#bank financial statement analysis

[perfios]

The Perfios bank financial statement analysis tool is the best tool for analysing bank statements. The Perfios Bank Statement analyzer is a very powerful tool that can help you manage your finances better.

[novelpatterns]

How Can CART Revolutionize Bank Statement Analysis for Financial Institutions?

Novel Patterns’ CART (Credit Assessment and Robotic Transformation), is an AI-powered solution that automates bank statement analysis, delivering faster and more accurate insights into an applicant’s financial history. This article explores how CART revolutionizes the process of credit underwriting by providing accurate data, preventing fraud, and improving overall operational efficiency.

Automated bank statement analysis for faster credit decisions.

Detects fake bank statements and fraudulent activity with AI.

Provides real-time insights into financial health and spending patterns.

Improves decision accuracy with advanced data parsing and machine learning.

Reduces Turnaround Time (TAT) by 40–70%, speeding up loan approvals.

Predictive analytics to reduce Non-Performing Assets (NPA) by 40–60%.

Helps lenders make informed financial decisions with clear, actionable data.

Scales effortlessly to handle high application volumes with cloud-based infrastructure.

What is a Bank Statement Analysis? : A Key to Financial Health and Risk Management

With CART, this process is automated and enhanced with machine learning. The system collects data from bank statements, processes it through bank statement analyzers, and generates real-time reports on financial behavior. CART does more than just include monthly figures for income and expenses — it delivers actionable insights, flagging any anomalies that could indicate potential fraud or fraudulent activity.

Key Features of CART for Advanced Bank Statement Analysis

1. Advanced AI-Powered Data Parsing for Financial Data

In addition to processing traditional bank statement analysis, CART is designed to detect fake bank statements by identifying inconsistencies or missing transaction patterns. This ensures the accuracy of the financial data used to assess credit risk and improves overall decision-making.

2. Automated Credit Decision Support

The system highlights key risk factors, such as missed payments or irregular deposits, and suggests whether further investigation is needed. This automation reduces the manual workload and improves processing times by up to 70%. CART has been shown to cut Turnaround Time (TAT) by 40–70%, leading to quicker loan approvals.

3. Real-Time Decision-Making with AI-Driven Insights

This not only improves credit assessment but also aids in the detection of potential fraud. For instance, if an applicant attempts to manipulate their financial health by submitting fake bank statements, CART can quickly detect discrepancies and flag the application for further review.

4. Reducing Non-Performing Assets (NPA) Through Predictive Analytics

How CART Optimizes the Credit Underwriting Process

1. Fraud Detection and Prevention

One of the most significant challenges for financial institutions is the detection of fraudulent activity and fake bank statements. CART employs anomaly detection algorithms that learn from past fraudulent cases to identify new threats. It flags inconsistencies in financial data, unusual transaction patterns, and other red flags that could signal fraud.

For instance, the system is adept at spotting sudden, large deposits that don’t align with the applicant’s regular income. Such anomalies are flagged for manual review, allowing lenders to mitigate the risk of fraud early in the credit assessment process.

2. Enhanced Workflow and Scalability

CART integrates seamlessly with existing core banking and loan management systems, making it an ideal solution for financial institutions of all sizes. The platform’s API-based architecture ensures real-time communication between different systems, optimizing workflow and reducing bottlenecks in the credit underwriting process.

As financial institutions grow, the demand for scalable solutions increases. CART is built on cloud-based infrastructure, which enables it to scale effortlessly to accommodate high volumes of applications. This scalability is crucial for large lending institutions that handle millions of loan applications each year.

3. Customizable Credit Risk Framework

Every financial institution has its own credit risk policies. CART offers a customizable rule-based engine that allows lenders to tailor their credit scoring models based on their unique requirements. Whether it’s assessing personal loans, business loans, or mortgages, CART adapts to meet the specific needs of the institution.

Technical Architecture: The Engine Behind CART

1. Data Ingestion Layer

The data ingestion layer is responsible for extracting financial data from various document formats. CART uses Optical Character Recognition (OCR) to convert unstructured data into a readable format, enabling the system to extract income, expenses, and account balances from bank accounts.

2. AI and Machine Learning Core

Once the data is ingested, it passes through the AI and machine learning layer, which categorizes transactions and detects anomalies. The system is trained to identify fraudulent activity, flagging any unusual behavior in financial data that could indicate potential fraud.

This layer ensures that CART integrates seamlessly with external systems, such as Loan Origination Systems (LOS) and Customer Relationship Management (CRM) platforms. The integration layer is essential for ensuring real-time data flow between various systems, making CART a vital part of any lending institution’s digital ecosystem.

The Business Case for CART: Why Choose This Bank Statement Analyzer?

Time and Cost Efficiency: By automating bank statement analysis, CART reduces manual labor costs and accelerates the loan approval process. This results in significant cost savings — up to 55%—for financial institutions.

Fraud Prevention: CART is equipped with advanced algorithms to detect fake bank statements and prevent financial fraud, ensuring that lenders only approve legitimate applicants.

Data-Driven Insights: The AI-powered system offers detailed insights into income, expenses, and spending patterns, allowing lenders to make better financial decisions. The ability to track effective cash flow management also enables institutions to assess an applicant’s capacity to repay loans.

Regulatory Compliance: CART adheres to stringent data security and compliance standards, making it suitable for financial institutions that deal with sensitive customer information. The system ensures that all data is encrypted and handled in compliance with regulations.

Re-wind up: Transforming Bank Statement Analysis with CART

The future of bank statement analysis lies in automation and AI-driven insights. Novel Patterns’ CART offers financial institutions a solution that not only improves effective cash flow management and credit decision-making but also mitigates risks such as potential fraud and fake bank statements.

