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Tag: Wall Street


infiniteunknown.com

When They Call, Geithner Answers

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.

Posted on Oct 8, 2009 READ MORE



pagetutor.com

Pox Americana: The Real Cost of Bailing Out Wall Street

In the 20th century, smallpox killed more people than all of that bloody century’s wars combined. It cost $300 million to eradicate the disease. What might have been achieved with the $4 trillion we gave Wall Street?

Posted on Oct 4, 2009 READ MORE


editorial roundtable

Editors’ Round Table: Moore’s Manifesto, Green Gadgetry and Czar Craziness

Truthdig editors Robert Scheer, Peter Scheer and Kasia Anderson unchain themselves from their laptops long enough to weigh in about the week’s news, Michael Moore’s economic epic and a new phone made partly from corn. If that’s not eclectic, we don’t know what is.

Posted on Oct 2, 2009 READ MORE


banking hearing
AP / Susan Walsh

Bank of America CEO to Pack It In at Year’s End

Another head of another big bank is rolling ... all the way out the door. On Wednesday, Bank of America CEO Kenneth Lewis made the startling announcement that he was opting to take early retirement, effective the last day of this calendar year.

Posted on Sep 30, 2009 READ MORE


Too Big to Jail

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Posted on Sep 25, 2009 READ MORE


G-20 protest zone
AP / Gene J. Puskar

Globalization Goes Bankrupt

The rage of the disposed is fracturing the country, dividing it into camps that are unmoored from the political mainstream. Movements are building on the ends of the political spectrum that have lost faith in the mechanisms of democratic change. You can’t blame them. But unless we on the left move quickly, this rage will be captured by a virulent and racist right wing, one that seeks a disturbing proto-fascism. 

Posted on Sep 20, 2009 READ MORE


Truthdig editors

Truthdig’s Editorial Roundtable

Truthdig editors Robert Scheer, Peter Scheer and Kasia Anderson give their takes on their picks from the week’s crop of news stories, including the rise of radical rhetoric on the right, Obama’s so-called socialism (for Wall Street) and how to shop for new planets to call our future home.

Posted on Sep 19, 2009 READ MORE


Obama Lectures Wall Street

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Posted on Sep 16, 2009 READ MORE



Flickr / freemarketmyass

Bernanke Says Recession Is Over, Economy Still Sucks

Fed Chair Ben Bernanke declared Tuesday that the recession is “very likely over at this point,” but don’t get too excited. The non-investment bankers among us still have a lot to worry about: “[I]t is still going to feel like a very weak economy for some time as many people still find their job security and their employment status is not what they wish it was.”

Posted on Sep 15, 2009 READ MORE


Wall Street Is Still Playing the Odds

I’m as pleased as anyone else to see a rising Dow, but somebody needs to slap the incipient grin off Wall Street’s face.

Posted on Sep 14, 2009 READ MORE



Flickr / Roger@elaws ?

Nothing Has Changed on Wall Street

A year after Lehman Brothers went under—taking a big chunk of the economy with it—the deregulation and lax oversight that enabled the crisis are still a problem. According to this New York Times report, things might even be worse.

Posted on Sep 13, 2009 READ MORE


President Obama
White House / Pete Souza

Insurance Stocks Rise After Obama Speech

Remember President Obama’s reference during his health care address to “Wall Street’s relentless profit expectations”? Well, those expectations were apparently met by that same address. Insurance company stocks got a boost from the speech, which foreshadowed the death of the public option and promised to deliver millions of currently “irresponsible” customers.

Posted on Sep 10, 2009 READ MORE


stocks
Flickr / Katrina.Tuliao

Wall Street Comes Up With a Great Idea for the Next Recession

The geniuses on Wall Street have found another way to gamble and call it investing. Forget about mortgage-backed securities (wouldn’t that be nice?). Life insurance securitizations are the new hotness on Wall Street. And the fun part is, they make more money when you die faster.

