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Tag: Banking


Actually, Bernie Sanders Does Have a Clear Plan for How to Break Up Too-Big-to-Fail Banks

His campaign and analysts counter the media frenzy that says Sanders has no plan and call into question the New York Daily News interview that sparked it.

Posted on Apr 6, 2016 READ MORE


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Occupy Hillary Clinton’s Wall Street Speeches

Why do voters need to know what Hillary told the banks? Because it was Wall Street that was responsible for the 2008 recession, making life worse for most Americans. We need to know what, if anything, she promised these behemoths.

Posted on Feb 29, 2016 READ MORE



Thomas Frank on the Financial Feminism of Clinton Democrats

The historian and arch journalist spent 2015 studying the modern Democratic Party, and his new book, “Listen, Liberal,” is the result. An excerpt published exclusively at Harper’s Magazine finds in the career of Hillary Clinton “a performance of liberalism ... so realistic one could almost believe it lived.”

Posted on Feb 22, 2016 READ MORE


VIDEO: Bernie Sanders Inveighs Against Wall Street in Major Address on Economic Policy Proposals

At Town Hall in Mmidtown Manhattan on Tuesday, Democratic presidential candidate Bernie Sanders gave his most stirring speech yet in defense of the American people, their institutions and their future in the fight against the greed and self-interest of the private interests headquartered at Wall Street.

Posted on Jan 6, 2016 WATCH & LISTEN



Reinventing Banking: From Russia to Iceland to Ecuador

These transformations, current and proposed, are constructive steps toward streamlining the banking system, eliminating the risks that have devastated individuals and governments, democratizing money, and promoting sustainable and prosperous economies.

Posted on Dec 14, 2015 READ MORE



Truthdigger of the Week: Offshore-Banking Whistleblower Hervé Falciani

The leaks engineered by “the Edward Snowden of banking” have brought to light malpractice that is costing government treasuries hundreds of billions of dollars each year. The IT expert’s action has earned him a five-year prison sentence given in absentia.

Posted on Nov 29, 2015 READ MORE



First They Jailed the Bankers. Now All Icelanders Will Get a Payout From Bank Sale.

Iceland’s revolutionary approach to dealing with the international financial meltdown of 2008 certainly deserves every bit of the attention it has garnered.

Posted on Nov 9, 2015 READ MORE



An Open Letter to Fed Chairwoman Yellen From America’s Beleaguered Savers

“Start imagining what we, the savers, have to endure because of plutocratic, crony capitalism for which the Federal Reserve has long been a leading Tribune.”

Posted on Oct 31, 2015 READ MORE



Top Banker: Climate Change Threatens Global Financial Crash

The chairman of the G-20 nations’ Financial Stability Board says an orderly shift from fossil fuels to renewables is needed to avoid turmoil on world stock markets.

Posted on Oct 2, 2015 READ MORE



International Monetary Fund Warns of Bad Outlook for the Eurozone

The international financial organization has warned of economic trouble ahead for the eurozone as worry over Greece lingers, unemployment remains high and the banking sector struggles to shake off the residue of the financial crisis.

Posted on Jul 27, 2015 READ MORE



What We Know (and Don’t Know) About This Year’s Bilderberg Meeting

What could possibly be sinister about leaders of the world’s most powerful companies and countries meeting in closed sessions on an Austrian mountaintop to discuss global strategy?

Posted on Jun 11, 2015 READ MORE



Iceland Jailed Bankers and Rejected Austerity—and It’s Been a Success

Iceland’s insistence on following a different drummer after the global economic collapse is evidence that a more ethical approach can work.

Posted on Jun 11, 2015 READ MORE


Do You Know What Banks Are Actually Doing With Your Money?

Russell Brand sits down with Max Keiser, who hosts a financial show on RT, to ask him to explain some of the things a lot of us don’t understand about banks. Keiser’s answers may surprise and disgust you.

Posted on Dec 23, 2014 WATCH & LISTEN



IRS Seizes Money From Guiltless Americans on Mere Suspicion

A controversial area of law empowers the IRS to confiscate significant sums of money from “run-of-the-mill business owners and wage earners without so much as an allegation” and “without ever filing a criminal complaint,” leaving the owners “to prove they are innocent,” The New York Times reports.

Posted on Oct 26, 2014 READ MORE



America’s Most Hated Banks

In a list of major banks reviled by Americans in order of volume of complaints, Bank of America takes first place, followed by Wells Fargo, JPMorgan Chase and Citibank.

Posted on Aug 1, 2014 READ MORE



Are Public Banks Unconstitutional? No. Are Private Banks? Maybe

The movement to break away from Wall Street and form publicly owned banks continues to gain momentum. But enthusiasts are deterred by claims that a state-owned bank would violate constitutional prohibitions against “lending the credit of the state.”

