressive foreclosures. They have picketed at the offices and homes of the bank's top executives, sued the bank for violating laws against racist mortgage lending, and testified before Congress, state legislatures and City Councils demanding that they investigate and reign in Wells Fargo's troublesome practices. The activists have primarily been bank consumers and residents of neighborhoods harmed by Wells Fargo's redlining and other practices. But the two-year old Committee for Better Banks is comprised of bank employees as well as consumers, representing a new and potentially powerful coalition. The CBB is aligned with the Center for Popular Democracy, a national network of local activist groups that work on housing, bank, and workers rights issues. CPD helped set the stage for the current campaign with its study of bank workers. The CPD report revealed that some of the nation's largest banks, including Wells Fargo and Citigroup, pressure its front-line employees to engage in fraudulent practices to keep their jobs. According the report, these bank employees try to serve customers responsibly, but feel pressure from higher-ups to meet the quotas in order to keep their jobs. A report last year by the National Employment Law Center on banking industry wages found that almost three quarters (74.1 percent) of U.S. bank tellers and almost half (44.2 percent) of bank customer service representatives earn less than $15 an hour. The median hourly wage for bank tellers is $12.44. A study by the UC Berkeley Center for Labor Research and Education found that nearly one-third of the families of all tellers are on public assistance. In New York City--the capital of the nation's banking industry--39 percent of tellers and their family members are on some form of public assistance program. Not surprisingly, the Committee for Better Banks is now part of the broader movement to raise wages for service-sector employees like bank tellers to $15 an hour. Other groups involved in the better banking campaign include Move On, the Communication Workers of America, New York Communities for Change, ACCE, Jobs with Justice, Make the Road, and Americans for Financial Reform, a DC-based watchdog group. The idea for the CFPB was first proposed by Elizabeth Warren when she was still a professor at Harvard Law School. Before she was elected to the Senate, she helped shepherd the plan for the agency through Congress in the wake of the Wall Street crisis and nationwide mortgage meltdown that began in 2008. President Obama supported the idea and helped get it incorporated into the Dodd-Frank reform bill that was enacted over heavy opposition from the bank industry lobby. Since 2010, banking and business lobby groups, with the help of Republican allies in Congress, have sought to undermine the agency by reducing its budget and authority. Writing in The New Yorker, Adam Davidson pointed out that the CFPB's entire budget is little more than $600 million. In contrast, he wrote, "Wells Fargo's revenues are more than eighty billion dollars. And Wells is just one of thousands of banks, insurance companies, and other institutions that the C.F.P.B. is mandated to monitor." Senate Banking Committee chair Shelby, an Alabama Republican, is one of many GOP members of Congress who complain that the CFPB is too powerful and that its tough regulations lead banks to offer fewer consumer products. But a recent article in American Banker, an industry publication, suggested that Wells' settlement would make it difficult for bank lobbyists and Republicans in Congress to attack the CFPB. Even so, GOP presidential nominee Donald Trump has called for dismantling nearly all of the Dodd-Frank reforms. In contrast, Democratic nominee Hillary Clinton last week touted the CFPB's "forceful response" to the Wells Fargo scandal, adding that it was "a stark reminder of why we need a strong consumer watchdog to safeguard against unfair and deceptive practices." Echoed Lisa Donner, executive director of Americans for Financial Reform, a DC-based watchdog group that has played an important part in defending the CFPB from its opponents: "The current Wells Fargo scandal reveals why we need a strong regulatory agency that has the backs of bank consumers as well as employees." "Wells Fargo's action to eliminate sales quotas is a hard-won victory for front-line bank workers like me who have been coming together in the Committee for Better Banks and working to end to high-pressure sales goals that hurt our families and communities," said Julie Miller, a former Wells Fargo branch manager and a member of the Committee for Better Banks. "Wells Fargo got into this scandal because it turned a deaf ear to the alarms sounded by consumers and its own workers, and its experience proves that these sales goals have no place in the consumer banking industry," Miller observed. "Predatory sales goals are rampant at big banks across the country, and we will keep on working and organizing to make sure Wells Fargo makes good on its word and that other banks follow suit by implementing fair business practices for workers and customers." Peter Dreier is professor of politics and chair of the Urban & Environmental Policy Department at Occidental College. His most recent book is The 100 Greatest Americans of the 20th Century: A Social Justice Hall of Fame. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

13 сентября 2016, 12:30

Progressives draft staff blacklist for Clinton administration

Left-wing groups warn the Democratic nominee not to appoint Wall Street-linked Lael Brainard or Tom Nides to senior finance and economic jobs.

