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October 25, 2014
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If I Were Another: Poems

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Tag: Banks


Pincasso / Shutterstock.com

Too Big to Punish

A few months ago, in a press conference about the felony conviction of Credit Suisse, Attorney General Eric Holder said, “This case shows that no financial institution, no matter its size or global reach, is above the law.” Yet, earlier this month, the Obama administration announced its proposal to waive some of the possible sanctions against Credit Suisse.

Posted on Sep 19, 2014 READ MORE



Weak Laws Offer Debtors Little Protection and Allow Collectors to Seize a Fourth of Their Wages

Critics say the 1968 federal law that allows collectors to take 25 percent of debtors’ wages, or every penny in their bank accounts, is out of date and overly harsh.

Posted on Sep 16, 2014 READ MORE



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Wages of Millions Seized to Pay Past Debts

One in 10 working Americans between the ages of 35 and 44 are getting their wages garnished. That means their pay is being docked—often over an old credit card debt, medical bill or student loan.

Posted on Sep 15, 2014 READ MORE



How Wall Street Tobacco Deals Left States With Billions in Toxic Debt

Politicians wanted upfront cash from a legal victory over Big Tobacco, and bankers happily obliged. The price? A handful of states promised to repay $64 billion on just $3 billion advanced.

Posted on Aug 9, 2014 READ MORE


Banks

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Posted on Aug 8, 2014 READ MORE



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Just One Hedge Fund Dodged $6 Billion in Taxes, Senate Committee Finds

Sen. Carl Levin’s Subcommittee on Investigations looked into some shady banking practices and reported that a hedge fund of Renaissance Technologies LLC found a clever way of cheating the IRS.

Posted on Jul 21, 2014 READ MORE



Radu Bercan / Shutterstock.com

Citigroup: The Original Gangsta

The prototypical too-big-to-fail bank will pay $7 billion in fines, a move that will avoid a humiliating trial dealing with its role in the financial meltdown.

Posted on Jul 14, 2014 READ MORE



JStone / Shutterstock.com

L.A. Sues America’s Biggest Bank Alleging Predatory Lending

On Friday, the city of Los Angeles filed a lawsuit against JPMorgan Chase accusing it of pushing minority borrowers to take on risky home loans that would ultimately cost the city at least $1.7 billion in lost revenue and maintenance.

Posted on Jun 2, 2014 READ MORE


The Top 40 Threats to Free Speech

This week on Truthdig Radio in association with KPFK: What do sex-obsessed nipplephobes and Director of National Intelligence James Clapper have in common? Also: Why the U.S. won’t give American banks the Credit Suisse treatment, and the logic behind Elizabeth Warren for president.

Posted on May 23, 2014 READ MORE


The Top 40 Threats to Free Speech

This week on Truthdig Radio in association with KPFK: What do sex-obsessed nipplephobes and Director of National Intelligence James Clapper have in common? Also: Why the U.S. won’t give American banks the Credit Suisse treatment, and the logic behind Elizabeth Warren for president.

Posted on May 23, 2014 READ MORE


Stephen Colbert Meets His Match in Elizabeth Warren

Even the pseudo right-wing pundit falls victim to Sen. Elizabeth Warren’s compelling arguments.

Posted on May 20, 2014 READ MORE



Credit Suisse Pleads Guilty on U.S. Felony Charge, Gets $2.6 Billion Fine

Credit Suisse pleaded guilty and was fined $2.6 billion for helping Americans avoid taxes, the first time in 20 years a major bank has been punished on U.S. criminal charges.

Posted on May 20, 2014 READ MORE



White House/Pete Souza

Geithner Tacitly Acknowledges Special Relationship With Citigroup

In his new book, former New York Fed chair and Treasury Secretary Timothy Geithner suggests that his relationship with Citigroup executive Robert Rubin did affect his supervision of the bank, which taxpayers ultimately bailed out with $45 billion.

Posted on May 14, 2014 READ MORE



Frederic Legrand / Shutterstock.com

Tim Geithner and the Wall Street Bailout Redux

Timothy Geithner’s new book about the financial crisis, “Stress Test,” is basically an argument that the Wall Street bailout succeeded.

Posted on May 14, 2014 READ MORE



Shutterstock

An L.A. Story That’s All Too Familiar

When a city is forced to spend more on Wall Street fees than on basic public services, it is the sign of trouble.

