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by John W. Dean
By Stan Goff
$11.89
$20
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John Darkow, Cagle Cartoons, Columbia Daily Tribune, Missouri —
Posted on Feb 17, 2013
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Paul Zanetti, Cagle Cartoons, Australia —
Posted on Oct 7, 2012
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ell brown (CC BY 2.0)
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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
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Gamma Man (CC-BY)
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By Ellen Brown, Truthout —
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.
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Wikimedia Commons / Dan Smith (CC-BY-SA)
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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)
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Sasha Y. Kimel (CC-BY)
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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.
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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)
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Daryl Cagle, Cagle Cartoons, MSNBC.com —
Posted on Aug 14, 2011
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Wikimedia Commons / Martin St.-Amant
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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!
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AP / Mark Lennihan
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By Robert Scheer — 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.
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Flickr / Georgio Monteforti (CC-BY)
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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.
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Flickr / kevindooley (CC-BY)
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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 ...
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Flickr / PetroleumJelliffe
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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.
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Wikimedia Commons / valyag
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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.
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Flickr / John Lewis (CC-BY)
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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.
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AP / Daniel Roland
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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.
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AP / Mark Lennihan
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By Robert Scheer — 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.
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AP / Mark Lennihan
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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)
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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.
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reedernichols.wordpress.com
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By Robert Scheer — 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.
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Flickr / epicharmus
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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
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Flickr / stan
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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.
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entertainoz.com.au
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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
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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.
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Flickr / Betsssssy
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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.
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marcelinopena.files.wordpress.com
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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. ...”
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treas.gov
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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.
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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.
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By David Sirota — 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.
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By Ellen Goodman — 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.
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Nate Beeler, The Washington Examiner —
Posted on Dec 9, 2008
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Wikimedia Commons / mlb.com
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By Stanley Kutler — 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?
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Flickr / LoopZilla
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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.
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finance.google.com
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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.
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Wikimedia Commons / Hk1992
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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.
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By David Sirota — Is Henry Paulson a crony communist or a businessman? The answer could be the difference between economic disaster and recovery.
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wamu.com
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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.
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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.
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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
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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.
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Societe Generale
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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.
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marketplace.publicradio.org
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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.
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The term “subprime mortgage” has certainly been in heavy rotation in recent months, and economic panic has spread as a result of lenders playing fast and loose with their home-lending criteria, causing chaos in the mortgage market. Enter the Federal Reserve to try to undo some of the damage and prevent a recurrence.
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By Eugene Robinson — It’s not surprising in the cutthroat world of Wall Street to see a big-time CEO such as Stanley O’Neal float out of the boardroom with a golden parachute. What is significant is that this grandson of a slave managed to become one of the “Masters of the Universe” in the first place.
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Stephen Colbert said the N.Y. Times could learn a thing or two about secrecy from Superman, who continued to be “a pretend journalist”—“like Brit Hume.”
Posted on Jun 29, 2006
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