FDL Book Salon Welcomes Bob Ivry, The Seven Sins of Wall Street: Big Banks, Their Washington Lackeys, and the Next Financial Crisis

By: Sunday March 23, 2014 1:58 pm

This book is an eye-opener, a wake-up call for those in Washington to get their heads out of Wall Street’s asses, a state unthinkable for most politicians. But, it’s also a wake-up call to us, to be ever more vigilant with every one of our financial dealings, because the worst is yet to come.

 

Fraudster Fabrice Tourre Now Teaching at University of Chicago

By: Wednesday March 5, 2014 3:18 pm

The University of Chicago has always been notorious for lacking integrity – intellectual and otherwise. Founded by oil monopolist and banker John D. Rockefeller, the University of Chicago has been the hell-mouth for Neoliberal quackery for generations perhaps most notoriously as patient zero for Professor Eugene Fama’s virulent “efficient market hypothesis” – a theory that helped justify the reckless deregulation that crashed financial markets in 2008.

Now U of C is getting another free market apologist, this one with real credentials – Fabrice “the Fabulous Fab” Tourre.

Governor Christie’s Brother Profited From Port Authority Project

By: Wednesday January 29, 2014 2:30 pm

Todd may once again be causing headaches for his brother governor as it has been revealed that Todd profited from the sale of homes near a major Port Authority project.

Hillary Clinton Tells Wall Street She Believes Anti-Wall Street Rhetoric ‘Foolish’

By: Thursday December 12, 2013 8:41 am

Here we go again. According to a piece in Politico Magazine former Secretary of State and likely 2016 presidential candidate Hillary Clinton had some harsh words related to progressives in her $400,000 speeches for Goldman Sachs and friends. Clinton decided to use her speaking opportunity before the super rich to attack those criticizing Wall Street and its numerous criminal practices.

Volcker Rule Approved By FDIC, Federal Reserve, And SEC

By: Tuesday December 10, 2013 11:05 am

The Volcker Rule has been formally approved by the FDIC, Federal Reserve and SEC. The Volcker Rule, named after former Fed Chairman and advocate Paul Volcker, was passed as part of the Dodd-Frank reform act in 2010 and is meant to prevent or limit large Wall Street banks from proprietary trading – trading on their own account.

NY Fed President Says Wall Street ‘Lacks Respect for the Law’

By: 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.”

Goldman Sachs, Richard Posner and Republicans Get Slapped

By: Sunday October 20, 2013 10:30 am

Let’s hope that the trend of defeats for the rich and their neoliberal trolls will reach the public at large, and that things will gradually change for the better.

New York Fed Tries To Seal Lawsuit From Examiner Fired For Taking On Goldman Sachs

By: Wednesday October 16, 2013 10:35 am

The New York Federal Reserve was not content with just firing Carmen Segarra for taking on Goldman Sachs now they are trying to have her lawsuit sealed. The NY Fed’s justification for sealing the documents and parts of the complaint is the accusation that Segarra stole the documents she is using in her case. In other words, the Fed is continuing its long tradition of secrecy and opacity

Why Are Gas Prices So High?

By: Sunday October 13, 2013 4:00 pm

So, my neighbor made this video about why gasoline prices are so high when demand is down and supply is up.   You should watch this.

You are not going to like the answer.

Bill Black, Carmen Segarra, and the Regulatory Failure That Is the Federal Reserve Bank of New York

By: Saturday October 12, 2013 12:40 pm

Back in 2009, law professor and former banking regulator Bill Black excoriated the internal corporate culture of the Federal Reserve when it comes to banking regulatory oversight. For a very specific illustration of what Black was talking about, just take a look at the complaint filed by former banking regulator Carmen Segarra against her former employer, the Federal Reserve Bank of New York. She was hired and assigned to investigate problems at Goldman Sachs, and when she and her team discovered some major problems, she was pressured to downplay them and back off. When she refused, she was terminated and Goldman Sachs was given a clean bill of health by the folks that fired her.

You’re shocked, I know. But the details, along with the documentation, are the truly shocking part of all this. Not about Goldman Sachs, but about their pals at the Federal Reserve Bank of New York.

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