Posted on May 9, 2014 READ MORE



Vietnam’s Solution for Corrupt Bankers: Firing Squads

For the most part, American bankers whose rash pursuit of profit brought on the 2008 global financial collapse didn’t get indicted. They got bonuses.

Posted on Apr 3, 2014 READ MORE



Top Chinese JPMorgan Exec Leaving Amid Probe

One of JPMorgan Chase’s top Chinese executives will resign, according to a bank memo, as regulators probe whether the financial giant violated anti-bribery laws in Asia.

Posted on Mar 25, 2014 READ MORE


Bankers and Big Data

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Posted on Mar 16, 2014 READ MORE


Torture ‘Was the Last Straw for Me,’ CIA Rebel Ray McGovern Says

This week on Truthdig Radio in association with KPFK: Sen. Dianne Feinstein picks a fight with the CIA on spying and torture, Fukushima turns 3, how to protect yourself from private and government surveillance, and the handful of American families who have all the power.

Posted on Mar 13, 2014 READ MORE


Torture ‘Was the Last Straw for Me,’ CIA Rebel Ray McGovern Says

This week on Truthdig Radio in association with KPFK: Sen. Dianne Feinstein picks a fight with the CIA on spying and torture, Fukushima turns 3, how to protect yourself from private and government surveillance, and the handful of American families who have all the power.

Posted on Mar 13, 2014 READ MORE



Pincasso / Shutterstock.com

Swiss Bank Blames Employees for Tax Evasion Scheme

A U.S. Senate subcommittee found that Credit Suisse helped American clients conceal as much as $12 billion from the IRS, but the bank’s CEO, Brady Dougan, said the blame lies with a few employees acting on their own.

Posted on Feb 26, 2014 READ MORE



pacogaitero (CC BY-NC-SA 2.0)

Why the Lousy Jobs Report Boosted Wall Street

How can bad news on Main Street (only 113,000 jobs were created in January, on top of a meager 74,000 in December) cause good news on Wall Street?

Posted on Feb 10, 2014 READ MORE



The Public-Private Profiteers

In the cases of healthcare and underwater mortgages, the administration shied away from direct government aid. Instead, it subsidized private companies to serve the people. To get your government-subsidized mortgage modification, you applied at your bank; to get your government-mandated health coverage, you buy private insurance.

Posted on Feb 6, 2014 READ MORE



Thatcher Cook/PopTech (CC-BY-SA)

Former Regulator Sheila Bair Works for a Bank Now, but It’s Not What You Think

As head of the FDIC, Sheila Bair was one of the best known critics of banks. Now she works for one. So when is a revolving door not a revolving door?

Posted on Feb 5, 2014 READ MORE



pixelcatcher (CC BY-NC-SA 2.0)

Elizabeth Warren Wants to Save the Post Office by Having It Replace Payday Lenders

Sen. Elizabeth Warren endorsed a proposal by the United States Postal Service’s inspector general over the weekend that could prevent the poor from having to shell out billions of dollars in fees and maybe even save the post office from sinking.

Posted on Feb 4, 2014 READ MORE


Free-Market Accountability

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Posted on Jan 28, 2014 READ MORE


Charity

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Posted on Jan 13, 2014 READ MORE



AP/Bernd Kammerer

Volcker Rule Made Meaningless by Abundant Exemptions

The Volcker Rule has finally been approved by regulators, but with hundreds of pages of exemptions, too-big-to-fail banks have little to fear.

Posted on Dec 18, 2013 READ MORE


GOP Christmas

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GOP to the poor: That lump of coal represents the fuel that drives the engines of commerce. Use it wisely and you may rise to become a titan of industry. You'll thank me later.
Posted on Dec 12, 2013 READ MORE



(AP/Elise Amendola)

How Elizabeth Warren Is Scaring the Crap Out of Think Tanks and Banks

The Massachusetts senator caused a stir this week after the Third Way think tank wrote an op-ed Monday warning Democrats not to follow Warren “over the populist cliff.” But what’s truly behind this resentment toward Warren? Fear, of course.

Posted on Dec 7, 2013 READ MORE



taberandrew (CC BY 2.0)

Iraq Vet: Losing Home ‘Worse Than Getting Blown Up’

Twenty-six year National Guardsman Jerrod Hays lost nearly half his face to a roadside bomb in Iraq. Now, like too many other Americans, he could lose his home to banks.

