i think the banks were very pleased and the information we have made more available to banks in the jenna role, there is a real need for small dollar credit right now. the options that consumers are not good that could be high cost and heading through the model to provide decent price lending was important to us and we were pleased as well as the banks in their success. >> what interest rate did you see on the small loans actually work? what interest rate? >> these were consumer loans. [talking over each other] >> they were below 36% which is pretty high. we will actually give credit for those -- >> did they make any money than? did they think they could make any money? >> they did make money. they were lower than 36%. usually 12%. >> my information says after two years they found the interest-rate cap was not probable for participating banks. after two years the fdic program by my information's says after two years your pilot program should interest-rate cap was not profitable for participating banks. >> there was no interest rate cap. there was no interest-rate cap. if there is the item

the banking industry the new tobacco industry now only all municipalities in cities suing the banks you have the banks m.b.a. and security investors interest suing the banks for you know forgery practices misrepresentation you have the market gees suing the banks the people who have been frozen for close upon and that is like a bottomless pit think about the amount of mug. just take it down i've been taken out during the boom time just think about two percent of those people soon to be ex you know a major liability so if you think that the backup copies of any of the bills and probably haven't seen anything yet and tobacco companies didn't run at thirty times the average by the way right to pack a combination run of three times leverage but let's go back to two thousand and eight for a second we know that hank paulson went to congress you negotiated some bailout money and this was augmented by further bailout money do we know what the total price tag was for the bailout money and my second question is based on what you're saying here can we anticipate another round of bank bailout money

and you have the banks m.b.a. and mortgage backed security investors interest suing the banks for you know forgery practices misrepresentation you have the mortgagees suing the banks the people who have been project for close upon and that is like a bottomless pit think about the amount of market is taken down that been taken out during the boom time just think about two percent of those people suing events you know it's a limited liability so. if you think it's a battle company's going to be bills you probably haven't seen anything yet and example companies didn't run at thirty times leverage by the way right the pack of companies that run a three times leverage let's go back to two thousand and eight for a second we know that hank paulson went to congress to negotiate in some bailout money and this was augmented by further bailout money do we know what the total price tag was for the bailout money and my second question is based on what you're saying here can we anticipate another round of bank bailout money and

it is keeping the bank bback whn you compare it to the highs of a few years ago. people are skeptical of further record profits in the years coming up. trading in general is influenced by the euro debt crisis. if the imf did not pay out its loan to greece, then europeans would have to help them. >> we will stay in frankfurt for a close look at the market also numbers. germany finished the session at $78.13. in new york, the dow closed at the top of the hour. it managed modest gains. on currency markets, the euro trading against the u.s. dollar at $1 to $41.30. the greek prime minister has called a crisis meeting for friday to try to win the support of opposition parties for what is to come. tens of thousands of greeks have taken to the streets to protest the austerity measures. earlier this week, the greek cabinet approved 6.5 million euros in austerity measures. the cabinet will detail and it further 2 billion bureaus in cuts and privatizations. that is you look at business. >> thank you. we turn to afghanistan where eight soldiers from the nato security force ha

will you know hobbled the banks will require some support this is the very portion of the banking system and i would say would have seen after the publication of the stress of the intervening markets rates went slightly opposite this is definitely generating some nervousness between banks in terms of the quality of their counterpart is released and i think the stress does the whole central bank to be more proactive income fall in want to trying and we still banking said you know why there are some banks think that the stress tests was too tough for them well i personally believe maybe they properly the way to look in the stress test because the tough is this trust is a better the banking sector could be prepared for the new crisis and again the very top stress tests would mean that the central bank will have. a role has a platoon to move into business from now. of sides and religion to fire well there is a risk that snotty however will understand that at the moment now wolf a national institution because of the paf environment because the long grass has moved on this would prefer maybe l

