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By Anna Badkhen
$2.99
By E. J. Dionne Jr.
$12.11
$40
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peasap (CC BY 2.0)
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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
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White House/Pete Souza
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By Robert Scheer — I suppose that he can’t be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary.
Posted on Jan 11, 2013
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AP/Mark Lennihan
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By Robert Scheer — Reports in the business press tout a prime participant in the great banking hustle as a possible candidate to be the next Treasury secretary.
Posted on Dec 7, 2012
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By Ralph Nader —
Nassim Nicholas Taleb’s new tour de force book “Antifragile: Things That Gain From Disorder” is a frame-of-reference altering work that a Wall Street Journal reviewer confessed he would have to read “again and again”
Posted on Dec 6, 2012
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bruceeg1001 (CC BY-SA 2.0)
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The megabank announced the slashing of 4 percent of its workforce as a report telling of Hurricane Sandy’s negative impact on economic growth was published.
Posted on Dec 5, 2012
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World Economic Forum (CC BY-SA 2.0)
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In a development that may please Truthdigger of the Week Sheila Bair, Vikram Pandit, the man who was in charge of megabank Citigroup during the financial crisis, left his job abruptly and with little explanation on Tuesday.
Posted on Oct 16, 2012
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Robert Scheer, Chrystia Freeland and Matthew Continetti join “Left, Right & Center” host Matt Miller to discuss Mitt Romney’s London gaffe, former Citigroup CEO Sandy Weill’s break with the mega-banks, and a spoiler about the Olympic Games’ opening ceremonies.
Posted on Jul 28, 2012
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david_shankbone (CC BY 2.0)
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Sanford Weill—the former Citigroup CEO who led the charge to repeal Glass–Steagall and bring about the era of “too-big-to-fail” banks—is stunning critics by calling for the breakup of behemoth financial institutions.
Posted on Jul 25, 2012
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AP/Dima Gavrysh
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By Robert Scheer — The men most responsible for the collapse of the American dream are heaped with honors at the highest levels of society.
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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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AP / Charles Krupa
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By Robert Scheer — GOP candidates are embracing populism, but as the presidential election is now shaping up, voters will not be given a choice to rebuke Wall Street by either major party.
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AP / NBC News / William B. Plowman
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Jack Lew is a liberal who worked for Speaker Tip O’Neill and studied under beloved progressive Sen. Paul Wellstone, but he was also the chief operating officer of a Citigroup unit and doesn’t fault deregulation for the shoddy economy. (more)
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cbsnews.com
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It’s all too rare that a mainstream news network goes after just the sort of financial heavy hitters that tend to have ties to their own corporate sponsors, but thankfully, that’s what CBS News’ “60 Minutes” did last weekend with the help of two principled mortgage specialists.
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AP / Lucy Nicholson
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Patrick Meighan is a husband, a father, and a “Family Guy” sitcom writer who was among the 292 people arrested when the cops raided the Occupy Los Angeles encampment early on Nov. 30. As his powerful testimony makes clear, that was actually not “the LAPD’s finest hour.” (more)
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“60 Minutes” got tired of waiting for the Justice Department to prosecute the big banks that caused the financial crisis, so Steve Kroft and his producers went out and built their own cases.
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In this week’s installment of “Left, Right & Center,” panelists Robert Scheer, Tony Blankley, Matt Miller and Chrystia Freeland take stock of the unemployment crisis in our country, which is a gigantic enough topic as it is. But wait—there’s much more.
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Composite image: Handout / Mary Altaffer, AP
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There are those occasions when the choice for Truthdigger of the Week is so clear that our tribute practically writes itself. This is one of those times.
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AP / Dan Steinberg
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By Robert Scheer — Count the liberal mayor of Los Angeles as one of those apologists for suppressing truth in the name of civic order.
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Eflon (CC-BY)
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A federal judge will not accept the SEC’s settlement with Citigroup for defrauding its customers of more than $700 million in just one of the firm’s lousy investment opportunities. (more)
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AP / Damian Dovarganes
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By Robert Scheer — There is no three-strikes law for crooked bankers, who usually get off with a fine and a promise not to do it again, and again and again.
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AP / J. Scott Applewhite
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By Robert Scheer — Can we all agree that a $1 billion swindle represents a lot of money? So why isn’t former Citigroup Chairman Robert Rubin breaking a sweat?
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Flickr / Wonderlane (CC-BY)
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Moody’s downgraded the credit ratings of three major U.S. banks Wednesday, and so far it appears that Bank of America was the hardest hit by the move.
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Flickr / wallyg
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In 2008, the 10 biggest U.S. banks and brokerage firms took $829 billion in emergency loans from the U.S. Treasury and the Federal Reserve. Until now, who got what had been a secret. ... (more)
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Flickr / respres Some rights reserved
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Investigators at the United States Trustee Program, which oversees U.S. bankruptcy cases, are collecting mountains of evidence that show that banks industrywide are hurrying huge numbers of borrowers out of their homes prematurely, based on false loan repayment claims. (more)
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Wikimedia Commons / Office of Management and Budget
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So, the former head honcho of Obama’s Office of Management and Budget, Peter Orszag, is now sitting in a very plush position over at Citigroup, from where he gave his latest economic prognostications in Thursday’s Financial Times ...
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AP / Pablo Martinez Monsivais
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By Robert Scheer — Two years into the Obama presidency and the economic data is still looking grim. Don’t be fooled by the gyrations of the stock market, where optimism is mostly a reflection of the ability of financial corporations—thanks to massive government largesse—to survive the mess they created.
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AP / J. Scott Applewhite
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By Robert Scheer — The sight of Bill Clinton back at the White House podium defending tax cuts for the super-rich was more a sick joke than a serious amplification of economic policy.