Posted on Sep 7, 2009 READ MORE


Madoff affair book
gawker.com

Nobody Wants to Read About Bernie Madoff’s Steamy Affair

Disgraced former Wall Street baron Bernard Madoff might have made millions swindling others for profit during his heyday, but he doesn’t seem to have made much of a literary cottage industry for writers presumably looking to cash in on his downfall. Not even the “I-was-Bernie’s-mistress” angle is tempting book buyers at this point.

Posted on Sep 3, 2009 READ MORE


Back to Normal

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Posted on Sep 1, 2009 READ MORE    



Flickr / nikoretro

How About ‘Cash for My Crap Mortgage’?

Forget about replicating the success of the surge in Iraq: Whoever came up with “cash for clunkers” should be put in charge of everything. The clunkers program ended Monday—under budget—after moving almost 700,000 new fuel-efficient cars through an auto industry in the grip of rigor mortis. To put things in perspective, the whole program cost less than 2 percent of AIG’s bailout.

Posted on Aug 26, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: The Return of Big Government?

President Obama is gambling on America’s readiness to embrace a larger, more comprehensive form of government, but will it take? “Recovering Republican” Arianna Huffington argues that the system Obama favors is currently working best for oligarchs, not those losing their homes or worried about their health care, while Tony Blankley thinks Big Pharma is pitching camp in the White House.

Posted on Aug 14, 2009 READ MORE


Madoff pleads guilty
AP / Louis Lanzano

The Other Bernie Madoff Affair

Bernard Madoff’s connection with the New York-based Jewish charity Hadassah has become fraught above and beyond the economic level since the organization’s CFO, Sheryl Weinstein, claimed that she and the fallen financier had an affair, which she details in her upcoming memoir, “Madoff’s Other Secret: Love, Money, Bernie, and Me.”

Posted on Aug 14, 2009 READ MORE


banking hearing
AP / Susan Walsh

Letting the Banking Rats Out of the Bag

“Was there some sort of ghost that performed these actions?” New York federal Judge Jed S. Rakoff demanded to know Monday in rejecting a deal that would let Bank of America off the hook in yet another banker bonus scandal.

Posted on Aug 11, 2009 READ MORE


Sanders unfiltered

Sen. Sanders Unfiltered: Wall Street Off the Rails

In this installment of Brave New Films’ “Senator Sanders Unfiltered,” the independent federal legislator from Vermont points out what’s becoming hard to dispute or ignore, however much other members of Congress might do both: Wall Street, along with the pharmaceutical and insurance industries, practically runs Washington.

Posted on Aug 10, 2009 READ MORE


Cash for Clunkers

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Posted on Aug 6, 2009 READ MORE


banking protest
AP / Mark Lennihan

Banking Bandits Get Their Reward

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.

Posted on Aug 4, 2009 READ MORE



Collage: Flickr / david.nikonvscanon and Staples.com

A Rebound Without Recovery

The arithmetic of this recession still looks pretty dismal and the politics and psychology of it are starting to become disconnected from reality in a scary way.

Posted on Jul 28, 2009 READ MORE



AP / Mark Lennihan

Happiness Consultants Won’t Stop a Depression

Positive psychology, which claims to be able to engineer happiness, is a quack science that justifies the cruelty of unfettered capitalism, shifting the blame from the power elite to those they oppress.

Posted on Jul 27, 2009 READ MORE


Wall St.
Flickr / David Paul Ohmer

The Wall Street-Health Care Connection

When I heard Senate Finance Committee Chairman Max Baucus, D-Mont., floating the idea of a tax on health benefits in order to raise revenue for health-care reform, I was baffled; how could this be?

Posted on Jul 23, 2009 READ MORE



Flickr / Klearchos Kapoutsis

Blame the Midas Touch

If one tries to draw an urgently contemporary lesson from Greek myth, the story of Midas is irresistible. It provides a commentary on our global economic and financial crisis, in which the pursuit of wealth has ruined us.

Posted on Jul 16, 2009 READ MORE


Blankfein
AP / Mark Lennihan

‘Government Sachs’ Strikes Gold ... Again

Connect the dots: Goldman Sachs made $3.44 billion in profit this past quarter, while the U.S deficit topped $1 trillion for the first time in the nation’s history and appeared to be headed toward doubling that figure before the budget year is out. Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well?