With its advanced AI models, customizable framework, and robust fraud detection systems, CART is poised to redefine the credit underwriting process, ensuring that financial institutions can make more informed decisions with speed and precision.

[shanayasharma11]

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[kp777]

By Jake Johnson

Common Dreams

Sept. 3, 2024

"Apartheid Israel is targeting Gaza and the West Bank simultaneously, as part of an overall process of elimination, replacement, and territorial expansion," said United Nations special rapporteur Francesca Albanese.

An independent United Nations expert warned Monday that "Israel's genocidal violence risks leaking out of Gaza and into the occupied Palestinian territory as a whole" as Western governments, corporations, and other institutions keep up their support for the Israeli military, which stands accused of grave war crimes in the Gaza Strip and West Bank.

Francesca Albanese, the U.N. special rapporteur on the human rights situation in the illegally occupied Palestinian territories, said in a statement that "there is mounting evidence that no Palestinian is safe under Israel's unfettered control."

"The writing is on the wall, and we cannot continue to ignore it," said Albanese, who released a detailed report in May concluding that there are "reasonable grounds to believe" Israel is guilty of genocide in Gaza.

Albanese's new statement came as the Israeli military's largest assault on the West Bank in decades continued into its second week. At least 29 Palestinians have been killed during the series of military raids, according toAl Jazeera, including at least five children.

"Apartheid Israel is targeting Gaza and the West Bank simultaneously, as part of an overall process of elimination, replacement, and territorial expansion," Albanese said Tuesday. "The longstanding impunity granted to Israel is enabling the de-Palestinization of the occupied territory, leaving Palestinians at the mercy of the forces pursuing their elimination as a national group."

"The international community, made of both states and non-state actors, including companies and financial institutions, must do everything it can to immediately end the risk of genocide against the Palestinian people under Israel's occupation, ensure accountability, and ultimately end Israel's colonization of Palestinian territory," Albanese added.

Defense for Children International–Palestine noted Monday that "dozens of Israeli military vehicles" have "stormed" the West Bank city of Jenin over the past week as "Israeli forces deployed across the targeted refugee camps, seizing Palestinian homes to use as military bases and stationing snipers on the roofs of buildings, subjecting their residents to field investigations."

"The military bulldozers began destroying the civil infrastructure in Jenin city and camp, which led to the destruction of the main water networks and power outage in several neighborhoods in Jenin and surrounding villages," the group said. "Israeli forces besieged several hospitals in Jenin and impeded the movement of ambulances and paramedics."

Israeli soldiers and settlers have killed more than 620 people in the occupied West Bank since October 7, on top of the roughly 40,800 killed by the Israeli military in Gaza.

Unlawful Israeli land seizures have also surged in the West Bank as settlers and soldiers wipe out entire Palestinian communities. The BBCreported Monday that, according to its own analysis, there are "currently at least 196 across the West Bank, and 29 were set up last year—more than in any previous year."

Israel's multi-day attack on the West Bank that began last week has intensified fears that unless there's a permanent cease-fire, the assault on Gaza could expand to the rest of the occupied Palestinian territories and throughout the Middle East.

David Hearst, co-founder and editor-in-chief of Middle East Eye, wrote Monday that "even with the obvious reluctance of Hezbollah and Iran to get involved, all the ingredients are there for a much larger conflagration."

"An Israel in the grip of an ultra-nationalist, religious, settler insurgency; a U.S. president who allows his signature policy to be flouted by his chief ally, even at the risk of losing a crucial election; resistance that will not surrender; Palestinians in Gaza who will not flee; Palestinians in the West Bank who are now stepping up to the front line; Jordan, the second country to recognize Israel, feeling under existential threat," Hearst wrote.

For U.S. President Joe Biden or Democratic nominee Kamala Harris, he added, "the message is so clear, it is flashing in neon lights: The regional costs of not standing up to Netanyahu could rapidly outweigh the domestic benefits of being dragged along by him."

James Zogby, president of the Arab American Institute, similarly argued Tuesday that "the U.S. must reverse course—and do so dramatically."

"A long-overdue cut-off of U.S. arms to Israel and recognition of the Palestinian right to self-determination would provide exactly the shock to the system that is needed," Zogby wrote. "It would force an internal debate in Israel, empowering those who want peace. It might also serve to send a message to the Palestinian people that their plight and rights are understood."

These actions, especially if followed up with determination and concrete steps, won't end the conflict tomorrow," Zogby continued, "but they would surely put the region on a more productive path towards peace than the one it is on now."

[odinsblog]

For all the time Republicans spend complaining about the economic struggles faced by everyday Americans, they remain steadfast in their commitment to ensuring major corporations can continue squeezing their customers.

Late Wednesday afternoon, the GOP-controlled House Financial Services Committee voted to advance a bill that would repeal a new Consumer Financial Protection Bureau (CFPB) rule that drastically reduces the caps on credit card late fees - from $30-$41 to $8.

The legislation would also repeal the CFPB's ban on automatic adjustment of late fees due to inflation. In the Democratic-controlled Senate, where the bill is expected to fail, a similar repeal measure was introduced by Banking, Housing, and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) — who has recently devoted most of his energy to fawning over Donald Trump — and co-sponsored by 12 other Republicans.

“Credit card companies penalize consumers with exorbitant late fees that far exceed their actual costs, raking in billions of dollars in profits on the backs of those who can least afford it,” said Chuck Bell, advocacy program director for Consumer Reports, in a statement urging Congress to reject the repeal.

According to Republicans on the committee, however, lowering late fees will “harm consumers by shifting costs to responsible consumers who pay on time in the form of higher annual fees and higher interest rates,” while removing incentives for timely payments.”

