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Tag: Wall Street


Big Thumbs Up for Scheer’s ‘Stickup’

We here at Truthdig know that our own Robert Scheer really wishes that he didn’t have to write his latest book “The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street,” but ... (continued)

Posted on Oct 20, 2010 READ MORE


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sonyclassics.com/insidejob

A Glimpse Into the Heart of a Rotten System

I have now sat through Charles Ferguson’s “Inside Job”— the nonfiction version of Oliver Stone’s “Wall Street: Money Never Sleeps”— and I still don’t fully understand our endless financial crisis. This does not mean that “Inside Job” is a failure.

Posted on Oct 8, 2010 READ MORE



Flickr / Clyde Robinson (CC-BY)

AIG’s IOU Coming Due With Strings Attached

AIG plans to start paying back the taxpayers some of the $182 billion it borrowed, but the plan involves trading the government’s preferred shares in the company for common stock, a move that ought to raise at least one eyebrow.

Posted on Sep 30, 2010 READ MORE



20th Century Fox

Wall Street Revisited: Greed Is Good and Dull

The inherent problem with Oliver Stone’s follow-up to his 1987 classic is that it does not have the courage of its own nastiest convictions.

Posted on Sep 24, 2010 READ MORE



AP / Susan Walsh

Summers Leaving White House Post-Midterms

President Barack Obama is reportedly going to lose another member of his economic advisory team, and a big one at that, after the midterm elections this fall. The Bloomberg news service brought word Tuesday that Larry Summers plans to leave the White House before the end of 2010. Updated

Posted on Sep 21, 2010 READ MORE


Robert Scheer Talks Economic Crisis

In appearances on MSNBC and KCRW, Truthdig Editor Robert Scheer is coming out with rhetorical guns blazing to talk about the economic crisis, Wall Street pandering, and the culpability of both parties in all of it.

Posted on Sep 18, 2010 WATCH & LISTEN


Money Talks









Posted on Sep 13, 2010 ENLARGE    


SEC building
Wikimedia Commons / AgnosticPreachersKid

More Stocks Subject to SEC ‘Circuit-Breaker Rule’

Remember that crazy time back in May when the Dow Jones unexpectedly dropped by almost 1,000 points in only half an hour? Well, the SEC has finally worked in some protection against such sudden plunges by expanding the number of stocks subject to its current “circuit-breaker rule.”

Posted on Sep 12, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Obama Flops?; Saving the Middle Class

Did Obama have anything to offer in the way of, say, hope during his latest news conference on the economy? Will Elizabeth Warren’s likely appointment to head up Obama’s Bureau of Consumer Financial Protection represent a much-needed boost for the struggling middle class?

Posted on Sep 10, 2010 WATCH & LISTEN



Goldman Sachs Slapped With Hefty Fine in U.K.

Goldman Sachs hasn’t been the most popular name in finance lately on this side of the Atlantic, and now the Brits have jumped into the fray, hitting the banking behemoth with a $31 million fine for keeping its stateside troubles secret from U.K. authorities.

Posted on Sep 8, 2010 READ MORE



democracynow.org

Amy Goodman Interviews Robert Scheer About ‘The Great American Stickup’

We’ve heard about the robber barons on Wall Street who brought on our current economic crisis, but they couldn’t have done it without the help of key political players like Bill Clinton, for one, as Robert Scheer tells Amy Goodman in this “Democracy Now!” interview about his new book.

Posted on Sep 7, 2010 READ MORE



Flickr / Brian Cantoni (CC-BY)

Ungrateful ‘Government Motors’ Ready to Go Public Again

GM’s outgoing CEO likes to complain about the government’s 61 percent stake in the reborn company, but thanks to all that Washington meddling, GM has gone from losing $88 billion over four years to making a couple of billion in six months.

Posted on Aug 18, 2010 READ MORE


Ratigan and Colbert

‘Colbert Report’: Wall Street Execs Are Like Drug Dealers

MSNBC’s Dylan Ratigan used to be on a show called “Fast Money” before he caught on that Wall Street’s big bankers were playing the people while they “paid themselves billions of dollars,” as he tells Stephen Colbert in this clip.

Posted on Aug 11, 2010 WATCH & LISTEN


Rebuke but No Consequences for Post-Bailout Bonuses

Sticks and stones and all that: U.S. bankers are probably glad today that, as the childhood rhyme claims, “words can never hurt me,” since the Obama administration’s so-called pay czar has decided to criticize them for paying out $1.6 billion in extra payments to top execs after they received federal bailout funds—but not seek any punishment.

Posted on Jul 23, 2010 READ MORE


Wall Street flags
AP / Mark Lennihan

Obama Makes Financial Overhaul Official

It remains to be seen whether the new financial reform legislation that President Obama signed into law on Wednesday will spare us another economic cataclysm like the recession we’re still in, but for his part, the president seems jazzed about it.

