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By Lawrence Weschler
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By Linda Gray Sexton
$15.98
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Rainforest Action Network (CC-BY)
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By Paul Kiel, ProPublica —
Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees.
Posted on Jun 18, 2013
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Pavel Constantin, Cagle Cartoons, Romania —
Posted on Jun 3, 2013
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Image via Shutterstock
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Business is clearly good again for the financial institutions that were rescued by American taxpayers just a few short years ago. Thanks in part to increased revenue from customer fees, U.S. banks’ profits soared to a record high for the first quarter of 2013, the Federal Deposit Insurance Corp. reported Wednesday.
Posted on May 29, 2013
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AP
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By Robert Scheer — The big banks’ influence in Washington has only grown in direct proportion to the harm they have caused to the nation’s economy.
Posted on May 27, 2013
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Luojie, Cagle Cartoons, China Daily, China —
Posted on May 27, 2013
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Bill Schorr, Cagle Cartoons —
Posted on May 18, 2013
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Kheel Center, Cornell University (CC BY 2.0)
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By Kevin Zeese and Margaret Flowers —
The weekly news is like a recurring bad dream that is becoming an even worse nightmare. While the investor class cheers a rising stock market, the rest of us sink. The headline that jumped out at us this week came from Bloomberg News: “CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law.”
Posted on May 17, 2013
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AP/Cliff Owen
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By Robert Scheer — How astonishing to have a public servant who actually cares to inform the public about the inner workings of the system of crony capitalism that has wedded big government with big business.
Posted on May 14, 2013
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John Darkow, Cagle Cartoons, Columbia Daily Tribune, Missouri —
Posted on May 12, 2013
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Shutterstock image of bank.
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Now that Wall Street has managed to neuter and delay the modest reforms passed by Congress, there is more political momentum to pass stricter financial regulations.
Posted on May 1, 2013
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peasap (CC BY 2.0)
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By Ellen Brown, Web of Debt —
The new rules for keeping the too-big-to-fail banks alive allow for the use of creditor funds, including uninsured deposits, to recapitalize failing banks. In the event of another crisis, access to your money would depend on the security of the FDIC. The question, then, is how reliable is the FDIC?
Posted on Apr 30, 2013
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mahalie (CC BY-SA 2.0)
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By Ellen Brown, Web of Debt —
With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.
Posted on Apr 10, 2013
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AP/Alex Brandon
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If Bernanke’s stance is any indication, Sen. Warren, who was just sworn in this January, is already having a positive impact on Washington.
Posted on Mar 21, 2013
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Gary McCoy, Cagle Cartoons —
Posted on Mar 21, 2013
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moriza (CC BY 2.0)
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The Obama administration plans to give all U.S. intelligence agencies full access to a database that contains information on the financial activity of American citizens and others who bank in the country, a Treasury Department document seen by Reuters says.
Posted on Mar 15, 2013
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Photo illustration from an image by Colin Grey (CC-BY)
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Last week on Truthdig Radio in association with KPFK: Spiritual money launderer Bob Harris gave his salary to the developing world, Hugo Chavez died, and banks were “too big to jail.” Plus: Medea Benjamin on drones, and cybersecurity.
Posted on Mar 13, 2013
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Last week on Truthdig Radio in association with KPFK: Spiritual money launderer Bob Harris gave his salary to the developing world, Hugo Chavez died, and banks were “too big to jail.” Plus: Medea Benjamin on drones, and cybersecurity.
Posted on Mar 13, 2013
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The broadcaster points out that President Obama, just like George W. Bush, is pushing his nominees through the revolving door between regulatory agencies and the banks they’re supposed to oversee.
Posted on Mar 12, 2013
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Flickr/MoneyBlogNewz
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A typo by banking giant Wells Fargo resulted in a more than two-year legal battle that came to a tragic conclusion in December when Larry Delassus’ heart stopped in a Los Angeles area courtroom, a new LA Weekly report reveals.
Posted on Mar 10, 2013
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ell brown (CC BY 2.0)
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By Ellen Brown, Web of Debt —
Default on the public debt, nationalization of the banks, and a citizen dividend could save the Italian economy.
Posted on Mar 7, 2013
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A look at the day’s political happenings, including the House votes to avoid a government shutdown and Gabrielle Giffords makes a plea for gun control at the place where she was shot two years ago.
Posted on Mar 6, 2013
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By William Pfaff — Switzerland just had a referendum in which it voted to give company and bank shareholders veto rights over the salaries, bonuses and overall compensation packages of senior executives and board directors.
Posted on Mar 5, 2013
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Flickr/Thomas Hawk
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Meet the major banks’ newest partner: payday lenders, the owners of those check cashing stores that offer short-term loans with interest rates that sometimes exceed 500 percent.
Posted on Feb 24, 2013
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David Ohmer (CC-BY)
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Praise be to MarketWatch columnist Brett Arends, who has written a biblically funny sendup of the finance industry.