punt three trillion pounds into world economy so the world central banks have pumped three chilling pounds or five trillion dollars into the global financial system since the crisis the equivalent of eight percent of the world economy according to a new analysis by fathom consulting yes and how do they do that pumping they pump it through the banking system they pump it through the primary dealers on wall street and the banks are the primary dealers hold onto it and pay themselves huge bonuses so it's totally ineffective as part of the way the entire system is broken but please continue maxwell the e.c.b. was the biggest contributor to this liquidity injection of five trillion dollars the u.k. was the lowest contributor in terms of these big four central banks but the figures according to the article will intensify fears that the extraordinary injection of liquidity is responsible for rising stock markets rather than any underlying pick up in corporate health or investor confidence right now as i as i explained the money that comes from the central banks say they inje

the bank didn't warn her about the fees.sumed there would not be none. >> more fees and harder to avoid. >> that is austin price. the nonprofit is calling for new laws requiring banks to explainn all fees clearly to the customers. banks must inform only those who asked. >> i am sure she wouldn't have chosen the saving's account instead of them going. >> they asked bank of america about the kid's money. bank of america provides way to avoid fees. unfortunely we cannot verify what was communicated four yearrs ago and helped tod determine the type of accounts that the customer opened for the children. it is the responsibility for the customer to review statements and keep on top. >> however, bank of america restored the children's money. $310 in all and gave them $50 to help rebuild their savings. way cool. isn't that good of them. we bank of america restoring the kid's money. the kids learned a valuable lesson. read yourr statements . >> an astronaut from saven jose took part in the final space walk today. greg and his fellow

first thing you want to do is deal with the bank. if they are not able to make the loan by themselves, then go to our website, which is www. sba.gov, and look for the local page to see the local san francisco financing sources. but before you do that, the takeaway message here is that before you go to a bank, make sure you are cleared to do that. you do not want to go to a bank looking for financing for your business and ask them a question that will immediately give them a sense that you are not ready. you go to a bank and say, "how much can i borrow?" they will tell you, "i do not know, but probably not from us." you need to know exactly what you're looking for, how you are going to use the money, and how you will be paid the bank. part of the process is make sure you are prepared. the first thing you need to do is take a advantage of the resources that can help you develop your business plan and really be prepared to go to a lender. being able to answer the questions you know that they will be asking is part of what we do as well.

because the investment bank which is the globe who are part of the name which was oh come across or so what's happened here is right wing ideology that almost a libertarian ideology to government should play no role at all in banking allowed the banks toure's in this really started in after two thousand two thousand and four really up on pick up steam in fact it was in two thousand and four williams even talks about the same clip where he was giving that speech or in grand rapids michigan about how in two thousand and four they went to their regulators in the bush administration and said you know historically we've only been able to land against twelve times one of the caches knows for every dollar they have and deposits they could lend out twelve but they said why don't you just let us learn whatever we want. and the push regulators to do it so they went to eighteen percent then they went to twenty five percent and they went to thirty percent and they finally ended up at thirty five and thirty seven percent thirty seven dollars if they were looking for every dollar they had and when t

of all the sixteen banks involved in this alleged fraud they're investigating this potential fraud the sixteen banks who all recognize as being the biggest recipients of bailout funds and state aid across the entire world j.p. morgan bank of america barclays b.m.p. pair of us citi group commerce bank credit suisse first boston deutsche bank goldman sachs h.s.b.c. morgan stanley world bank of scotland u.b.s. wells fargo credit agricole and society in general you know maybe you could all turn off and go home but if you do a terrorist or defrosting thrown in the ocean all right stacie over thanks so much for being on the cause or report thank you max don't go away much more coming your way. stay right there with the lead. lead. more news today violence is once again flared up look. these are the images the world has been seeing from the streets of canada. for asians to rule the day lead. i'll come back to the kaiser report on max kaiser time now to go to athens greece and talk with dr characters told brass who is suing goldman sachs j.p. morgan and others for their role in the financial a

of all the sixteen banks involved in this alleged fraud they're investigating this potential fraud the sixteen banks who all recognize as being the biggest recipients of bailout funds and state aid across the entire world j.p. morgan bank of america park lees b.m.p. pair of us citi group commerce bank credit suisse first boston deutsche bank goldman sachs h.s.b.c. morgan stanley world bank of scotland u.b.s. wells fargo credit agricole and society in general and i know baby i know ball turn up to go home to do a terrorist or defrosting thrown in the ocean all right stacy we're thank so much for being on the book cause or report thank you max. don't go away much more coming your way stay right there. hungry for the full story we've gone to. the biggest issues get a human voice face to face with the news makers on the t.v. . news sky. looking forward to be held in say. pain and suffering will never be forgotten. as well as the joy of liberation. your spring of nineteen forty five on our team. and i'll go back to the kaiser report i'm max kaiser found out to go to athens greece and talk w

