Bankers Panic of the 1907 Knickerbocker Crisis that led to the Creation of the Federal Reserve

Wall Street Panic's as bankers lose their shirt!

Wall Street Panic’s as bankers lose their shirt!

The Panic of 1907 – also known as the 1907 Bankers’ Panic or Knickerbocker Crisis  was a United States financial crisis that took place when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a week later to the downfall of the Knickerbocker Trust CompanyNew York City’s third-largest trust. The collapse of the Knickerbocker spread fear throughout the city’s trusts as regional banks withdrew reserves from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks.

The panic might have deepened if not for the intervention of financier J. P. Morgan,  who pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system. At the time, the United States did not have a central bank to inject liquidity back into the market. By November, the financial contagion had largely ended, only to be replaced by a further crisis. This was due to the heavy borrowing of a large brokerage firm that used the stock of Tennessee Coal, Iron and Rail-road Company (TC&I) as collateral. Collapse of TC&I’s stock price was averted by an emergency takeover by Morgan’s U.S. Steel Corporation—a move approved by anti-monopolist president Theodore Roosevelt. The following year, Senator Nelson W. Aldrich, father-in-law of John D. Rockefeller, Jr., established and chaired a commission to investigate the crisis and propose future solutions, leading to the creation of the Federal Reserve System. 

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Gold & Silver Smashdown=Mining Industry Collapse

AceFinanceNews says l saw this coming months ago and advised people l knew NOT to pay too higher price ,but many companies pushed and pushed, and they thought l will miss the boat #Greed

One Year Later Hundreds Of Millions In “Superstorm Sandy” Aid Sits Unused

#AceWorldNews says one Year on and Aid for “Hurricane Sandy” is still sitting in their bank #charity

YouViewed/Editorial

The Non-Storm Over Stalled Sandy Aid

 

 

” Remember how the year started? With local Republicans joining Democrats to trash the House GOP for not waving through $60 billion in federal aid for Superstorm Sandy?

Long Island Rep. Peter King accused his fellow Republicans of having “put a knife in the back of New Yorkers and New Jerseyans.” His colleague from Staten Island, Michael Grimm, called it a “betrayal.” NJ Gov. Chris Christie called it “disgusting.” In the end, the piling on had its effect, and the aid bill sailed through, loaded with pork.”

 

 

” Now comes news that $648 million of this money meant for housing recovery sits largely unused, with only one woman in Staten Island having received funds.

This is exactly what’s wrong with our politics: All the emphasis is put on the symbolism of “doing something” — by which is often meant throwing taxpayer…

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This Can’t End Well: Debt Slaves Won’t Make Effective Freedom Fighters

#AceDebtNews says after 25 years plus getting people out of debt, the main reason l am told that they borrow, is simply because they want, what the other people have got , it is #avarice

FBI reportedly seizes $28.5 million in bitcoin from Silk Road mastermind

#AceFinanceNews FBI reportedly seizes $28.5 million in Bitcoin from Silk Road Mastermind #Bitcoin

UN PANEL PAYS OUT OVER $1.2 BILLION IN REPARATIONS FOR IRAQ’S 1990 INVASION OF KUWAIT

United Nations

United Nations  The United Nations Compensation Commission (<“http://www.uncc.ch/“>UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, today made $1.24 billion available to the Government of Kuwait.

With today’s payment, the Commission has disbursed $43.5 billion, leaving approximately $8.9 billion remaining to be directed to the only outstanding claim, stated a <“http://www.unog.ch/unog/website/news_media.nsf/(httpNewsByYear_en)/AACDE58294E89727C1257C0E00386FA2?OpenDocument“>news release issued by the Geneva based Commission.

This category E claim was submitted by the Government of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded $14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait’s oil field assets. It represents the largest award by the Commission.

Successful claims are paid with funds drawn from the UN Compensation Fund, which receives five per cent of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.

The Commission was established in 1991 as a subsidiary organ of the UN Security Council. It has received nearly three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.

#aceworldnews, #government-of-kuwait, #invasion-of-kuwait, #iraq, #kuwait, #kuwait-government, #kuwait-petroleum-corporation, #opendocument, #the-commission, #the-government-of-kuwait, #un-compensation-fund, #united-nations, #united-nations-compensation-commission, #united-nations-security-council

Latest Data of Complaints Handled by the Financial Ombudsman Services

Financial Ombudsman Service Adam Christian Debt Management Services – latest report on the Financial Ombudsman Service recently releases the latest six-monthly complaints data relating to individual financial businesses – including the high street banks and insurance companies.