Posted on Jul 14, 2009 READ MORE


Health Insurance Whistle-Blower Knows Where the Bodies Are Buried

Wendell Potter is the health insurance industry’s worst nightmare. He’s a whistle-blower. Potter, the former chief spokesperson for insurance giant CIGNA, recently testified before Congress, “I saw how they confuse their customers and dump the sick—all so they can satisfy their Wall Street investors.”

Posted on Jul 14, 2009 READ MORE



Flickr / antiparticle

Goldman Sachs Execs Dumped Stock Like Crazy

Goldman Sachs is expected to announce a windfall quarter, thanks no doubt to billions in bailout money, but many people at the firm aren’t puffing their chests out. According to the Financial Times, Goldman executives dumped close to $700 million in stock between September 2008 and April 2009—after taxpayers came to the rescue.

Posted on Jul 13, 2009 READ MORE



Flickr / eflon

AIG Gets Back to Bonuses

The closest we’ve come to a pitchfork moment in this whole economic crisis was the last time AIG tried to shower its employees with bonuses. You may recall that the financial giant was rewarded with $180 billion in federal funds after losing more money than any company ever did before and helping to ruin the world economy. Well, they’re at it again.

Posted on Jul 9, 2009 READ MORE


Benedict XVI
highvolumemedia.com

Pope Says Capitalism Is Failing

In the spirit of the poignant critiques of capitalism made popular by Pope John Paul II, Pope Benedict XVI has written a scathing letter just in time for the capitalist G-8 economic summit in Italy that demands we find a “profoundly new way of understanding business enterprise.”

Posted on Jul 8, 2009 READ MORE



AP photo / Amy Sancetta

The Crooks Get Cash While the Poor Get Screwed

If you have defrauded banks and customers and investment firms of billions of dollars, as AIG or Citibank has, you get taxpayer money. If you are moral scum in America we take care of you. But if you are poor, if you are, say, Tearyan Brown of Trenton, N.J., you are in trouble.

Posted on Jul 6, 2009 READ MORE


pink slip poster
Flickr / aflcio2008

Wall Street Pay Fattens as Rest of U.S. Suffers

Unemployment rose to 9.5 percent last month, the highest level in 26 years. Meanwhile, Wall Street payouts are not dropping. Goldman Sachs will be shelling out a whopping $20 billion to its employees this year. As we enter the 20th month of this recession, unemployment is becoming a way of life for many, and the very same people who created this mess are still reaping the profits.

Posted on Jul 2, 2009 READ MORE



AP photo / Louis Lanzano

The Root of Madoff’s Evil

Bernard Madoff should be exhibit A in why the dark world of totally unregulated private money managers and hedge funds should be opened to the light of systematic government supervision. Instead, he is being treated as an aberrant menace.

Posted on Jul 1, 2009 READ MORE


ENTER_ALT_TEXT

Classic Coups, Cloaks and Daggers

Honduran President Manuel Zelaya was ousted in his pajamas in a 1980s-style coup, while the CIA has begun recruiting laid-off Wall Street financial analysts to screw up other economies. Check out Jon Stewart’s take on things in this clip from Monday night’s “Daily Show.”

Posted on Jun 30, 2009 READ MORE


ENTER_ALT_TEXT

Bethany McLean on Madoff

Amy Goodman talks with Bethany McLean, pictured, a contributing editor at Vanity Fair and one of the journalists responsible for exposing the Enron scandal in 2001, about Bernie Madoff and what his 150-year sentence means on Wall Street. Check out this clip from Tuesday’s “Democracy Now!”

Posted on Jun 30, 2009 READ MORE



AP photo / Brennan Linsley, pool

Foreclosure Fiasco

The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis is a huge bust. The financial moguls, while tickled pink to have $1.25 trillion in toxic assets covered by the feds, along with hundreds of billions in direct handouts, are not using that money to turn around the free fall in housing foreclosures.

