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Tag: Finance

The Dark Money Shark

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Posted on Jul 23, 2015 READ MORE



How Goldman Sachs Helped Create the Greek Debt Crisis

The investment bank turned a huge profit by helping to hide the real extent of Greece’s debt, and in the process almost doubled it.

Posted on Jul 17, 2015 READ MORE



A Revolutionary Pope Calls for Rethinking the Outdated Criteria That Rule the World

Pope Francis’ revolutionary encyclical addresses not just climate change but the banking crisis. Interestingly, the solution to that crisis may have been modeled in the Middle Ages by Franciscan monks following the saint from whom the pope took his name.

Posted on Jul 5, 2015 READ MORE



Africa’s Advocates Say Fossil Fuel Subsidies Must Go

With more than 600 million people in sub-Saharan Africa still lacking access to electricity, the continent is being urged to take a leading role in crucial climate negotiations.

Posted on Jun 5, 2015 READ MORE



A Corporate Cult Captures and Thwarts Our Best Graduates

Society’s educated, humane members are being systematically sucked into a destructive reorientation program orchestrated by and for the benefit of a corporate establishment centered on the practices of finance and management, writes veteran journalist George Monbiot at The Guardian.

Posted on Jun 4, 2015 READ MORE



New Energy Policy Needed as Nuclear Giants Take a Hit

Plans for a worldwide fleet of huge new nuclear reactors have collapsed, with the cancellation of a major project and no new orders being placed.

Posted on May 29, 2015 READ MORE


Texas Protester

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Posted on May 28, 2015 READ MORE


Kochyderm

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Posted on May 26, 2015 READ MORE


Student Loan Calculator

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Posted on May 22, 2015 READ MORE


Student Loan

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Posted on May 17, 2015 READ MORE



The Obamas’ Net Worth Is as Much as $6.9 Million

The first family almost qualifies as 1 percenters, with a 2014 adjusted gross income a bit shy of the $521,411 that would put them among the richest segment of Americans, according to financial disclosures released Friday.

Posted on May 15, 2015 READ MORE


Taxes

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Posted on Apr 14, 2015 READ MORE



How America Became an Oligarchy

At the core of the doctrine that all people have “certain inalienable rights” is the right to vote. But the collective will of American voters no longer prevails. And private banking is largely to blame.

Posted on Apr 8, 2015 READ MORE



The SEC Illustrates the Danger of Regulatory Capture

The phrase “regulatory capture” shrouds a serious problem in vaguely academic jargon, making it seem like unimportant esoterica rather than anything noteworthy.

Posted on Mar 29, 2015 READ MORE



Destructive Effects of El Niño and La Niña Could Intensify

International scientists say global warming could double the frequency of the extreme La Niña weather phenomenon that triggers floods and hurricanes.

Posted on Feb 1, 2015 READ MORE



pcruciatti / Shutterstock.com

A Whining Wall Street Banker Pleads for Pity

J.P. Morgan was recently socked in the wallet by financial regulators who levied yet another multibillion-dollar fine against the Wall Street baron for massive illegalities.

Posted on Jan 30, 2015 READ MORE


The Age of Cryptocurrency

Posted on Jan 30, 2015 READ MORE



Climate Talks Take a Rocky Road to Paris

The U.N. climate talks in Lima have ended with the setting of deadlines for the world to come up with plans to curb emissions and adapt to climate change.

Posted on Dec 14, 2014 READ MORE



Obama Pledge Gets Dollars Flowing Into Climate Fund

Many developing countries are already suffering the impacts of climate change, but a special fund to help them adapt to a warming world has been bolstered by promises of billions of dollars from wealthier nations.

Posted on Nov 20, 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



Shutterstock

Shareholders’ Quest for More Transparency

A proposed Securities and Exchange Commission rule would force publicly traded companies to disclose their political spending to their shareholders.

Posted on Sep 12, 2014 READ MORE



The Disconnect Between Workers’ Pay and Social Worth

Does anyone seriously believe hedge-fund mogul Steven A. Cohen is worth the $2.3 billion he raked in last year, despite being slapped with a $1.8 billion fine after his firm pleaded guilty to insider trading?

