Deutsche Bank $14 Billon???

I know it sounds nice to think Deutsche bank will have to pay $14 billon, but that is just what the DOJ is requesting, not what the bank will have to pay.  Both sides will negotiate a settlement.  At the moment, Deutsche could not pay that kind of fine anyway.

Deutsche only has reserves ranging from $5.5 billion to $7.2 billion by estimates.  So the $14 billion would be reaching. Citi Bank was hit for $12 billion and ended up paying $7 billion after negotiations.  So Deutsche is at the refusal stage, and will enter negotiations soon to find an actual settlement number.

I find the number $14 billion curious. It’s the same amount the European Union is asking Apple to pay in back taxes….  Maybe a coincidence, but my alien self says no way!!!  It is no coincidence that Deutsche is a German bank,  Germany is one of the main decision makers for the EU.  Could this be a veiled message from the U.S.?  You tax our corporations, we tax yours? Sounds like it to me.

Germany cannot allow Deutsche to fail, the Global Financial System cannot allow Deutsche to fail.  So would Germany bailout Deutsche?  Absolutely!  They would have no choice, Deutsche failing would be 100 times worse than Lehman Brothers.  Eight years later and we are still facing the possibility of, and  the same reason for the 2008 meltdown, and it’s only grown much larger.

My guess, Apple’s fine will be reduced, and Deutsche will settle for much less.  In this game of global financial chicken, it depends on who blinks first, the US or EU…..

T.

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One-third of police officers discharged from duty get new police jobs in Wisconsin

I hope you watched the above with absolute disgust.  When you get fired or discharged from a job, your personnel file follows you to every job you have after it.  Every day you were late, how many sick days you used, and if you took your vacation.  Even though it is against the law, ex-employers do go into your “attitude”, your “trust-worthy-ness”, and dependability.  Human Resource Departments have a silent code to make sure they do not pass on problems to the next company or business.

Yet it seems if you are a “fired police officer” you would be “immune” from such scrutiny.  It reminds me of how the Catholic Church just passed around pedophile priests, instead of solving the problem. Just push one bad apple on to the next tree….

You and I are continually followed by our record of conduct.  We have police records, driving records, credit records, job records, school records, tax records, business records, etc… the list is never ending.  These records are used to evaluate us, and used against us everyday.  If you are speeding, your driving record shows you have been caught before, therefore you have chronic problem, and get another citation.  Your insurance goes up because now your a “danger” to yourself and others. See how one record leads to another, in the end it costs you more.  Poor credit translates to higher cost of debt, and higher insurance premiums. Your credit report may determine if you get a job or not.

I wanted to start a small business, a bakery, in my city.  The first thing I was told….You need to have a back round check.  When I asked why, I was told because I “would be working with the public”.  Well ok, by that logic, don’t police officers work with the public?  Just asking.  Here’s the deal, I saved myself about $600.00 in fees, plus a back round check that included finger printing, etc. by getting licensed in a smaller community not tied to the city I live in. I guess that’s what fired police officers do also.

I say this in light of Sandra Bland’s family settling for 1.9 million dollars.  Yes, it is a nice chunk of change, but the officer that arrested her, was simply just fired.  I would be inclined to believe that asshole is right now in the process of getting a job in a small community.  He will have a friend or a sympathetic “brother in blue” that will take him in and give him a job in law enforcement.  Meanwhile, the Bland Family must move on without Sandra.

Look, I get it.  My paper record truly says nothing about me, and I am willing to cut cops the same slack.  My problem, when you have shown you do not possess the aptitude, or capacity to do the job properly, do you deserve a second chance?  The lying, cover ups, falsification of reports etc… goes completely against the principals of the job.  How hypocritical of an police officer enforcing laws they break everyday. Holding us to a higher standard.