Posted on Jun 24, 2009 READ MORE



White House / Pete Souza

Obama’s Financial Plan Fails to Impress

President Obama compares his “sweeping overhaul of the financial regulatory system” to FDR’s crackdown on Wall Street, but New York Times business columnist Joe Nocera isn’t buying it. “Everywhere you look in the plan, you see the same thing,” he writes. “Additional regulation on the margin, but nothing that amounts to a true overhaul.”

Posted on Jun 18, 2009 READ MORE



AP photo / Charles Dharapak

Obama’s Economic Misfits Finally Get It

On Monday, two men with considerable responsibility for enabling the banking meltdown confronted the error of their ways. Hopefully Timothy Geithner and Lawrence Summers’ sudden conversion to common sense indicates the seriousness of the banking regulation plan that their boss, President Obama, will present to Congress today.

Posted on Jun 17, 2009 READ MORE


Obama and the Politics of Short Memories

Business has been on the ropes since last fall’s financial collapse, but the first glimmerings of recovery are calling forth a capitalist counteroffensive.

Posted on Jun 14, 2009 READ MORE


Bill Maher Is Hoping for a Little More Audacity

The “Real Time” host has some harsh words for the president, who, he says, is caving to insurance companies, banks and polluters: “This is not getting the job done. And this is not what I voted for.”

Posted on Jun 13, 2009 READ MORE



Flickr / The TruthAbout...

Some Banks to Repay Bailout Funds

Some of the country’s major banks are prepared to pay back money they borrowed under the TARP program, but don’t get too excited. The initial repayment is expected to be a meager $50 billion, which Timothy Geithner wants to inject right back into other troubled banks.

Posted on Jun 9, 2009 READ MORE



AP photo / Pablo Martinez Monsivais

Outrage—and Business as Usual

The public face of Congress is angry and outraged at all the bad behavior by banks, but in the other Washington, the financial industry continues to have its way.

Posted on Jun 8, 2009 READ MORE


Ronald Reagan
Reagan Library

Reagan Didn’t Do It

It would be nice to blame Ronald Reagan for the economic meltdown, as Paul Krugman did recently, but the facts don’t support it. Unfortunately, the real villains are closer at hand.

Posted on Jun 3, 2009 READ MORE


Bill Maher: America Is Greedy, Not Good

The “Real Time” host takes exception to American exceptionalism, the idea that Americans are unique and superior despite a penchant for poisoning, imprisoning and killing each other just to make a buck.

Posted on May 31, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Pelosi Waffles, Obama Falters

Will Nancy Pelosi survive the onslaught of scrutiny and criticism in the wake of recent CIA torture-briefing revelations with her House speaker status intact? Is President Obama in over his head, what with all the hubbub over torture photos and military tribunals?

Posted on May 16, 2009 READ MORE


Spitzah

Spitzer: ‘Wall Street Failed This Nation’

Everyone’s favorite client No. 9 is making the rounds of the cable news shows and is actually dropping some interesting takes on the economy and Wall Street regulation. Check out his two-part interview with Rachel Maddow.

Posted on May 13, 2009 READ MORE


Obama
AP photo / Charles Dharapak

Buying Brand Obama

The Obama brand is about being happy consumers. We are entertained. We feel hopeful. We like our president. We believe he is like us. But like all branded products spun out from the manipulative world of corporate advertising, we are being duped into doing and supporting a lot of things that are not in our interest.

Posted on May 3, 2009 READ MORE


Obama
AP photo / Gerald Herbert

Obama’s Next Target: Hedge Funds

President Obama gave certain hedge fund manager types who held out for “an unjustified taxpayer bailout,” as he put it, a dressing down in the midst of his comments about Chrysler’s bankruptcy filing on Thursday. Needless to say, that didn’t go over so well with the targeted demographic.

Posted on Apr 30, 2009 READ MORE


Wall Street
weblogs.cltv.com

‘Wall Street’ Sequel in the Works

What would have happened to the likes of Gordon Gekko, the ultra-sharky villain of Oliver Stone’s “Wall Street,” in the current economic climate? We’re about to find out, as Stone and Michael Douglas, who first brought the unabashedly greedy Gekko to life in 1987, are gearing up to make a sequel to the classic financial cautionary tale.

Posted on Apr 29, 2009 READ MORE


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