Daily Archives: September 13, 2015

Credit Suisse plans to sell U.S. private bank: newspaper

Credit Suisse Group (>> Credit Suisse Group AG) intends to sell its U.S. private bank and slash its prime brokerage business under a strategy being developed by new Chief Executive Tidjane Thiam, Swiss newspaper Schweiz am Sonntag reported on Sunday.

Results will be presented to the bank’s board in early October of a strategic review announced in July, earlier than first envisaged to give markets time to absorb news of a planned capital increase, the newspaper said, citing anonymous sources.

A spokesman for Switzerland’s second-biggest bank declined comment on the report.

Read on.

Raising awareness about campaign contributions: Watch Presidential Candidate Martin O’Malley make $1.74 singing on Wall Street

Time:

And no one seemed to recognize him
To raise awareness about campaign contributions, the Independent Journal asked former Maryland governor and presidential candidate Martin O’Malley to see how much money he could make singing and playing his guitar on Wall Street.

Dressed in his “everyman” outfit of a t-shirt and jeans, O’Malley sang “This Land is Your Land” outside of the New York Stock Exchange.

After an hour, O’Malley walked away with a $1.74 — and a pack of gummy bears.

O’Malley’s only outright campaigning was limited to a few stickers on his guitar case. He may need more facial recognition if he’s going to do well in the Democratic primary, since few passersby appeared to recognize him.

Another Voice: Bank shaming targets delays in foreclosure process

Buffalo News:

By Michael P. Kearns

The “Bank Shame Campaign” started in Buffalo, moved to West Seneca and Lackawanna and has now reached Orchard Park.

This campaign entails placing a sign on incompletely foreclosed properties in order to draw attention to this national crisis and be a catalyst for change. On Sept. 4 I placed the third “Bank Shame Campaign” sign at 94 Elm St. in the City of Lackawanna.

At 94 Elm, the mess that is being left behind by Chase Manhattan Bank and Bank REO Servicing LLC is getting cleaned up and handled by the neighbors on either side of this home. What underscores the mess occurring physically at 94 Elm is that both banks have filed “lis pendens” paperwork to foreclose on the property, when only one is technically allowed to do so.

The reason for the confusion is that the banks try to duck responsibility for upkeep and maintenance by assigning the mortgage to other banks, after the borrower has defaulted on the loan and stopped making payments.

This leaves the community lost in trying to find out who to call to take care of rats and other vermin, overgrown weeds, overgrown bushes and in some instances squatters or vagrants who enter the premises.

Not all banks or credit unions are bad actors. Officials of some local banks who attended a press conference to support the upcoming Incomplete Foreclosure Summit recognize the need to discuss the vital issues related to foreclosures and vacancies in the community. The summit will be an important formal meeting between government officials, the banking and financial industry, the not-for-profit sector, the legal community and Western New Yorkers.

After receiving numerous phone calls from constituents in the 142nd Assembly District and now throughout New York State, the need for a comprehensive and meaningful dialogue with all stakeholders is apparent.