An analysis published this week by the watchdog group Accountable.US found that Republicans on the committee have “received over $7.9 million from industry groups against this rule and the largest credit issuers.”

(continue reading)

[dontmeantobepoliticalbut]

The Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called junk fees and a move that regulators say will save Americans up to $10 billion a year.

The Consumer Financial Protection Bureau’s new regulations will set a ceiling of $8 for most credit card late fees or require banks to show why they should charge more than $8 for such a fee.

The rule would bring the average credit card late fee down from $32. The bureau estimates banks brought in roughly $14 billion in credit card late fees a year.

“In credit cards, like so many corners of the economy today, consumers are beset by junk fees and forced to navigate a market dominated by relatively few, powerful players who control the market,” said Rohit Chopra, director of the bureau, in a statement.

President Joe Biden planned to highlight the proposal along with other efforts to reduce costs to Americans at a meeting of his competition council on Tuesday. The Democratic president is forming a new strike force to crack down on illegal and unfair pricing on things like groceries, prescription drugs, health care, housing and financial services.

The strike force will be led by the Justice Department and the Federal Trade Commission, according to a White House statement.

The Biden administration has portrayed the White House Competition Council as a way to save people money and promote greater competition within the U.S. economy.

The White House Council of Economic Advisers produced an analysis indicating that the Biden administration’s efforts overall will eliminate $20 billion in annual junk fees. The analysis found that consumers pay about $90 billion a year in junk fees, including for concerts, apartment rentals and auto dealers.

The effort appears to have done little to help Biden politically ahead of this year’s presidential election. Just 34 percent of U.S. adults approve of Biden’s economic leadership, according to a new survey by The Associated Press-NORC Center for Public Affairs Research.

Sen. Tim Scott, R-South Carolina, criticized the CFPB cap on credit card late fees, saying that consumers would ultimately face greater costs through higher interest rates and less access to credit.

“It will decrease the availability of credit card products for those who need it most, raise rates for many borrowers who carry a balance but pay on time, and increase the likelihood of late payments across the board,” Scott said.

Americans held more than $1.05 trillion on their credit cards in the third quarter of 2023, a record, and a figure certain to grow once the fourth-quarter data is released by the Federal Deposit Insurance Corp. next month. Those balances are now carrying interest on them, which is the highest it has been since the Federal Reserve started tracking the data back in the mid-1990s.

Further, more Americans are falling behind on their credit card debts as well. Delinquency rates at the major credit card issuers such as American Express, JPMorgan Chase, Citigroup, Capital One and Discover have been trending upward for several quarters. Some analysts have become concerned Americans, particularly poorer households hurt by inflation, might be taking on too much debt.

“Overall, the consumer is credit healthy. However, the reality is that there are starting to be some significant signs of stress,” said Silvio Tavares, president and CEO of VantageScore, one of the country’s two major credit scoring systems, in an interview last month.

The growth of the credit card industry is partly why Capital One announced it would buy Discover Financial last month for $35 billion. The two companies, which are two of the largest credit card issuers, are also two companies whose customers regularly carry a balance on their accounts.

This is not the first time policymakers have weighed in on credit card fees. Congress in 2010 passed the CARD Act, which banned credit card companies from charging excessive penalty fees and established clearer disclosures and consumer protections.

The Federal Reserve issued a rule in 2010 that capped the first credit card late fee at $25, and $35 for subsequent late payments, and tied that fee to inflation. The CFPB, which took over the regulation of the credit card industry from the Fed after it was established, is proposing going further than the Fed.

The bureau’s proposal is similar in structure to what the bureau announced in January when it proposed capping overdraft fees to as little as $3. In that proposed regulation, banks would be required to either accept the bureau’s benchmark or show regulators why they should charge more, a method that few bank industry executives expect to use.

Biden has made the elimination of junk fees one of the cornerstones of his administration’s economic agenda heading into the 2024 election. Fees that banks charge customers have been at the center of that campaign, and the White House directed government regulators last year to do whatever is in their power to further curtail the practice.

In another move being highlighted by the White House, the Agriculture Department said it has finalized a rule to stop what it deems to be deceptive contracts by meat processors and to ban retaliation against small farmers and ranchers that work together in associations.

[mojave-pete]

I have been unfairly sued by the Trump Hating Democrat Attorney General of New York State, Letitia James, over the false fact that I inflated my Financial Statements in order to borrow money from Banks, etc. The Judge in the case, Arthur F. Engoron, refused to allow this case to go to the “Commercial Division,” where it belongs, because he is a Trump Hater beyond even A.G. James, who campaigned against me spewing horrible inflammatory statements which are False & Defamatory. I am not even allowed a Jury! The facts of this case are simple. 1) I AM WORTH MUCH MORE THAN THE NUMBERS SHOWN ON MY FINANCIAL STATEMENTS. 2) I DIDN’T EVEN INCLUDE MY MOST VALUABLE ASSET, MY BRAND/GOODWILL. 3) THE BANKS WERE PAID BACK IN FULL, OFTEN EARLY, THERE WERE NO DEFAULTS, THE BANKS MADE MONEY, WERE REPRESENTED BY THE BEST LAW FIRMS, & WERE VERY “HAPPY.” THERE WERE NO VICTIMS! 4) ON THE FRONT PAGE OF THE FINANCIAL STATEMENTS THERE IS A STRONG “DISCLAIMER CLAUSE” TELLING ALL NOT TO RELY ON THESE….(continued)

Page 2: FINANCIAL STATEMENTS. THE DISCLAIMER CLAUSE TELLS ANYONE REVIEWING THE DATA, INCLUDING FINANCIAL INSTITUTIONS, TO DO THEIR OWN RESEARCH AND ANALYSIS - IT IS A NON RELIANCE CLAUSE, AND COULD NOT BE MORE CLEAR. ADDITIONALLY TO MY BEING WORTH FAR MORE THAN IS SHOWN IN THE “FULLY DISCLAIMED” FINANCIAL STATEMENTS, AGAIN NOT PUTTING DOWN A VALUE FOR MY BIGGEST ASSET, BRAND/GOODWILL, THE COMPANY HAS HUNDREDS OF MILLIONS OF DOLLARS IN CASH, AND VERY LITTLE DEBT. It is a great company that has been slandered and maligned by this politically motivated Witch Hunt. It is very unfair, and I call for help from the highest Courts in New York State, or the Federal System, to intercede. THIS IS NOT AMERICA!

