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Tag: Banks

Cutting Medicare and Social Security

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Posted on Dec 6, 2010 READ MORE



Wikimedia Commons / Robert Mihaly (CC-BY-SA)

New Data Show Extent of Fed’s Free Money Programs

Thanks to Bernie Sanders and the new financial regulation passed by Congress, we’re learning more about the Federal Reserve’s $3.3 trillion bailout of Wall Street in 2008. It turns out the Fed lent money ... (more)

Posted on Dec 1, 2010 READ MORE



Wikimedia Commons

No TARP in Iceland

Iceland’s President Olafur Grimsson, surveying the global financial mess, including the pending $112 billion bailout of Ireland’s shaky banking sector, can gloat a bit. His country, he says, is in better shape because it let private banks fail two years ago.

Posted on Nov 26, 2010 READ MORE



youtube.com

Soccer Star Boots the Banks

While European economies stutter and protests in a number of European countries continue to go unanswered, it’s almost hilarious that we may turn to 1990s soccer sensation Eric Cantona for help. A Cantona interview has become a YouTube sensation, launching an online political movement based on non-participation within capitalism.

Posted on Nov 21, 2010 READ MORE



AP / Peter Morrison

$50 Billion for Irish Bailout

Although it may sound like a delicious alcoholic beverage rather than a $50 billion rescue of Ireland’s capitalist apparatus, an Irish bailout by the International Monetary Fund, the European Commission and the European Central Bank is being discussed as the island country reels from debt and failed banks.

Posted on Nov 19, 2010 READ MORE


It’s the Stupidity, Stupid

What could cause the intensifying politics of free-market fundamentalism at the very historical moment that proves the failure of such an ideology? Two new academic studies suggest all roads lead to ignorance.

Posted on Oct 28, 2010 READ MORE


Bad Guys of the Foreclosure Crisis

The crisis over faulty or fraudulent paperwork in mortgage foreclosures—which is either a big deal or a humongous deal, depending on which experts you believe—is the fault of arrogant, greedy lenders who played fast and loose with the basic property rights of homeowners.

Posted on Oct 22, 2010 READ MORE


When Banks Are the Robbers

The big banks that caused the collapse of the global finance market, and received tens of billions of dollars in taxpayer-funded bailouts, have likely been engaging in wholesale fraud against homeowners and the courts.

Posted on Oct 19, 2010 READ MORE



Flickr / Michael Gray (CC-BY-SA)

Bank of America Ends Foreclosure Ban

Bank of America said Monday it will resume foreclosures in 23 states. The country’s largest bank stopped processing foreclosures nationwide while it investigated a mess of paperwork that cast doubt on the validity of home seizures. A self-imposed ban remains in 27 states.

Posted on Oct 18, 2010 READ MORE


Good Witch O’Donnell

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Posted on Oct 11, 2010 READ MORE


Trickle Down Economy

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Posted on Oct 8, 2010 READ MORE


Lies of the Tea Party

The disaffection and demoralization of Democrats have created a dangerous political vacuum that is being filled with misleading data, urban legends and outright lies.

Posted on Sep 29, 2010 READ MORE



Flickr / Philippe Put (CC-BY-ND)

Banks Can’t Be Bothered With Foreclosure Paperwork

You know how financial institutions have a way of wielding fine print like a weapon? Well it turns out that when it comes to foreclosures, many of the nation’s lenders are either willfully ignoring procedure or are woefully incompetent at paperwork. Take your pick.

Posted on Sep 28, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Summers and Volcker, GOP Pledge, Taxes, Schools

This week on “Left, Right & Center,” the gang chats about the shakeup in Obama’s economic team, the GOP’s alleged new ideas, the Democrats’ spine on taxes, and the ever important but little-discussed issue of schools. Tune in to find out more.

Posted on Sep 25, 2010 READ MORE



cop.senate.gov

Doing the Elizabeth Warren Shuffle

Opinions are divided over the news that Elizabeth Warren, progressives’ pick to head the new consumer protection agency, will be appointed to get said agency off the ground but (in all likelihood) not be its first director.

Posted on Sep 16, 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



More Champagne for Goldman Sachs

You know you have it made when a $550 million settlement with the SEC boosts your stock by $3 billion. Goldman Sachs’ penalty for selling a fancy investment it secretly bet against was about half what was expected, amounting to just 14 days of earnings. You might say they got away with it.

