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Tag: Wall Street

A Rare Admission That Money Trumps Everything Else

New York Gov. Andrew Cuomo is using his power to undermine a popular proposal to increase the minimum wage.

Posted on May 25, 2012 READ MORE



Photo by jpellgen

What We Learned About Wall Street and Big Business From Facebook’s IPO

In the span of less than a week, Facebook’s much-maligned initial public offering has led to billions in losses, multiple investigations and even lawsuits. The mess created from all this chaos, however, has led to some lessons about how Wall Street and big businesses play the system for their own economic advantages.

Posted on May 24, 2012 READ MORE



AP/Jae C. Hong

Do the Bain Hustle

President Obama is to be applauded for questioning Mitt Romney’s legacy, although his motives seem to be as opportunistic as those of Romney’s opponents in the Republican primaries who took the same tack.

Posted on May 23, 2012 READ MORE



Wired Photostream (creative commons)

Facebook Sued by Investors Over IPO

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 READ MORE



birgerking

Facebook’s Fumbled IPO Under Scrutiny

The fallout over Facebook’s botched IPO continued on Tuesday with a lawsuit filed against NASDAQ over mishandled orders and word that regulators may investigate Morgan Stanley, which helped set the price of the stock, and other underwriting banks.

Posted on May 22, 2012 READ MORE



Photo by (CC-BY-ND)

A Choice of Capitalisms

In this election, we’re not having an argument that pits capitalism against socialism. We are trying to decide what kind of capitalism we want.

Posted on May 20, 2012 READ MORE



AP/Mark Lennihan

Obama Can’t Knock the Hustle

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.

Posted on May 17, 2012 READ MORE



smoothdude (CC BY 2.0)

1 in 10 Wall Streeters Is a Psychopath: Unconfirmed

Monday we linked readers to an opinion piece in The New York Times by former Yale professor and literary critic William Deresiewicz. Deresiewicz’s essay and our post led with the claim that 10 percent of Wall Street employees are clinical psychopaths. It looks like that claim is unsubstantiated.

Posted on May 15, 2012 READ MORE



smoothdude (CC BY 2.0)

Psychopaths Are Loose on Wall Street (Updated)

One percent of the adult human population qualifies as clinically psychopathic, exhibiting a lack of empathy and a knack for telling lies and getting away with it. That compares with 10 percent of wheeler-dealers on Wall Street, according to a recent study. American critic William Deresiewicz is not surprised. Update: The 1-in-10 figure is unsupported. See here.

Posted on May 14, 2012 READ MORE



Illustration by Mr. Fish

Colonized by Corporations

We have been, like nations on the periphery of empire, colonized.

Posted on May 14, 2012 READ MORE


Coal, Foreclosures and Bank of America’s ‘Extraordinary Event’

Shareholder meetings can be routine, unless you are Bank of America, in which case it may be declared an “extraordinary event.”

Posted on May 10, 2012 READ MORE



Photo by (CC-BY-SA)

Elections Could Shift EU Away From Austerity, but Should They?

The weekend elections in France and Greece seem widely to have been taken, at least on the European and American left, as a solution to the great European economic crisis.

Posted on May 8, 2012 READ MORE



nosha (CC BY-SA 2.0)

Plutonomy and the Precariat: On the History of the U.S. Economy in Decline

After the first few years of the Great Depression there was a sense that “we’re gonna get out of it.” It’s quite different now. For many people in the United States, there’s a pervasive sense of hopelessness, sometimes despair. I think it’s quite new in American history. And it has an objective basis.

Posted on May 8, 2012 READ MORE



AP/Stephanie Keith

The People’s Bishop

Retired Episcopal Bishop George Packard was arrested for the second time as part of the Occupy protests. His moral and intellectual courage stands in stark contrast with the timidity of nearly all clergy and congregants in all of our major religious institutions.

Posted on May 7, 2012 READ MORE



AP/Shannon Stapleton

Imitation Outrage: Faking Concern for the Chinese Masses

We do not care a whit now—nor have we ever cared—about their human rights or any other aspect of their lives as long as they satiate our unbridled appetites.

Posted on May 2, 2012 READ MORE


Catholicism and the GOP: An Awkward Tango

A novel aspect of the Republican campaign for the party’s presidential nomination has been the importance placed by some candidates, their admirers and some voters on the Catholic religion and certain claims to formal academic certification or endorsement.