[beardedmrbean]

At least nine Yemeni employees of United Nations agencies have been detained by Yemen’s Houthi rebels under unclear circumstances, authorities said Friday, as the rebels face increasing financial pressure and airstrikes from a US-led coalition.

Others working for aid groups also likely have been taken.

The detentions come as the Houthis, who seized Yemen’s capital nearly a decade ago and have been fighting a Saudi-led coalition since shortly after, have been targeting shipping throughout the Red Sea corridor over the Israel-Hamas war in the Gaza Strip.

But while gaining more attention internationally, the secretive group has cracked down at dissent at home, including recently sentencing 44 people to death.

Regional officials, speaking to The Associated Press on condition of anonymity as they were not authorized to brief journalists, confirmed the UN detentions.

Those held include staff from the United Nations human rights agency, its development program, the World Food Program and one working for the office of its special envoy, the officials said.

The wife of one of those held is also detained.

The UN declined to immediately comment.

The Mayyun Organization for Human Rights, which similarly identified the UN staffers held, named other aid groups whose employees were detained by the Houthis across four provinces the Houthis hold — Amran, Hodeida, Saada and Saana.

Those groups did not immediately acknowledge the detentions.

“We condemn in the strongest terms this dangerous escalation, which constitutes a violation of the privileges and immunities of United Nations employees granted to them under international law, and we consider it to be oppressive, totalitarian, blackmailing practices to obtain political and economic gains,” the organization said in a statement.

Activists, lawyers and others also began an open online letter, calling on the Houthis to immediately release those detained, because if they don’t, it “helps isolate the country from the world.”

Yemen’s Houthi rebels and their affiliated media organizations did not immediately acknowledge the detentions.

However, the Iranian-backed rebels planned for weekly mass demonstrations after noon prayers Friday, when Houthi officials typically speak on their actions.

It’s unclear what exactly sparked the detentions.

However, it comes as the Houthis have faced issues with having enough currency to support the economy in areas they hold — something signaled by their move to introduce a new coin into the Yemeni currency, the royal.

Yemen’s exiled government in Aden and other nations criticized the move as the Houthis turning to counterfeiting. Aden authorities also have demanded all banks move their headquarters there.

“Internal tensions and conflicts could spiral out of control and lead Yemen into complete economic collapse,” warned Yemeni journalist Mohammed Ali Thamer in an analysis published by the Carnegie Endowment for International Peace.

Bloomberg separately reported Thursday that the US planned to further increase economic pressure on the Houthis by blocking their revenue sources, including a planned $1.5 billion Saudi payment to cover salaries for government employees in rebel-held territory.

The war in Yemen has killed more than 150,000 people, including fighters and civilians, and created one of the world’s worst humanitarian disasters, killing tens of thousands more.

The Houthis’ attacks on shipping have helped deflect attention from their problems at home and the stalemated war.

But they’ve faced increasing casualties and damage from US-led airstrikes targeting the group for months now.

Thousands have been imprisoned by the Houthis during the war. 

An AP investigation found some detainees were scorched with acid, forced to hang from their wrists for weeks at a time or were beaten with batons.

[nordholm]

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[dreaminginthedeepsouth]

Jesse Duquette, The Daily Don

* * * *

The Trump indictment.

         On a day of non-stop coverage of the indictment of Donald J. Trump, less is more.

         Here are the facts that matter:

The people of the State of New York filed this Indictment against Donald Trump.

The indictment alleges 34 felony counts of falsification of business records.

The Manhattan District Attorney separately released this Statement of Facts. If you have time, read the 13-page document in full. It sets forth the essential facts and legal theories for everything that will transpire in the case of People of New York v. Donald Trump.

Important allegations in the Statement of Facts include the following:

         From August 2015 to December 2017, the Defendant [Trump] orchestrated a scheme with others to influence the 2016 presidential election by identifying and purchasing negative information about him to suppress its publication and benefit the Defendant's electoral prospects. In order to execute the unlawful scheme, the participants violated election laws and made and caused false entries in the business records of various entities in New York.

         [Michael Cohen] who then worked for the Trump Organization as Special Counsel to [Trump] covertly paid $130,000 to an adult film actress shortly before the election to prevent her from publicizing a sexual encounter with the Defendant. [Michael Cohen] made the $130,000 payment through a shell corporation he set up and funded at a bank in Manhattan. This payment was illegal, and [Cohen] has since pleaded guilty to making an illegal campaign contribution . . . .

         In a conversation captured in an audio recording in approximately September 2016 concerning Woman 1's account, the [Trump] and [Cohen] discussed how to obtain the rights to Woman 1's account from AMI and how to reimburse AMI for its payment.

         [Trump] directed [Cohen] to delay making a payment to Woman 2 as long as possible. He instructed Lawyer A that if they could delay the payment until after the election, they could avoid paying altogether, because at that point it would not matter if the story became public.

During a 58-minute appearance before Judge Juan Merchan, Donald Trump pleaded not guilty to all charges in the indictment.

