Jim Bakker Show

Computer security firm McAfee has sent an alert to banks throughout the US that a Russian “cyber-gangster” using the alias “Thief-In-Law” is preparing a massive assault on the banking system.

The cyber-criminal has reportedly infected hundreds of computers in the US with the intent of stealing their bank account information. The information would then be used to pull money from their account and that of other people on the same banking system. (more…)

Moody’s marked down several major banks including Citigroup and Bank of America in the United States and Royal Bank of Scotland, Barclays and HSBC in the United Kingdom. Lloyds of London also had their ratings cut.

In addition to Citigroup and Bank of America, Morgan Stanley, JP Morgan Chase and Goldman Sachs were issued downgrades. (more…)

Three Spanish savings banks are considering a merger to try and strengthen themselves against the amplifying debt crisis in the country.

The three boards of each bank are meeting today to determine the fate of the merger.

The merger comes amid news that investors are fleeing the Spanish markets as the bond yields for Spanish bonds rose to an all time high. Investors appear to be running to Germany as an influx of investment capital drove the German bond yields significantly lower. (more…)

Markets across Europe were rocked this morning after more bad economic news for banks in Spain.

Late Thursday credit agency Moody’s cut the credit ratings of sixteen Spanish banks. Moody’s also cut the credit rating of Santander UK, the British subsidiary of Spanish banking giant Santander.

Moody’s stated reasons for the downgrade included Spain’s return to a recession, bad loans in the property industry and financial challenges for the government. (more…)

Greeks are making their concerns and fears known with their bank withdrawals.  Bank officials are possibly looking at an all-out bank run. Since this past weekend, withdrawals from Greek banks have been 650 million euros a day. That’s 8 times the norm. The European Central Bank has cut off lending to four or more Greek banks, setting off speculation that fear is turning into panic. Collapse could occur in days unless the panic subsides and viable solutions are found. (more…)