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Tag: Wall Street

NYSE
AP / Henny Ray Abrams

House Passes Major Financial Regulation Bill

In what is being hailed as the biggest bid to change financial regulation since Franklin Delano Roosevelt’s New Deal, the House of Representatives on Friday passed the Wall Street Reform and Consumer Protection Act of 2009. In a press conference after the vote, House Speaker Nancy Pelosi proclaimed, “We are sending a clear message to Wall Street: The party is over.”

Posted on Dec 11, 2009 READ MORE


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Square, Category Page

Political Moral Hazard

Without consequences—or worse, with rewards—for wrongdoing, there is an incentive to do wrong. One need look no further than Wall Street and Washington, D.C.

Posted on Dec 10, 2009 READ MORE



Flickr / antiparticle

No Year-End Bonuses for Goldman Sachs Execs

Goldman Sachs has had a record year in terms of employee earnings—The Wall Street Journal says Goldman’s 31,000 worker bees brought in an average of more than $700,000 each in 2009—and that would be better news for the firm if it hadn’t been on the receiving end of major federal funding from last year’s bailout.

Posted on Dec 10, 2009 READ MORE


Matt Taibbi

Matt Taibbi: Obama’s Wall Street 180 Started on Election Day

Rolling Stone’s Matt Taibbi walks through Barack Obama’s banking sellout, beginning with the president’s transition team. According to Taibbi, Obama’s transformation from populist to Wall Street’s best friend started on day one.

Posted on Dec 9, 2009 WATCH & LISTEN


Obama
AP / Susan Walsh

Dear Barack, Spare Me Your E-Mails

Obama’s faux populism is beginning to grate, and when yet another one of those “we the people” e-mails from the president landed on my screen as I was fishing around for a column subject, I came unglued.

Posted on Dec 9, 2009 READ MORE


Is It Time for Financial Institutions to Give Back?

It seems plausible that payback time has arrived for the international financial community. The principal obstacle here is, at the moment, the Obama administration.

Posted on Dec 1, 2009 READ MORE


Dubai financial towers
Flickr / omar_chatriwala

Global Markets Hit by Dubai’s Debt Crisis

Dubai’s debt issues caused trouble in other parts of the world Friday. Stock markets from Europe to Asia to the U.S. registered the effects of the city-state’s announcement that it would need to put off paying back $60 billion in debt incurred from investments, according to The Wall Street Journal.

Posted on Nov 27, 2009 READ MORE


window shoppers
flickr/specialkrb

U.S. Economic Growth Falls Short of Earlier Figure

Whoops! The bad news in this bulletin is that the U.S. economy didn’t grow at quite the rate—3.5 percent—from July through September that the Department of Commerce previously said it had. The good news: It still grew, albeit at the whittled-down pace of 2.8 percent during that time.

Posted on Nov 24, 2009 READ MORE



Wikimedia Commons / Henry Han

Banks Gamble With Almost-Free Money

The Fed has been lending money at record-low rates, but instead of passing on the cash to businesses and consumers, big banks are rolling the dice in the financial markets. China and Japan have warned that these American high jinks could once again upend ... (continued)

Posted on Nov 24, 2009 READ MORE


DemocracyNow

Throw the Money Changers Out of the Temple

Wall Street profits are an obscene affront to Scripture, as Robert Scheer details in an interview with Amy Goodman on “Democracy Now!”

Posted on Nov 19, 2009 WATCH & LISTEN


Biden

‘Daily Show’: Is Joe Biden a Jedi Master?

In these clips from Vice President Joe Biden’s visit Tuesday to “The Daily Show,” the nation’s No. 2 takes stock of the Obama administration’s first year in office, defends his boss’ decisions on a couple contentious issues, and compares Wall Street honchos to rattlesnakes.

Posted on Nov 18, 2009 WATCH & LISTEN



AP / Alex Brandon

Who Are You and What Have You Done With the Community Organizer We Elected President?

What’s up with Barack Obama? Finally someone has a good idea about how to deal with Wall Street and the White House condemns it. 