Judge Merchan declined to impose a gag order, although he cautioned the parties to exercise restraint in making out-of-court statements. Trump promptly disregarded the judge's cautionary warning by making incendiary statements during an evening speech at Mar-a-Lago.

Judge Merchan set the next hearing in the case for December 2, 2023.

Discussion of the indictment.

         The indictment alleges financial crimes were committed to protect Trump's presidential prospects. The cover-up was part of a broad ranging “catch-and-kill” strategy that continued into Trump's first months as president.

         The indictment has provoked a torrent of criticism by legal commentators. Most of the criticism hinges on the fact that the underlying offenses of financial fraud are typically charged as misdemeanors. Here, they are charged as felonies. To leverage misdemeanors into felonies, New York must prove that Trump intended to commit other crimes.

         Alvin Bragg identified those other crimes during a news conference, which include:

tax fraud,

facilitating false statements by the National Enquirer's parent company (AMI),

violation of state election laws, and

violation of federal election laws.

         Most commentators focus on the difficulty of proving the last two crimes—violations of federal and state election laws. For example, one of my favorite legal commentators, Ian Millhiser, has annoyed me greatly with this article in Vox, The dubious legal theory at the heart of the Trump indictment, explained.

         Millhiser's analysis is as good as it gets—but I disagree. At the core of Millhiser's criticism is this:

Bragg has evidence that Trump acted to cover up a federal crime, but it is not clear that Bragg is allowed to point to a federal crime in order to charge Trump under the New York state law.

         Millhiser suggests that Bragg must prove a federal crime to prevail. Not true, entirely. Bragg can rely on uncharged state crimes—including violations of New York election laws and income tax violations, as Bragg said in his news conference. Moreover, as Millhiser concedes above, "it is not clear" whether an uncharged federal crime will suffice. The relevant New York statute says that a person is guilty of a felony under state law

when he commits the crime of falsifying business records [and has] the intent to commit another crime . . . .

         The New York statute refers generally to "another crime," not a "state crime" or a federal crime. Just "another crime." Millhiser says that ambiguity might get Trump off the hook. I doubt it. The statute is plain on its face. Trump will undoubtedly make Millhiser's argument, but I believe Trump will lose the argument.

         Okay, that's as deep as I will examine the legal issues. The issues are more complicated than I have described above, and there are other worrisome defenses (including the timing of the payments—all of which occurred after Trump took office).

Despite my disagreement with Millhiser, his analysis is excellent and cannot be easily dismissed. If you are interested in a deep dive into the alleged weaknesses of Bragg's case, Millhiser's article is an excellent resource. See also Mark Joseph Stern in Slate, Donald Trump indictment is not the slam-dunk case Democrats wanted.

         Although two of my favorite legal commentators are raising red flags, I think Bragg can convince the judge that the false financial records were part of a broad-ranging "catch-and-kill" strategy designed to violate state and federal election and tax laws. That should be enough to get the case to the jury.

Trump cannot appeal any pre-trial rulings, which means that if the judge denies the expected motions to dismiss, the trial will take place in the spring of 2024. By then, Trump should be defending two federal indictments and one from Georgia.

Robert B. Hubbell Newsletter

[perfios]

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[365proservices]

Unlocking the UAE's Golden Visa Maze: Insider Tips for Success

Welcome, aspiring adventurers, to the exciting world of Golden Visas Services in the UAE! If you've ever dreamt of unlocking new opportunities, exploring vibrant cultures, or building a brighter future in one of the world's most dynamic hubs, then you're in the right place. In this guide, we'll be your compass, navigating the Golden Visa maze with insider tips and expert advice to ensure your journey is not just successful but also fulfilling. So, grab your map, pack your enthusiasm, and let's set sail on this exhilarating voyage towards your Golden Visa dream!

1. Understanding Golden Visa Eligibility Criteria

Before setting sail, ensure you're eligible. The UAE offers Golden Visas to investors, entrepreneurs, talented professionals, and retirees. Each category has specific criteria, like investment thresholds or retirement fund requirements. Check your eligibility based on your profile and aspirations.

2. Gathering the Required Documents

Assemble your crew of documents for the journey. Common documents include passport copies, proof of investment, bank statements, and a clean criminal record certificate. For investors, additional documents like business plans, trade licenses, and property ownership deeds may be required. Double-check the specific document checklist based on your chosen Golden Visa category.

3. Plotting Your Investment Strategy

Choosing the right investment is crucial. Opt for real estate, business ventures, or innovation projects that align with UAE regulations and contribute to the economy. Research thriving industries, consult with financial advisors, and consider long-term sustainability when crafting your investment strategy.

4. Crafting a Stellar Business Plan

A well-crafted business plan is your treasure map to Golden Visa approval. Highlight your business concept, market analysis, financial projections, and growth strategies. Emphasize how your venture will create jobs, drive innovation, or enhance the UAE's economic landscape. Tailor your business plan to showcase value, feasibility, and alignment with UAE's vision for growth and development.

5. Navigating the Golden Visa Application Process

Embark on your Golden Visa application journey through the relevant government authority, such as the Federal Authority for Identity and Citizenship (ICA), the Ministry of Economy, or local immigration departments. Follow the online application portal or engage with authorized representatives for a smooth submission process. Timing, transparency, and professional assistance are key for success.

6. Insider Tips for Smooth Sailing

Apply During Economic Stability: Submit your application during periods of economic growth and stability for higher chances of approval.

Engage Legal or Immigration Consultants: Consider hiring legal or immigration consultants for expert guidance and assistance throughout the application process.

Be Transparent and Consistent: Disclose accurate information and ensure consistency across all documents to avoid delays or rejections.

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“How much this whole situation is the result of fear of the policies of the new administration is further indicated by a short review of the five distinct periods in recent economic history.” 