the s. and also s. now banks you know in the us know when reagan deregulated the s n l's and a couple years later they crashed after a whole bunch of people like neil bush made a pile of money. basically. took them over i put a guy named william seaven in charge of the resolution trust corporation that took over basically nationalize the s n l's and over about a twenty year period actually made a profit selling them back into the private business and the second one is that the banks just took our money and they will not relent at that paid themselves one hundred thirty five billion dollars which is about what we loaned them and you get that at the end of the h.b.o. special is really quite shocking we have seen this movie before william siegmund who died just last year easy he was a one of those good republicans i mean this this guy was a white eisenhower republican ronald reagan brought in to run the s n l's and run the resolution trust corporation that was created to resolve the crisis he was one of the heroes i

in the pentagon fused together the girls bombed the country and the bank steals all the precious metals. of the plane which crashed in russia. carrying the polish president and ninety. representatives instrument russia and poland met to discuss how they can work together on the investigation under range from moscow to policy documents related to the inquiry has been following the missing stories we like now. the international aviation committee has finished so report on the accident so when all we are. alice is exactly as you say the interstate aviation committee has completed its report and handed it over to the polish side earlier this year but the investigation isn't actually fully completed we do know according to the russian prosecutor general that forty three case files have been handed over to the polish side he love and just last month but that still isn't the complete caseload. of course concerning the investigation into the crash of the presidential plane which was held of course president former president because she was keeping his wife and most of poland's political elite w

nick leeson and the barings bank collapse. you know these these brokers are always used to kind of the same technique by hiding all their specular debts off the balance sheet into all suddenly they're discovered and in this case of course you've got the compliance with the rating agencies moody's and s. and p. you've got money managers involved you've got bankers involved i mean is there a case here for racketeering go after this for for under racketeering law this is exactly as you said plan are so right this is not an ice cream no plan. we're going kent to give full that you could call me in your good cool speculate over c.b.s. or b shoot them to big government wants this sounds a lot like the subprime crisis in america where banks like goldman sachs were willing to take a loss on the bonds because they made two or three times that amount on their current a fatwah quote unquote insurance products is that like that p.p. is exactly what you say it is in the united states and in the united states present two thousand feet. of c.

examination to the small banks. they don't enforce the law properly thus efp de connect and notify the provincial regulator that they have reason to believe that a smaller bank or credit union has engaged in a violation of the law and must provide a written response. ultimately the bottom line, they can't enforce it but with a candor is to call attention publicly to the lack of enforcement and we think that will be a significant factor getting the regulators to do the right thing. it goes the other way, too. if they fail to act, then any of their regulator has authority under the statute can recommend that the cfpb initiate an enforcement proceeding if they don't do so within 120 days, in this case the agency can act and they can go out and enforce and then there's a number of consultation requirements under the statute so if you see a picture emerging. these are not -- we are going to force them to talk to read our opinion, consumer protection has to be -- we need a twin peaks system which is what we have now. the

the swiss banks the u.s. is becoming the hot spot for offshore accounts for foreigners and yet this is tax free how much longer will we let the narco traffickers around the globe use american banks toure's to launder their cash and indiana governor mitch daniels is adding fuel to the republicans were against women cutting mandatory reproductive screen for planned parenthood of patients who rely on medicaid so what's the feet of needy women who can stay. here longer cayman islands united states is the world's biggest offshore tax that's right even though the i.r.s. is looking for tax dodging billionaires and stash their cash in offshore bank accounts the truth is america is actually home to some of the biggest tax free offshore bank accounts in the world a department of commerce study revealed that the u.s. banks are holding three point six billion dollars belonging to foreigners positives as under u.s. law and nine u.s. citizens can deposit as much money into banks as they like with out paying taxes and witho

