There are books about Washington and books about business. Rarely do these worlds collide so dramatically than in Hedrick Smith’s Who Stole The American Dream. He explores pivotal decisions and their relative impacts in these two seemingly disparate worlds with keen insight and analysis. The relationships and connections he traces can be described as a “mash-up” of some of his best reporting.
|By: Ariadne Allan Autor Sunday February 3, 2013 1:59 pm|
|By: Cynthia Kouril Thursday February 9, 2012 7:15 am|
The NY Times is reporting that NY and California have agreed to sign on the 50 state deal and that is will immunize robo-signing. If that is true, it’s over folks. The housing market is not going to recover any time soon and the court system will be permanently corrupted by forged and perjurious documents.
This settlement is an incredible breach of the social contract between the government and the governed.
|By: Cynthia Kouril Tuesday December 27, 2011 7:20 pm|
The Backbone Campaign, longtime source of witty direct action protests, partnered up with the Other 98%, the Seattle Labor Chorus and the Washington Community Action Network to produce a Christmas caroling event at Bank of America and at Wells Fargo. Donned in their Santa hats and other gay apparel, including a Ghost of Christmas Present, the 99% Choir serenaded the staff and customers at branches in Seattle area.
|By: Lindsay Beyerstein Saturday December 10, 2011 1:59 pm|
In the summer of 2011, 14 million Americans were unemployed and 16% of the country was officially poor. Student loan debt eclipsed credit card with over $1 trillion outstanding. One in five mortgages was underwater. Our leaders said the economy was recovering from the recession caused by the financial crisis, but their soothing pronouncements seemed to mock the evidence of our senses. On September 17, a group of activists converged on a small concrete plaza in lower Manhattan, determined to Occupy Wall Street.
|By: Jane Hamsher Thursday September 29, 2011 12:15 pm|
It seemed like S&P was never going to be held accountable for their actions. But after a months-long investigation, the SEC has declared that they may soon take action against S&P for their misleading mortgage ratings in the run-up to the 2008 financial crisis.
Reports indicate the SEC just issued a Wells Note indicating they were weighing ‘civil action’ against S&P — but that could amount amount to a pittance of a fine compared to the enormous profits reaped by S&P’s misdeeds.
|By: emptywheel Friday May 20, 2011 12:30 pm|
I’m not surprised that Karl Rove has weighed in on the foreclosure fraud scandal with an erroneous op-ed in the WSJ. I’m just a bit baffled why he did so now.
|By: Jon Walker Saturday April 16, 2011 11:00 am|
This is a reminder that the victims of Wall Street’s misconduct during the housing bubble actually include millions of responsible Americans who had zero involvement in the bubble, but are simply unfortunate enough to live in a community where the banks refuse to take care of their property.
|By: Jon Walker Tuesday March 29, 2011 12:42 pm|
Even if the banks get slapped with the “large” $30 billion penalty, that is only a net loss of 50% more than was saved by cutting corners. More likely, though, the settlement will cost the banks less than $30 billion. If I know the maximum punishment for robbing a bank was only being required to pay back what I stole plus at most another 50%, my life of crime would start tomorrow.
|By: Jon Walker Thursday March 17, 2011 2:30 pm|
Treasury Secretary Tim Geithner is pushing the state attorneys general to quickly as possible “bring to bed” their investigations of the wide-scale systematic violations of law by the nation’s largest financial institutions–it is a great reminder that, in America, there is a very important theft-to-punishment inflection point for the super rich and powerful.
|By: Jon Walker Wednesday March 2, 2011 7:15 pm|
The Home Affordable Modification Program (HAMP) has basically been a disaster since its start, and it remains one to this day. Roughly nine months ago, the Government Accountability Office examined the program, found many problems, and made several recommendations to improve it. Since then, the Treasury department has failed to make most of the needed changes.