Pres. Hoover’s analysis of the origins of the Great Depression, February 21, 1933. 

Collection HH-FESS: Simeon D. Fess Papers

Series: Simeon D. Fess Papers

Transcription: 

THE WHITE HOUSE

WASHINGTON

February 21, 1933

The Honorable

Simeon D. Fess

United States Senate

My dear Mr. Senator:

I am glad to respond to your request that I put in writing for your records, the statement I made to you yesterday as to the economic situation at the moment, and the causes thereof.

   Today we are on the verge of financial panic and chaos. Fear for the policies of the new administration has gripped the country. People do not await events, they act. Hoarding of currency, and of gold, has risen to a point never before known; banks are suspending not only isolated instances , but in one case an entire state. Prices have fallen since last autumn below the levels which debtors and creditors can meet. men over large areas are unable or are refusing to pay their debts. Hundreds of millions of orders placed before election have been cancelled. Unemployment is increasing, there are evidences of the flight of capital from the United States to foreign countries, men have abandoned all sense of new enterprise and are striving to put their affairs in defense against disaster.

Some days before election the whole economic machine began to hesitate from the upward movement of last summer and fall. For some time after election it continued to hesitate but hoped for the best. As time has gone on, however, every development has stirred the fear and apprehension of the people. They have begun to realize what the abandonment of a successful program of this administration which was bringing rapid recovery last summer and fall now means and they are alarmed at possible new deal policies indicated by the current events. It is this fear that now dominates the national situation. It is not lack of resources, currency or cr dit(sic).

   The incidents which have produced this fear are clear. There was a delay by the President-elect of over two months in willingness to cooperate with us to bring about order from confusion in our foreign economic relations. There have been a multitude of speeches, bills, and statements of demo-

[page 2]

cratic members of Congress and others proposing inflation or tinkering with the currency. My proposals for reduction of expenditures have been ignored to the extent of over $200,000,000 by the Democratic House of Representatives. The differences between Democratic leaders and the President-elect over the basis of taxation with which to balance the budget caused them to reject balancing of the budget. The publication by Democratic leaders of the House of the Reconstruction Corporation loans has caused runs on hundreds of banks, failures of many of them, and hoarding on a wide scale. There have been proposed in the Congress by Democratic leaders and publicly even by the President-elect, projects involving federal expenditure of tremendous dimensions which would obviously lie beyond the capacity of the federal government to borrow without tremendous depreciation in government securities. Such proposals as the bills to assume Federal responsibility for billions of mortgages, loans to municipalities for public works, the Tennessee improvement and Muscle Shoals, are all of this order. The proposals of Speaker Garner that constitutional government should be abandoned because the Congress , in which there will be an overwhelming majority, is unable to face reduction of expenses, has started a chatter of dictatorship. The President-elect has done nothing publicly to disavow any of these proposals.

The Democratic House has defeated a measure to increase tariffs so as to prevent invasion of goods from depreciated currency countries, thus stopping increased unemployment from this source. There have been interminable delays and threatened defeat of the Glass Banking Bill, and the Bankruptcy bill.

How much this whole situation is the result of fear of the policies of the new administration is further indicated by a short review of the five distinct periods in recent economic history.

The first period began with the financial and monetary collapse of Europe in the last half of 1931 culminating in October, bringing contradiction of credit and reduction of exports, falling prices of both commodities and securities, followed by great fear and apprehension in the people which was promptly represented by hoarding, bank failures, flight of capital, withdrawal of foreign gold balances with final interpretation in decreased employment, demoralization of agriculture and general stagnation.

The second period following the approval by Congress of our measures of reconstruction in early February 1932 was a period of sharp recovery over a period between 60 and 90 days; during this period public confidence was restored, prices of commodities and securities rose, currency began to return from

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hoarding, gold shipments abroad were greatly lessened, bank failures practically ceased and the whole country moved upward.

The third period began in April and continued through July. This was a period of a sharp debacle which was brought about by the Democratic House by the same character of proposals we now see again, that is by the original failure of the revenue bill, the failure to reduce expenditures recommended by the Executive with consequent fear that the movement toward balancing the budget would not be successful; the passage of a group of inflationary measures including the Patman Bill, the Goldsborough Bill, etc. The passage of a series of projects which would have required greater issues of government securities than the Treasury could support including the Garner Bills for gigantic public works and unlimited loans by the Reconstruction Corporation, etc. Public confidence was destroyed; hoarding, withdrawal of foreign gold, decrease in employment, falling prices and general economic demoralization took place.  

The fourth period began about the adjournment of Congress when it was assured that these destructive measures were defeated and that constructive measures would be held. This period extended from July until October and was a period of even more definite march out of the depression. Employment was increasing at the rate of half a million men a month, bank failures ceased, hoarded currency was flowing back steadily and gold was returning from abroad, car loadings, commodity and security prices and all other proofs of emergence from the depression were visible to every one. Fear and despair had again been replaced by hope and confidence.

The fifth period began shortly before election when the outcome became evident, and has lasted until today. I have already recited its events.

The causes of this terrible retrogression and fear in this fifth period have an exact parallel in the third period of last spring. The fact that there was no disavowal of the actions of last spring by the Democratic candidates during the campaign lends added color and alarm that the same actions and proposals which are now repeated in this period positively represent the policies of the new administration - and the people are seeking to protect themselves individually but with national damage. The movement forward in recovery of our people is again defeated by precisely the same factors as last spring and again emanating from the Democratic leaders.

