In the very near future, Puerto Rico is expected to run out of money. The island is facing a $13 billion shortfall over the next several years. Making matters worse, reports indicate that the Puerto […]
Tag: Bailouts
Panicked Greeks Go On Shopping Sprees Ahead Of Bank Restructurings
Fear of the financial unknown has sent many Greeks into a spending frenzy, using debit cards to buy anything they believe will hold its cash value, and even paying their taxes in advance before their […]
Greek Banks Prepare To Confiscate Customer Deposits
In the face of insolvency, Greek banks are now preparing plans for a so-called “bail-in” of depositors, which would see a certain percentage of customer deposits taken by banks in order to stay in business. […]
Despite $35 Billion Crime Spree Head Of JP Morgan Is Now A Billionaire And Not In Jail
For common folks crime doesn’t pay, but if you’re the head of a too-big-to-fail criminal racket known as a bank, in this case JP Morgan, it certainly does. And quite handsomely. Bloomberg, which tracks those […]
Insurance Companies Fight For Right To Be Risky, Bailed Out By Taxpayers
Insurance companies are already among Washington’s biggest donors but that’s not stopping them from ramping up efforts to fight the Federal Reserve over new rules that would force the companies to be less risky. After […]
Puerto Rico Warns Of Government Shutdown Due To Liquidity Crisis
Two months ago Puerto Rico’s third largest bank, Doral, failed. The event cost U.S. taxpayers $750 million in the process. Doral Bank wasn’t alone in having a Non Performing Loan ratio bordering on 40% – […]