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The Prison Letters of Fidel Castro

The Prison Letters of Fidel Castro

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Tag: Bank

Noam Chomsky on Some Simple Ways to Ruin an Economy

Scholar, philosopher and activist Noam Chomsky kicks off this talk filmed last month with a simple, provocative premise: “Let’s pose that for some perverse reason that we were interested in ruining an economy and a society.” Now, who would want to go and do a thing like that?

Posted on Mar 6, 2014 READ MORE



Researchers Suggest Banks Might Be Rigging Gold Prices

Gold has drawn glowing praise in the last six years or so, since the onset of the recent recession—and now, according to a duo of researchers, it ought to be the subject of a different kind of attention that calls into question the way its price is set.

Posted on Mar 5, 2014 READ MORE



AP/Arni Torfason

Iceland Sends Four Bank Bosses to the Slammer

The onetime CEO of Iceland’s Kaupthing Bank, one Hreidar Mar Sigurdsson, is going to jail for five and a half years for his part in his firm’s downfall—which also helped his country’s economy bottom out in 2008. He’ll be in good company.

Posted on Dec 12, 2013 READ MORE



zampano!!! (CC BY-NC-ND 2.0)

California City Votes to Seize Underwater Mortgages

Richmond plans to use eminent domain powers to seize bad mortgages and resell them at property value to new mortgage holders, helping its residents get out from under massive debt. Whether it will work is a big question mark.

Posted on Sep 12, 2013 READ MORE


Sheriff Elizabeth Warren

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Posted on Feb 17, 2013 READ MORE


Payday Loans

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Posted on Nov 28, 2012 READ MORE


Pig Bank

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Posted on Oct 7, 2012 READ MORE



ell brown (CC BY 2.0)

U.S. Buckles Down on Rate-Fixing Case

The U.S. Justice Department has identified potential crimes committed by several big banks—including Barclays—and their employees amid a global investigation into the Libor scandal, in which financial institutions allegedly rigged interest rates.

Posted on Jul 15, 2012 READ MORE



Gamma Man (CC-BY)

Public-Sector Banks: From Black Sheep to Global Leaders

Conventional wisdom holds that government bureaucrats are bad businesspeople. But around the world, the many countries with strong public banking sectors generally have strong, stable economies.

Posted on Mar 8, 2012 READ MORE



Wikimedia Commons / Dan Smith (CC-BY-SA)

Secret Fed Loans Gave Banks Big Profits During Bailout

Here we have some news that Ohio Sen. Sherrod Brown believes “can unite the tea party and Occupy Wall Street.” Sound implausible? Well, Bloomberg News’ parent company went to court to access 29,000 pages of documents from the Federal Reserve, from which the outlet gleaned ... (more)

Posted on Nov 29, 2011 READ MORE



Sasha Y. Kimel (CC-BY)

Time to Move Your Money

Saturday is the day 80,000 people have pledged to punish “too big to fail” banks by moving their money to credit unions and local community institutions. How does it work? Will banks feel the hurt? How can it be done quickly and conveniently? Josh Harkinson at Mother Jones answers these questions and more.

Posted on Nov 5, 2011 READ MORE


Robert Reich on OWS Strategy: Hit ’Em Where It Counts

Former U.S. Labor Secretary Robert Reich took stock of the current status and future possibilities of Occupy movements around the country on Thursday’s “Countdown With Keith Olbermann,” suggesting that the network of affiliated protest groups ... (more)

Posted on Nov 4, 2011 READ MORE



Flickr / twicepix (CC-BY-SA)

UBS Trader Charged With Fraud

The trader arrested on suspicion of costing Swiss banking giant UBS more than $2 billion in unauthorized trades was charged Friday with fraud and two counts of false accounting dating as far back as 2008.

Posted on Sep 17, 2011 READ MORE


Live the Dream

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Posted on Aug 14, 2011 READ MORE


Wall Street
Wikimedia Commons / Martin St.-Amant

Obama Pitches Woo to Wall Street

Though he once referred to them as “fat cats,” President Obama now has to sing a different tune to Wall Street’s bigwigs in order to persuade them to open their wallets as he revs up for campaign 2012. Awkward!

Posted on Jun 13, 2011 READ MORE



AP / Mark Lennihan

Home Sweet Wall Street

A most dastardly deed occurred last Friday when the Obama administration issued a 29-page policy statement totally abandoning the federal government’s time-honored role in helping Americans achieve the goal of homeownership.

Posted on Feb 16, 2011 READ MORE



Flickr / Georgio Monteforti (CC-BY)

Tunisia’s Central Bank Denies Gold ‘Heist’ by Ben Ali’s Wife

A spokesman for Tunisia’s central bank denies a Le Monde report that the wife of ousted Tunisian President Zine el-Abidine Ben Ali left the country with almost $60 million worth of Tunisia’s gold reserves.

