Category Archives: banks

IRS Seizes Assets on Suspicion Only

For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000.

Critics say this incentive has led to the creation of a law enforcement dragnet, with more than 100 multiagency task forces combing through bank reports, looking for accounts to seize. Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000. Last year, banks filed more than 700,000 suspicious activity reports. Owners who are caught up in structuring cases often cannot afford to fight. The median amount seized by the I.R.S. was $34,000, according to the Institute for Justice analysis, while legal costs can easily mount to $20,000 or more.

In one Long Island case, the police submitted almost a year’s worth of daily deposits by a business, ranging from $5,550 to $9,910. The officer wrote in his warrant affidavit that based on his training and experience, the pattern “is consistent with structuring.” The government seized $447,000 from the business, a cash-intensive candy and cigarette distributor that has been run by one family for 27 years.


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Posted by on November 11, 2014 in banks, business, economy


American Banks closing muslim accounts…

“We see a type of pattern taking place in the Muslim/Arab community,” Dawud Walid, executive director of CAIR–MI, said Wednesday. “Bank accounts are being closed with no real justification … so it appears on the surface that there could be some sort of bias involved.”

One of the latest reported incidents, according to CAIR–MI, involved Alif Arabic, a business described as teaching Arabic to American citizens online. Officials there were notified May 30 by JPMorgan Chase their bank account would be terminated within 10 days. JPMorgan Chase officials did not detail why, according to the letter.

When an Alif Arabic employee asked the bank for clarification, they were told an analytical tool “alerted them that Alif’s account could pose a possible risk,” the letter read.

Walid said such a move could suggest discrimination based on religion and ethnicity. “We need answers and the bank is not giving answers,” he said.

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Posted by on June 21, 2014 in banks, business, immigration


Is your credit card safe???

It’s frightening to see just how easy it is for crooks to steal your money and your identity these days…

The news clip below shows how one man can use a $100 device to “pickpocket” you… without ever touching your wallet.

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Posted by on February 12, 2014 in banks, money


Finance And Economics Comparison

Economics and finance are both business degrees. The difference is 5 or 6 classes taken at the end of college.

Here is a brief comparison…

Management Profession economists are hired as consultants by private and public sector. Finance is managed by individuals in families or by banks or other institutions.
Related Courses Philosophy of Economics, Laws and Economics, Political Economics. Accountancy, Chartered Financial Analyst and other
Definition Economics is a social science that studies the management of goods and services, including the production and consumption and the factors affecting them. Finance is the science of managing funds keeping in mind the time, cash at hand and the risk involved.
Branches Branches of economics include macro and micro economics. Branches of finance include personal finance, corporate finance and public finance.

Although they are often taught and presented as very separate disciplines, economics and finance are interrelated and inform and influence each other. Investors care about these studies because they also influence the markets to a great degree. Here we take a look at finance and economics, what they can teach investors and how they differ.

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Posted by on December 26, 2013 in banks, business, economy, education


Singapore, the financial hub of Asia….

A couple of interesting stories how Singapore is trying to stop its currency appreciating against the USD and in the process loosing over 10 Billion USD.

Singapore’s central bank lost 87% of GDP growth


On the other hand, people from other countries like India are getting attracted to awesome stable security of SIngapore Dollar and there stable banking system.

Smuggling diamonds out of India


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Posted by on September 14, 2013 in banks, business, economy, money


Epic decline of Indian Rupee

Citizens of India have been watching, in stunned amazement, as over the past month the local currency has lost an unprecedented 15% of its value, with a record plunge taking place just on August 28, 2013.

The Indian people have lost 30% of their global purchasing power since March 2013 (though those who swapped their paper wealth to gold have seen their purchasing power rise 6% in Rupee terms).
Screen Shot 2013-08-28 at 1.56.12 PM

Over the last two years, One USD has gone from around 44 INR per dollar to 68 INR per dollar recently.

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here is a detailed picture of last 30 days of free fall of indian rupee.

More detailed analysis of epic Indian Rupee Crash

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Posted by on September 1, 2013 in banks, economy, forex, investing


On June 17,2013 Obama fired Bernanke!!!!!

On Monday evening, President Obama said in an interview, “Well, I think Ben Bernanke’s done an outstanding job. Ben Bernanke’s a little bit like Bob Mueller, the head of the FBI – where he’s already stayed a lot longer than he wanted or he was supposed to.”


That raised some eyebrows and really turned up the volume on the conversation on Tuesday regarding potential successors to replace Bernanke when his term as Chairman of the Federal Reserve expires in January.

In an interview with CNBC, former Fed Governor Larry Meyer said Obama “basically fired Ben Bernanke on the spot.”

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Posted by on June 19, 2013 in banks, business, economy


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