Posted on May 18, 2014 READ MORE



Oil Companies Take Trillion Dollar Gamble

Oil companies are using investors’ money on high-risk extraction projects based on the dubious belief that oil prices will go on rising, and with little regard for climate change factors.

Posted on May 9, 2014 READ MORE



Prosecutors May Finally Go After Criminal Mega-Banks

The biggest banks pose a challenge for prosecutors.

Posted on Apr 30, 2014 READ MORE



Corporations Weigh Risks, Opportunities of Changing Climate

For business and industry climate change brings a range of concerns—and offers plenty of new opportunities as well.

Posted on Apr 6, 2014 READ MORE



The Watchdog That Didn’t Bark

When the press failed to anticipate the most catastrophic financial crisis in 80 years, reporters were focusing on the wrong things, responding to the wrong incentives and writing the wrong kind of stories.

Posted on Mar 16, 2014 READ MORE



The Inevitability of Income Inequality

Inequality is endemic to the core structure of an America that operates more as a plutocracy than a democracy. It is an inherent result of the consolidation of a substantial amount of both financial power and political influence in the hands of a few families.

Posted on Mar 11, 2014 READ MORE



‘The Dick Joke Is Not Always Your Friend’

The recently deceased Harold Ramis’ beloved anti-authoritarian comedies of the late ’70s and the ’80s (including “Animal House” starring John Belushi, pictured) were pop trojan horses of then-emerging right-wing cultural values, former Harper’s Magazine columnist Thomas Frank writes at Salon.

Posted on Mar 6, 2014 READ MORE



Foreclosure Filings Jump as Investors Eye Exits

It’s too bad Keynes isn’t around today to see how the toxic combo of financial engineering, central bank liquidity and fraud have transformed the world’s biggest economy into a hobbled, crisis-prone invalid that’s unable to grow without giant doses of zero-rate heroin and mega-leverage crack cocaine.

Posted on Feb 15, 2014 READ MORE



AP Images

Elizabeth Warren’s Post Office Banking Plan Gains Public Support

A new poll finds significant backing for expanding the post office’s offerings to include financial transactions, with 44 percent of those surveyed favoring the idea.

Posted on Feb 14, 2014 READ MORE



AP/Richard Drew

Overthrow the Speculators

There will never be significant economic reform until megabanks are replaced by a network of state- and city-owned public banks. The revolution must be local.

Posted on Dec 29, 2013 READ MORE



sashafatcat (CC BY 2.0)

The True State of the Economy

There is a tradeoff for all the loot Obama’s friends have been pilfering from working people, and that tradeoff is trust. Americans no longer have confidence in the government, the market or the justice system. And while the effects might not appear in the next month or two, there are sectors of the economy that are showing signs of weakness already.

Posted on Oct 5, 2013 READ MORE



KJGarbutt (CC BY-ND 2.0)

U.S. Considering Arrests in ‘London Whale’ Case

U.S. authorities may arrest two former JPMorgan Chase employees in connection with their alleged role in hiding $6.2 billion in losses in what became known as the “London Whale” scandal, two people familiar with the situation say.

Posted on Aug 10, 2013 READ MORE



Ian Muttoo (CC BY-SA 2.0)

The Housing Market Recovery Is ‘A Complete Hoax’

Homeownership is at its lowest level in 18 years, but housing prices are rising. Why? Because banks are creating real estate scarcity by buying up homes and selectively stalling foreclosures.

Posted on May 3, 2013 READ MORE



kevin dooley (CC BY 2.0)

Regulators to Keep Tight Lips on Foreclosure Improprieties

This month we learned that regulators will not reveal any shenanigans discovered by the highly paid “independent” consultants big banks hired under orders from the government to review potential wrongdoing on their part in the foreclosure/robo-signing scandal.

Posted on Apr 30, 2013 READ MORE



alexander amatosi (CC BY-ND 2.0)

Anonymous Said to Breach Federal Reserve

The Federal Reserve confirmed Wednesday that one of its internal websites was accessed after the hacktivist group Anonymous claimed to have stolen information on more than 4,000 banking executives.

Posted on Feb 6, 2013 READ MORE



JoshuaDavisPhotography (CC BY-SA 2.0)

Wrongful Foreclosure Settlement Not Enough, New York Times Says

The editors at The New York Times are not impressed with the deal struck between the government and major banks to provide borrowers with $8.5 billion in aid.

Posted on Jan 9, 2013 READ MORE



Bonnetmaker (CC BY 2.0)

Many U.K. Bankers Hate Their Jobs

One-third of British bankers would rather be elsewhere, doing other things, says a new survey by eFinancialCareers of more than 500 professionals in the industry.

Posted on Dec 26, 2012 READ MORE



swanksalot (CC BY-SA 2.0)

Fallout From JPMorgan Chase’s $2 Billion Loss

JPMorgan Chase & Co. weathered the 2008 financial crisis without reporting a loss. But a failed hedging strategy that recently cost the company $2 billion has called into question the ability of its leaders to manage risk and intensified the debate on banking reform.