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AP / Louis Lanzano
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By Robert Scheer — Rejoice, the housing market is back. Sandy Weill just picked up a humdinger of a wine vineyard estate in Sonoma, Calif., for a record $31 million, so the foreclosure crisis must be over.
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AP / Charles Dharapak
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By Robert Scheer — Behind the wonderfully engaging smile of this president there is the increasingly disturbing suggestion of a cynical power-grabbing politician whose swift rise in power reflects less the earnestness of his message and far more the skills of a traditional political hack.
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AP / J. Scott Applewhite
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By Robert Scheer — The corruptions of journalism were on full display when CNN’s Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused.
Did you miss the live Q & A session? Listen to the podcast here.
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AP / J. Scott Applewhite
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Former Fed chief Alan Greenspan faced the proverbial firing squad, or in this case the congressionally appointed Financial Crisis Inquiry Commission, to answer questions Wednesday about his leadership choices at the Fed with regard to some key factors that triggered the financial implosion in 2008.
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Wikimedia Commons / Prolineserver
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There are few things, we imagine, that could elicit a heartfelt OMG (make that O.M.G., rather) from certified economics whiz and evident adult Paul Krugman, but President Barack Obama’s latest take on the egregious and profane bonuses of Wall Street executives has clearly tripped that wire in Krugman’s mind.
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AP / Susan Walsh
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On Monday at the White House, President Barack Obama reminded a group of big banking honchos (or “fat cats,” as he called them Sunday) about last year’s bailout and advised them to get busy helping the taxpayers who helped with their recovery. Well, good luck with that one.
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about.com
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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.
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infiniteunknown.com
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It’s unsurprising to say the least: A Freedom of Information Act request has discovered that Treasury Secretary Timothy Geithner is in daily two-way communication with a small group of Wall Street CEOs—at Citigroup, JPMorgan, Goldman Sachs—while lawmakers like Rep. Xavier Becerra are forced to leave messages for him.
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0-60mag.com
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It’s been a year since the U.S. economy practically went to Hades in a handbasket, and since then the federal government sure has been busy trying to figure out where to allocate (read: throw) money to sort out the whole mess.
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AP / Mark Lennihan
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By Robert Scheer — By now everybody must know that the top banking executives responsible for our economic meltdown have no shame. Otherwise they would not have dared give themselves such hefty bonuses as a deeply perverse reward for actions that caused millions of Americans to lose their jobs and homes.
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This week’s show covers flagrant shenanigans in the financial world—could it be that Tony Blankley makes a move toward the left? Meanwhile, lefty Robert Scheer is the surprising deficit hawk in the mix, and Arianna Huffington and Matt Miller clash over whether the absence of a strong public provision in Congress’ emerging health plan represents a betrayal of the American people. Also: beer!
Posted on Jul 31, 2009
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Flickr / World Economic Forum
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Mark Ames via Alternet —
Why did Goldman Sachs, Citigroup and Morgan Stanley steer millions to a company Larry Summers directed while he administered “stress tests” on them?
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AP photo / Evan Vucci
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By Robert Scheer — Has Timothy Geithner ever had lunch with a non-megamillionaire who has lost his job or home because of the banking meltdown? I ask that question after reading the list of the treasury secretary’s luncheon dates when he was head of the New York Federal Reserve, a list that the government was forced to provide in response to a lawsuit.
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Flickr / stan
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Like an abused spouse, America continues to stand by the banks, hoping they’ll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending.
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By Eugene Robinson — Timothy Geithner has not been a good performer, but he does have a vision. He sees an improved Wall Street, though one not fundamentally different from what we have now.
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Disagreement abounds on this week’s episode of “Left, Right & Center,” especially when it comes to President Obama’s budget plan and the origins of the economic crisis it’s intended to remedy. Who’s the moderator again? And is Bobby Jindal done for?
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AP photo / Charles Dharapak
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By Robert Scheer — We are lucky to have Barack Obama as president. I write that even though I believe the content of his Tuesday evening speech deserved no more than a B+ / A-, for its failure to seriously address the origins of the banking crisis and for only hinting at the severe military budget cuts required to get close to his goal of reducing the federal deficit by the end of his first term.
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Flickr / stan
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Uncle Sam already gave Citigroup $45 billion and promised to limit the bank’s losses on $300 billion in troubled loans, but executives at the ailing bank are now reportedly asking the federal government to sweeten the deal. One scheme has Washington exchanging preferred stock for common stock.
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Wikimedia Commons / Presidencia de la Nación Argentina
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Timothy Geithner may be a tax dodger who helped funnel taxpayer funds to his banking buddies, but we need that kind of cunning right now. That’s the thinking on Capitol Hill, anyway. The Senate confirmed President Obama’s pick to head Treasury on Monday, over the grumbles of 34 senators.
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0-60mag.com
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So, the government forks over a ton of money to flailing banks and, naturally, their customers (i.e., taxpayers) might expect to gain something from this helpful transaction as well, right? Guess again, customers.
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pattisonsign.com
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After receiving $45 billion from U.S. taxpayers just two months ago, Citibank’s much-maligned parent Citigroup will be no longer, as the financial giant announced in Solomon-style manner Friday that it will split itself into two, dividing the company’s traditional banking business— becoming Citicorp—and its riskier investment department—Citi Holdings.
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marcelinopena.files.wordpress.com
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Forget that business with the maid whose work papers expired. The real scandal with Timothy Geithner, Barack Obama’s choice to head the Treasury Department, is his history of lax regulation—at least where his friends at Citigroup were concerned. ProPublica did some digging and found that Geithner’s New York Fed “eased the reins as the company blew billions. ...”
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