The data published on the ombudsman‘s website details complaints handled by the ombudsman service between 1 January and 30 June 2013. This includes:

  • the number of complaints received about individual financial businesses; and
  • the percentage of complaints the ombudsman upheld in the consumer’s favour against those businesses.

During the six-month period, the ombudsman service took on a record number of 327,035 new complaints – an increase of 15% on the previous six months. Over 95% of these cases came from 195 financial businesses – out of more than 100,000 businesses the ombudsman covers.

Complaints about payment protection insurance (PPI) made up more than eight out of ten (86%) of the total complaints referred to the ombudsman during the first half of 2013 – with 266,228 new PPI complaints (compared to 211,885 in the last six months of the 2012). Five financial services groups accounted for 78% of all new PPI cases.

For complaints about financial products other than PPI, the total number of complaints referred to the ombudsman reduced by 15% from 71,366 to 60,807 during the first six months of the year. This involved a decrease of 22% in banking complaints and 3% in insurance cases.

Across all individual businesses included in the data, the uphold rate (where the ombudsman found in the consumer’s favour) ranged from 2% to 98%.

Commenting on the complaint statistics released today, Natalie Ceeney, chief executive and chief ombudsman, said:

During the first six months of this year we sorted out a record number of complaints for people – making real progress in tackling the customer-service fallout from the mis-selling of PPI, widely accepted as the largest financial mis-selling scandal.

Disappointingly we are still seeing cases where businesses are not following our long-standing approach to PPI, resulting in long waits and unnecessary delays for consumers.

But, more positively, we are seeing encouraging signs from some major businesses that are starting to recognise the value of getting things right for their customers – with an increased focus on sorting out problems and concerns as quickly as possible.

Look at the complaints data now available on individual financial businesses.

http://www.ombudsman-complaints-data.org.uk/

Adam Christian Debt Management Services – Report

Following a recent phone call to their offices in the last few days to chase-up one of the ongoing claims for PPI that was mis-sold to one of our clients, l was told by their offices that in fact they have over 500,000 ongoing cases, but they are getting through the back-log at an average of 100,000 every three months! The average wait for a claim at the present time is between 12 and 18 months, dependant on the complexity of the case!

There is simple requirements to submit your case to the Financial Ombudsman Service and these l will cover in a future post, that will highlight from beginning to end how easy it can be to claim ,without losing any money to claims companies, also how difficult it can be made to look.

This report update was just to show the latest figures, if you are one of the unlucky ones to have a case that has been referred or sent to their offices.

Regards, Ian K Draper – Guest Post

 Adam Christian Debt Management Services

The official body of people that govern the issuance of consumer credit licences and their use!

The official body of people that govern the issuance of consumer credit licences and their use!

Licensed under the Consumer Credit Act 1974            

 

#acedebtnews, #acefinancenews, #adam-christian-debt-management-services, #business, #complaint, #consumer-credit-act-1974, #finance, #financial-ombudsman-service, #insurance, #natalie-ceeney, #ombudsman, #payment-protection-insurance, #ppi

Fast-Food Chains Costing Taxpayers the Most Money

#AceFinanceNews

Fast Food Industry Giant McDonald’s Cost to the US Taxpayers Close to $1.28 Billion each year!

The fast-food industry is one of the nation’s largest employers of low and minimum wage workers. According to one group, often the industry workers’ pay is not enough and many turn to government programs for assistance. In fact the group calculated the largest of these companies, McDonald’s, cost U.S. taxpayers close to $3.8 billion each year. According to the National Employment Law Project’s newest report, because the fast-food industry pays its workers less than a living wage, U.S. taxpayers must foot the bill in the form of the public assistance programs these workers must use to get by. McDonald’s alone, according to the group, cost taxpayers $1.2 billion last year. These are the fast-food chains costing taxpayers the most money.

Have a great day!