Posted on Jan 17, 2011 READ MORE



Flickr / kevindooley (CC-BY)

Banking Regulation Team Pitches New Payment Rules

An international panel of banking regulators from 27 nations is aiming to crack down on outlandish pay packages for industry executives by proposing a new set of rules that call for more transparency and, wonder of wonders, some correlation between ...

Posted on Dec 27, 2010 READ MORE



Flickr / PetroleumJelliffe

WikiLeaks Going After Big U.S. Bank

Having made its indelible mark on U.S. foreign relations of late, WikiLeaks is taking on another considerable force for its next act, targeting an as-yet-unnamed major U.S. bank with a big reveal planned for early next year.

Posted on Nov 29, 2010 READ MORE



Wikimedia Commons / valyag

Vatican Bank Embroiled in Money-Laundering Probe

The Vatican has another holy mess on its hands, this time of the financial sort, as the man in charge of the Holy See’s official bank, one Ettore Gotti Tedeschi, is under investigation as part of a money-laundering case, according to the BBC.

Posted on Sep 21, 2010 READ MORE



Flickr / John Lewis (CC-BY)

Too Big to Fail, Except Online

JPMorgan Chase is America’s second biggest bank, further fattened from gobbling up the carcasses of Bear Stearns and Washington Mutual, so it stands to reason that millions of Americans have been inconvenienced by the inexplicable meltdown of the company’s website.

Posted on Sep 15, 2010 READ MORE


Euro symbol
AP / Daniel Roland

U.S. Granted Access to European Bank Info

Here’s another bit of news guaranteed to win us friends around the world: On Thursday, EU officials voted in favor of granting U.S. anti-terror investigators access to Europeans’ bank information.

Posted on Jul 8, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

Goldman Plays, We Pay

The story of the financial debacle will end the way it began, with the super-hustlers from Goldman Sachs at the center of the action and profiting wildly. Never in U.S. history has one company wielded such destructive power over our political economy, irrespective of whether a Republican or a Democrat happened to be president.

Posted on Apr 20, 2010 READ MORE


Goldman Sachs
AP / Mark Lennihan

SEC Slaps Goldman Sachs With Fraud Suit

In a move that may signal the beginning of the end of Goldman Sachs’ golden era, the Securities and Exchange Commission filed a civil suit Friday against the banking behemoth, accusing the company of selling customers subprime mortgage derivatives ... (continued)

Posted on Apr 16, 2010 READ MORE


FDIC Helping Banks Turn Profit

Want to see how the FDIC works with banks to help them turn a nifty profit on short sales and foreclosures? Check out this video from the folks at Think Big, Work Small in which they detail how it happens.

Posted on Feb 27, 2010 READ MORE


Gramm
reedernichols.wordpress.com

Endgame for Gramm?

One wonders if Phil Gramm has been made just a tad nervous by the news on Tuesday that one of UBS’ super-wealthy private clients has pleaded guilty to tax evasion.

Posted on Apr 14, 2009 READ MORE



Flickr / epicharmus

Putting the ‘Toxic’ Back in Tarp

The Toxic Asset Relief Program was originally designed to save the banks from their bad bets by purchasing toxic assets, but has since evolved into something of a multipurpose slush fund. Now the Obama administration is getting back to the business of buying junk, elaborating on a plan that sent the Dow tumbling when it was first announced. Update

Posted on Mar 22, 2009 READ MORE



Flickr / stan

Citigroup Wants a Bigger Bailout

Uncle Sam already gave Citigroup $45 billion and promised to limit the bank’s losses on $300 billion in troubled loans, but executives at the ailing bank are now reportedly asking the federal government to sweeten the deal. One scheme has Washington exchanging preferred stock for common stock.

Posted on Feb 22, 2009 READ MORE


showgirls
entertainoz.com.au

Bailed-Out Bank Execs to Live It Up in Vegas

What’s a bunch of Wells Fargo bigwigs to do now that their struggling bank has gotten a whopping $25 billion from the federal government? Two words: Vegas, baby. Update

Posted on Feb 3, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Bye-Bye Bush; Bailout Mania

Ready or not, here comes Barack Obama—let’s hope he’s ready, considering the nature of the action items topping his presidential to-do list.

Posted on Jan 16, 2009 READ MORE



Flickr / Betsssssy

Bank of America, Literally

The taxpayers’ bank opened a new branch on Thursday: Uncle Sam just threw $20 billion Bank of America’s way. The government is also on the hook for $118 billion more in crap assets. Bank of America chief Ken Lewis calls it the “deal of a lifetime.” No kidding.

Posted on Jan 16, 2009 READ MORE



marcelinopena.files.wordpress.com

Geithner’s Record of Failure

Forget that business with the maid whose work papers expired. The real scandal with Timothy Geithner, Barack Obama’s choice to head the Treasury Department, is his history of lax regulation—at least where his friends at Citigroup were concerned. ProPublica did some digging and found that Geithner’s New York Fed “eased the reins as the company blew billions. ...”

