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.
|By: DSWright 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.
|By: DSWright 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.
|By: DSWright 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.
|By: DSWright 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.
|By: masaccio 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.
|By: DSWright 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.
|By: DSWright Tuesday January 15, 2013 7:25 am|
Congress’ failure to pass a debt ceiling bill has lead to the Treasury Department taking “extraordinary measures” to continue to pay the nation’s debts. Treasury Secretary Geithner has now written a letter to Congress saying his is running out of tricks.
|By: DSWright Thursday January 10, 2013 7:39 am|
ack Lew, veteran of Citigroup and current White House Chief of Staff, will be our next Treasury Secretary.