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Bank Regulators Are Actually Increasing Risk In The System

Thursday, February 13, 2014 - 9:07 PM
"Rather than focusing on cash flows, the regulators drive their regulations to emphasize asset values. They create fictitious accounting entries showing that banks have reserves when no bank in the United States actually has a pool of money set aside as reserves."

Bank regulators are actually increasing risk in the system—Wall Street—Commentary
4
ShorebreakShorebreak2,615 posts since
Apr 6, 2010
Rep Points: 14,182
1. Saturday, February 15, 2014 - 9:28 PM
After reading the report in the link it makes me wonder how true what I was told by the manager of my local bank this week is.  I had a problem concerning a stranger maybe having access to the information in my bank accounts and was speaking to the manager about not allowing anyone, including those saying they are with government agencies access to the information in our accounts unless "we" were informed of who they were "first".  His reply shocked me.  He said I had no fear of any of our banking information being given out to anyone without a "Court Order".  He said it was against the law for any bank to provide a customer's personal banking information without this Court Order first.  What he said after that is what has concerned me extremely.  He said "In fact, I am not really allowed to give your banking information to "you" without a court order actually but since I know you so well and know these are your accounts, I can still do it.

So much is changing in our banking system so fast especially after reading that article, I am wondering if anyone else knows anything about this "court order" business.  I can't imagine that bank manager saying this to me in jest since he does know how serious I am about the privacy of our bank accounts and getting correct information when I have a concern.  Do banks really need a Court Order before they can share our banking info with others even government agencies like the Social Security Adm. for example?  I would like to think this part is true but it was the part about not providing it even to customers which makes no sense to me.  How can we do business with a bank and not have full access to our own personal accounts?  I was in a hurry that day so did not have time to go further into it with him.  This article reminded me of the conversation and how banking is changing.
I was just wondering if anyone knows more about this.  Thanks.
2
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
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