Posted on Jul 15, 2010 READ MORE



Photo illustration

New England Republicans Assure Financial Reform Passage

Scott Brown of Massachusetts has decided to support the anemic financial reform bill because, as The Washington Post reports, “he got nearly everything he wanted.” The bill is now expected to pass with the support of at least two other Republicans, including Maine’s Olympia Snowe.

Posted on Jul 13, 2010 READ MORE



Flickr / chatswoodfp

Corporate America’s First-Class Recovery

While the rest of us patiently await the signs of economic recovery, corporate America has apparently skipped to the front of the line: Major companies are expecting to announce some of their highest profits in years.

Posted on Jul 11, 2010 READ MORE



Photo illustration from White House photo by Pete Souza

Regulators Made Sure Goldman Sachs Got All of Its Bailout Money

A devastating report in The New York Times documents how Timothy Geithner’s New York Fed worked tirelessly to make sure that AIG was forced to pay banks such as Goldman Sachs 100 percent on dubious contracts that might otherwise have been slashed or subjected to lawsuits. (continued)

Posted on Jun 29, 2010 READ MORE



AP / Richard Drew

Bank Shares Zoom in Wake of Regulation Deal

Bank stocks had a surprisingly good day Friday, outperforming the rest of the market after it became clear that financial reform legislation hammered out in Congress would not meddle with precious bank profits.

Posted on Jun 26, 2010 READ MORE



AP / Richard Drew

Wall Street Reform Bill Nailed Down

After a marathon final negotiating session, Congress has cobbled together a historic overhaul of financial regulations for Wall Street. The bill is expected to win final approval next week and land on President Obama’s desk.

Posted on Jun 25, 2010 READ MORE



Flickr / soathevy

Retail Debit Fees May Be Capped

The beleaguered banking industry suffered yet another blow Thursday evening after the Senate voted to impose price controls on debit transactions, a move that follows years of begging by retailers for governmental limits on the high charges demanded by banks every time a consumer swipes a debit card. The amendment is in a bill that still must win Senate approval.

Posted on May 15, 2010 READ MORE


It Takes Power to Control Power

Discredited as the financial powers are, their wealth alone continues to provide them with wildly disproportionate influence over the political process.

Posted on Apr 28, 2010 READ MORE


Why Financial Reform Will Be Easier Than Health Care

For the first time in Obama’s presidency, Republicans are uncertain as to whether resolute opposition to a Democratic idea is in their political interest.

Posted on Apr 21, 2010 READ MORE


All the King’s Horses and All the King’s Men

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Posted on Mar 14, 2010 READ MORE    



Flickr / The Photique

Robin Hood Hacker

A hacker using the alias “Neo” has attained almost cult status in Latvia after releasing through Twitter the confidential financial data of allegedly corrupt banks and state-owned companies that profited from the global recession.

Posted on Feb 26, 2010 READ MORE


‘Rescuing’ Iceland

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Posted on Feb 26, 2010 READ MORE


Bernanke
Wikimedia Commons / United States Federal Reserve

Fed to Raise Interest Rate

The Federal Reserve announced Thursday it would increase the interest rate for temporary bank loans. The New York Times reports that many on Wall Street see this as signaling an end to big bank profits. But some economists say the move was purely technical, with no real effect on how much money is made.

Posted on Feb 19, 2010 READ MORE



AP / Petros Giannakouris

It’s Greek to Goldman Sachs

“What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world.

Posted on Feb 17, 2010 READ MORE


Why Obama Must Take On Wall Street

It has been more than a year since all hell broke loose on Wall Street, and even after the State of the Union, almost nothing has been done to prevent all hell from breaking loose again.

Posted on Jan 28, 2010 READ MORE


Banks’ Lame Apology Isn’t Enough

WheresOurMoney.org’s Harvey Rosenfield on the Financial Crisis Inquiry Commission hearings chaired by Phil Angelides: “If symbolism is what this is all about, I say we’ve moved beyond the ‘apology’ stage. How about sending some of these people to jail for twenty years?”

Posted on Jan 19, 2010 READ MORE


Bull Mechanics

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Posted on Jan 14, 2010 READ MORE    



Flickr / respres

Homeowners Say Banks Not Following Rules for Loan Modifications

The administration set a goal of helping up to 4 million homeowners through the $75 billion mortgage modification program, but banks appear to have created unnecessary hurdles that, in some instances, violate the loan program’s rules.

Posted on Jan 14, 2010 READ MORE



White House / Pete Souza

The End of Wall Street Liberalism

If you held a contest to pick the worst thing a politician could be called at this moment, my nominee would be Wall Street Liberal—which is why President Obama’s new fees on the biggest banks comes just in time.

