Public Banking Institute News – Oct. 20, 2016

Jay OwenReforming Global Finance, Community Development Solutions, TV Series

Public Banking Institute
Public Banking Institute News: Oct. 20, 2016

 

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WellsFargoCriminalIn.jpgCalifornia AG Opens Criminal Investigation into Wells Fargo

Documents released Wednesday show California’s attorney general is conducting a criminal investigation into whether employees at San Francisco-based Wells Fargo bank stole customers’ identities in the sales practices scandal that rocked the bank and cost its CEO his job. Read more HERE.

Hedge Funds Cost New York State Fund $3.8 BillionOct20.2016_HedgeFunds.jpg

According to a critical report by the Department of Financial Services, the New York state comptroller’s decision to stick with hedge funds despite their poor returns has cost the Common Retirement Fund $3.8 billion in fees and underperformance. Read more HERE.

Oct20.2016_WallSt_Election.jpgWhy This Election Is All About Wall Street

With the release of emails by WikiLeaks showing that a Citigroup executive played an outsized role in staffing Obama’s administration, the public must accept the tragic reality that the President of the United States is little more than a titular figure head while the money men on Wall Street make all of the key decisions. Read more HERE.

How California Can Save $10 Billion on a $9 Billion Dollar LoanOct20.2016_prop51-icon.jpg

School districts are notoriously short of funding – so short that some California districts have succumbed to Capital Appreciation Bonds that will cost taxpayers as much is 10 to 15 times principal by the time they are paid off. By comparison, California’s Prop. 51 would allow the state to borrow an additional $9 billion for educational purposes by selling general obligation bonds to investors. However, there is a much cheaper way to fund this $9 billion school debt. Read more HERE.

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