that's not the world of banking. what we're doing here is reacting to somebody's concern that they don't like blue signs or they don't like stagecoach signs or whatever is going into their commercial strips, and that's really not what formula retail legislation was designed to protect from. so i urge you to urge the board of supervisors to table the legislation. thank you. vice president o'brien: thank you. any further public comments on this item? come forward, please. >> hello, my name is gio danler-katz, i am a community outreach liaison on behalf of chase morgan, chase bank as a consultant and help with their government relations. since they were mentioned, i wanted to share some thoughts. we don't have a formal position on the legislation, but are aware of the fact that the impetus as was explained is in part due to a group of individuals who were not happy with the project that went forward last year, and appealed it multiple times on the grounds that the project should have fallen under the formula retail rule

i think there is a class issue related to banks and banking, as well. a lot of african-americans prefer to go into bank branches. other populations don't necessarily choose to do that but i think there are real class implications and i'm not talking about in this legislation specifically as much but something we need to think about across socio-economic spectrum, people who are more trendy might use square and other kinds of -- other formats or ways to pay for their transactions but for other populations of people, having a bank and having access to a bank is an important construct so to the extent that areas have outright bans, they might want to think about whether or not this is something that should be taken into consideration. i also think -- we talked about banks. obviously wells fargo is headquartered here, it is -- it would be interesting to know to talk about in that context of money and how it goes back into the system but again, i do believe that for what we said formula retail was, for size, format and marketing, it makes a lot of sense to p

that whatever the bank will look like in the future you're advertising your bank this is what my bank will look like. and you know suppose the pretense of the site is that bank of america is asking for your help to advertise what they should be. and a lot of those ads are really really funny and a lot of the ideas are fantastic too there's you know you scroll through a few of the ideas and you realize oh yeah these are some really commonsense basic no brainers we can we can run banks we just have to have the guts to do it now when are you making any money off of this is wells fargo or anybody else trying to push you to do this or is there any of financial motivation behind this on your part i know we should make a joke here about how much each of the other banks are giving us but no no no there's no financial motivation doing this there's a straight up answer there and tell me a little bit about your organization has doing some reading and some people are wondering who is behind this spoof website there was some speculation occupy wall street was nine day i saw yes and was a part poss

. >> all the elements of the bank, the ideal bank that we're talking about, the occupy bank, has been done before. they're present in mutuals, in credit unions, in community banks. but what we're trying to do is, you know, very boldly, very ambitiously, try to imagine all of these characteristics in one bank. and available to everybody, country wide, which at the moment, credit unions, for instance, are not able to be. you know, we want something that is as plausible, as easy to use, if not better, than the current for-profit banks, on the high street, that people and businesses use today. >> you talk about the methods of democracy. how do you -- how is that taking place? >> in the beginning, very interestingly, when everybody showed up, the lot of people showed up, everybody wanted to give their speech about what was wrong. me, too. you know, "what's wrong with the economy? what's wrong with banking? i've got to have my say." but once that people had had their say, we, you know, we got down to work. we've invited real experts from credit unions. people who'd run community banks, prof

now you have a bank account.

we closed about a banks. 60 minutes did a piece on a bank failure. that was a high risk decision i made. you let the crew in you never know what's going to happen. i had faith in our resolutions people and our process. we let them accompany our resolution team on a bank failure and it went just as smooth as silk. they all did after indy mac. it was wonderful. a gentleman and his wife came in with his suitcase with his wife he was going to pull all of his cash out. we had greeters at the door talking with him. and after they talked with him more, he decided okay, i'm going to leave my money in here and "60 minutes" filmed the whole thing, when he was leaving he was saying how wonderful the fdic is. it was a very big confidence instilling process and worth a lot more than all the paid advertising and public service messages that we had done. it was really -- it was -- it turned out to be a very good thing to do. >> what's your sense -- i don't know if your friend peter schefft is still in the audience? are you here? i'm going to ask a question he would

huge panic. >> no bank wants to lend to any other bank, because they're afraid that the other bank won'tbe able to pay them back. >> turmoil in markets around the globe. >> why didn't the government save lehman the way that it stepped in... >> narrator: at paulson's office, the telephones lit up. dozens of calls from around the country. >> hank was very nervous. he was getting calls from large manufacturing companies that were struggling because of the credit markets being frozen. the longer it went on, the more trouble the economy was going to be in. >> devastated by losses at mortgage investments, the brokerage is selling itself to bank of america. >> it's a tough day, man. it's a tough day when less is more. >> yeah. >> the system stopped. all forms of payment froze when we got to the depth of the panic. banks wouldn't lend money to each other. the first money market mutual fund in the united states, quote, "broke the buck." commercial paper, one of the most basic instruments in finance, that market failed. >> investors were shaken by lehman's bankruptcy... >> narrator: geithner's log