Maybe it’s time to start charging their insurance.  The way insurance  companies do to us when we have a lead foot.  Premiums go up because of the inability  to self govern driving habits.  Making claims against the insurance bonds of bad police officers would make them to expensive to insure.  Just like doctors and malpractice insurance.  They have to find another occupation because they can’t afford to be doctors. Instead of or in conjunction with taxing the city that employs these officers, we should start making it too expensive for them to be bad cops.  Just a thought….

T.

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T.H.O

eau (C.I.B.)The House of Restoration Ministry

Founder, Director & Alien  let your creation, become your Creator………..Consumerism is a

 

Student Debt Forgiveness and For Profit Schools

In case you have not researched it yet, there is a forgiveness program for Student Loan Debt.  There are drawbacks, and you must do your part, but when facing a mountain of debt that is never going to go away, (ie. student loans are not dischargeable in Bankruptcy), any little bit of relief helps.

I know several students that went to “for profit colleges” like PC Pro, or ITT Tech.  Both of these schools are now out of business, so if you have a Federal Student Loan, it is possible to have it discharged.  Unfortunately, if it’s a private student loan or if you went on the GI bill, you are in for a fight.  Private loans mean you will have to deal with a “servicer”, and apply to them for relief, sounds great, but I wish you luck.  Don’t stop reading here, there is help.

Here’s the deal.  These colleges were only in it for the money.  They made a lot of promises, but the education they provided was substandard.  Most of the graduates could only find jobs at the local Starbucks, or Home Depot.  Jobs they could have gotten without a degree, or 30,000.00 in debt.  On top of the job provided, the minimum wage job is not enough to keep up with the debt payments, much less pay it off.  A known fact of these colleges is that they included these jobs in their “job placement numbers” on all of the advertising pamphlets.   I get it, a good cup of coffee is hard to find, but Starbucks has  a top notch job training program they don’t charge for.  As a matter of fact, they will pay you to learn.

With the recent Federal Crack down and closing of many for profit schools, and in the absence of real help for private student loans, I would urge all to start reading the FDCPA. In case you were in school when the news broke, it’s the Fair Debt Collection Practices Act. It is the consumers, and students are consumers too, best weapon for combating the predatory acts of these schools.

Most of these schools have either closed, have been shut down by Federal Regulators, or are being investigated, and well on their way to being closed.  Why?  Well misrepresentation is one of the main reasons.  You see, they rope you into 30k worth of debt, provide a $600.00 education, and skip  to the next sucker that can sign a promissory note.  The promises they make are never kept.  Every message board I have read, the complaint data base of the CFPB, (Consumer Financial Protection Bureau), another entity you should look up, has made the same claim.  The schools are a scam from beginning to end.  The school misrepresented job placement, quality of the education, the job the type of job the degree would get consumers, the list goes on……

Misrepresentation is basically a fancy word for “lying”.  We have all done it, but most of us did not make 30k for each lie we told!  The problem with higher education is until recently, it did not come with a guarantee. If schools had to give you a refund when they failed to live up to their promises, it would be a much better system. This is not the reality we live in, we live here, in the world where a school can profit off your naiveté, and desperation to obtain better for  yourself.  You get the debt and a poor education, while the school gets the money.

If you are in default, start by reading the FDCPA.  There is protection for you. At the very least, you should be filing a complaint with the CFPB on the college and servicer you are dealing with.  For profit colleges are in the spotlight, my advice, use every one of your protections and every tool available to right the wrong that was done to you.  These for profit schools engaged in what is criminal behavior, and they should be held accountable.

Want to learn more?  Join us on CIB radio every Tuesday at 11am EST.  Guess what, it’s free.

T.

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Consumer Education

 

 

THE CFPB

Tons of information has been released about the 2008 Housing Crisis, and the policies, programs, illegal behavior, repealed laws, and in general the reason’s why it happened.  The list is long, and it seems everybody had a hand in the Consumer’s pocket.  Face it, the Consumer is the one that truly paid the ultimate price.  The consumer’s lost homes, jobs, pension value,  savings, to name just a few, and it was the consumer taxpayer that bailed out the banks.