Posted on Jul 21, 2010 READ MORE



Goldman Sachs’ Profit Takes a Major Plunge in Q2

Those of us who have stood aghast and watched as Goldman Sachs seemed to sail almost unscathed through the erupting economic catastrophe of the last two years (thank you, bailout!) might stop now for a moment of pure schadenfreude, as the megabank’s profits took a precipitous dive in the second quarter of this year.

Posted on Jul 20, 2010 READ MORE



More Champagne for Goldman Sachs

You know you have it made when a $550 million settlement with the SEC boosts your stock by $3 billion. Goldman Sachs’ penalty for selling a fancy investment it secretly bet against was about half what was expected, amounting to just 14 days of earnings. You might say they got away with it.

Posted on Jul 15, 2010 READ MORE


Senate Gives Financial Reform a Big Boost

On Thursday, the Senate helped bring financial reform one step closer to reality by approving legislation designed to get at some of the roots, at least, of the economic destruction that Wall Street wrought two years ago.

Posted on Jul 15, 2010 READ MORE


Joseph Crowley
Wikimedia Commons / U.S. Congress

Congressional Ethics Probe Targets Sketchy Fundraising Activities

We’ve got to hand it to Rep. Joseph Crowley, who ducked out of a House debate on financial reform last December to hit a fundraiser in his honor, where he pocketed thousands of bucks, some of which came from financial industry donors.

Posted on Jul 15, 2010 READ MORE



AP / Carolyn Kaster

There’s Just No Pleasing Some Robber Barons

The flight from reason that now marks American public discourse came home for me last Friday when I found myself on public radio debating whether Barack Obama is anti-business.

Posted on Jul 13, 2010 READ MORE



Flickr / chatswoodfp

Corporate America’s First-Class Recovery

While the rest of us patiently await the signs of economic recovery, corporate America has apparently skipped to the front of the line: Major companies are expecting to announce some of their highest profits in years.

Posted on Jul 11, 2010 READ MORE


Obama
AP / Pablo Martinez Monsivais

Two More Candidates for the McChrystal Treatment

It’s not working. Time for the president to concede that the economy is at best stagnating and at worst about to take another steep nose dive.

Posted on Jul 6, 2010 READ MORE



Flickr / walknboston (CC-BY)

Wall Street Donors Withhold Money, Affection From Democrats

Maybe the Democrats are doing something right after all. According to the number crunchers at The Washington Post, donations from the New York area to the party’s congressional campaign committees are down 65 percent, with the drop largely attributed to Wall Street’s dissatisfaction with financial reform. (continued)

Posted on Jul 6, 2010 READ MORE



senate.gov

Why Russ Feingold Won’t Vote for ‘Fig Leaf’ Financial Reform

“False security is no security at all,” writes the Wisconsin senator, who says he will not vote for the financial reform bill because it would not prevent another meltdown and “has Wall Street’s fingerprints all over it.” According to Feingold, “the administration and conference leaders have gone to significant lengths to avoid making the bill stronger.”

Posted on Jun 30, 2010 READ MORE



AP / Richard Drew

Bank Shares Zoom in Wake of Regulation Deal

Bank stocks had a surprisingly good day Friday, outperforming the rest of the market after it became clear that financial reform legislation hammered out in Congress would not meddle with precious bank profits.

Posted on Jun 26, 2010 READ MORE



AP / Richard Drew

Wall Street Reform Bill Nailed Down

After a marathon final negotiating session, Congress has cobbled together a historic overhaul of financial regulations for Wall Street. The bill is expected to win final approval next week and land on President Obama’s desk.

Posted on Jun 25, 2010 READ MORE



Our Webby Acceptance Speech

The Webby Awards were held Monday night in the posh Cipriani ballroom (once the lobby of the bank that would become Citi) on Wall Street. Truthdig Editor Robert Scheer took the opportunity to stick it to the neighborhood. Video after the jump.

Posted on Jun 15, 2010 READ MORE


From Shared Sacrifice to Hedonism

After Japan’s 1941 attack on Pearl Harbor, Franklin Roosevelt delivered a national address making eight references to the “sacrifice” that would be needed in the impending war and three mentions of the “self-denial” we would have to endure.

Posted on Jun 3, 2010 READ MORE


Clinton
AP / Jessica Hill

Blame Clinton, Not Paul

What is so great about our bloated federal government that when a libertarian threatens to become a senator, otherwise rational and mostly liberal pundits start frothing at the mouth? What Rand Paul thinks about the Civil Rights Act, passed 46 years ago, hardly seems the most pressing issue of social justice before us.

Posted on May 25, 2010 READ MORE


Balls and Chains









Posted on May 23, 2010 ENLARGE    



Wikimedia Commons

Former AIG Exec May Be Off the Hook

People close to the case are claiming that AIG executive Joseph Cassano will not face federal charges related to allegations that he misled investors over the company’s handling of mortgage-related securities prior to the economic crash and subsequent Wall Street bailout.

Posted on May 22, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Who’s This Rand Paul Guy, Anyway?

