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 Tuesday November 12, 2013 8:33 am|
|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.
|By: DSWright Monday October 21, 2013 9:50 am|
The previous fines Wall Street banks have paid have been laughable. But a $13 billion fine would be more than half of JPMorgan’s profit last year. Serious money. Though apparently JPMorgan thinks it might have to pay even more for its wrongdoing.
|By: Attaturk Friday October 11, 2013 1:30 am|
Hard to believe big banksters feel immune from little things…like the law and ethics.
|By: Peterr Saturday October 5, 2013 9:00 am|
If the banks ran their operations more like the Mafia, the world might be a nicer place. As it is, though, the banks seem to have no problem with their foreclosure subcontractors breaking into the wrong home, or making a little extra on the side while they’re there.
But imagine how the Mafia would handle a situation like this . . .
|By: masaccio Sunday September 29, 2013 10:45 am|
I’d forgotten what a loathsome human Lloyd Blankfein is, but he opened his yap and reminded me.
|By: dakine01 Thursday September 19, 2013 5:42 pm|
The days of pirates sailing the Spanish Main are long in the past. No more sacking of Cartagena. No, today’s “pirates” wear business suits and do their sailing on Wall St. Just today, we have reports that JPMorgan Chase is paying a $920M fine for the “London Whale Fail” trading losses. Amazingly enough, JP Morgan is even admitting “fault”.
|By: dakine01 Sunday September 15, 2013 4:00 pm|
Oh those oppressed Titans of Wall St and Masters of the Universe! They are so oppressed, just like the Fundamentalist Christians and straight white men, they never get things their way. Why, they just might have to go on Food Stamps after they pay their taxes in a DiBlasio administration.