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02 сентября 2016, 16:39

New York Community Bancorp (NYCB) Enters Overbought Territory

New York Community Bancorp Inc. (NYCB) has moved higher as of late, but there could definitely be trouble on the horizon for this company

01 сентября 2016, 18:41

Conscious Capitalism: A Radical Model of Corporate Philanthropy

I recently came across a fascinating new model for accelerating corporate philanthropy in a radically different way. In my 25 years of business, this is one of the most intriguing opportunities I've seen. It is utterly transformative. Corporate social responsibility is actually on the rise at the moment. Pledge 1% is supported by Salesforce Chairman and CEO, Marc Benioff, who is quoted as say "companies can do more than just make money, they can serve others". Richard Branson's B Team supports 100% Human at Work. Conscious Capitalism has an annual summit for CEOs and Presidents to explore how to create supportive cultures within their organizations. Still, a new venture brings Wall Street, CEOs and non-profits together in a way that signals a pivotal time in U.S. history. Celadon Financial Group is a full-service, independent broker dealer that has been providing trade execution solutions for financial institutions and other professional investors in the U.S. and abroad since 1986. Celadon provides multiple investment-related services. The most eyebrow-raising one, however, is offered through Caritas Partners, their philanthropic trading division. Caritas Partners is managed by two veteran New York Stock Exchange specialists, Richard C. Naso and Donald Powell, and focuses on serving public companies that choose to buy back their own stock. Stock repurchase is currently a particularly popular practice, as many of the country's largest companies are holding record amounts of cash, and buying back their own stock has long been considered one of the best ways to increase a company's overall strength. What is so different about Caritas Partners? Many firms on Wall Street compete for share buyback business. Caritas is unique because it works with public companies to advance their corporate social responsibility goals by contributing a predetermined portion of its brokerage commission to a qualified charity selected by the client. In addition, a company also gets to choose how much of a commission Caritas may collect. The higher the commission, the greater the percentage of the commission that Caritas donates to charity on the client's behalf. I said it was radical, did I not? Commissions range from a penny and a half per share, from which 5% gets donated, to five cents per share, which yields a 40% donation. Since the percentage of the donation increases with the per share rate, the amount of the donation can increase exponentially. The client may donate to one of many qualified charities with which Caritas Partners already collaborates, or to one of their own choosing. Caritas Partners has opened this philanthropic trading model to asset managers of nonprofit organizations including nonprofit organizations with internal asset management operations. This model creates a sustainable stream of mission-related revenue to support these organization's fund development efforts. All transactions are executed through Celadon Financial Group. Rather than relying solely on algorithms to determine strategy like most other firms, Caritas take a personalized approach for each and every client, even going so far as to advise a change of course in the middle of a trading day. There is a fully transparent audit trail, as well as an option to publicly promote a company's use of the Caritas Partners program through joint communication platforms. Caritas founder and President Richard C. Naso is an innovative leader with 40 years of NYSE experience. Managing Partner Donald Powell has more than 15 years trading experience on the NYSE, where he was the exchange's head trader for American Depositary Receipts (ADR's) in the Latin America market. There could hardly be a question of two such smart and experienced achievers creating additional success in the financial community. To pursue such a radically different course as luring corporate America into increasing socially responsible giving, however, required collaborators who were not only successful in financial trading services, but also committed to philanthropic goals. In this case, the merging of disparate networks yielded an extraordinary partnership. Lola C. West and Ian Fuller are the co-founders of WestFuller Advisors, a successful boutique wealth management company and Celadon affiliate. The foundation of their business philosophy stands out amongst run of the mill financial institutions, in that they recognize the accumulation and preservation of wealth is not only about money, but also about the creation and achievement of meaningful individual life goals. Lola West is in the Who's Who of American Women and was honored by the "Lola C. West Day" in New York City. She has fundraised and coordinated events for South African President Nelson Mandela, renowned opera singer Jessye Norman, playwright August Wilson, among others. Today, West advises individuals and institutions on how to achieve their vision for the future, and helps them to create the financial goals that will realize their aspirations. She was a senior partner of LWF Wealth Management Group and a wealth advisor with Merrill Lynch for almost a decade of her career, before co-founding WestFuller Advisors. West was on the board of directors of Jazz at Lincoln Center for several years and continues to be active in the New York community. She is a Charter Member for the Advisory Council of the Elizabeth A. Sackler Center for Feminist Art at Brooklyn Museum, as well as a member of Friends of African American Art at Brooklyn Museum, MoMA and the nominating committee for the Four Freedoms Award by Roosevelt Institute. Ian Fuller firmly believes that finance is a pathway to strengthening society. In addition to his dedication to the Arts, Fuller is fiercely committed to social entrepreneurship and community development. He works closely with both organizations and individuals, not only to harness the maximum power of their finances, but to also imbue them with purpose. Prior to co-founding WestFuller Advisors, Fuller moved from analyst positions with United Nations Population Fund and KPMG Hong Kong to serving nearly 5 years as a wealth advisor for Merrill Lynch, and then as a partner of LWF Wealth Management Group. Fuller provides mentoring to urban youth throughout the New York City metropolitan area, as well as pro bono instruction for financial literacy. He serves on the board of Color of Change, and is the treasurer of many non-profit and philanthropic organizations, such as the United Nations Association of New York, The Workers Lab, Resource Generation and non-profit art gallery City Without Walls. Together, West and Fuller seemed destined to continue along their intended path of successfully providing financial services with a humanist touch. Certainly a uniquely worthy goal, in and of itself, it has now been propelled to a whole new level by their involvement with Caritas Partners. And who better to align with a company which upholds the ideal of "Capitalism on a Mission" through true social impact. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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