we ought to the community bank impact and why it will apply the community banks. we're looking at more automation. recall the fdic can act where every year kid is going to update. >> i appreciatthat because we hear that from the community banks. i appreciate your looking at that. i yield back. >> and the chairman has consented to go to a second round of questioning. and we're still going to be calling for votes in the next 15 or 20 minutes. i will go ahead and start the second round. i appreciate you spending time with that. we also had a discussion in the markup for the bills. on the differences or the interchange ability or not of safety and soundness and profitability for banks, one witness said that safety and soundness is used as a code word by the institutions as profitability. by trying to reshape or reform this, using safety and soundness, we are being accused of protecting the profits of an institution. and i think while a safe and sound bank may realize a profit, that is a good thing. a profitable bank is not necessarily safe or sound. could you comment o

about ten percent unemployment higher than the national average and more light is shed on the secret lives of bank stars details on how they made billions wrongfully taking people out of foreclosed homes. the idea of a supreme court is working around the clock to undo the fourth amendment of the constitution last week the high court ruled that police can now enter someone's home without a warrant and without probable cause and in doing so people of that state do not have the right to keep police officers from arresting them without cause on and in their own property in case of him focused on a man who shoved a police officer who walked into his home without a warrant and without his consent the man was then stung gunned and arrested the court ruled three to two that the officers acted appropriately and didn't violate the fourth amendment before them of course explicitly says that we have the right to be secure our homes unless a warrant is issued based on sworn testimony that we're committing a crime representing the majority opinion just in steven david who was appointed by . the corps by republi

bank of america j.p. morgan chase wells fargo citigroup and ally financial but the agency found is that these banks routinely lie about how much the foreclosed homes were worth and they were getting reimbursed for those loans by the government a practice new generated huge profits for the banks play swindling taxpayers and this is just the latest report to uncover crimes by bankers it was discovered earlier this year that banks made as much as thirty billion dollars with illegal foreclosure practices kicking people out of their homes about deserve to be all of these reports been handed over their part of justice so far however nothing has been done to hold the bankers accountable and other banks tears in their lobbyists are trying to blow up new wall street reform laws and consumer protections created in the aftermath of the bush two thousand and eight financial meltdown. we're going to weigh with us for more i'm joined by kathleen day's folks person for the center for words for responsible lending kathleen welcome thank you for having me great to have you here with us in fairness some of it began on clinton

either all money to the core banks or because they opened their doors as they were said to have to do by the e.u. by the i.m.f. to international capital international capital left leaving them with with with just a junky economy and impoverished and unemployed people and the solution of the i.m.f. is putting upon this is to say are all do more of that you know continue to progress continue to reduce your social programs continue to create austerity measures so that we can loan you money so that you can float whatever international capital whatever mistakes of the banking system within your country private banks or extra no banks have made and we will continue in that manner to make your economy worse while we try to float these investors as long as we can all right the only brands thanks so much once again for being on the kaiser report thank you all right and that's going to do it for this edition of the kaiser report with me max keiser and stacy herbert and i thank my guests know me prince author of it takes pillage if you want to send me an email please do so at

we ought to the community bank impact and why it will apply the community banks. we're looking at more automation. recall the fdic can act where every year kid is going to update. >> i appreciate that because we hear that from the community banks. i appreciate your looking at that. i yield back. >> and the chairman has consented to go to a second round of questioning. and we're still going to be calling for votes in the next 15 or 20 minutes. i will go ahead and start the second round. i appreciate you spending time with that. we also had a discussion in the markup for the bills. on the differences or the interchange ability or not of safety and soundness and profitability for banks, one witness said that safety and soundness is used as a code word by the institutions as profitability. by trying to reshape or reform this, using safety and soundness, we are being accused of protecting the profits of an institution. and i think while a safe and sound bank may realize a profit, that is a good thing. a profitable bank is not necessarily safe or sound. could you comment