Posted on Jan 14, 2009 READ MORE


Rubin
treas.gov

Rubin Bows Out of Citigroup

Almost a year ago, Citigroup’s then-director Robert Rubin downplayed the enormity of the economic catastrophe headed our way and made a pre-emptive move to shift any potential blame to politicians instead of financial experts such as himself. Fast-forward to the present and the picture changes considerably.

Posted on Jan 9, 2009 READ MORE


Regulator Gave Blessing to IndyMac Shenanigans

The Treasury Department’s inspector general has been looking into the failure of IndyMac, which set the taxpayers back $8.9 billion, and what he found isn’t pretty. It seems a certain regulator let the bank present itself as “well-capitalized” when the truth was something entirely different.

Posted on Dec 23, 2008 READ MORE


We Told You So

With the release of three new reports, there’s no debate anymore about who was correct and who wasn’t concerning the economic collapse and the Wall Street bailout. The studies prove that progressive critics were right and the Washington ideologues and the pundits were wrong.

Posted on Dec 11, 2008 READ MORE


Say Hello to the Thrift Zeitgeist

Now, competitive consumption has been replaced by contagious anxiety. Buying hit the wall with the housing collapse, the stock market plunge, the credit card crunch and the surge in unemployment figures.

Posted on Dec 11, 2008 READ MORE


Folklore

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Posted on Dec 9, 2008 READ MORE



Wikimedia Commons / mlb.com

Bailout Ballpark

The U.S. taxpayer is on the hook for more than $300 billion of Citigroup’s junk investments, so where did the ailing bank find $400 million to put its name on the New York Mets’ new stadium?

Posted on Dec 4, 2008 READ MORE



Flickr / LoopZilla

Fed to Rescue Another Shaky Bank

What’s a hundred billion dollars between capitalists? The Fed and the Treasury are once again throwing good cash after bad business. This time the culprit is Citigroup, which could get bailed out—courtesy of you—to the tune of $100 billion. And with that, we’d like to announce that Truthdig is officially too big to fail. Update: Done deal.

Posted on Nov 23, 2008 READ MORE



finance.google.com

Dow-nward Spiral

In a little over two weeks, the Dow has tumbled more than 2,000 points as bad economic news continues to pile up. Word on Thursday that jobless claims hit a 16-year high, combined with a dreary outlook for Detroit and a lack of confidence in major financial institutions, helped drive the DJIA down to 7,552.29.

Posted on Nov 20, 2008 READ MORE



Wikimedia Commons / Hk1992

Markets Warm to Euro Bailout Plan

Stock traders in Asia and Europe seemed to like the news that European governments will coordinate with one another as they throw cash at troubled banks. The euro zone plan was announced on the heels of similar British and American schemes.

Posted on Oct 12, 2008 READ MORE


It’s Henry Paulson’s Move

Is Henry Paulson a crony communist or a businessman? The answer could be the difference between economic disaster and recovery.

Posted on Oct 10, 2008 READ MORE



wamu.com

Say Goodbye to WaMu

JPMorgan Chase added to its failed financial behemoth collection by gobbling up the deposits of Washington Mutual, which set a record for the biggest U.S. bank failure Thursday. According to the FDIC and Chase, bank customers have nothing to worry about.

Posted on Sep 26, 2008 READ MORE


Foreclosure Karma

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Posted on Jul 15, 2008 READ MORE


Finance Giant Goes for Peanuts

The mortgage crisis has claimed another corporate victim. Bear Stearns, one of the largest financial institutions in the world, has been bought for a piddling $236 million. The company was valued at $3.5 billion just a few days ago, and $20 billion a little more than a year ago.

Posted on Mar 17, 2008 READ MORE


Fed Forecasts Slow Growth in 2008

Officials at the Federal Reserve are running out of creative ways to stave off a recession and expect the U.S. economy to slow to a crawl in 2008, with a growth rate of only 1.3 to 2 percent over the year.

Posted on Feb 20, 2008 READ MORE


Judge Silences Whistle-Blower Site

A California court has ordered Wikileaks.org, a Web site that allows users to anonymously post documents and allege corruption, to be shut down. A Swiss bank brought the case after someone using the site alleged the firm had facilitated money laundering. Wikileaks says it was “given only hours notice” of the hearing.

Posted on Feb 18, 2008 READ MORE


Kerviel
Societe Generale

The Man Who Lost $7.2 Billion

How did a 31-year-old low-level bank trader with limited access lose five times as much money as the worst rogue trader ever? That’s the question European authorities and Societe Generale, France’s second-largest bank, are trying to answer.

Posted on Jan 25, 2008 READ MORE


Citigroup sign
marketplace.publicradio.org

When Losing $10 Billion Is a Relief

You know the economy is in trouble when investors and analysts are relieved that Citigroup lost only $9.83 billion in the last quarter of 2007. The banking giant managed to squeeze a few billion out of Abu Dhabi and Singapore, and will still pay a dividend on its stock, so for now the mood is upbeat.

Posted on Jan 15, 2008 READ MORE


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