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 Wednesday October 23, 2013 6:46 am|
|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: 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: Mike Konczal Saturday May 4, 2013 1:59 pm|
Robert Kuttner’s Debtors’ Prison ties together many of the individual fights progressives are battling over into a general argument for why our economy is broken 5 years after the Great Recession began. There are those fighting both Republicans and some Democrats on topics ranging from austerity to foreclosure relief and financial sector accountability, while there are fellow activists in Europe fighting against the European Central Bank’s policy of tight money and anti-democratic takeovers of local policy.
|By: DSWright Thursday April 18, 2013 6:52 am|
Adding insult to injury, many of the checks sent out to victims from the fraudclosure settlement have bounced. The terms of the fraudclosure settlement are bad enough but now it seems the victims will have to wait a little longer after trying to deposit their meager, grossly insufficient check only to have it bounce.
|By: Sarah Jaffe Saturday November 17, 2012 1:59 pm|
A year ago this week, the original Occupy Wall Street camp in Zuccotti Park was evicted. The camps served as a focal point for a vibrant protest movement that shook up the country, but they galvanized the anger and fear of working people around the country, struggling to make it through the Great Recession.
The mainstream press often did its best to portray the movement as simply a bunch of unwashed kids without a message, without demands. Yet if one ever doubted that the movement’s message got through, the collection of letters in The Trouble is the Banks, from Occupy the Boardroom and n+1 serves as proof.
|By: Cynthia Kouril Saturday May 26, 2012 1:59 pm|
Ah, so much fraud and conflict of interest packed into such a small package!
|By: chicagogal Wednesday May 23, 2012 5:27 pm|
All I can say is it’s about damn time somebody in Illinois stepped up to the plate to hold banks accountable for their criminal activities! St. Clair County Recorder Mike Costello and State’s Attorney Brendan Kelly on May 21st filed a civil suit for fraud and deception against 22 banks for allegedly using MERS to “sidestep recording fees” and creating “a scheme to evade county fees and shield property transfer records from the public.” As State’s Attorney, Mr. Kelly works with and advises government at the county level, while the Attorney General provides the same services at the state level.
|By: David Dayen Sunday April 15, 2012 7:40 am|
This is about as outraged I’ve seen a straight news article get about the foreclosure crisis, with particular scorn reserved for Bank of America.
|By: ghostof911 Monday February 6, 2012 7:15 pm|
Occupy Delaware made its march to Spencer Plaza in the heart of downtown Wilmington, Delaware on November 6, 2011. It pitched its first tents on November 10, 2011. With the help of the ACLU, it secured its right to remain in the Plaza by taking its case to Chancery Court where judge Vice Chancellor Sam Glasscock III issued a restraining order against the City of Wilmington on behalf of the protesters. In an effort to avoid a court case involving First Amendment freedom of speech issues that it mostly likely would have lost, the City then offered the protesters a deal, which in effect gives Occupy Delaware the right to remain as an encampment in Spencer Plaza as long as it chooses.