In American life, there is a large and growing number of institutions that act with utter impunity, are coddled by a fawning media, and no one, certainly not our supine elected officials, can dislodge them from their lofty perch, from which they shit on us all like cackling birds aiming at a just-washed car.
|By: William Black Saturday April 26, 2014 1:59 pm|
Nomi Prins’ most recent book begins with the 1907 banking crisis and the double myth that it was ended by J. P. Morgan while the U.S. government stood helpless. She shows that it was a double myth in that the crisis was not ended – the underlying banking pathologies grew – and Morgan’s intervention would have failed even as a short-term measure but for Treasury’s largely funding “his” extensions of credit. She begins with the 1907 crisis both because it illustrates her central themes and because it is essential to understand how, when, and why the Federal Reserve System was created in 1913.
|By: DSWright Wednesday April 9, 2014 6:52 am|
A longtime trial attorney for the SEC had some brutal parting shots for the agency. Given as remarks at a goodbye party the attorney, James Kidney, condemned the SEC for letting the larger Wall Street firms get away with crimes. Essentially claiming that the SEC never went after the powerful.
|By: DSWright Thursday March 27, 2014 2:00 pm|
Six years after the financial crisis Citigroup has failed a stress test by the Federal Reserve. Citigroup’s capital plan included a quintupling of its dividend but Fed regulators wanted the Too Big To Fail bank to hold onto more capital.
|By: DSWright Tuesday January 14, 2014 1:35 pm|
The destructive trend of financializing the US economy may continue if the Fed has their way. Despite complaints by companies in the real economy over the manipulation of commodity prices by the banksters on Wall Street, the Fed is set to punt on limiting Wall Streets invasion of the real economy.
|By: DSWright Friday December 6, 2013 10:16 am|
The European Union has reached a settlement with bankers on what may be the most far-reaching fraud case yet. The manipulation of the London Interbank Offered Rate (LIBOR) shocked the financial world as the LIBOR rate is used for financial products all over the globe and in many different markets from car and home loans to complex derivatives. Rigging this key rate for profit meant numerous people and institutions received altered rates on their loans.
|By: DSWright Tuesday November 12, 2013 8:33 am|
Huszar admits Bernanke’s cover story of helping drive down interest rates for struggling homeowners and small businesses was deception. The Fed knew QE was having no effect on helping banks make loans, the program’s only actual function was to let Wall Street siphon money directly from an increasingly compromised central bank.
|By: DSWright Friday November 8, 2013 9:30 am|
Is there anyone left who doesn’t think Wall Street has a culture of corruption? Even the President of the New York Federal Reserve William Dudley, a former Chief Economist at Goldman Sachs, has now critiqued Wall Street’s open contempt for the rule of law. Dudley claimed the banksters have displayed “deep-seated cultural and ethical failures.”
|By: DSWright Thursday October 31, 2013 8:30 am|
Well, it’s been a few weeks, so are you ready for yet another major scandal from the financial sector? Ready or not here we go. Just as LIBOR starts working its way through the courts, a scandal within the massive foreign exchange or FX market is getting rolling. Much like LIBOR, which involved rigging a market that was the global interest rate for loans, the alleged impropriety in the FX market could touch every financial institution in the world.
|By: DSWright Wednesday October 23, 2013 6:46 am|
Feeling generous? You should because you are about to help pay for JPMorgan’s $13 billion fine for causing the 2008 financial crisis. According to tax experts the money JPMorgan will be paying to the government ($9 billion) and to wronged customers ($4 billion) can be written off as a “business expense.” In other words, JPMorgan may be sticking the taxpayers with the bill.