and the central banks are afraid if all the bad debts are written off most of the banking system worldwide would be insolvent but it's an inevitability that these debts have to disappear one way or the other and unfortunately central banks today are not addressing the heart of the problem. are you saying they're protecting the banks at the expense possible of the currencies and faith in the currency is. protecting the banks and they're protecting the way the system presently works you know this relationship between the governments and the banks all of this new financing that the spanish government to a large portion of it was bought by the spanish banks that gave this the spanish government the currency it needed to continue fulfilling its promises but the point i was making at the very beginning of this interview we're pretty close to the end of the line here and my time frame has always been twenty thirteen to twenty fifteen when things are going to blow up and we are i think moving toward that kind of timeframe that eventually central banks are going to have to realize that the promises

bank c.e.o.'s are set to meet with the fed about regulations but what else are central banks governments and big big working on together behind the scenes we'll talk about market manipulation with bill murphy and gather and guess who may reach the top spot at the bank of england. this ministry looking squid is just one of many species out of sight and out of mind that could be human at. out of mind things out of the vampire squid not in this life to i will talk about it let's get to today's capital account. alright it's monday let's talk about gold let's look back in one of his writings a leading english art critic of the victorian era john ruskin told the story of a man who boarded a ship carrying his entire wealth and a large bag of gold coins now when a storm hit a few days into the voyage and the decision was made to abandon ship the man strap the bag around his waist jumped overboard and saying straight to the bottom of the sea now the man's body was found with the rock of the ship many years

banks -- from corporate banks to credit unions. think you. >> thank you, now speaker. -- next speaker. >> a he high. ace is a part of refund california. a coalition comprised of 1500 groups. unions and faith-based organizations. kevin stein came up earlier to speak about the efforts we collectively have have been pushing in this state. i'm here to talk about the need for a moratorium. right now, with a lot of people who have come up, we have had to deal with a lot of cases face to face. knocking on doors, people calling at all hours meant much of the success we have had recently has taken a larger activist to keep up the fight. i note some of you are familiar with this. we're trying to get a case against wells fargo was no due process. i hope -- in what universe and what scenario is as low is it ok to mess up in the process and still have mistakes at the end and you are given money at the federal government and there's no repercussion for any of the work you have done. i think a lot of this is that we really need a moratorium. the

industrial bank. lgestgton's oldest and american-n-owned national since it opened its doors and 1934, the bank has grown from six employees to more than 150. $192,000 to more than $300 million in assets. aboutlast week we talked the problemems facing of community, american adustrial bank has been leader in mirity lending. joining us today, doyle mitchell, president and ceo and minorityrman of the bankers' association, and former chairman of the d.c. chamber of commerce. ana co-owner of the washington nationals. mr. mitchell, thank you so much for joining us today. abouteek, we talked nroblems that the "washingto business journal" uncovered. some very troubling statistics. do you think there is a problem it minority lending when comes to small businesses? >> absolutely. in the late 191970's, you had te community reinvestment act that was not enforced until the 1980's. redas designed to eliminate lining. which was centered around discscrimination. recent events validate the fact e still this country w h

or the bank of japan or the u.k. it's completely unstable because the currency is incredibly volatile because people don't trust these governments central planners bowl well you identify a keyword there is just trust and here the are the central banks i just listed they think they could command and control they can force you to trust when there is no trust in the system why would you trust any derivative product from j.p. morgan to goldman sachs why would you trust any of these debts that any of them are payable why would you trust to ever work and pay your taxes again when as we see in ireland when people are refusing to pay their taxes it's just being transferred directly to a small group of bankers now the economists article brings up this issue of trust and says the shilling has a further source of strength since each party to a transaction is likely to be able to place the other within somalia a system of kinship the shilling is underpinned by a strong social glue. paper currencies always need tacit consent from

the world bank wall street banks they don't want ireland to just fall so since they have a bigger vote then everybody in ireland we can't really expect that to happen correct we are completely correct with exceptional via my friend i will clarify that very briefly as well if you look at what happened in ireland during the crisis since about two thousand and seven mid two thousand and seven when the first credit crunch started happening there are stocks players have assumed the liabilities of the irish banks to foreign investors primarily the german french dutch breaks and there's a result of that are just more experience now on the for the bank debts that the banks have accumulated visibly the rest of the eurozone also some of the way the united states comes into that equation is that the united states and the writers have written a lot of the c.d.s. contracts and the words insurance against the bank and that and this is out of that they stand to lose if ireland defaults on the bacon that's themselves now as far as the troika goes since the rescue package has been put together over a y

