Interesting dilemma for L.A. and its banks! (Los Angeles, Montclair: insurance, credit)

[nullgeo]

Too costly to do the right thing? Seems certain banks have had their hands in the L.A. cookie jar by rigging bidding and other practices that cost the city a great deal of money -- though no accounting is able to pinpoint how much ... now their activities are being challenged ... but some are saying there should be no repercussions because to demand 'accountability' (so to speak -- couldn't resist) would also cost the city a great deal of money. Darned if you do -- darned if you don't dilemma.
Officials' embrace of Occupy L.A. loosens a bit over fiscal issue - latimes.com

[18Montclair]

Originally Posted by nullgeo

Too costly to do the right thing? Seems certain banks have had their hands in the L.A. cookie jar by rigging bidding and other practices that cost the city a great deal of money -- though no accounting is able to pinpoint how much ... now their activities are being challenged ... but some are saying there should be no repercussions because to demand 'accountability' (so to speak -- couldn't resist) would also cost the city a great deal of money. Darned if you do -- darned if you don't dilemma.
Officials' embrace of Occupy L.A. loosens a bit over fiscal issue - latimes.com

I think banks have their claws deeply pierced into the backs of every major facet of society, it should come as no surpise then that they would also be a major factor in the public finances of a local government.

[nullgeo]

Originally Posted by 18Montclair

I think banks have their claws deeply pierced into the backs of every major facet of society, it should come as no surpise then that they would also be a major factor in the public finances of a local government.

I was just amused this morning, when I noted that there had been no forum response / outcry about this abuse by the banks ... threads about the color of the sky in Calif. turn to the evils of illegals and their cost to California ... threads about comparisons between Texas and Calif. rage in written riots ... but not a peep about $50 - $60 million or so in ripoffs by banks in one set of circumstances in L.A. alone ...

Go figure ... which abuses we accept and which we don't ...

[18Montclair]

Its interesting how corporations such as banks are now people according to the Supreme Court but they get bailed out despite fiscal irresponsibility, while all other 'people' are left to lose everything including their homes.

[nullgeo]

Originally Posted by 18Montclair

Its interesting how corporations such as banks are now people according to the Supreme Court but they get bailed out despite fiscal irresponsibility, while all other 'people' are left to lose everything including their homes.

you've seen the sign, no doubt?

http://occupyprotestsigns.org/var/resizes/USA%20-%20New%20York/corporations-texas-execute.jpg?m=1318766342 (broken link)

[MattClyde]

Originally Posted by nullgeo

I was just amused this morning, when I noted that there had been no forum response / outcry about this abuse by the banks ... threads about the color of the sky in Calif. turn to the evils of illegals and their cost to California ... threads about comparisons between Texas and Calif. rage in written riots ... but not a peep about $50 - $60 million or so in ripoffs by banks in one set of circumstances in L.A. alone ...

Go figure ... which abuses we accept and which we don't ...

I guess banks just aren't as fun to poke at when there's a thread about the banning of open-carry that turned into debates about illegal workforce. Or maybe because it has been happening for such a long time now that people are just immune.

[18Montclair]

Originally Posted by nullgeo

you've seen the sign, no doubt?

LOL....my sentiments exactly.

[nullgeo]

Just finished reading a super fascinating article, Revealed, provocatively titled: "Revealed--the capitalist network that runs the world" ... about the concentration of trans-national-corporate influence on the world's economy ... though the content openly admits there is no conspiracy evident ... it is just a scientific study of network and influence. While not specifically a California issue, it fits the subject here.

Interesting news site, too ... scientifically based news reporting ... I had not seen this site before and took a quick look to see if it was a politically biased venue: doesn't appear so at all at first glance ... anyway, reading the article one learns that just 43,060 corporations globally control the majority of the world's business / capital ... 43,060 may seem large or small to you ... but, it is out of 37 million companies and investors worldwide ... and most significant is that underneath that figure is another:
"When the team further untangled the web of ownership, it found much of it tracked back to a "super-entity" of 147 even more tightly knit companies - all of their ownership was held by other members of the super-entity - that controlled 40 per cent of the total wealth in the network. "In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network," says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group."