Posted on Aug 4, 2014 READ MORE



Hadrian / Shutterstock.com

French Bank BNP Has Enough Cash to Pay Record $9 Billion Fine

Accused of violating sanctions against Iran, Syria and Cuba, French bank BNP Paribas agreed to pay a jaw-dropping fine, and, perhaps more incredibly, to do so without asking for money.

Posted on Jul 1, 2014 READ MORE



Infrastructure Sticker Shock: Financing Costs Exceed Construction

Funding infrastructure through bonds doubles the price or worse. Costs can be cut in half by funding through the state’s own bank.

Posted on Jun 1, 2014 READ MORE



Shutterstock

Will Government Use Its New Leverage Over the Financial Industry?

If you read one business book this year, make it “Flash Boys” by Michael Lewis. The journalist famous for “Moneyball” and “The Big Short” takes readers inside the parasitic world of high-frequency trading that is harming the broader economy.

Posted on Apr 18, 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


A Century of Collusion Between Washington and Finance

Former Wall Street executive, financial journalist and Truthdig contributor Nomi Prins tells “Democracy Now!” how a small number of bankers have played critical roles in shaping a century’s worth of financial, foreign and domestic policy in the United States, a series of events that she documents in her new book, “All the Presidents’ Bankers: The Hidden Alliances That Drive American Power.”

Posted on Apr 8, 2014 READ MORE



‘The Dick Joke Is Not Always Your Friend’

The recently deceased Harold Ramis’ beloved anti-authoritarian comedies of the late ’70s and the ’80s (including “Animal House” starring John Belushi, pictured) were pop trojan horses of then-emerging right-wing cultural values, former Harper’s Magazine columnist Thomas Frank writes at Salon.

Posted on Mar 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



Fourth Banker Dies of Apparent Suicide in a Week

Russell Investments chief economist Mike Dueker’s apparent suicide death, discovered Thursday after the 50-year-old former St. Louis Federal Reserve officer had been reported missing from his home in Tacoma, Washington, became the fourth such loss in the financial community in the span of a week.

Posted on Feb 5, 2014 READ MORE


American Oligarchs Will Never Cancel the Debts Owed to Them

University of Missouri economist Michael Hudson explains one of the best-kept and most pernicious secrets of contemporary capitalism: Unless the financial scheme underpinning society is restructured, the bulk of debts owed by working and poor Americans can’t and won’t be repaid.

Posted on Nov 30, 2013 READ MORE



Flickr/Thomas Hawk

How Payday Lenders Bounce Back When States Crack Down

In 2008, payday lenders suffered a major defeat when the Ohio legislature banned high-cost loans. That same year, they lost again when they dumped more than $20 million into an effort to roll back the law: The public voted against it by nearly two-to-one. But five years later, hundreds of payday loan stores still operate in Ohio, charging annual rates that can approach 700 percent.

Posted on Aug 6, 2013 READ MORE



Shutterstock photo of a man holding money.

Americans Suffer While Finance Tax Waits for Congress’ Attention

The Financial Transaction Tax, or Robin Hood Tax, would generate more than $300 billion a year in revenue, thereby doing away with the need for the sequester currently forcing across-the-board budget cuts.

Posted on Apr 24, 2013 READ MORE



HowardLake (CC BY-SA 2.0)

Barclays to Ax Thousands of Jobs

The new chief executive of the British bank is aiming to clean up his scam-ridden operation by dropping 3,700 employees from its structured capital markets unit and other offices.

Posted on Feb 12, 2013 READ MORE



Verso Books

The Making of Global Capitalism

Although Karl Marx discerned in the middle of the 19th century that a new class of capitalists was creating “a world after its own image,” it took until the beginning of the 21st century before “a constantly expanding market” could be said to have fully spread capitalist social relations “over the entire surface of the globe,” write Leo Panitch and Sam Gindin in their new book, “The Making of Global Capitalism.”

