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By Saul Landau
$34.95
By Terrance Dean
$10.20
$20
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Kheel Center, Cornell University (CC BY 2.0)
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By Kevin Zeese and Margaret Flowers —
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
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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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The broadcaster points out that President Obama, just like George W. Bush, is pushing his nominees through the revolving door between regulatory agencies and the banks they’re supposed to oversee.
Posted on Mar 12, 2013
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Flickr/Thomas Hawk
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Meet the major banks’ newest partner: payday lenders, the owners of those check cashing stores that offer short-term loans with interest rates that sometimes exceed 500 percent.
Posted on Feb 24, 2013
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A look at the day’s political happenings, including Jamie Dimon’s “punishment” for a massive trading loss and Jimmy Kimmel spoofs the gun control debate.
Posted on Jan 16, 2013
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hans.gerwitz (CC BY-SA 2.0)
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Companies hired to spot wrongful foreclosures made more than $1 billion in a review process that was ultimately scuttled. Meanwhile, banks prepare to divide a $3.3 billion settlement between nearly 4 million borrowers without identifying who needs the money most.
Posted on Jan 11, 2013
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Screenshot
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A look at the day’s political events, including the Arizona special election winner, JPMogran Chase CEO Jamie Dimon heckled and Sheldon Adelson’s latest multimillion-dollar donation.
Posted on Jun 13, 2012
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AP/Mark Lennihan
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By Robert Scheer — How did we end up with such smart scoundrels? Even after it was known that Jamie Dimon’s bank blew more than $2 billion, Barack Obama still had praise for the intellect of his political backer.
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JPMorgan Chase CEO Jamie Dimon may be less concerned with the actual $2 billion his bank lost than the credence it lends to calls for tougher regulation.
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President Obama says he thinks gay marriage should be legal, but isn’t looking to legislate. JPMorgan Chase, the “best of the banks,” loses a $2 billion bet and reignites the debate over bank regulation. The French election has austerity hawks worrying about a resocialized euro, and Indiana Sen. Richard Lugar’s primary loss could usher in a new era of ideological warfare.
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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 / Susan Walsh
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By Paul Kiel, ProPublica —
On Feb. 9, administration officials stood alongside state attorneys general to announce a $25 billion mortgage settlement reminiscent of deal made three Februarys ago. Three years later, that program is widely considered a failure.
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AP / Lauren Victoria Burke
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Back in July of 2008, when most of us were still blissfully ignorant about the approaching economic apocalypse, then-Treasury Secretary Henry Paulson was very aware of some important market distress signals, and he chose to share some of those with an elite group of financial executives, Bloomberg reported Tuesday.
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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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AP / Louis Lanzano
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It appears that some higher-ups at JPMorgan Chase were on to fraudster Bernie Madoff nearly two years before the catastrophic implosion of his Ponzi scheme, but said execs didn’t take this knowledge as reason enough to stop doing business with him.
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White House / Chuck Kennedy
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By Robert Scheer — What is the state of the union? You certainly couldn’t tell from that platitudinous hogwash that the president dished out.
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Flickr / John Lewis (CC-BY)
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In preparation for his new White House job, William Daley sold $8.3 million of JPMorgan Chase stock. Thanks to government regulations, Daley can postpone paying the capital gains on that haul until he leaves public life, which, given how fast the door between Obama’s White House and Wall Street spins, shouldn’t be too long.
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AP / Charles Dharapak
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By Robert Scheer — Here we go again. When Bill Clinton suffered an electoral reversal after his first two years in office, he abruptly embraced the corporate money guys who had financed his congressional opposition in an effort to purchase a second term.
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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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YouTube
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For his next act, President Obama has made a replacement for former Chief of Staff Rahm Emanuel appear, and it’s none other than William Daley, another member of Chicago’s Daley political dynasty—and one with close ties to Wall Street.
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Flickr / TheTruthAbout (CC-BY)
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Having learned nothing from his midterm drubbing, President Obama is reportedly considering making JPMorgan Chase executive William Daley his chief of staff. Because what this administration needs is more sympathy for the hooligans on Wall Street.
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AP / Paul Sakuma
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By Robert Scheer — How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?
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Flickr / respres
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The Obama administration isn’t ready to help homeowners stay in their homes by imposing a moratorium on repossessions, even though some banks are stopping foreclosures and resales of foreclosed homes and concerns about mortgage fraud are growing.
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Flickr / John Lewis (CC-BY)
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JPMorgan Chase is America’s second biggest bank, further fattened from gobbling up the carcasses of Bear Stearns and Washington Mutual, so it stands to reason that millions of Americans have been inconvenienced by the inexplicable meltdown of the company’s website.
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Wikimedia Commons / Federal Reserve
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The Federal Reserve’s vice chairman, Donald L. Kohn, is ready to leave the building. Providing what could be a substantial opportunity for the Obama administration to change the central bank’s course, Kohn announced Monday that he’ll retire June 23, the official end date of his four-year term at the Fed.
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AP / Petros Giannakouris
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By Robert Scheer — “What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world.
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Wikimedia Commons / Martin St.-Amant
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In case it wasn’t made perfectly clear in recent months how the American political system actually operates on its uppermost levels, here we have an object lesson to consider: Upset by the notion that the Obama administration might be working on regulating the financial industry next, some of Wall Street’s bigwigs are now focusing their funding efforts on the GOP.
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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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Truthdigger of the Week: Medea Benjamin
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