Posted on Jan 13, 2010 READ MORE


Early Review of the Angelides Commission: All Puff, No Punch

Martin Berg from Where’s Our Money writes: “The bankers, beleaguered as they may like to appear, have little to fear if the questioning continues as it began. So far, this is no Pecora Commission, the Depression-era investigation into the cause of the financial crash that led to landmark reforms. ...”

Posted on Jan 13, 2010 READ MORE


First Infidels

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Posted on Jan 11, 2010 READ MORE    



AP / Richard Drew

Wall Street Will Be Back for More

When the bailout trillions run out, Wall Street’s maladjusted gamblers will come back for more until our currency becomes junk. Not that any of these people, who exhibit the same traits as psychopaths, have thought this through.

Posted on Jan 10, 2010 READ MORE



Your Bailout Bill: $10,000 (and Counting)

The total price tag for each American for the financial bailout is about $10,000. Could be worse: Brits are paying more than $47,000 apiece. The unemployed bear the brunt of the meltdown, but we all carry a debt for saving Citi, AIG and the rest.

Posted on Jan 7, 2010 READ MORE



Flickr / saebaryo

Goldman Sachs Duped Investors, Investigation Finds

McClatchy reporters have been digging into the shady offshore dealings of Goldman Sachs and what they found in the records of the financial-meltdown villain is as maddening as you’d expect. (continued)

Posted on Dec 30, 2009 READ MORE


Move Your Money

The filmmaker who gave us “Why We Fight” has crafted this powerful call to action out of scenes from “It’s a Wonderful Life” and documentary footage.

Posted on Dec 30, 2009 READ MORE


Matt Taibbi

Matt Taibbi: Obama’s Wall Street 180 Started on Election Day

Rolling Stone’s Matt Taibbi walks through Barack Obama’s banking sellout, beginning with the president’s transition team. According to Taibbi, Obama’s transformation from populist to Wall Street’s best friend started on day one.

Posted on Dec 9, 2009 READ MORE



White House / Pete Souza

Financial Oversight: We’re Still Waiting, Mr. President

We have a “regulation czar,” but no new regulations. It seems we can expect little from those with a track record of enabling bad policies.

Posted on Dec 8, 2009 READ MORE


Is It Time for Financial Institutions to Give Back?

It seems plausible that payback time has arrived for the international financial community. The principal obstacle here is, at the moment, the Obama administration.

Posted on Dec 1, 2009 READ MORE


DemocracyNow

Throw the Money Changers Out of the Temple

Wall Street profits are an obscene affront to Scripture, as Robert Scheer details in an interview with Amy Goodman on “Democracy Now!”

Posted on Nov 19, 2009 READ MORE



Flickr / eflon

Bernanke Signals Possible End to ‘Too Big to Fail’ Era

Those financial institutions that viewed last year’s bailout as an object lesson that they can carry on as they wish so long as they’re “too big to fail” may have to adopt another approach. At least, that was the message Monday from Federal Reserve Chairman Ben Bernanke, if he makes good on words of warning to big banks.

Posted on Nov 16, 2009 READ MORE



stltoday.com

Fed Restricts Overdraft Fees

Thank the regulatory heavens. The Federal Reserve is moving to prohibit banks from charging overdraft fees on ATM and debit card transactions unless the customer has opted into a program agreeing to pay the extra charges. Banks raked in $37 billion in fees last year, largely through unexplained programs and extraordinarily high levies.

Posted on Nov 12, 2009 READ MORE



White House / Pete Souza

TARP on Steroids

The former financial executives inside the Obama administration have labeled their bill the “Financial Stability Improvement Act,” but it’s more like the 9/11 of bailouts.

Posted on Oct 29, 2009 READ MORE



White House / Pete Souza

Geithner’s Fed Made AIG Pay Banks to the Max

That Timothy Geithner must love the big banks he spends all day talking to. Back when he was in charge of things, the Federal Reserve Bank of New York forced AIG to pay off Wall Street tycoons for all those toxic bets, even though the mega-insurer was busy trying to negotiate a better deal.

Posted on Oct 28, 2009 READ MORE



about.com

TARP Turns Its Attention to Small Banks

The government-run TARP program is preparing to shift its focus from large banks—such as Citigroup, JPMorgan Chase and Bank of America—to smaller banks, noting that small businesses are still struggling to get access to credit.

Posted on Oct 23, 2009 READ MORE


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