In the interest of every man, woman and child, the President-elect has, during the past week, been urged by the saner leaders of his own party such as Senator Glass and others, by myself,

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and by Democratic bankers and economists whom he has called on for advice, to stop the conflagration before it becomes uncontrollable, by announcing firmly and at once [illegible insertion] that the budget will be balanced even if it means increased taxation; (b) new projects will be so restricted that government bond issues will not in any way endanger stability of government finances; (c) there will be no inflation or tampering with the currency; to which some have added that as the Democratic party coming in with an overwhelming majority in both houses, there can be no excuse for abandonment of Constitutional processes.

The President-elect is the only man who has the power to give assurances which will stabilize public mind as he alone can execute them. Those assurances should have been given before now but must be given at once if the situation (would [struck out]) is to be greatly helped. It would allay some fear and panic whereas delay will make the situation more acute.

The present administration is devoting its days and nights to put out the fires or to localize them. I have scrupulously refrained from criticism which is well merited, but have instead been giving repeated assurances to the country of our desire to cooperate and help the new administration.

What is needed, if the country is not to drift into great grief, is the immediate and emphatic restoration of confidence in the future. The resources of the country are incalculable, and available credit is ample but lenders will not lend, and men will not borrow unless they have confidence. Instead they are withdrawing their resources and their energies. The courage and enterprise of the people still exist and only await release from fears and apprehension.

The day will come when the Democratic party will endeavor to place the responsibility for the events of this Fifth period on the Republican Party. When that day comes i hope you will invite the attention of the American people to the actual truth.

Yours faithfully,

[signed] Herbert Hoover

[aeide-thea]

The Republican State Leadership Committee (RSLC) received donations of tens of thousands of dollars each from corporations including Comcast, Intuit, Wells Fargo, Amazon, Bank of America and Google last year. . . in the months after Politico published a leaked supreme court decision indicating that the court would end the right to nationwide abortion access. . . . [Most of the companies] did not respond to requests for comment. An Intuit spokesperson pointed out that the company also donates to Democratic political organizations, and that “our financial support does not indicate a full endorsement of every position taken by an individual policymaker or organization. “Intuit is non-partisan and works with policymakers and leaders from both sides of the aisle to advocate for our customers,” an Intuit spokesperson said in a statement.

so… they effectively cancel out their own donations???? don't get me wrong, i guess i prefer that to a scenario in which they're just helping out republicans, but. at that point are you not just burning money?? baffling to me.

A Bank of America spokesperson pointed to the company’s policy that donations to so-called 527 organizations such as the RSLC come with the caveat that they only be used for operational and administrative purposes, not to support any candidates or ballot initiatives. The CPA, meanwhile, argues that since the RSLC’s operations are explicitly designed to support candidates and ballot initiatives, such a policy is a distinction without a difference. Although these companies did not directly give these vast sums to North Carolina’s anti-abortion lawmakers, the CPA’s analysis is a case study in how corporate contributions to organizations such as the RSLC can end up being funneled into anti-abortion causes. When Republican state legislators successfully overturned a veto from the Democratic governor last month to pass the upcoming abortion ban, nine of [the] lawmakers voting to overturn the veto had received campaign contributions from a group with links to the RSLC. . . . These donations are evidence that corporations are proving to be complicit in the broader movement to limit abortion rights, the CPA non-profit argues, even as many of these companies publicly tout women’s empowerment and employee access to healthcare. . . . Several of the[m]. . . made statements last year offering to cover healthcare costs for employees who needed to travel out of state for medical procedures, in some cases explicitly mentioning abortion as an example. Google sent an email to employees acknowledging that Roe v Wade had been overturned and informed them about options for relocating to Google offices in different states. “Equity* is extraordinarily important to us as a company, and we share concerns about the impact this ruling will have on people’s health, lives and careers,” the email stated.

⸻ * i know what they meant, but—i am cackling.

[kp777]

By Olivia Rosane

Common Dreams

May 13, 2024

"Banks that profit from climate chaos invent new greenwash every year, but we have the receipts that show how much money they put into fossil fuels," said one report author.

The world's 60 biggest banks funded fossil fuels to the tune of $6.9 trillion in the eight years following the Paris agreement.

That's the conclusion of the 15th annual Banking on Climate Chaos report, which was published Monday and also found that the financial institutions lavished $705 billion on oil, gas, and coal in 2023—the hottest year on record.

"Financiers and investors of fossil fuels continue to light the flame of the climate crisis," Tom BK Goldtooth, report co-author and executive director of the Indigenous Environmental Network, said in a statement. "Paired with generations of colonialism, the fossil fuel industry and banking institutions' investment in false solutions create unlivable conditions for all living relatives and humanity on Mother Earth."

U.S. financial giants JPMorgan Chase, Citigroup, and Bank of America topped the "dirty dozen" list of the banks that gave the most to fossil fuels since 2016, at $430.9 billion, $396.3 billion, and $333.2 billion respectively. In 2023, U.S. banks provided 30% of total fossil fuel finance, the largest share of any country. JPMorgan also topped the 2023 list at $40.88 billion, with Japanese bank Mizuho Financial overtaking the No. 2 spot with $37.04 billion, and Bank of America remaining in third place with $33.68 billion.

"The science shows that over half of fossil fuels in existing fields and mines must stay underground to limit global warming to 1.5°C, and our Big Oil Reality Check analysis finds that none of the major oil and gas companies we analyze plan to do anything even close to what is needed to hold global warming to 1.5°C," report-co-author David Tong, the global industry campaign manager at Oil Change International, said in a statement. "By injecting a staggering $70[5] billion into fossil fuel financing in 2023 alone, the world's largest banks fund the climate chaos fossil fuel companies wreck on communities worldwide."

