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The Making of the Atomic Bomb

The Making of the Atomic Bomb

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Tag: Big Banks


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



Big Banks Hit With Monster $250 Billion Lawsuit in Housing Crisis

In June, investors led by the world’s largest asset manager and the world’s largest bond-fund manager sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for the equivalent of 1 million homeowners with $250,000 in damages suing at one time.

Posted on Jul 17, 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



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



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

The Six Principles of the New Populism (and the Establishment’s Nightmare)

More Americans than ever believe the economy is rigged in favor of Wall Street and big business and their enablers in Washington.

Posted on May 7, 2014 READ MORE


The Divide

Posted on Apr 18, 2014 READ MORE



The Divide

Matt Taibbi’s new book is more Lincoln Steffens than Hunter Thompson, dropping most of the histrionics to explore why Wall Street bankers are seemingly exempt from criminal prosecution.

Posted on Apr 18, 2014 READ MORE



The Global Banking Game Is Rigged, and the FDIC Is Suing

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps. And the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it.

Posted on Apr 13, 2014 READ MORE


Could a New Equity Empire Spark the Next Housing Crisis?

Laura Gottesdiener talks with “Democracy Now!” about her TomDispatch article on the team-up of big banks and private equity firms to bundle rental property mortgages into a new financial product called “rental-backed securities.”

Posted on Apr 10, 2014 READ MORE



When Predatory Equity Hit the Big Apple

Private equity firms are partnering with big banks to bundle mortgages on more than 200,000 rental homes across the country bought up in the foreclosure crisis into a new financial product known as “rental-backed securities.” New York City has been a private equity playground for the last decade, and the result, unsurprisingly, has been a disaster for tenants and the market alike.

Posted on Apr 8, 2014 READ MORE



Bankers Win Both Ways: Now They Can Take Both Taxpayer and Depositor Money

On March 20, European Union officials reached a historic deal to save failing banks by tapping both taxpayer and depositor funds. It may be illegal under EU Parliament, but is being rushed through to lock taxpayer and depositor liability into place before the dire state of eurozone banks is exposed.

Posted on Mar 29, 2014 READ MORE



Beyond Neoliberal Miseducation

Workers, students, youths and the poor are all considered expendable in this neoliberal global economy. Yet the one institution that offers opportunities to challenge anti-democratic tendencies is under attack in unparalleled ways.

Posted on Mar 21, 2014 READ MORE



Warren’s Post Office Proposal: Palast Aims at the Wrong Target

Investigative reporter Greg Palast is usually pretty good at peering behind the rhetoric and seeing what is really going on. But in tearing into Sen. Elizabeth Warren’s support of postal financial services, he has done a serious disservice to the underdogs—both the underbanked and the U.S. Postal Service itself.

Posted on Mar 13, 2014 READ MORE



Still Broken Five Years Later

Very few people seem to know that the crisis began in a shadowy part of the financial system called repo, which is short for repurchase agreement.

Posted on Feb 22, 2014 READ MORE



Why the Government Really Needs to Regulate Wall Street

Five years after destroying the world economy, big banks are back and bigger than ever; a new laptop charger promises to be smaller than the plug; meanwhile, Israeli police are ignoring Palestinian villagers’ complaints about violence in the West Bank. These discoveries and more after the jump.

Posted on Dec 30, 2013 READ MORE



Composite image: Handout / Mary Altaffer, AP

Truthdigger of the Week: Judge Jed Rakoff

In The New York Review of Books last week, Judge Jed Rakoff stepped off the judicial bench and blamed the Justice Department for enabling “too big to jail” banks.

Posted on Dec 22, 2013 READ MORE



brianna.george (CC BY-SA 2.0)

A Repo Implosion

Obama is determined to prevail in his battle with GOP leaders over the debt ceiling, but not for the reasons stated in the media.

Posted on Oct 13, 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



liewcf (CC BY-SA 2.0)

Debate: ‘Public Banks Are Key to Capitalism’

Former Truthdigger of the Week and Public Banking Institute President Ellen Brown led a debate in The New York Times’ opinion pages this week, arguing: “We actually need publicly owned banks for a capitalist market economy to run properly.”

Posted on Oct 3, 2013 READ MORE



wiredforlego (CC BY-SA 2.0)

Big Banks Trying to Kill Off Credit Unions

In an effort to gain even more control of Americans’ banking assets, the banking industry is trying to stamp out member-owned credit unions—which began amid the banking failures of the Great Depression—by stripping them of their nonprofit status.

Posted on Sep 19, 2013 READ MORE



badjonni (CC BY-SA 2.0)

The Leveraged Buyout of America

Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How did they pull this off, and where did they get the money?

Posted on Aug 26, 2013 READ MORE



Fortune Live Media (CC BY-ND 2.0)

JPMorgan Chase Examined for Mortgage Wrongdoing

In a quarterly regulatory filing Wednesday, the nation’s biggest bank revealed that it faces a criminal and civil investigation into “whether it sold shoddy mortgage securities to investors in the run-up to the financial crisis” between 2005 and 2007.

Posted on Aug 8, 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


Energy Market Manipulation

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Posted on Jul 19, 2013 READ MORE



Senators Introduce New Glass-Steagall, ‘Motorcyle’ Abortion Bill Passes, and More

A look at the day’s political happenings, including a Koch brother campaigns to get rid of the minimum wage and the Texas woman who was silenced by state lawmakers while testifying against a restrictive abortion bill gets “the last word.”

