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Tag: Big Banks


The Most Surprising Aspect of the GOP Platform? A Call to Revive Glass-Steagall

Donald Trump and archnemesis Sen. Elizabeth Warren of Massachusetts actually agree on this banking policy proposal.

Posted on Jul 21, 2016 READ MORE


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Denmark Is One of the Biggest Victims of Wall Street Tax Avoidance Deals

The complex transactions add up to a major loss of revenue from dividend taxes.

Posted on Jul 14, 2016 READ MORE



Revealed: How Wall Street and the Government Profit From Student Debt

In a riveting article by The Center for Investigative Reporting, authors James B. Steele and Lance Williams detail how indebted students suffer as others cash in.

Posted on Jun 29, 2016 READ MORE



New Clinton Endorsements Prompt Questions About Where She Stands

Many Wall Street leaders have expressed their distaste for a potential Elizabeth Warren vice presidency, but some think otherwise. And Wednesday’s thumbs-up by a top George H.W. Bush adviser is also raising eyebrows.

Posted on Jun 22, 2016 READ MORE


Fed Leading the Banks









Posted on Jun 17, 2016 ENLARGE



Bernie and the Big Banks

The recent kerfuffle over Bernie Sanders supposedly not knowing how to bust up the big banks says far more about the threat he poses to the Democratic establishment and its Wall Street wing than it does about the candidate himself.

Posted on Apr 10, 2016 READ MORE



Would This Man Be Hillary Clinton’s Treasury Secretary?

BlackRock Inc. is the world’s largest manager of financial assets—five times larger than Goldman Sachs. And its CEO, Larry Fink, and his team are poised to take over a Clinton Treasury Department.

Posted on Mar 3, 2016 READ MORE



The Populist Revolution: Bernie and Beyond

With disenfranchised millennials at his back, Bernie Sanders’ proposal of a real financial revolution, a fundamental change in the system itself, is a great start to the necessary overhaul of society.

Posted on Jan 27, 2016 READ MORE



Paul Krugman Is Wrong. Here’s Why Bernie Sanders’ Movement Will Provide Real Change

New York Times columnist Paul Krugman last week warned Bernie’s supporters that change doesn’t happen with “transformative rhetoric” but with “political pragmatism”—“accepting half loaves as being better than none.” Krugman just doesn’t get it.

Posted on Jan 24, 2016 READ MORE



Bernie Sanders Is Right About Clinton and Big Banks—and Here Are the Numbers to Prove It

As the Vermont senator recently pointed out, Hillary Clinton’s relationship with Wall Street becomes clear when you look at how much she’s charged for speeches to Goldman Sachs, Morgan Stanley and big banks.

Posted on Jan 10, 2016 READ MORE


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Wall Street Critic Elizabeth Warren ‘Glad Bernie Sanders Is Fighting to Hold Big Banks Accountable’

Praise from the Massachusetts senator follows a speech by the presidential hopeful in which he vows to crack down on “too big to fail” banks.

Posted on Jan 6, 2016 READ MORE



Bernie Sanders: Elect Me President and We’ll Kick Big Bankers Out of the Federal Reserve

Banks are bigger today than before the crash that began in late 2007 and subsequent bailout. To rein them in, we should begin by forbidding “big bank executives to serve on the boards of the main agency in charge of regulating financial institutions,” Sanders writes in The New York Times.

Posted on Dec 24, 2015 READ MORE



Major Clinton Super PAC Donor Is a Profiteer of the Foreclosure Crisis

When Donald Mullen Jr. saw the beginning of the market decline that led to the crash of 2008, he told his colleagues at Goldman Sachs, “Sounds like we will make some serious money.”

Posted on Dec 9, 2015 READ MORE



The American Hunger Games

Let’s send the six Republican candidates for the presidency into the wilderness, weapons in hand, one at a time, and examine their minor differences to see what we can expect in a coming Republican era of “good times.”

Posted on Nov 30, 2015 READ MORE



This Is How We Should Punish Bank Felons

What exactly does it mean for a big Wall Street bank to plead guilty to a serious crime?

Posted on Jun 22, 2015 READ MORE



Karl Marx Was Right

The economist and philosopher foresaw that capitalism had built within it the seeds of its own destruction, that the greed of a tiny elite would eventually bring down the system. The final stages that he predicted are visible all around us now.

Posted on May 31, 2015 READ MORE



VIDEO: Busting Up Wall Street Is Step 4 in Saving the Economy

When Americans think of how the economic rules are stacked against them, they naturally think of Wall Street, which is back to many of its old tricks. Its lobbyists are now busily rolling back the Dodd-Frank Act—legislation intended to prevent another crash.

Posted on May 19, 2015 READ MORE



Five Big Banks Pleading Guilty to Felony Charges Will Continue Business as Usual

“For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote,” writes Dealbook at The New York Times.

Posted on May 14, 2015 READ MORE



The Clintons and Their Banker Friends, 1992-2016

To grasp the dangers that the Big Six banks presently pose to the financial stability of our nation and the world, you need to understand their history in Washington, starting with the Clinton years of the 1990s.

Posted on May 7, 2015 READ MORE


Elizabeth Warren’s Latest Interview With Jon Stewart May Make Your Jaw Drop

Ever wonder how the U.S. government justifies making an annual $60 billion off students? Allow Sen. Elizabeth Warren to explain.

Posted on Apr 13, 2015 WATCH & LISTEN



Bankers Brought Rating Agencies ‘To Their Knees’ On Tobacco Bonds

Wall Street pressed S&P, Moody’s and Fitch to assign more favorable credit ratings to their deals and bragged that the raters complied. Now many of the bonds are headed for default.

Posted on Dec 27, 2014 READ MORE


Secret Santa









Posted on Dec 25, 2014 ENLARGE



Why We Can’t Get the Government We Want and Deserve

Some believe the central political issue of our era is the size of the government. They’re wrong.

Posted on Dec 24, 2014 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



How Inside Traders Are Rigging America and Contributing to the Savage Inequalities of American Life

Major players on Wall Street have been making tons of money not because they’re particularly clever but because they happen to be in the realm where a lot of coins come their way.

Posted on Dec 18, 2014 READ MORE


Wall St. Cushion









Posted on Dec 15, 2014 ENLARGE


The Elizabeth Warren Speech That Has Everyone Talking

The Massachusetts senator sure won’t let big banks get away with the kind of blatant robbery other members of Congress seem perfectly happy to allow.

Posted on Dec 15, 2014 WATCH & LISTEN



President Obama and Congress Just Gave Your Savings Account to JPMorgan

With the passage of the 2015 federal budget bill, JPMorgan CEO Jamie Dimon got lawmakers to repeal a key part of the 2010 Dodd-Frank financial reform law and allow banks to use the savings accounts of ordinary Americans to gamble in the stock market on behalf of hedge funds, corporations and the rich.

Posted on Dec 14, 2014 READ MORE


Bank Torture









Posted on Dec 13, 2014 ENLARGE



Why Do Banks Want Our Deposits? Hint: It’s Not to Make Loans

While banks do not need deposits to create loans, they do need to balance their books; and attracting customer deposits is usually the cheapest way to do it.

Posted on Oct 26, 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



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 WATCH & LISTEN



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

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 WATCH & LISTEN



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


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