Posted on Nov 18, 2009 READ MORE



Flickr / eflon

Bernanke Signals Possible End to ‘Too Big to Fail’ Era

Those financial institutions that viewed last year’s bailout as an object lesson that they can carry on as they wish so long as they’re “too big to fail” may have to adopt another approach. At least, that was the message Monday from Federal Reserve Chairman Ben Bernanke, if he makes good on words of warning to big banks.

Posted on Nov 16, 2009 READ MORE


Happy 40th Sesame Street









Posted on Nov 12, 2009 ENLARGE


Safe Word









Posted on Nov 2, 2009 ENLARGE    



White House / Pete Souza

Geithner’s Fed Made AIG Pay Banks to the Max

That Timothy Geithner must love the big banks he spends all day talking to. Back when he was in charge of things, the Federal Reserve Bank of New York forced AIG to pay off Wall Street tycoons for all those toxic bets, even though the mega-insurer was busy trying to negotiate a better deal.

Posted on Oct 28, 2009 READ MORE


Wall Street ‘Crimes’ Need Better Policing

Slashing bonuses at bailed-out companies is like arresting jaywalkers while ignoring the bank robbery that’s happening in broad daylight down the block.

Posted on Oct 22, 2009 READ MORE


Playing Monopoly With America’s Health

Anyone infuriated by the grossly inflated compensation of the masters of finance should check out the incredible earnings of the top executives in the health insurance business.

Posted on Oct 21, 2009 READ MORE



gawker.com

Wall Street Bonuses ‘Offensive’

The Obama administration, perhaps getting wise to public opinion, is lashing out at Wall Street firms. White House senior adviser David Axelrod called the huge bonuses executives received this year “offensive” in light of the fact that the rest of us are struggling through an economic crisis.

Posted on Oct 18, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Health Care Reform Survives?; Wall Street Revives

Wall Street got a boost, as if it needed one, from the Dow’s rise past 10,000 this week—but let’s not confuse that with economic stability. Consider the unemployment rate and the ballooning federal budget deficit, as Arianna Huffington, Bob Scheer, Tony Blankley and Matt Miller do on this week’s “Left, Right and Center.” Just don’t ask Arianna about “Balloon Boy.”

Posted on Oct 16, 2009 WATCH & LISTEN


money bags
0-60mag.com

Federal Deficit Hits Record $1.42 trillion

If you thought last year’s federal budget deficit was pretty big, you were right—and it’s three times as big now! Thanks to the magic of the recession, as well as the government’s attempts to rescue various sectors of the economy (and throw money at others, or so it appeared), the deficit for the 12 months ending last month was a whopping $1.42 trillion.

Posted on Oct 16, 2009 READ MORE


Selfish









Posted on Oct 15, 2009 ENLARGE



Flickr / I.Gouss

Dow Hits 10K, You Can Go Back to Work Now

Put down your pitchforks and pick up the champagne. Boom times are here. The Dow is over 10,000 for the first time in a year. What’s that? Real unemployment is at 17 percent, and they’re foreclosing your house? Stop being such a communist and party!

Posted on Oct 14, 2009 READ MORE


Geithner
AP / Gerald Herbert

Public Health Before Wall Street Wealth

There is an odd disconnect between the furious public debate over health care reform, with its emphasis on the cost of an increased government role, and the nonexistent discussion about the far more expensive and largely secretive government program to bail out Wall Street.

Posted on Oct 13, 2009 READ MORE


Night of the Living Deadbeats

Zombies have made a pop culture comeback. It might have something to do with all the undead banks and the bankers whose careers live on after the economic apocalypse they caused.

Posted on Oct 8, 2009 READ MORE



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 WATCH & LISTEN


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









Posted on Sep 25, 2009 ENLARGE


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 WATCH & LISTEN


Obama Lectures Wall Street









Posted on Sep 16, 2009 ENLARGE



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









Posted on Sep 1, 2009 ENLARGE    



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 WATCH & LISTEN


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 WATCH & LISTEN


Cash for Clunkers









Posted on Aug 6, 2009 ENLARGE


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


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