Posted on Nov 9, 2013 READ MORE


Interest

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Posted on Nov 3, 2013 READ MORE


For a Budget That Is Both Morally and Economically Sound

When we talk about the national budget, it is vitally important that we remember how we got into this fiscal crisis in the first place and who was responsible for it.

Posted on Oct 28, 2013 READ MORE



AP/Gilles Martin-Raget

What Fine? Why JPMorgan Is Laughing All the Way to the Bank

The biggest U.S. bank will pay a record $13 billion fine with a criminal investigation pending, but the stock price is riding high.

Posted on Oct 21, 2013 READ MORE


Janet Yellen

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Posted on Oct 21, 2013 READ MORE



Damian Gadal (CC BY 2.0)

JPMorgan Chase on Verge of $13 Billion Deal on Bad Mortgages

The U.S. Justice Department and the mega-bank have struck a tentative $13 billion deal to settle investigations into bad mortgage loans JPMorgan sold to investors in the lead-up to the financial crisis, a person close to the talks said Saturday.

Posted on Oct 20, 2013 READ MORE


Documents to Remain Open in Examiner’s Lawsuit Against Fed

A federal judge rejected the Federal Reserve Bank of New York’s plea to seal documents in a wrongful termination lawsuit filed by a former bank examiner who claims she was fired for doing her job.

Posted on Oct 15, 2013 READ MORE



Shutterstock

N.Y. Fed Moves to Seal Documents in Ex-Bank Examiner’s Suit

Carmen Segarra filed a lawsuit against the New York Fed and three of its employees alleging she had been wrongfully terminated last year after she determined that Goldman Sachs had insufficient conflict-of-interest policies.

Posted on Oct 14, 2013 READ MORE



Shutterstock

Regulator Says She Was Fired for Not Covering Up Goldman Sachs’ Conflicts of Interest

Carmen M. Segarra, formerly of the New York Fed, says she was fired after she refused to change her mind about Goldman Sachs, an investment firm that, she found, put its own greed ahead of its clients.

Posted on Oct 10, 2013 READ MORE



JefferyTurner (CC BY 2.0)

Banks Suspected of Racial Bias in Housing Crisis Aftermath

Financial institutions handling foreclosures, especially Bank of America, have been accused of letting properties in minority neighborhoods deteriorate. The National Fair Housing Alliance collected evidence that the bank is maintaining foreclosed houses in predominantly white areas in far better conditions.

Posted on Sep 28, 2013 READ MORE



Jeff Pang (CC BY 2.0)

Banks Put a Price on Earth’s Life Support

A group of large banks plans to withhold credit from companies that fail to attach financial value to clean water, forest cover and other natural resources they exploit.

Posted on Aug 30, 2013 READ MORE


Self-Regulation

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Posted on Aug 25, 2013 READ MORE



zcopley (CC BY-SA 2.0)

Berlin Embraces Bitcoin

Germany is the first country to make an official decision about the status of the online currency. The nation’s Finance Ministry acknowledged Bitcoin as “private money” and a “currency unit,” which means it can be taxed when used commercially, but not so for personal purposes.

Posted on Aug 20, 2013 READ MORE


‘Left, Right & Center’: Chaos in Egypt, NSA Revelations and the GOP

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists consider whether the Obama administration should have stated stronger positions on aid and military in Egypt as violence overwhelmed Cairo. Edward Snowden reveals that the NSA broke its own surveillance rules thousands of times. And the Republican Party convenes in Boston and Chris Christie makes a case for 2016.

Posted on Aug 16, 2013 READ MORE



George W. Bush Hospitalized, Government Sues Bank of America, and More

A look at the day’s political happenings, including the first charges filed in the deadly Benghazi terrorist attacks and a look at the donations of The Washington Post’s new owner.

Posted on Aug 6, 2013 READ MORE



Bob Jagendorf (CC BY 2.0)

The Detroit Bail-In Template: Fleecing Pensioners to Save the Banks

The Detroit bankruptcy is looking suspiciously like the bail-in template originated by the G20’s Financial Stability Board in 2011, which exploded on the scene in Cyprus in 2013 and is now becoming the model globally.

Posted on Aug 5, 2013 READ MORE



Hiasinho (CC BY 2.0)

Bank Curbs Won’t Slow Coal’s Comeback

World coal use is growing and set to grow much more, despite the announcement by several large banks of more stringent conditions on lending to coal-burning power plants.

Posted on Aug 1, 2013 READ MORE


Student Loan Rate Doubling

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Posted on Jul 1, 2013 READ MORE


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