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New Republic Report: "Manna" -- October 26, 2016

----------- "Manna" Republic Update Wednesday October 26, 2016 ----------- RV has officially begun in the restored Republic of ...

Saturday, April 16, 2016

The Global Fiat Monetary Teceract is Collapsing

WELLS FARGO PREPARING FOR COLLAPSE / CRISIS - Insider Says Bank Is Preparing For Emergency Scenario Published on Feb 7, 2016

A Wells Fargo bank insider, who claims to be a teller, has said that the bank are training their staff to deal with an imminent “emergency scenario”. The insider reports: I am a teller at Wells Fargo here in the US this is also my first time using this proxy. They started training us today for a bank holiday. They didn’t mention the word bank holiday, but they did train us for an “emergency scenario”. They told us it’s just a drill. I’ve been working here for 3 years, and we never had a drill before..

Federal Reserve Sends 19 Page letter to JP Morgan/CHASE about the Bank Being Unstable

By Editor on April 15, 2016 0 Comments

Depositors at JP Morgan/CHASE Bank should read between the lines – and fast!

The Federal Reserve has revealed a 19 Page letter sent to Jamie Diamond, CEO of JP Morgan/CHASE Bank, outlining why the bank is unstable and does not meet the requirements of law. This usually PRIVATE information is a heads-up to depositors.

The letter explains why JP Morgan/CHASE does not meet the 2008 Dodd-Frank Law which requires banks, whose failure would have a “systemic effect” (i.e. “too big to fail”) to have a sort of “Living Will” which is an orderly plan for resolving themselves if they go Bankrupt. Both the federal reserve and the Federal Deposit Insurance Corporation (FDIC) have found that the plan submitted by JP Morgan/CHASE does not meet the requirements of law.

Eight years after the Dodd-Frank Law was enacted, after the 2008 financial crisis, JP Morgan suddenly is no longer meeting the rules. Why?

Are they heading toward FAILURE and need to fudge the numbers to try to get-by?

Generally, the Federal Reserve keeps such matters very quiet. Yet they are suddenly releasing this blockbuster information?!

If you are a Depositor or Investor in JP Morgan CHASE, we suggest you read between the lines, folks. You are being warned.

The redacted version of the Federal Reserve Letter:

Not credible’: Big 5 US banks lack disaster-readiness, violate Dodd-Frank Act, regulators say

By Editor on April 15, 2016

Wary of a repeat of taxpayer bailouts for “too big to fail” banks, the Federal Reserve and Federal Deposit Insurance Corporation issued a first-time joint statement criticizing five top banks’ strategies for avoiding bankruptcy as “not credible.”

The five banks, JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., Bank of New York Mellon Corp. and State Street Corp., with a total of about $5.6 trillion in assets, were among eight bank whose plans were evaluated.

“The agencies have jointly determined that each of the 2015 resolutions plans of… [the five banks]was not credible or would not facilitate an orderly resolutions under the US Bankruptcy Code, the statutory standard established in the Dodd-Frank Wall Street Reform and Consumer Protection Act,” said the Federal Reserve and the FDIC in a press release on Wednesday.

Under the Dodd-Frank Act, a bank with total consolidated assets of $50 billion must have a plan, or a “living will,” in the event of bankruptcy. Nearly a decade after the financial crisis, and a slow recovery for the economy, Washington is keen to avoid a repeat of the bank bailouts.

“The FDIC and Federal Reserve are committed to carrying out the stator mandate that systematically important financial institutions demonstrate a clear path to orderly failure under bankruptcy at no cost to taxpayers,” FDIC Chairman Martin Gruenberg said in a statement, according to Reuters. “Today’s action is a significant step toward achieving that goal.”

The agency’s vice chairman, Thomas Hoenig, told Reuters, however, the plans showed that no firm is “capable of being resolved in an orderly fashion through bankruptcy.”

“The goal to end ‘too big to fail’ and protect the American taxpayer by ending bailouts remains just that: only a goal,” he said.

Reuters reported the banks failed in 2008 for reasons “ranging from the way liquidity would be housed and shuffled among domestic and foreign subsidiaries to the manner in which executives would communicate problems as they arose during a crisis.”

Banks have until October 1 to resolve the weaknesses of their plans and if they fail to meet the deadline, they are “subject to more stringent prudential requirements.”

Those requirements could be leverage, stringent capital or liquidity requirements, as well as restrictions on growth, activities or operations of the firm or its subsidiaries. If deficiencies persist for two years, then the banks will have to divest their assets. Today’s announcement is the start of a regulatory chain that could end with breaking up the banks.

Weaknesses were also identified by regulators in resolution plans for Goldman Sachs and Morgan Stanley, but the Fed and FDIC did agree on the deficiencies. The FDIC said the plan submitted by Goldman Sachs was “not credible” and “would not facilitate an orderly resolution” for bankruptcy. The Fed said Morgan Stanley’s plan was “not credible.”

“We’re going to do everything possible to fix this issue,” said Jamie Dimon, CEO of JPMorgan, on a call with analysts Wednesday. “We have tons of liquidity. It’s more about reporting legal entities.”

Wells Fargo said it has made strides to get up to code, and it will meet the October 1 deadline.

“We were disappointed to learn that our 2015 resolution plan submission was determined to have deficiencies in certain areas,” a spokesman for Wells Fargo told CNN Money. “We understand the importance of these findings and we will address them.”

Citigroup’s resolution plan received the least criticism from regulators.

Regulators are also continuing to asses the plans of four foreign banking organizations – Barclays PLC, Credit Suisse Group, Deutsche Bank AG and UBS.

Source: RT News

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