we have bank earnings in focus. industrial bank reporting strong earnings. tomorrow we have icbc, bank of china later on today. so a lot of people waiting to see what kind of profits that will continue to show. not to mention there was rumors circulating we could see some policy easing from the pboc. so this particular market trading a little bit to the down side. the hang seng pretty much up 0.8%, china unicom, mixed bag of earnings, posting strong earnings giving a lift to the market, but byb being assumed by warren buffett, that traded to the down side. that seems to be weighing, all that mixing in to the basket of the hong kong market. elsewhere south korea up 0.1%. not a strong finish despite data showing a faster than expected growth in the first quarter. guess what? data showing maybe the outlook will look uncertain from here given the global uncertainty surrounding the export picture. australian market up 0.3%. new zealand pretty interesting. flat. why some we had the central bank keeping rates steady, but signaling a strong dollar as a concern. indi

because a bank like bank of america is a big provider of credit. and should that get in trouble, that credit is no longer in the system. how does the regulation deal with that? >> well, the regulation doesn't really deal with that i mean the only way it deals with that is that it does provide government funding for the failed bank. recognizing that the availability of private funding is going to be pretty much gone if a bank has signs of failing. >> tom: what would you suggest regulators act on now to get prepared? >> well, there is-- probably more things than we have time to discuss. but i would start with a living wills there are these living wills in dodd frank which basically requires the financial institutions to plan for their failure. and one of the things they need to plan about is how do they pull themselve as part with all these pieces including the international piece. and still leave some semblance of liability. >> tom: we have difficulty facing our own mortality let alone corporate mortalityity we have to leave it there, stephen lubben

the planning department allows big banks? let's move in a big bank without community input. cha-ching. quoting from the law, money earned by independent businesses is more likely to circulate within the local economy than money earned by national businesses. with the locally based credit union, 75% of deposits go to loans to other local members. chase bank's h.q. is on the other side of the country. although hundreds of my neighbors feel what happened at davis darro was a misinterpretation of formula retail law, the zoning administrator said the best way was move forward was to add financial services as a specific use and that's what we're doing here today. thank you. vice president wu: thank you. >> good afternoon, commissioners. dean preston, resident of district 5. i thank supervisor mar for his leadership on this issue and supervisor olague for co-sponsoring the legislation. i support it 100%. and i'm not going to reiterate all the compelling arguments that have been made for why it's a no-brainer that formula retail -- i'm sorry -- that financial services needs to be su

a currency play out in the banking collapse if it doesn't get its way up. the people's. health and welfare is much more important and if the i.m.f. doesn't collapse then the economy will but the real worry is that the euro aren't climbs the worry is that the euro will survive and will hold together and will continue to impose on greece because of austerity and it imposed on. latin america and other countries and asia and the asian crisis that maintain eighty eight but little bit of them. to europe what it's done to these other countries and beth would be an utter disaster but it's a disaster that will benefit the united states and will benefit you know i.m.f. quite a bit because they hope that if there is pressure on governments that he fell this will force governments to begin selling off their private interest rupture and they say greece may collapse and that they mean as greece will collapse unless it overrules a democracy in one of. technocrats which means the bank lobbyist to come in and sell off its land sell off its water and sewer system sell off it

bank system because there are no bailouts of banks from bitcoin and we've been covering but going for a while it's the latest greatest hope for some type of democratic expression on the internet that was first seen in the one nine hundred ninety s. but quickly got snuffed out by the m.p.a. and the are i am a coin is another shot another attempt to bring about the will of the people so this article and warriors point out that there are all these traders from goldman sachs morgan stanley all the banks in the city of london are you can see from the visits to the actual site that a lot of these bankers and brokers are on line buying is speculating and big point but remember there are no bailouts available from there and they talk about bitcoin has become the wild west of finance with the proliferation of web site. offering loosely regulated replicas of the services familiar to those in the financial industry perhaps the most notorious is big coin into a platform offering margin trading short selling and stop orders run by a seventeen year old chinese high school student zoo tom users can

it's a measurement here for these two banks. it's getting up there in double-digit banks. j.p. morgue an over 10%, and it it it over 10 for are for wells fargo. is this healthy for the broad economy? >> well, the more capital a bank holds, the less they can lend. so in that sense-- >> not healthy in the near term, but in the longer term, should another financial crisis hit, it pays to be well capitalized. and in addition, about a year from now, there will be new sets of capital requirements being phased in. and both banks are building towards those capital levels. j.p. morgan is just about at the level they may need to be a year from now. and wells fargo is. >> tom: let me ask you, finally, we're looking ahead at a bitsy week next, we bank of america, citigroup, goldman sachs, among the banks. have we set the tone with j.p. morgan and wells fargo what we'll hear next week? >> it's norwood extrapolate to the other banks because wells fargo and j.p. morgan are among the best capitalized and best managed bank in addition u.s. next week brings a whole motley assortment of u.s. bank