Posted on Feb 12, 2013
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Flickr / respres
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By Paul Kiel, ProPublica —
The Independent Foreclosure Review was supposed to be a full and fair investigation of the big banks’ foreclosure abuses. But Monday morning, the very regulators who launched the program 18 months ago announced that it had all been a massive mistake and shut it down.
Posted on Jan 9, 2013
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Infrogmation (CC BY 2.0)
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The second installment of Michael Hudson’s status report on the U.S. economy identifies debt as the financial sector’s key weapon in the push to extract wealth from governments, companies and families.
Posted on Jan 2, 2013
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Adam Zyglis, Cagle Cartoons, The Buffalo News —
Posted on Dec 15, 2012
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AP/Matt Rourke
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By Robert Scheer — Election night was a heck of a party, but morning in America already feels too much like a hangover.
Posted on Nov 9, 2012
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By Robert Reich — President Obama should propose that the nation’s biggest banks be broken up and their size capped, and that the Glass-Steagall Act be resurrected.
Posted on Oct 18, 2012
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Flickr / respres
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Hundreds of California residents are being threatened with foreclosure by a major Canadian bank, but it has nothing to do with missing their home payments.
Posted on Oct 5, 2012
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Flickr / 7bikeframesweldedtogether
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Credit card companies are increasingly turning to the legal system in their rush to collect money that is owed to them. But, there now exists a very big problem in this litigious-happy practice—nearly all these lawsuits may be flawed.
Posted on Aug 13, 2012
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Philip Taylor PT (CC BY-SA 2.0)
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Record low interest rates on mortgages and refinancing deals are reducing costs to homeowners. But banks are making unusually high profits by selling bundles of those loans to investors at similarly low rates, which means borrowers could be saving even more.
Posted on Aug 9, 2012
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The International AIDS Conference is making dangerously impossible promises about putting an end to the epidemic; the London Olympics’ opening ceremonies included a unique tribute to free, universal health care; meanwhile, British graffiti artist Banksy has proved he will not be erased. These discoveries and more after the jump.
Posted on Jul 29, 2012
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jpellgen
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The financial meltdown and subsequent bailout have dampened Americans’ faith in government and stirred widespread outrage. Neil Barofsky, who once served as special inspector general in charge of oversight of the Troubled Asset Relief Program, says that anger may point the way toward reform.
Posted on Jul 23, 2012
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The Libor scandal involving U.K.-based Barclays bank is just the latest illustration of greed in the financial sector, says Bill Moyers.
Posted on Jul 16, 2012
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Pat Bagley, Cagle Cartoons, Salt Lake Tribune —
Posted on Jul 12, 2012
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AP/Mark Lennihan
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By Robert Scheer — Forget Bernie Madoff and Enron’s Ken Lay—they were mere amateurs in financial crime.
Posted on Jul 6, 2012
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Photo illustration from an image by Colin Grey (CC-BY)
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Last week on Truthdig Radio in association with KPFK: an indie look at the downfall of Washington Mutual, political surrogacy on the campaign trail, filmmaker Amy Ziering on rape in the military, and youth voter outreach at the world’s largest dance party.
Posted on Jun 17, 2012
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Last week on Truthdig Radio in association with KPFK: an indie look at the downfall of Washington Mutual, political surrogacy on the campaign trail, filmmaker Amy Ziering on rape in the military, and youth voter outreach at the world’s largest dance party.
Posted on Jun 17, 2012
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Photo by jpellgen
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In the span of less than a week, Facebook’s much-maligned initial public offering has led to billions in losses, multiple investigations and even lawsuits. The mess created from all this chaos, however, has led to some lessons about how Wall Street and big businesses play the system for their own economic advantages.
Posted on May 24, 2012
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Todd Ehlers (CC BY-ND 2.0)
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The American banking industry enjoyed profits of $35.3 billion in the first quarter of 2012, the industry’s best performance since 2007, according to the Federal Deposit Insurance Corp. But it did so largely because banks put aside less money to cover bad loans, while keeping a lid on new lending.
Posted on May 24, 2012
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AP/Jae C. Hong
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By Robert Scheer — President Obama is to be applauded for questioning Mitt Romney’s legacy, although his motives seem to be as opportunistic as those of Romney’s opponents in the Republican primaries who took the same tack.
Posted on May 23, 2012
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Pat Bagley, Cagle Cartoons, Salt Lake Tribune —
Posted on May 19, 2012
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Daryl Cagle, Cagle Cartoons, MSNBC.com —
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Manny Francisco, Manila, The Philippines —
Posted on Mar 20, 2012
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Groundbreaking research in behavioral economics may pose the greatest academic threat ever to free-market theory, suggesting that emotions linked to brain chemistry—not rational self-interest—play a deciding role in how we spend, save and invest.
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Jon Wade (CC-BY)
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Despite hefty bailouts and infinitesimal interest rates, Citi, Ally Financial, MetLife and SunTrust were not able to pass the latest round of stress tests designed and measured by the Federal Reserve.
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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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Luojie, Cagle Cartoons, China Daily, China —
Posted on Feb 26, 2012
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Bank of America Lied to Homeowners and Rewarded Foreclosures, Ex-Employees Say
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