Funny the new 1% demon word pops up here in a separate context ... heh

Note also that our friends Morgan Stanley, Bank of America, Goldman Sachs, J.P. Morgan Chase, Merrill Lynch, etc pop up on the top 50 list ... among them the banks up to no good in Los Angeles

I'm just sayin'
The top 50 of the 147 superconnected companies

1. Barclays plc
2. Capital Group Companies Inc
3. FMR Corporation
4. AXA
5. State Street Corporation
6. JP Morgan Chase & Co
7. Legal & General Group plc
8. Vanguard Group Inc
9. UBS AG
10. Merrill Lynch & Co Inc
11. Wellington Management Co LLP
12. Deutsche Bank AG
13. Franklin Resources Inc
14. Credit Suisse Group
15. Walton Enterprises LLC
16. Bank of New York Mellon Corp
17. Natixis
18. Goldman Sachs Group Inc
19. T Rowe Price Group Inc
20. Legg Mason Inc
21. Morgan Stanley
22. Mitsubishi UFJ Financial Group Inc
23. Northern Trust Corporation
24. Société Générale
25. Bank of America Corporation
26. Lloyds TSB Group plc
27. Invesco plc
28. Allianz SE 29. TIAA
30. Old Mutual Public Limited Company
31. Aviva plc
32. Schroders plc
33. Dodge & Cox
34. Lehman Brothers Holdings Inc*
35. Sun Life Financial Inc
36. Standard Life plc
37. CNCE
38. Nomura Holdings Inc
39. The Depository Trust Company
40. Massachusetts Mutual Life Insurance
41. ING Groep NV
42. Brandes Investment Partners LP
43. Unicredito Italiano SPA
44. Deposit Insurance Corporation of Japan
45. Vereniging Aegon
46. BNP Paribas
47. Affiliated Managers Group Inc
48. Resona Holdings Inc
49. Capital Group International Inc
50. China Petrochemical Group Company
* Lehman still existed in the 2007 dataset used

[nullgeo]

Doesn't seem there's a whole lot of passion for this issue ... but here's a follow-up article from the 1st one in the L.A. Times ... again the leading sentiment seems to be that it is not "expedient" to hold the banks accountable for ethical behavior:

L.A. should not play bank regulator - latimes.com

Now isn't that just what "they" rely on

[18Montclair]

Originally Posted by nullgeo

Just finished reading a super fascinating article, Revealed, provocatively titled: "Revealed--the capitalist network that runs the world" ... about the concentration of trans-national-corporate influence on the world's economy ... though the content openly admits there is no conspiracy evident ... it is just a scientific study of network and influence. While not specifically a California issue, it fits the subject here.

Interesting news site, too ... scientifically based news reporting ... I had not seen this site before and took a quick look to see if it was a politically biased venue: doesn't appear so at all at first glance ... anyway, reading the article one learns that just 43,060 corporations globally control the majority of the world's business / capital ... 43,060 may seem large or small to you ... but, it is out of 37 million companies and investors worldwide ... and most significant is that underneath that figure is another:
"When the team further untangled the web of ownership, it found much of it tracked back to a "super-entity" of 147 even more tightly knit companies - all of their ownership was held by other members of the super-entity - that controlled 40 per cent of the total wealth in the network. "In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network," says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group."

Funny the new 1% demon word pops up here in a separate context ... heh

Note also that our friends Morgan Stanley, Bank of America, Goldman Sachs, J.P. Morgan Chase, Merrill Lynch, etc pop up on the top 50 list ... among them the banks up to no good in Los Angeles

I'm just sayin'
The top 50 of the 147 superconnected companies

1. Barclays plc
2. Capital Group Companies Inc
3. FMR Corporation
4. AXA
5. State Street Corporation
6. JP Morgan Chase & Co
7. Legal & General Group plc
8. Vanguard Group Inc
9. UBS AG
10. Merrill Lynch & Co Inc
11. Wellington Management Co LLP
12. Deutsche Bank AG
13. Franklin Resources Inc
14. Credit Suisse Group
15. Walton Enterprises LLC
16. Bank of New York Mellon Corp
17. Natixis
18. Goldman Sachs Group Inc
19. T Rowe Price Group Inc
20. Legg Mason Inc
21. Morgan Stanley
22. Mitsubishi UFJ Financial Group Inc
23. Northern Trust Corporation
24. Société Générale
25. Bank of America Corporation
26. Lloyds TSB Group plc
27. Invesco plc
28. Allianz SE 29. TIAA
30. Old Mutual Public Limited Company
31. Aviva plc
32. Schroders plc
33. Dodge & Cox
34. Lehman Brothers Holdings Inc*
35. Sun Life Financial Inc
36. Standard Life plc
37. CNCE
38. Nomura Holdings Inc
39. The Depository Trust Company
40. Massachusetts Mutual Life Insurance
41. ING Groep NV
42. Brandes Investment Partners LP
43. Unicredito Italiano SPA
44. Deposit Insurance Corporation of Japan
45. Vereniging Aegon
46. BNP Paribas
47. Affiliated Managers Group Inc
48. Resona Holdings Inc
49. Capital Group International Inc
50. China Petrochemical Group Company
* Lehman still existed in the 2007 dataset used

Brilliant find. Too bad I cant rep ya.

Its a damn shame that our politicos are bought and paid for by these corporations, otherwise they might crack down on them.

I think the Occupy folks are errantly picking on the Top 1% income earners. They should really be focusing on these companies.