Posted on May 1, 2012 READ MORE



AP/Mahesh Kumar A.

Welcome to the Asylum

The World Health Organization calculates that one in four people in the United States suffers from chronic anxiety, a mood disorder or depression—which seems to me to be a normal reaction to our march toward collective suicide.

Posted on Apr 30, 2012 READ MORE



woodleywonderworks (CC-BY)

Halfway Through the Lost Decade

Does anyone care that the economy is floundering and that we are not getting out of this crisis anytime soon?

Posted on Apr 25, 2012 READ MORE


Taxes, Riots and Prostitutes

This week on Truthdig Radio in association with KPFK: Thousands of companies are withholding and keeping their employees’ state income taxes; 20 years after the L.A. riots: Whites don’t see the racial divide everyone else senses; the Secret Service and masculinity in Colombia; and Robert Scheer sounds off.

Posted on Apr 20, 2012 READ MORE



Photo illustration from an image by Colin Grey (CC-BY)

Taxes, Riots and Prostitutes

This week on Truthdig Radio in association with KPFK: Thousands of companies are withholding and keeping their employees’ state income taxes; 20 years after the L.A. riots: Whites don’t see the racial divide everyone else senses; the Secret Service and masculinity in Colombia; and Robert Scheer sounds off.

Posted on Apr 20, 2012 READ MORE



AP/Dima Gavrysh

For He’s a Jolly Good Scoundrel

The men most responsible for the collapse of the American dream are heaped with honors at the highest levels of society.

Posted on Apr 18, 2012 READ MORE



Photos by Gage Skidmore (CC-BY-SA)

The Two Mitts

It’s all over but the shouting, or, in this case, the polite applause: Mitt Romney is going to be the Republican presidential nominee. But which Mitt Romney? Will it be Mitt One or Mitt Two?

Posted on Apr 17, 2012 READ MORE



pameladrew212 (CC-BY)

Occupiers Shift to the Sidewalks

Expelled from their encampment at Zuccotti Park last November, protesters with Occupy Wall Street have taken to sleeping on the sidewalks of the financial center in lower Manhattan.

Posted on Apr 12, 2012 READ MORE



AP/Charles Dharapak

Obama by Default

The Republicans are a sick joke, and their narrow ideological stupidity has left rational voters no choice in the coming presidential election but Barack Obama.

Posted on Apr 4, 2012 READ MORE



Gage Skidmore (CC-BY-SA)

He’ll Still Be the Mitt We Know

The problem for Mitt Romney, assuming he eventually wins the GOP nomination, is that a general election campaign isn’t really like an Etch A Sketch. Alas, traces from the primaries linger.

Posted on Apr 3, 2012 READ MORE



Illustration by Mr. Fish

Someone You Love: Coming to a Gulag Near You

Our 16 national intelligence agencies and army of private contractors justify their existence by turning even the mundane into a potential threat. And by the time they finish, the nation will be a gulag.

Posted on Apr 2, 2012 READ MORE


Muppets Demand Justice From Goldman Sachs

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 READ MORE



Wikimedia Commons / Scrumshus

Congress Self-Corrects With Insider Trading Bill

Just in time for election year, the U.S. Senate successfully ushered a bill—the Stop Trading on Congressional Knowledge Act, cleverly abbreviated as the Stock Act—through to passage, and it now awaits final approval from President Obama.

Posted on Mar 23, 2012 READ MORE



AP / Steven Senne

Voters Have Two Candidates, No Choice

With Mitt Romney’s super-PAC limo now on cruise control to victory at the GOP convention, voters are left with only two reasons to vote against Barack Obama.

Posted on Mar 22, 2012 READ MORE


Goldman Sachs Pandora

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Posted on Mar 20, 2012 READ MORE


Goldman Sachs Muppets

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Posted on Mar 17, 2012 READ MORE



bbc.co.uk

Truthdigger of the Week: Greg Smith

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.

Posted on Mar 15, 2012 READ MORE



Decade of the Living Dead

“Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy” is a grisly and horrifying true story of bloodsucking, flesh-eating, life-destroying fiends.