Posted on May 11, 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



DonkeyHotey (CC-BY)

Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions

In late 2010, a major regulator warned the Federal Reserve: Banks are not healthy enough to increase dividends, and the economy could implode again. But the Fed ignored that advice.

Posted on Mar 3, 2012 READ MORE



Wikimedia Commons

Alabama County Goes Really, Really Bankrupt

Hey, anyone want to bail Alabama out? More specifically, Jefferson County in the Heart of Dixie, which includes the fair city of Birmingham and is also a gobsmacking $3 billion in the hole from a botched sewer deal.

Posted on Nov 9, 2011 READ MORE



AP / Bebeto Matthews

Wall Street: You’ve Got Hate Mail

Some 400 Occupy Wall Street protesters got into costume Friday, but the occasion wasn’t an early observance of the beloved pagan-inspired holiday that is Halloween. Rather, the messengers from among OWS ranks paid visits to big bank headquarters in Manhattan to deliver mail from Americans ... (more)

Posted on Oct 28, 2011 READ MORE


Euro symbol
AP / Daniel Roland

Eurozone Gets a Boost, Finally

This week’s European crisis summit in Brussels has produced an agreement in an effort to mitigate what was looking like an inevitable economic catastrophe, judging by the dire situation in Greece and elsewhere in the eurozone. By Thursday, international markets were registering the results.

Posted on Oct 27, 2011 READ MORE



guardian.co.uk

WikiLeaks Goes Into Emergency Triage Mode

WikiLeaks’ days may be numbered, or at least its function as Web-based whistle-blower may be seriously compromised, if the muckraking site Julian Assange built doesn’t sort out its money issues soon. These issues, Assange was careful to note on Monday, were caused by the deliberate stranglehold ... (more)

Posted on Oct 24, 2011 READ MORE



Flickr / I-5 Design & Manufacture

BofA Confirms Plan to Lay Off 30,000 Employees

Bank of America has confirmed a plan to eliminate 30,000 jobs “over the next few years,” 10,000 fewer than what The Wall Street Journal reported Friday. The layoffs will amount to about 10 percent of the bank’s workforce. Update (more)

Posted on Sep 11, 2011 READ MORE



AP / Pablo Martinez Monsivais

The GOP’s Sick Priorities

These threatened programs are not government handouts to a privileged class, like defense contractors and bailed-out bankers, who do feel eminently entitled to pig out at the federal trough.

Posted on Jul 12, 2011 READ MORE



Flickr / Policy Network

Reich: The Recovery’s False Glow Is Fading

After six straight weeks of a falling Dow and a period of stalled economic growth, the stagnation of national recovery is glaringly visible to everyone—except our representatives in Washington, says Robert Reich.

Posted on Jun 13, 2011 READ MORE



democracynow.org

Truthdigger of the Week: Joseph Stiglitz

This week we tip our hat to Nobel Prize-winning economist Joseph Stiglitz, who once helped calculate the true cost of the Iraq War, and more recently has been calling attention to the radical redistribution of wealth from middle- and working-class Americans to the richest among us.

Posted on Apr 8, 2011 READ MORE



AP / Jason DeCrow

The Peasants Need Pitchforks

The delusion of a classless America in which opportunity is equally distributed is the most effective deception perpetrated by the moneyed elite that controls all the key levers of power in what passes for our democracy.

Posted on Apr 6, 2011 READ MORE



Flickr / Tracy O (CC-BY-SA)

Cash Bonuses Down, Compensation Up on Wall Street

Big banking execs on Wall Street might have noticed a slight pinch in their cash bonuses last year, but that doesn’t mean those clever business minds didn’t find a way to make up for it through other financial channels.

Posted on Feb 23, 2011 READ MORE


Madoff pleads guilty
AP / Louis Lanzano

JPMorgan Chase Execs Doubted Madoff Before the Fall

It appears that some higher-ups at JPMorgan Chase were on to fraudster Bernie Madoff nearly two years before the catastrophic implosion of his Ponzi scheme, but said execs didn’t take this knowledge as reason enough to stop doing business with him.

Posted on Feb 3, 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



AP / Seth Wenig

Fail and Grow Rich on Wall Street

Welcome to the brave new world of post-bailout capitalism. The Commerce Department announced Tuesday that corporate profits are at their highest level in U.S. history, and the Fed released minutes of an early November meeting in which officials predicted a stagnant economy and continued high unemployment. 

Posted on Nov 24, 2010 READ MORE



Goldman Sachs’ Profit Takes a Major Plunge in Q2

Those of us who have stood aghast and watched as Goldman Sachs seemed to sail almost unscathed through the erupting economic catastrophe of the last two years (thank you, bailout!) might stop now for a moment of pure schadenfreude, as the megabank’s profits took a precipitous dive in the second quarter of this year.

Posted on Jul 20, 2010 READ MORE


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