Federal Reserve Facing Scrutiny After Corruption Scandals

By: Monday November 24, 2014 12:24 pm

Last Friday New York Federal Reserve Chairman and former Goldman Sachs Chief Economist William Dudley went before the Senate Banking Subcommittee on Financial Institutions and Consumer Protection. Dudley testified in the wake of a slew of scandals the New York Fed was caught up in including a secret recording that revealed the Fed looked on the other way on a “shady” deal by Goldman Sachs, allowing Wall Street banks to manipulate commodity markets, and providing inside information to Goldman Sachs about how the NY Fed viewed certain Goldman clients.

 

Timothy Geithner’s Warburg Pincus May Profit from Tar Sands Exports

By: Saturday November 15, 2014 10:30 am

Several environmental groups have filed a lawsuit against the U.S. Department of State and Secretary John Kerry over the permitting of a controversial border-crossing northern leg of a pipeline system that DeSmogBlog has called Enbridge‘s “Keystone XL Clone.”

The Keystone XL Clone is designed to accomplish the same goal as TransCanada‘s Keystone XL: bringing Alberta’s tar sands to Gulf coast refineries and export market. It consists of three legs: the Alberta Clipper expansion as the northern leg, the Flanagan South middle leg and the Seaway Twin southern leg.

Green groups have called the northern leg an “illegal scheme” because the Enbridge Alberta Clipper expansion proposal didn’t go through the normal State Department approval process.

Elizabeth Warren Says Obama Administration “Protected Wall Street Not Families”

By: Monday October 13, 2014 1:14 pm

Senator Elizabeth Warren condemned the Obama Administration for perpetually siding with Wall Street instead of Wall Street’s victims. In an interview with Salon conducted by Thomas Frank, Senator Warren noted her frustration with the economic team President Barack Obama put together and claimed that they promoted the interests of Wall Street rather than families losing their homes, students mired in debt, and clients that had been defrauded.

European Union Reaches Settlement in LIBOR Case

By: Friday December 6, 2013 10:16 am

The European Union has reached a settlement with bankers on what may be the most far-reaching fraud case yet. The manipulation of the London Interbank Offered Rate (LIBOR) shocked the financial world as the LIBOR rate is used for financial products all over the globe and in many different markets from car and home loans to complex derivatives. Rigging this key rate for profit meant numerous people and institutions received altered rates on their loans.

Timothy Geithner Goes to Wall Street to Cash In

By: Monday November 18, 2013 12:52 pm

Former Treasury Secretary Timothy Geithner has, predictably, cashed in his favors to Wall Street by joining a financial services firm, Warburg Pincus. According to a press release from the private equity firm, Geithner will be President of the company and a Managing Director as well as a member of the Executive Management Group. In other words, Geithner will be well compensated at Warburg Pincus which has over $35 billion of assets under management.

CFTC Caves to Wall Street, Will Continue to Allow Cartel To Control Derivatives Market

By: Friday May 17, 2013 8:45 am

Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market.

Geithner Will Work For Wall Street Not On It

By: Friday February 8, 2013 8:25 am

Tim Geithner’s first post-Treasury Secretary job will be as a “distinguished fellow” at the Council On Foreign Relations. For the uninitiated, the Council On Foreign Relations is a more or less open conspiracy to use the American government as a vessel for advancing Big Business’ interests abroad. CFR represents America’s commercial oligarchy in all its glory. And as the power has shifted within the American business community to finance capital so too has CFR come to be dominated by Wall Street’s agenda and personnel.

TARP Watchdog Reports Treasury Allowed Excessive Bonuses

By: Tuesday January 29, 2013 1:50 pm

The failure of the Treasury Department under Tim Geithner to rein in bonuses for companies bailed out by taxpayers has been an issue since TARP began.

Timothy Geithner Says Justice Is Nice but Banks Are Just the Best

By: Thursday January 24, 2013 11:31 am

Geithner is a perfect counterpart for the execrable Lanny Breuer: he provides the cover Breuer needed not to prosecute any Wall Street executives or their employers.

Transcripts Reveal Federal Reserve Missed Housing Bubble

By: Friday January 18, 2013 12:34 pm

Transcripts released by the Federal Reserve reveal the central bank misinterpreted the downswing in the housing market as a positive signal of the market pricing in risk rather than the beginning of a bust that would quickly unravel the financial markets.

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