Courtesy of: JON C. OGG

24/7 Wall St., LLC, 16 East 90th Street, New York, NY 10128, USA

The Edward Snowden of banking? The story of Hervé Falciani

#AceFinanceNews A really great video and also check out the link to the interview, its really eye-opening, another #Snowden or not? As l always say you decide? And leave a comment with your thoughts #SMS

Stop Making Sense

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Why the Wall Street Banks Cannot Fail as they Designed Products to Suit themselves Not their Investors

Q. These two notes look the same but one is credit and one is debt, which one is which?

Q. These two notes look the same but one is credit and one is debt, which one is which?

The reason is that all money that is printed for the purpose of the lending market, has but one purpose from a lenders point of view ,to create a way to hold people accountable, should they not pay!

That is the fist rule of lending.

The second is to minimise the risk in favour of themselves, so as in the case of the wall street bankers they created a way to maximise profits and minimise risk, simply by creating a portfolio of hedge funds, these were of course situated offshore, thus no taxation payable! They were then utilised to buy corporate bonds and using the hedge funds, they created products to sell to their investors! So when an investor came to them looking for good investment opportunities, they were  as with all products, advised of the  risk, asking whether they would prefer a low, medium or high risk investment ,not realising the products they were being offered, had been designed and honed by the investment bankers!

In fact they were so well designed that the bankers made money, whether the client made money or not! As the products were designed with one simply plus, that of capitalizing on the “Investors Greed” so the more the client made, utilising their highest risk investments, the more the bankers made, but add to that the additional plus {For them not the Investor} the more the client lost, they still made money!

Now with all that accumulated wealth funds offshore they do not need people to invest ,they have all the capital they need, and can sit in their ivory towers and move money on a computer screen, making a billion a second!  One final bonus for them is that using all the hedge funds they then convert them into Wealth Funds and as an investment vehicle buy shares in corporations when the 2008 crisis hit! Also as  a lot of investors went to the wall around that time, they picked up dirt cheap assets, purchased with their own clients money!! Well now their is a bonus for the bankers! 

English: The corner of Wall Street and Broadwa...

English: The corner of Wall Street and Broadway, showing the limestone facade of One Wall Street in the background. (Photo credit: Wikipedia)

Now these Wall Street Bankers have become to big too fail, the reason well their clients provided the wealth for them to grow to a size, to buy anything and provide funding through “Dark Money” Investment Vehicles” to make it possible to manipulate the governments of the world! They started by backing certain politicians in the senate and of course their own future leader ,they may have failed this last time, but mark my words they will succeed eventually! So now these bankers – who people have aptly called bankster’s ,who trousered the wealth can watch people fail, or lose their livelihood as they did in 2008!

You see these bankers are too big to fail for one reason and one reason only, while they can manipulate people with their billions, they control the world by the simple action of “Money” and as everyone should know “The Love of Money is the Root of all Evil” and it is the bankers that are the snakes ,and we are those that by following their words eat of the tree of knowledge of good and evil, everyday of our lives!

Eventually and sooner than you think these people will close their doors and banks will not be open to the likes of us ,who do not have the billions and they will sit in their newly created ivory towers, looking down upon those that put them in this seat, of so-called power! Then like a massive monopoly board they will move their money on the screen of their computers ,buying and selling assets, they partly own or control!

So when people keep saying to me that we can control these banksters, we can implement “Rules and Regulations” through the FCA or the like, really they have no chance, of success! As the bankers are the ones who hold all the cards and are one step ahead, as they know all the right people, as they buy their power with the almighty dollar.

So they will for the time being sit in the shadows and manipulate the markets.

There is however one saving grace, that one day someone much bigger waiting in the wings will come to the fore and will like them, have already moved all the pieces on the board of life into place, with the whole intention of not controlling money, using power but eventually controlling people’s minds!

They know who they are, and so do l! They may think they can hide in the lies in their words and avoid detection, but the time is coming when their final days will be over for ever! Always remember as in the story of little boy who slew the giant Goliath with little more than a sling and a stone. The meek will inherit the Earth and the strong will wither on the vine!

Related Articles from my Fellow Bloggers:

http://jhaines6.wordpress.com/2013/10/22/why-jp-morgan-is-laughing-all-the-way-to-the-bank/

 

#acedebtnews, #aceworldnews, #business, #funds, #hedge-fund, #hedge-funds, #investing, #investment-banking, #investment-banks, #new-york-stock-exchange, #sovereign-wealth-fund, #wall-street, #wall-street-bankers