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By John Ross
$19.11
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By Keith Bolender
$21.00
$19
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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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Ian Muttoo (CC BY-SA 2.0)
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Homeownership is at its lowest level in 18 years, but housing prices are rising. Why? Because banks are creating real estate scarcity by buying up homes and selectively stalling foreclosures.
Posted on May 3, 2013
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Randy Le'Moine Photography (CC BY-ND 2.0)
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While profits tripled and layoffs commenced in the banking industry last year, Wall Street divided at least $20 billion in gifts made of cash and stock among its employees.
Posted on Feb 26, 2013
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AP/Charles Dharapak
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By Robert Scheer — Here’s a get-out-of-jail-free card, and while we’re at it, take this obscenely huge bonus for having wrecked the economy.
Posted on Feb 1, 2013
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Flickr/Paul Hocksenar
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By Thomas Hedges, Center for Study of Responsive Law —
The natural gas industry is waging an aggressive public relations campaign to bolster investor confidence, despite evidence showing that shale gas is an unreliable resource and that the production process releases large amounts of methane into the atmosphere.
Posted on Jan 4, 2013
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Flickr/Fortune Live Media
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A group of corporate CEOs that contributed to the burgeoning deficit crisis want the poor and elderly to largely pay for the mess the greedy Wall Street fat cats helped create.
Posted on Nov 26, 2012
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AP/Carolyn Kaster
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By Robert Scheer — Barack Obama must have done something right, or the hucksters at Goldman Sachs wouldn’t hate him so.
Posted on Oct 11, 2012
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A look at the day’s political happenings, including a new tax defense from Mitt Romney and what is possibly the most ridiculous claim ever about President Obama.
Posted on Aug 9, 2012
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AP/Scott Applewhite
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In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they’re supposed to regulate.
Posted on Aug 4, 2012
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activefree (CC BY 2.0)
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Goldman Sachs has announced its intention to invest $9.6 million in a prisoner rehabilitation program at New York City’s notorious Rikers Island jail in a move that could net the company a $2.1 million return.
Posted on Aug 4, 2012
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kullez (CC BY 2.0)
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Traditional investigations by regulators of all the suspect hanky-panky in the banking industry have produced nothing in the way of fundamental reform and protected the worst repeat offenders. So why not bribe big bankers to turn one another in?
Posted on Jul 21, 2012
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Wired Photostream (creative commons)
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Facebook faced more bad news Wednesday in the wake of its botched initial public offering. Shareholders filed a lawsuit against the social networking company, lead underwriter Morgan Stanley and several other Wall Street banks, alleging that they misled them about Facebook’s revenue projections ahead of the IPO.
Posted on May 23, 2012
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Across the U.S. over the last 20 years, deals struck between big businesses and state governments have diverted at least $5.5 billion in state income taxes from workers’ paychecks into their employers’ bank accounts. David Cay Johnston reports.
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The Muppets will not stand for the kind of insult that Goldman Sachs execs, according to famous defector and detractor Greg Smith, heaped on their felty heads by calling clients “Muppets” in a derogatory fashion.
Posted on Mar 27, 2012
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DonkeyHotey (CC-BY)
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By Henry A. Giroux, Truthout —
A group of right-wing extremists would have the American public believe it is easier to imagine the end of the world than the end of a market society.
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Manny Francisco, Manila, The Philippines —
Posted on Mar 20, 2012
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Daryl Cagle, Cagle Cartoons, MSNBC.com —
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Who benefits if Republicans head to Tampa, Fla., at the end of August without a decisive winner? President Obama’s poll numbers are down with gas prices up. But what can he do about it?
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bbc.co.uk
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Yes, as a high-level executive for Goldman Sachs for more than a decade, Greg Smith was part of the toxic culture he decried in the resignation letter printed in Wednesday’s New York Times and re-posted around the world. Thus, he was part of the problem.
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AP / Mark Lennihan
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By Robert Scheer — By the time you read this, the PR hacks of Goldman Sachs will be vigorously pressing their efforts to destroy the reputation of whistle-blower Greg Smith.
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AP / Mark Lennihan
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We’re guessing that outgoing Goldman Sachs executive director Greg Smith’s last day on the job Wednesday was pretty awkward, given what he had to say about his employer in a scorching Op-Ed article printed in The New York Times for the occasion.
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Mr. Fish
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By Chris Hedges — We can vote for Romney or Obama, but Goldman Sachs and ExxonMobil and Bank of America and the defense contractors always win. However, the iron grip of corporations over our lives will, eventually, be broken.
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Harvard’s “Occu-Elves” deliver lumps of coal to “naughty boys,” including the school’s former president, Lawrence Summers, and Robert Rubin, two men who helped engineer the economic meltdown.
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Jessierocks (CC-BY)
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For “once again becoming a maker of history” two sleepy decades after political soothsayer Francis Fukuyama declared Western liberalism the end point in the evolution of human society, Time magazine named “The Protester” 2011’s Person of the Year.
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Poster by R. Black
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Protesters successfully shut down some operations in three major ports spanning the Western United States on Monday. Coordinated action in Washington, Oregon and California was designed to interfere with commerce, bolster the spirits of the evicted and—why not?—inconvenience Goldman Sachs.
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YouTube
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Every social movement needs to guard against the inevitable attempts of mainstream media sources to warp its message, defend its targets and recast its members as lazy, crazy or fringy malcontents. Luckily for the Occupy movement, British journalist Laurie Penny is more than capable of taking on, and taking down ... (more)
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A rich banker who appears to have learned none of the lessons of 20th-century economic history. A newscaster who snickers at an impassioned argument. And a reporter dismissed as a young girl who will one day learn better. This exchange between a former Goldman Sachs executive, a BBC correspondent and British journalist Laurie Penny ... (more)
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Peter Woodbridge (CC-BY)
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As members of the OWS encampment in New York City head into what promises to be a brutal winter, activists with differing notions about where the movement should go next can all agree on one thing: survival. (more)
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Last Thursday, Chris Hedges, Cornel West and others held a mock trial of Goldman Sachs in Zuccotti Park.