that is doing this the central banks are fighting this tooth and nail that's usually some independent politicians or in the case of mexico hugo salinas price for instance is the originator of the silver movement in mexico but when it comes to china and all these other countries that are now net buyers of gold i just did a video recently called the game changer and if you look at the board market of the seventy's were gold went up twenty four times its original price and silver went up thirty six times its original price the central banks were net sellers on the average central bank sold more into the market than they were buying when they sell into the market that depresses the price in still gold exploded and went up twenty four times its original price over thirty six this time just for the past couple of years central banks have become net buyers and a whole lot of the buying is actually. the book so the net buying is a lot bigger than what we can see all right good point michael olea thanks so much for being on the kaiser report let's check

having a meeting at the world bank. how am i not made. here's another quote from the policeman of the situation which is important to it to address because he doesn't take it as seriously people don't take these flash crashes and hank paulson holden the american population hostage we see no intention of political terror here the policeman says the suspect was just trying to affect market sentiment and again let me emphasize that due to propaganda they have successfully delineated between financial terror and political terror this is been commingled into one global financial terrorist dominated global economy there is no political terror anymore there is no ideology there are no political parties there are no religions there are no country boundaries there is only the market leverage and events to make the prices go where you want them to go this guy is the hank paulson of the retail side he is you know basically you know the equivalent of hank paulson going into a liquor store not going over but he's the same mindset tha

to bring up the west bank, the palestinian areas. i was critical because he received the -- the palestinians received billions of dollars, yet they had not been building homes for the rank and file refugees which seemed to indicate to me they wanted to keep fomenting hatred toward the jews, toward the israelis. now, let's take the president's words. that he had time to massage, learned from his mistake on thursday, supposedly. he says, that it should result in two states with permanent palestinian borders with israel, jordan, and egypt. well, you've got the gaza strip that israel unilaterally gave back and now they suffered thousands and thousands of rockets and terrorism and death as a result of that generous gift of the gaza strip back. if you'll just leave us alone, we'll give you this wonderful strip. they gave it back. people cried peace, peace, but there was no peace. there is no peace now. they're still ready if you'll just leave us alone. to make peace. but under the president's words, gee, he uses the statement in a sovereig

people start small through the credit union and then want to go to the bank. we know we are limited. we cannot afford to give out a big loan. starting from the credit union, we educate them about filing taxes properly and then moving on to the bank, a small one, expansion, and we work with the bank. the bank and credit union are similar. we do allow tax returns, projections. credit unions do not charge an additional loan or processing fee. processing time, on a small loan, -- consumer loans probably a few days. because we require a business plan, sometimes it takes longer. business plans take a while. especially bank statements. we need to see consistent income coming in. so far, a credit union delinquent rate is quite low because we are working with a client. we want to keep that low and as part of our mission. there is no application fee. if you are interested in an application or information, i have brochures, or you can give us a call. >> thank you. next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california regio

bastardization of fascism you know explain to me how this isn't fascism when you've got the banks of the pentagon fused together the pedagogues bombs the country and the bank steals all the precious about all the. other top stories from around the world. dominique strauss kahn has resigned as head of the international monetary fund and so it's a jail cell so you say most of you feel for me from to put up one million dollars in cash charges essentially of some of them tell me scones of house arrest in and out and where and sort of trick is movements. seventy seven plane crashed while taking off from the naval base and some kind of three people aboard managed to escape with any mining injuries play was operated by private contract by the u.s. navy to support its fleet. the space shuttle endeavor successfully docked with the international space station an hour should you. come on board mark kelly live in the most expensive freighter ever to the station two billion. scientists look beyond this is the last. like friend ever and anon tonight in the history of the american space shuttle. out

that finance them but between the banks and the customers banks and not really transparency about what they are using the c. sievers money for so it's not easy to find many of the banks named in the investigation and now coming forward to say their policies on funding and production out change but until that happens in the murky world of dance production wall remains a profitable business. r.t. . germany has announced it will be phasing out euclid energy by twenty twenty two decision was influenced by the recent disaster in japan cross live now to. this is this and more on this really on the business front one of the likely consequences of this decision. broker of this is it was welcomed by environmentalists that expected to be around boaters god it was kept around europe and within german industry and. some are predicting it can harm economic growth in the country to import power from me. countries or even inflate the cost of energy across the continent well but the country saying that it's ready to expand the use of renewable resources still it's not clear how the country will make u