The report also tracks how much the financial institutions spent on companies that had fossil fuel expansion plans, according to the Global Oil and Gas Exit List and the Global Coal Exit List. The banks spent $3.3 trillion since 2016 and $347.5 billion in 2023 alone on these companies, or nearly half of total expenditures. Report co-author April Merleaux, research and policy manager at Rainforest Action Network, called the 2023 expansion finance figure "dangerous and inconsistent with real climate commitments."

Overall, Citibank has spent the most on fossil fuel expansion since 2016 at $204 billion, while JPMorgan was the top funder of expansion in 2023 with $19.3 billion.

"As this report is worth nothing if it doesn't turn into action, we call on the banks to finally become fossil free banks, and on the wider climate justice movement to use this data to mobilize for a fossil free banking world."

The researchers also looked at what fossil fuel companies and activities the banks were financing. All told, they considered funding to 4,228 companies. Clients with major expansion plans in 2023 included the pipeline companies Enbridge, TC Energy Corp, and Sempra as well as NextDecade Corp and Rio Grande Valley LNG, which are developing new liquefied natural gas (LNG) export capacity.

Fossil fuel financing did decrease in 2023, down from $778.7 billion in 2022.

"The trend of decreased financing from traditional banks to fossil fuel companies is good news, tempered by the reality that financing for fossil fuel expansion should be zero," the report authors wrote. "But there is little evidence that the decline is driven by voluntary commitments by the banks, especially given the policy rollbacks among major banks."

Indeed, in 2023, Bank of America rolled back commitments to not fund Arctic drilling, thermal coal, or coal-fired plants. Instead, the report authors suggested the downturn in finance was due to external economic and geopolitical factors.

"Unless banks take action to rule out finance for such clients, the decline may not be permanent," they warned.

When it came to the funding of individual high-risk fossil fuel activities, funding for overall expansion, fracking, tar sands, coal- and gas-power plants, and Amazon, Arctic, and deepwater oil and gas all declined. At the same time, funding for metallurgical coal, coal mining, and methane LNG all increased, with LNG funding rising from $116 billion in 2022 to $121 billion in 2023.

"In a year with record climate impacts, I am shocked to see financing for any category of fossil fuels increase. And yet in 2023 this report shows a big increase in financing to companies developing methane gas terminals and related infrastructure," Merleaux said. "Banks should be listening to those on the frontlines and stepping away from these projects."

This year the report—which is a collaboration between Rainforest Action Network; BankTrack; the Center for Energy, Ecology, and Development; Indigenous Environmental Network; Oil Change International; Reclaim Finance; Sierra Club; and Urgewald— features updated methodology that primary sources revealing the role of banks in corporate financial deals. The banks were given a chance to review the data and respond.

"Wall Street's top concern is its profit. Our top concerns are the climate and human rights. Banks that profit from climate chaos invent new greenwash every year, but we have the receipts that show how much money they put into fossil fuels," Merleaux said. "Our new methodology uncovers previously unreported details on banks' support for fossil fuels and gives campaigners new tools to hold them accountable."

Accountability is the report's main goal, according to co-author Diogo Silva, who leads the banks and climate campaign at BankTrack.

"As this report is worth nothing if it doesn't turn into action, we call on the banks to finally become fossil free banks, and on the wider climate justice movement to use this data to mobilize for a fossil free banking world," Silva said. "Later might just be too late. Fossil banks, no thanks!"

[pilawturkey]

Financial Technologies and Law

Introduction 

This article will provide a useful outline of Turkish capital markets law and underlying challenges for the enforcement of relevant procedures. It is beyond doubt that capital markets are fundamental to bring foreign and national investors together. It is also seen as one of the primary investment instruments for most jurisdictions including Turkey. 

Is Türkiye safe for investment? If you are curious about the answer to the question, you can read our article.

For our work and all legal services on the matter of capital markets, please click our Practice Areas, titled Investment 

What is the capital market in simple words?

The word “capital markets” is used to imply financial markets to buy or sell bonds, stocks, currencies or other financial assets. Capital markets are of great importance in bringing entrepreneurs and investors. 

For our work and all legal services on the matter of capital markets, please click our Practice Areas, titled Capital Markets

What is the Turkish capital markets law 2024?

Turkish capital markets law covers the regulation of a broad range of capital markets instruments including: 

-public offerings and sales,

-investment services,

-initial public offerings.

What is the regulatory structure of the financial system under Turkish capital markets law 2024? 

It is essential to underline at the outset that the Turkish financial markets regulatory regime is fragmented by different institutions. Having said that, the primary role is granted to the Capital Markets Board of Turkey. Besides, the Banking Regulation and Supervision Agency has crucial mandates in the banking sector. Two competent national institutions work in close collaboration for banking and capital markets. The Turkish Capital Markets Association has another important organization in Turkey.   

For our work and all legal services on the matter of banking sector, please click our Practice Areas, titled Banking and Finance Law

What is the capital markets regulation in Turkey? 

What is news in the Turkish capital markets law? 

A new decision dated December 29, 2023 has been published in the Capital Markets Board Bulletin (2023/82). Monetary thresholds have been revised by the Board for initial public offerings. 

In this context, the minimum amount for the registered capital system cannot be lower than TRY 100.000.000.Additionally, for companies whose shares will be offered to the public for the first time, the total assets cannot be lower than TRY 1.500.000.000. In terms of net sales revenue, it cannot be lower than TRY 750.000.000 in its 2023 year-end financial statement.

Take a look at our article for more discussions: Increase in Monetary Threshold of Initial Public Offerings 2024 for Turkey

Conclusion

Having regard to the aforementioned analysis, it is important to note that the regulation, the supervision and the advancement of capital markets is the core objective of Turkish capital markets law 2024. Transparency, efficiency and fairness present the most significant principles articulated by Turkish capital markets law. A sound legal guidance through a robust capital markets consultancy must be seen as a key component for successful outcomes.