So is not prudent that we have an agency dedicated to the Protection of the Consumer?  The CFPB is not under any oversight of Congress, The Federal Reserve, the FTC, or even the President of the United States.  While to some that might be scary, a Federal Agency that is not accountable to anyone?  This may fly in the face of the idea our Founding Fathers had of “checks and balances”, and generally I would be against any agency that was “all powerful”.  I believe the CFPB is different in many respects, and was established because the regular checks and balances used to keep the Federal Government from over-reaching, or trampling on our liberties, or committing all out fraud have failed.

I say this because the 2008 crisis was manufactured by “quasi-government” agencies, enhanced by government sponsored programs, and after all, the repeal of Glass-Steagall by the Congress only aided the explosion of the derivatives market, risky bank trading, and the fraud that eventually imploded with the crisis.  Since this crisis, the taxpayer bailout (TARP), the foreclosures have continued.  Not just foreclosure, but illegal foreclosure. When debt collector servicers like Nationstar, Ocwen, and Seterus, (to name a few) are able to steal Consumers personal property using defective assignments,  fabricated documentation, tricks, and intimidation,  all with the permission of Congress, and the Courts; somebody needs to work for the Consumer.  Well, that is the CFPB’s only mission.  To make sure the consumer is properly protected, that the financial markets are fair, to eliminate discrimination, in essence to educate and stand up for the consumer.

Congress  can no longer do this.  Most of our elected representatives have been bought and paid for by lobbyist.  They no longer work for us, the people, the consumer, they work for themselves, are beholden to party affiliations and mandates, and lastly compromised by big lobby money.  For example the banks spent nearly 65 million on campaign contributions alone in 2015.  I am sure that money purchased a lot of votes to repeal Dodd-Frank, and/or eliminate Title X, the portion that created the CFPB.  Banks and debt collectors both hate and fear that the CFPB is putting an end to the consumer predation fueled by their greed, corruption, and fraud. Taking advantage of the consumer as been a extremely profitable and relatively easy until the creation of the CFPB.

Most of the regulations in Dodd-Frank were already there.  The CFPB is using a Federal Law enacted in 1977.  Only now, without the oversight of a bought and paid for congress, violators are now being held accountable.  The CFPB has put a crimp in the money flow, the free for on the consumer is rapidly coming to an end, and the greedy bankers, debt collectors, courts, and congress don’t like it when the tables are turned and it’s their bank accounts being garnished.  Want proof? Here it is by the numbers…..

As of July 2015,

 10.1 Billion: Approximate amount of relief to consumers from Enforcement, 2.6 billion in restitution to consumers, and 7.5 billion in principal reductions, cancelled debt, and other consumer relief.

17 Million: Consumers who will receive relief because of CFPB enforcement activity.

286 Million: Money ordered to be paid in civil penalties as a result of CFPB enforcement activity.

248 Million: Monetary relief provided to consumers as a result of CFPB supervisory actions.

1.8 Million: Consumers who have received relief because of CFPB supervisory actions.

When you reach this deep into greedy pockets, you are sure to piss off more than a few people, and politicians.  The funny thing, they did this by enforcing 28 pages of a law nobody cared about.  A law nobody took true notice of.  A simple law, written for the consumer to understand, because everything is debt collection.

The best part of the CFPB?  Simply; they are not just standing up for the consumer, but showing the consumer that they too can enforce THEIR  PROTECTIONS, by themselves, without a court.  It is a “private right of action”, meaning I, the consumer, determines when you have violated my protections, my law…..

The CFPB is completely autonomous from Congress, and any oversight, because the consumer is.  We have forgotten our place at the top of the mountain, the consumer is the economy, and the government.  We tell “government” what to do, not vice versa.  I know it feels as though we are at the mercy of government, but the CFPB is showing us, they are at the mercy of the Consumer, the people.  It’s time we start accepting this responsibility, take it seriously, and stop depending on an agency out side of ourselves.  They have shown the way, we just need to walk the path, and enforce our law from the privacy of our court, our homes.

T.

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