In their groundbreaking new book, The Bankers’ New Clothes, Anat Admati and Martin Hellwig, two of the world’s most prominent and respected academics in finance and economics, expose the lies propagated by those who fight so dramatically to preserve the broken status quo. Argument by argument, scare tactic by scare tactic, they take on the bankers’ arguments and shred them, one by one, exposing them as nothing more than self-serving justifications for preserving a system that serves only the banks, not the general public. And most importantly, they do so in plain English with real world examples that are familiar to anyone who has ever had a bank account, a credit card, or a mortgage. They make the complex simple, and in so doing, reveal that as taxpayers we have been on the wrong side of a decades-long con that has enriched a handful of bankers while the rest of us suffer for their excesses.
|By: Neil Barofsky Saturday April 20, 2013 1:59 pm|
|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: Cynthia Kouril Wednesday November 21, 2012 6:00 am|
Yesterday I dashed off a post about the guilty plea taken by Lorraine Brown, the founder of DocX/LPS in which she admits that it was the custom and practice of her company to employee people to forge the signatures of others and to falsely notarize those signatures creating assignments, allonges and affidavits that were both forgeries and perjuries. In short, fraud.
|By: Lisa Derrick Tuesday January 31, 2012 8:00 pm|
I am in Tucson, Arizona for the huge gem, mineral, fossil and precious stones and whatever else expos/shows, and to visit Occupy Tucson which is staging several anti-bank rallies this week. I love gems and minerals, geodes, agates, and fossils, but it kinda bums me out to see so much of Nature’s beauty churned for a buck.
|By: Dean Baker Friday October 14, 2011 8:50 am|
Harvard economics professor Martin Feldstein, who made himself famous by predicting in 1993 that Clinton tax increases would not raise any revenue, strikes out big time in his proposal for the housing market in Thursday’s NYT.
|By: Lisa Derrick Thursday September 1, 2011 8:00 pm|
Painting as crime? Seems freedom of expression in art is subject to police investigation if it makes “someone” uncomfortable.
|By: Peterr Tuesday June 28, 2011 1:30 pm|
My wife and I recently bought a home. As if I hadn’t been persuaded earlier, the entire process convinced me of the need for a strong Consumer Financial Protection Bureau and someone strong-willed and committed to protecting consumers to run it, like Elizabeth Warren.
|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: emptywheel Sunday April 3, 2011 7:37 am|
Last June, Bloomberg did a long story on the Deferred Prosecution Agreement that Wachovia negotiated with DOJ. As “punishment” for helping Mexican drug gangs to launder more than $363 billion through casas de cambios for three years, Wachovia had to pay $50 million fine and a $110 million forfeiture of the proceeds that were clearly from drug gangs.
|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.