Posted on Jul 11, 2013 READ MORE



gpoo (CC BY 2.0)

Think Your Money Is Safe in an Insured Bank Account? Think Again

An international trend to shift responsibility for bank losses onto blameless depositors lets banks take and gamble away your money.

Posted on Jul 5, 2013 READ MORE



Rainforest Action Network (CC-BY)

Bank of America Lied to Homeowners and Rewarded Foreclosures, Ex-Employees Say

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 READ MORE



SeanPavonePhoto / Shutterstock.com

The Two Centers of Unaccountable Power in America and Their Consequences

There are two great centers of unaccountable power in the American political-economic system today—places where decisions that significantly affect large numbers of Americans are made in secret, and are unchecked either by effective democratic oversight or by market competition.

Posted on Jun 16, 2013 READ MORE



Image via Shutterstock

U.S. Banks Rake In Record $40.3 Billion in Quarter

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 READ MORE


Feeding On the Small

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Posted on May 27, 2013 READ MORE



Screenshot via WFTV

Wells Fargo Foreclosing on Florida Man Who Made Mortgage Payments Early

Did you know you could make your mortgage payments early and still be foreclosed on? That’s exactly what happened to a Florida man who says he not only made his loan payments ahead of time, but even paid more than was required each month, and is still being foreclosed on by Wells Fargo.

Posted on May 26, 2013 READ MORE



SeanPavonePhoto / Shutterstock.com

Why Democrats Can’t Be Trusted to Control Wall Street

Who needs Republicans when Wall Street has the Democrats? With the help of congressional Democrats, the Street is rolling back financial reforms enacted after its near meltdown.

Posted on May 26, 2013 READ MORE


Watch: Sen. Warren Grills Jack Lew on Too Big to Fail Banks

At a Senate Banking Committee hearing Tuesday, the Massachusetts senator got the best of the Treasury secretary as she pressed him on whether the government should cap the size of big banks or break them up.

Posted on May 22, 2013 READ MORE



Kheel Center, Cornell University (CC BY 2.0)

Recurring Nightmares? Wake Up and Take Action

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 READ MORE



peasap (CC BY 2.0)

More Than $100 Billion in Subsidies for Too Big to Fail Banks

A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—$102 billion since 2009.

Posted on May 10, 2013 READ MORE


Students as Important as Big Banks, Elizabeth Warren Says in Bill Introduction

The senator’s first piece of stand-alone legislation is aimed at giving students who take out federally subsidized loans the same interest rate the big banks get when they borrow from the government. Student loans rates are set to go up to 6.8 percent July 1. Meantime, the big banks responsible for plunging the economy into a recession a few short years ago pay just 0.75 percent

Posted on May 8, 2013 READ MORE



Image via Shutterstock

How the Rich Benefited From the Recovery (While Most of Us Got Nothing)

The richest Americans made trillions during the so-called economic recovery from 2009 to 2011, while most everyone else’s net worth dropped, according to a recent study. “It’s as if the entire economic recovery is going into the pockets of the rich,” Les Leopold writes at AlterNet. “And that’s no accident.”

Posted on May 5, 2013 READ MORE



Warren Rips Bank Regulators, McConnell Secretly Recorded, and More

A look at the day’s political happenings, including why Dick Cheney says the U.S. is in “deep do do” and Bernie Sanders and Grover Norquist spar over President Obama’s awful budget.

Posted on Apr 11, 2013 READ MORE



AP/Rich Pedroncelli

Sanders, Sherman Introduce Legislation to Break Up ‘Too Big to Fail’ Banks

Wall Street sees no need for more regulations of course, but unfortunately for Main Street Americans still reeling from the last financial crisis, President Obama may turn out to be the banking industry’s biggest ally.

Posted on Apr 10, 2013 READ MORE



mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

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 READ MORE



© Ahmed Amir (CC BY 2.0)

Exposed: A Global Offshore Money Matrix of Up to $32 Trillion

A cache of 2.5 million secret files offers the chance to peek behind the curtain of the world’s offshore money market, detailing the involvement of more than 120,000 companies and trusts doing business with politicians, con men and scores of the mega-rich.

Posted on Apr 4, 2013 READ MORE



Campaign rally image via Shutterstock

Why Politicians Listen to Public Opinion on Gay Marriage and Guns but Not the Economy

Recent polls show Americans would rather reduce the deficit by raising taxes than by cutting Medicare, Medicaid, Social Security, education and transportation. Yet Congress seems incapable of making that kind of deal. Some 65 percent of Americans want to raise taxes on large corporations, but both parties are heading in precisely the opposite direction.

Posted on Mar 31, 2013 READ MORE


Time to Break Up the Big Banks, Sen. Sanders Says

Expressing concerns that “too big too fail” banks have also become “too big to jail,” Sen. Bernie Sanders, I-Vt., said Wednesday that he will introduce legislation to break up the nation’s biggest financial institutions.

Posted on Mar 28, 2013 READ MORE



Flickr/Erix!

The Morality Brigade

We’re still legislating and regulating private morality, while ignoring the much larger crisis of public morality in America.

Posted on Mar 25, 2013 READ MORE



AP/Alex Brandon

Fed Chairman Bernanke: ‘I Agree With Elizabeth Warren 100 Percent’ on Big Banks

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 READ MORE



Warren Crusades Against Big Banks, NYC Soda Ban Struck Down, and More

A look at the day’s political happenings, including details of a bipartisan agreement on immigration and the reason Donald Trump is willing to help the White House financially.

Posted on Mar 11, 2013 READ MORE



Flickr/MoneyBlogNewz

Disabled Veteran Wrongly Hounded by Wells Fargo Dies in Court

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 READ MORE


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