so my job is to -- what a traditional bank supervisory job in a case where the banks are stresse stressed. i'm agreeing with the banks about a structure they are going to set up to monitor their own performance. and then i'm going to hire experts who are going to work with me to verify. and if we need to do additional testing to confirm what we're told. and i have every indication that the banks are going to work with me to try to get this thing transacted. i do think it's likely that we will see a lot, for all of you who are interested in principal reduction and other kinds of restructuring, i think there's going to be a frontload on that. so i think you'll see a lot of action on that during this year or 12 months and certainly a lot by year end. >> how do people fimd out about that? how do they get in touch with you so that the groups out there can -- >> okay. i have a way for them to get in touch with me. so glad you asked. i thought you were trying to trick me, but you're actually trying to help me. >> you're on "candid kcamera." >> i have a website. got your pens out, scholars? that

>> everyone deserves a bank account. in san francisco, anyone can have a bank account. everyone is welcome, even if you are not a u.s. citizen or have bad credit. qualifying for a bank account is simple, just lived or worked in san francisco and had a form of id >> we started bank on san francisco at six years ago. we wanted to make sure they know they have options, which would be more successful for them. ♪ >> check cashing stores can be found all over the city. they're convenient locations, with a hidden price. -- the convenient locations, with a hidden price. >> i got a refund check and they took out $200. >> i understand they have to make money, but they are a little high. >> people who used check passers -- cashers, they could pay hundreds of thousands of dollars in fees. >> i do not have that kind of money. >> i would not have to pay it if i had a bank account. >> bank accounts are essential. >> most banks require information that may limited the pool of qualified applicants. encouraging them to return to on saved check passers. -- unsafe check cashers. they are m

italian banks. sure that's as positive, that's just the ltro effect. they're borrowing at 1% from the ecb and then buying spanish bonds at 5.5%. i think it's a deliberate policy to help with the long term equalization of hose banks. >> in the profitable if they bought in february or march. >> if you you got three year funding and you hold it to maturity. >> the one main fact there -- as i say, risk appetite was fairly okay friday and today, not a huge sort of market reaction to this news. does that change? >> as you said, i think a lot of what you you call news was already priced in. the bank downgrades, the gdp release, so a lot of bad news has been digested already. but clearly there's still a lot of further down side risk on the gdp side. we still didn't really know what's going to happen with the banks. and a lot will depend on decisions being taken at the european level. so i certainly would expect hesitation by investors and a lot of concern to continue. >> this is christine here in asia. as a

what the bank may not have known. is a lawyer and fraud investigator with a specialty in forged documents she splits time she's at it again saying that bank of america has sued itself for foreclosure eleven times since late march in the march twenty ninth filing bank of america is seeking to foreclose on a condominium and named the condo owner and bank of america as defendants in this suit now there was. some commentary on the blog that this was on the huffington post saying this is proper because big of america was the second mortgage issuer so they should be included in the suit to me though this just shows the absurdity of the foreclosure crisis and how big banks have gotten that literally they're naming themselves in suit because they have issued so many loans in so many different ways but some of this isn't like some sort of accounting fraud again because the brakes are so good clever i've been i've been waiting for this because this talking with the lawyers or because they're going to be so many words in a syste

bank he's directly involved in this fraud rolls fargo bank the story with the drug laws on the mexican cartel right roy tokyo was acquired by wells hundreds of billions of dollars regularly connected to the chain late changing in mexico twenty two tons of cocaine basically what that what it what they covered well and so you have a warren buffett will go and see him b.c. he's investing in these companies and yet these are places you go alley you know i mean he's the great genius the oracle again from the pop culture side the rolling stone side you go from jimi hendrix star spangled banner you know it was stock to warren buffett playing a ukulele as anyone meeting. and people are celebrating that as a milestone and cultural you know achievement how did we get this far down the slide what happened it's amazing you know i remember i'm not i grew up in a family of journalists and i remember when i was a kid reporters hated powerful people it was a sort of a thing that was part of this business we we have a thing we want to stick it's a man if he was doing something wrong if we put it kind o

all the banks all of them good usual suspects bank of america chase they're all colluding to submit artificially low bid. and everybody is losing out and it's exactly the same activity that we had with mafia groups it's just that it happens to be bonds that are garbage well junk bonds as they're called great. exactly so now another interesting aspect of this is that the mob as gone global right last week mob and you see and casino italy there's a big story base of ray and other and you've covered this extensively so it couple highlights there again given that global the globalization of this absolutely the that's one of the problems with prosecuting this kind of crime is that it's it's so good it's so cross territorial and you're across jurisdictional that there is no one law enforcement body that can really aggressively prosecute this kind of crime and they also have a tendency to go. regulatory shopping essentially they do if they seek out the areas where the regulations of the weakest are the regulators who are the weakest and that's where the base their operations that the laws