Posted on Jan 31, 2013 READ MORE


Jobless Elf

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Posted on Dec 17, 2012 READ MORE


Financial Assistance

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Posted on Dec 17, 2012 READ MORE



aresauburn™ (CC BY-SA 2.0)

Mountain of Corporate Cash Sits Idle (Video)

Figures from the Internal Revenue Service suggest that nonfinance companies based in the United States are holding more than $5 trillion in cash, triple what the Federal Reserve reports—idle money that Reuters columnist David Cay Johnston suggests would be better spent creating jobs, paying dividends and sharing the burden of taxes.

Posted on Jul 20, 2012 READ MORE



Elliott Brown (CC-BY)

Bailout, Tune Out

The BBC reports that while the United States and the U.K. have made a habit of buying too-big-to-fail banks and then looking the other way, the safest banks in the world aren’t just owned but operated by civil governments.

Posted on Jan 30, 2012 READ MORE



Dennis Skley (CC-BY-ND)

Fiction, Fantasy and the Euro

The extent to which the economic policy of nations is made on the basis of misinformation or wishful thinking is not generally recognized.

Posted on Dec 6, 2011 READ MORE



Wikimedia Commons

Study: Nearly Half of Congress Members Are Millionaires

The shiny ideal of representative democracy starts dimming a bit when one considers factors and figures like those charted in a new study about U.S. Congress members’ personal finances. According to the Center for Responsive Politics, 249 current members are millionaires—that’s about 47 percent. (more)

Posted on Nov 15, 2011 READ MORE



White House / Chuck Kennedy

Wall Street Is Still Trying to Buy Obama’s Love

President Obama and the Democratic National Committee have raised more from the financial industry than all the Republican candidates combined. However, without the DNC, Mitt Romney has raised almost twice as much as the president from that sector, according to analysis by The Washington Post. (more)

Posted on Oct 19, 2011 READ MORE



AP / Julie Jacobson

The American Scream: Going Hoarse Without Speaking

It is clear that nowhere in American commercial life, save perhaps the graveyard, is there a space not polluted by electronic voices.

Posted on Jul 24, 2011 READ MORE


Euro symbol
AP / Daniel Roland

EU Moves to Shore Up Bailout Fund

European Union financial officials meeting in Brussels have agreed on the setting up of a permanent bailout fund, even as Portugal reportedly teeters on the precipice of financial collapse.

Posted on Mar 25, 2011 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



Wikimedia Commons

Chamber Fills Its Pot o’ Gold

The U.S. Chamber of Commerce has been a bastion of pro-business, anti-environment and anti-labor ideology since its founding in 1912. And so it is unsurprising that modern-day corporations have donated millions upon millions to the Chamber to fight such perilous things as, say, security requirements on chemical facilities.

Posted on Oct 22, 2010 READ MORE



cityofbell.org

Audit Time for Bell

The city of Bell, Calif., drew quite a bit of unwanted attention to itself last summer with the revelation that several top officials were pocketing ridiculously high salaries at the expense of its citizens. Now it’s looking like payback time, as the Los Angeles County Board of Supervisors is on the case.

Posted on Oct 19, 2010 READ MORE



Flickr / International Monetary Fund

IMF to Scrutinize the Rich

While the International Monetary Fund has historically been an organization used by wealthy countries to assert economic dominance over the rest of the world, developing nations won a small battle Saturday as the IMF moved to increase scrutiny over its rich members, including the United States.

Posted on Oct 10, 2010 READ MORE


And Now, a Giggly Swiss Minister’s Take on Cured Meats (Update: Explained)

Here we see the now-viral footage of Swiss finance minister Hans-Rudolf Merz, 67, who is on the brink of retirement and quite able to appreciate the lighter side of some of his bureaucratic duties, such as discussing the apparently amusing matter of cured meat imports.

Posted on Sep 27, 2010 READ MORE


Paul Volcker
AP / Wong Maye-E

Volcker Unloads on Nation’s Finance System

In a spare-no-one, off-the-cuff critique, former Federal Reserve Chairman Paul Volcker delivered a blistering analysis of the nation’s financial system Thursday, criticizing banks, regulators, business schools, the Fed and money-market funds in a “plea for structural changes in markets and market regulation.”

Posted on Sep 24, 2010 READ MORE


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