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AP / Bebeto Matthews
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By Chris Hedges — The wealthy and the powerful behind the glass at Goldman Sachs laughed and snapped pictures of us as if we were creatures in a cage, which in fact we soon were.
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David Shankbone (CC-BY)
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The New York Daily News reports that at least 15 Occupy Wall Street protesters were arrested after about 300 marched from Zuccotti Park to the front door of Goldman Sachs. Among them was Truthdig columnist Chris Hedges.
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In this clip from Tuesday’s “Democracy Now!” we hear the story of Goldman Sachs’ recent move to back out of a fundraiser for the Lower East Side People’s Federal Credit Union after the financial giant caught wind that the event would pay tribute to the Occupy Wall Street movement. But, as Amy Goodman and investigative reporter … (more)
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AP / Mark Lennihan
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Even bad news has a way of turning around fast for Goldman Sachs. The financial giant was forced to concede Tuesday that it did not, for once, defy the laws of market physics as it has done even in the throes of the ongoing recession (you can keep your sketchy recession timeline, New York Times), and that it had ... (more)
Posted on Oct 18, 2011
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Fortune Live Media (CC-BY)
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With Americans across the country realizing that they are not the only ones fed up with the CEOs, bankers and policymakers responsible for the current damage to the U.S. economy, now is a good time to read up on the Wall Street executives who profited most from the bubble and federal bailout. (more)
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Flickr / woodleywonderworks (CC-BY)
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Federal regulators filed lawsuits against 17 financial institutions Friday afternoon for allegedly misrepresenting the poor quality of mortgage securities they sold to Fannie Mae and Freddie Mac at the height of the housing bubble. (more)
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Flickr / respres (CC-BY)
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The Federal Housing Finance Agency is set to file lawsuits against more than a dozen big banks for allegedly misrepresenting the quality of mortgage securities they were assembling and peddling at the height of the housing bubble. (more)
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Flickr / Wonderlane (CC-BY)
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Warren Buffett’s company Berkshire Hathaway negotiated a $5 billion investment with Bank of America on Thursday, a vote of confidence in the recently ailing institution. (more) [Earlier Thursday, Truthdig erroneously reported the figure as $5 million.]
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Flickr / PeterJBellis
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Rarely do we get to hear criticism of the American oligarchy from within the ranks of its crowning institution: the financial services industry. This anonymous author, who handles investments for the wealthiest 1 percent of Americans, takes us on a brief tour of numbers ... (more)
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This week on Truthdig Radio in collaboration with KPFK: Why a battery breakthrough is the key to clean energy; how boosting the minimum wage could lift the economy; we check in with immigration; and Robert Scheer talks about the sinful love between the tea party and Goldman Sachs. Also: On the ground in Gaza. Update: Full transcript.
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Photo illustration from an image by Colin Grey
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This week on Truthdig Radio in collaboration with KPFK: Why a battery breakthrough is the key to our clean energy future; how boosting the minimum wage could lift the economy; we check in with immigration; and Robert Scheer talks about the sinful love between the tea party and Goldman Sachs. Also: On the ground in Gaza.
Posted on Jul 6, 2011
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AP / Mark Lennihan
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By Robert Scheer — Face it. We live in two nations, sharply divided by an enormous economic chasm between the super-rich and everyone else. This should be an obvious fact of life for most Americans.
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Flickr / woodleywonderworks
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Don’t mistake the claims of relative unimportance coming from the big shots on Wall Street before an audience of federal regulators over the past several months for some sort of newfound humility. (more)
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Flickr / ILRI
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American universities are reportedly using endowment funds to buy and lease vast tracts of African farmland, often for piddling prices, in deals that will reward foreign investors handsomely while separating tens of thousands from their homes and farms and providing little or none of the economic benefits promised them, California researchers say.
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AP / Charles Dharapak
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By Robert Scheer — What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.
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Flickr / Thomas Hawk
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In a revelation that should surprise no one, lending records of the Federal Reserve Bank of New York released by a March court order show that the Fed made cut-rate emergency loans of up to $30 billion each to major banks in 2008 without informing Congress, shareholders or the American public. (more)
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AP / Louis Lanzano
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It’s hard to believe that it has already been two years since the implosion of Bernie Madoff’s devastating Ponzi scheme, and it’s hard to comprehend why the fallen financier would choose this moment to unburden himself to New York magazine’s Steve Fishman ...
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nosha (CC-BY-SA)
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Critics of the financial chop shop, of which there are many, would like to see Goldman Sachs return billions in taxpayer dollars paid out to cover a $20 million bet. The huge payout was passed through AIG, orchestrated by then-Chairman Timothy Geithner’s New York Fed, and publicized by the Financial Crisis Inquiry Commission.
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Center for American Progress (CC-BY-ND)
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Chairman Phil Angelides and the five other Democrats on the 10-person Financial Crisis Inquiry Commission have released their devastating report, which assigns blame for the economic meltdown. They pointed at Treasury Secretary Timothy Geithner (above), among others.
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AP / Carolyn Kaster
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By Robert Scheer — While it is widely recognized that the banking meltdown has left enormous economic pain and political upheaval in its wake, it is amazing that the folks who created this mess are rewarded with ever more important positions in our government.
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Real American Boy: How Our Byzantine Immigration System and Failed Economy May Have Made a Terrorist
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