Mortgage Borrowers Pay Thousands In Excess Fees Due To Complex Bank Pricing

Few people wonder if they got the best price on that newly purchased 65” HDTV.  Transparency in retail pricing through technological advances has enabled consumers to quickly locate the retailer selling a product at the lowest cost.  A few quick clicks on the web or the use of price comparisons apps such as Amazon’s “Price […]

NOVA Bank, Berwyn, PA, Fails – Depositors Face Losses As FDIC Fails To Find Buyer

Large depositors of NOVA Bank, Berwyn, PA, are in a panic today after state regulators closed the failed bank.  The FDIC, acting as receiver, was unable to find a buyer for NOVA Bank, and will pay off depositor accounts only up to the FDIC insurance limit of $250,000. NOVA Bank, established in 1887, had 13 […]

Citigroup’s CEO Walks Off With A Quarter $Billion – Shareholders Down 89%

After being ousted by a proactive board of directors on Tuesday, Citigroup’s former chief executive Vikram Pandit is unlikely to suffer a decline in his standard of living. As CEO of Citigroup, a $1.9 trillion asset global banking giant, Mr. Pandit was paid a relatively modest base salary of $1.67 million during 2011.  During 2009 […]

Why Banks Will Continue To Blow Up

Although there were a multitude of factors involved in the banking collapse of 2008, many analysts believe that the repeal of Glass-Steagall was one of the major triggers.  No less an authority than Sandy Weill, former Citigroup CEO, joined the chorus of voices last week in calling for the reinstatement of the Glass-Steagall Act. Would […]

Banks Are A Financial Disaster For Both Shareholders And Depositors

In days gone by, shareholders of large banks viewed their investments as a source of income via dividends and potential capital gains via share appreciation.  In days gone by, depositors viewed banks as the safest place to harbor their hard earned dollars while earning a respectable amount of interest income. That was then, this is […]

Non Stop Banking Scandals Are Dangerously Eroding Public Trust In The Financial System

I am old enough to remember when most people considered banks to be rock solid bastions of financial strength and integrity.  That was then, this is now, and a long running, non stop series of banking scandals seems to be dangerously eroding public confidence in the entire financial system. In recent weeks we have seen […]