The Republican Party’s high hopes may hang on Ron Paul’s son, Rand, after he busted his way onto the national stage with his big primary victory this week in Kentucky, but is he the man for the GOP job? Just who likes Paul the Younger, and who isn’t crazy about him, may surprise you ... (continued)

Posted on May 21, 2010 WATCH & LISTEN



Flickr / epicharmus (CC-BY)

Making Sense of the Financial Reform Bill

The Senate passed on Thursday what The Wall Street Journal described as “the most extensive overhaul of financial-sector regulation since the 1930s.” The New York Times breaks down what’s in the bill and how it might change when reconciled with the House version. Worth noting: Democrats Russ Feingold and Maria Cantwell voted against the measure.

Posted on May 21, 2010 READ MORE


Wall Street bull
Flickr / kdinuraj

Wall Street Reform Stalls in Senate

By day’s end Wednesday, our chums over at the U.S. Senate hadn’t moved much closer to the finish line in dealing with the financial regulation bill, to the chagrin of some senators and, no doubt, the satisfaction of others.

Posted on May 19, 2010 READ MORE


bookcover

Fred Branfman on ‘The Big Short’

Author Michael Lewis in his best-selling book takes us inside capitalism’s “doomsday machine,” and it’s your worst nightmare come true.

Posted on May 6, 2010 READ MORE


White Out









Posted on May 6, 2010 ENLARGE    



finance.google.com

Dow Forgets We’re Recovering, Drops 1,000 Points

Fears that this might be a jobless recovery turned into fears that this might not be a recovery at all on Thursday as the Dow dropped about 1,000 points. It quickly rallied, leaving the loss at the world’s biggest casino at 347.80. (continued)

Posted on May 6, 2010 READ MORE



Flickr / david.nikonvscanon (CC-BY)

The Crime of Our Time

Danny Schechter’s new movie, “Plunder: The Crime of Our Time,” tells the story of the economic collapse as “a crime narrative as opposed to a mistakes narrative.”

Posted on May 5, 2010 READ MORE



Flickr / david.nikonvscanon (CC-BY)

The Crime of Our Time

Danny Schechter’s new movie, “Plunder: The Crime of Our Time,” tells the story of the economic collapse as “a crime narrative as opposed to a mistakes narrative.”

Posted on May 5, 2010 READ MORE



Live Chat: Robert Scheer on the Goldman Hearings

Will the Goldman Sachs hearings really accomplish anything? Are the Democrats just showboating? What are the prospects for real financial reform? Robert Scheer answers these reader questions and more.

Posted on Apr 29, 2010 READ MORE


It Takes Power to Control Power

Discredited as the financial powers are, their wealth alone continues to provide them with wildly disproportionate influence over the political process.

Posted on Apr 28, 2010 READ MORE


ENTER_ALT_TEXT

Goldman Sachs Bigwigs Dispute Charges

Step right up and you’ll see spectacles that will amaze from Tuesday’s face-off between senators and Goldman Sachs boss men, such as the awesome Fabrice Tourre denying “categorically” that he misled clients by selling them mysterious bundled financial entities tied to doomed mortgages.

Posted on Apr 27, 2010 WATCH & LISTEN


NYSE
AP / Henny Ray Abrams

GOP Drafting Rival Financial Reform Bill

Senate Republicans are hoping that, when it comes to their Democratic opponents, if they can’t beat ’em, they can at least make up their own financial reform bill to thwart ’em. One pesky problem with the GOP’s approach is ... (continued)

Posted on Apr 26, 2010 READ MORE


Party Crasher









Posted on Apr 25, 2010 ENLARGE


Left, Right & Center

‘Left, Right & Center’: Obama the Naive?; Defending Banking

This week’s show certainly gets lively as the panelists debate whether Wall Street’s work benefits the nation—and the world at large—or just its denizens’ own bank accounts. Also, they take up Obama’s performance as Wall Street’s pied piper and engage in another on-air tussle over the Catholic Church’s crisis.

Posted on Apr 23, 2010 WATCH & LISTEN


Titan Over Wall Street

Perhaps Obama could have scored more popularity points if he had ordered a few financiers to be led out of the Cooper Union auditorium in handcuffs.

Posted on Apr 22, 2010 READ MORE



Live Chat: Robert Scheer on Goldman Sachs

Read a full transcript of Robert Scheer discussing with readers his latest column, the crooks at Goldman Sachs and the prospects of financial reform.

Posted on Apr 22, 2010 READ MORE


Obama
AP / Alex Brandon

Obama Pitches Financial Reform to Wall Street Execs

President Obama spoke before a group of fat cats—or rather, “titans of industry,” as he called them—from Wall Street on Thursday at Cooper Union in New York City, the same site where he’d delivered his pre-bailout, pre-presidential speech on the economy two years ago, in an attempt ... (continued)

Posted on Apr 22, 2010 READ MORE


Just Doing My Job









Posted on Apr 21, 2010 ENLARGE


Bull Market









Posted on Apr 21, 2010 ENLARGE


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