Posted on Mar 15, 2012 READ MORE



AP / Mark Lennihan

At Last, Some Decency on Wall Street

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.

Posted on Mar 14, 2012 READ MORE


Medical Marijuana

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Posted on Mar 10, 2012 READ MORE



Illustration by Mr. Fish

AIPAC Works for the 1 Percent

AIPAC does not speak for Jews or for Israel. It is a mouthpiece for right-wing ideologues and defense contractors.

Posted on Mar 4, 2012 READ MORE



Homosexuality May Become a Felony in Liberia

Liberia is considering two proposals that would make consensual same-sex acts punishable with jail time; NATO refuses to get involved in the crisis in Syria; and a Jewish journalist killed by terrorists was baptized posthumously by the Mormon Church. These discoveries and more after the jump.

Posted on Mar 3, 2012 READ MORE


Wirewalking

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Posted on Feb 26, 2012 READ MORE



Photo illustration from an image by Colin Grey (CC-BY)

Lawrence Lessig on ‘Fixing the Republic’

This week on Truthdig Radio in association with KPFK: Lawrence Lessig discusses his new e-book, “One Way Forward: The Outsider’s Guide to Fixing the Republic,” and his optimism that movements like Occupy Wall Street can help set our democracy back on course.

Posted on Feb 24, 2012 READ MORE


Lawrence Lessig on ‘Fixing the Republic’

This week on Truthdig Radio in association with KPFK: Lawrence Lessig discusses his new e-book, “One Way Forward: The Outsider’s Guide to Fixing the Republic,” and his optimism that movements like Occupy Wall Street can help set our democracy back on course.

Posted on Feb 24, 2012 READ MORE



Inside a Foxconn Factory

A look inside Foxconn gives us a new perspective on workers’ conditions; one solution to the “right to be forgotten” dilemma may be to implement mandatory online insurance; meanwhile, a Columbia grad in New York has been converting pay phone booths into libraries. These discoveries and more after the jump.

Posted on Feb 23, 2012 READ MORE



New Obama Campaign Co-Chair: ‘The President Is Wrong’

“The president is wrong.” So says one of the newly appointed co-chairs of President Barack Obama’s re-election campaign.

Posted on Feb 23, 2012 READ MORE



AP / Mark Lennihan

Dow Breaks 13,000 for First Time Since 2008

Analysts are heralding the Dow Jones’ jumps past 13,000 on two brief occasions Tuesday as a sign that all this talk of economic recovery may be more bull market than, well, bull. Here’s hoping they’re right. 

Posted on Feb 21, 2012 READ MORE



woodleywonderworks (CC-BY)

The Best, Most Revealing Reporting on the Foreclosure Crisis

The U.S. housing crisis has been going on nearly five years, with still regular revelations about misdeeds by banks and others. Here’s ProPublica’s roundup of standout reporting on the crisis.

Posted on Feb 18, 2012 READ MORE



Gage Skidmore (CC-BY-SA)

Romney’s Big Problem

Mitt Romney has lost his central asset. It is no longer obvious that he is the Republican with the best chance of defeating President Obama.

Posted on Feb 15, 2012 READ MORE


Embracing ‘Enough’

Of all the no-no’s in contemporary America—and there are many—none has proven more taboo than the ancient doctrine of dayenu.

Posted on Feb 10, 2012 READ MORE



AP / Haraz N. Ghanbari

Elections Are for Suckers

Bribes from billionaires? Let’s just dip our fingers in purple ink and pose for photos.

Posted on Feb 9, 2012 READ MORE



hotelworkersrising.org

The Price of a Good Night’s Sleep

For anyone who does not belong to the very capstone of the American social pyramid, the old slogan of the labor movement is gaining a new and terrible meaning: An injury to one is an injury to all.

Posted on Feb 7, 2012 READ MORE



Mr. Fish

The Cancer in Occupy

The Black Bloc anarchists, who have been active on the streets in Oakland and other cities, are a gift from heaven to the security and surveillance state.

Posted on Feb 6, 2012 READ MORE


Romney’s 1 Percent Nation Under God

After he and the pro-Romney super PACs flooded the airwaves with millions of dollars’ worth of ads in a state where nearly half of the homeowners are underwater, Mitt Romney talked about whom he wants to represent.

Posted on Feb 1, 2012 READ MORE


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