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Tag: Big Banks

Wells Fargo Directors Face Wrath for Complicity in Bank Corruption


Protesters on Tuesday registered their displeasure with the megabank’s leadership at the Florida site of Wells Fargo’s annual shareholder meeting.

Posted on Apr 25, 2017 READ MORE
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What a State-Owned Bank Could Do for New Jersey


Like most states, New Jersey suffers from serious budget problems, limiting its ability to make needed improvements. A public bank could change this.

Posted on Apr 13, 2017 READ MORE

Sarah Silverman: Here’s How You Can Stick It to the Banks That Abuse the Earth (Video)

In a clip for NowThis News, the comedian tells of a personal financial move she made in reaction to President Trump’s green light for the Dakota Access pipeline.

Posted on Mar 20, 2017 WATCH & LISTEN

When It Comes to Prosecuting Wall Street, Preet Bharara Is No Hero


The U.S. attorney fired by President Trump has been acclaimed for tackling corruption. But his treatment of figures involved in the Great Recession was far less confrontational.

Posted on Mar 13, 2017 READ MORE

Ruling Against Wall Street Watchdog Decried as ‘Reckless and Partisan’


A three-judge panel said Tuesday that the Consumer Financial Protection Bureau, brainchild of Sen. Elizabeth Warren, has an unconstitutional structure.

Posted on Oct 11, 2016 READ MORE

It’s Time for Congress to Stop Hollering at CEOs and Actually Take Action


Instead of setting up further rounds of CEO perp walks for the TV cameras, Congress should give the Justice Department and regulatory agencies enough funding to do their jobs.

Posted on Sep 26, 2016 READ MORE

Criminal Directions









Posted on Sep 22, 2016 ENLARGE

The Most Surprising Aspect of the GOP Platform? A Call to Revive Glass-Steagall


Donald Trump and archnemesis Sen. Elizabeth Warren of Massachusetts actually agree on this banking policy proposal.

Posted on Jul 21, 2016 READ MORE

Denmark Is One of the Biggest Victims of Wall Street Tax Avoidance Deals


The complex transactions add up to a major loss of revenue from dividend taxes.

Posted on Jul 14, 2016 READ MORE

Revealed: How Wall Street and the Government Profit From Student Debt


In a riveting article by The Center for Investigative Reporting, authors James B. Steele and Lance Williams detail how indebted students suffer as others cash in.

Posted on Jun 29, 2016 READ MORE

New Clinton Endorsements Prompt Questions About Where She Stands


Many Wall Street leaders have expressed their distaste for a potential Elizabeth Warren vice presidency, but some think otherwise. And Wednesday’s thumbs-up by a top George H.W. Bush adviser is also raising eyebrows.

Posted on Jun 22, 2016 READ MORE

Fed Leading the Banks









Posted on Jun 17, 2016 ENLARGE

Bernie and the Big Banks


The recent kerfuffle over Bernie Sanders supposedly not knowing how to bust up the big banks says far more about the threat he poses to the Democratic establishment and its Wall Street wing than it does about the candidate himself.

Posted on Apr 10, 2016 READ MORE

Would This Man Be Hillary Clinton’s Treasury Secretary?


BlackRock Inc. is the world’s largest manager of financial assets—five times larger than Goldman Sachs. And its CEO, Larry Fink, and his team are poised to take over a Clinton Treasury Department.

Posted on Mar 3, 2016 READ MORE

The Populist Revolution: Bernie and Beyond


With disenfranchised millennials at his back, Bernie Sanders’ proposal of a real financial revolution, a fundamental change in the system itself, is a great start to the necessary overhaul of society.

Posted on Jan 27, 2016 READ MORE

Paul Krugman Is Wrong. Here’s Why Bernie Sanders’ Movement Will Provide Real Change


New York Times columnist Paul Krugman last week warned Bernie’s supporters that change doesn’t happen with “transformative rhetoric” but with “political pragmatism”—“accepting half loaves as being better than none.” Krugman just doesn’t get it.

Posted on Jan 24, 2016 READ MORE

Bernie Sanders Is Right About Clinton and Big Banks—and Here Are the Numbers to Prove It


As the Vermont senator recently pointed out, Hillary Clinton’s relationship with Wall Street becomes clear when you look at how much she’s charged for speeches to Goldman Sachs, Morgan Stanley and big banks.

Posted on Jan 10, 2016 READ MORE

Wall Street Critic Elizabeth Warren ‘Glad Bernie Sanders Is Fighting to Hold Big Banks Accountable’

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Praise from the Massachusetts senator follows a speech by the presidential hopeful in which he vows to crack down on “too big to fail” banks.

Posted on Jan 6, 2016 READ MORE

Bernie Sanders: Elect Me President and We’ll Kick Big Bankers Out of the Federal Reserve


Banks are bigger today than before the crash that began in late 2007 and subsequent bailout. To rein them in, we should begin by forbidding “big bank executives to serve on the boards of the main agency in charge of regulating financial institutions,” Sanders writes in The New York Times.

Posted on Dec 24, 2015 READ MORE

Major Clinton Super PAC Donor Is a Profiteer of the Foreclosure Crisis


When Donald Mullen Jr. saw the beginning of the market decline that led to the crash of 2008, he told his colleagues at Goldman Sachs, “Sounds like we will make some serious money.”

Posted on Dec 9, 2015 READ MORE

The American Hunger Games


Let’s send the six Republican candidates for the presidency into the wilderness, weapons in hand, one at a time, and examine their minor differences to see what we can expect in a coming Republican era of “good times.”

Posted on Nov 30, 2015 READ MORE

This Is How We Should Punish Bank Felons


What exactly does it mean for a big Wall Street bank to plead guilty to a serious crime?

Posted on Jun 22, 2015 READ MORE

Karl Marx Was Right


The economist and philosopher foresaw that capitalism had built within it the seeds of its own destruction, that the greed of a tiny elite would eventually bring down the system. The final stages that he predicted are visible all around us now.

Posted on May 31, 2015 READ MORE

VIDEO: Busting Up Wall Street Is Step 4 in Saving the Economy


When Americans think of how the economic rules are stacked against them, they naturally think of Wall Street, which is back to many of its old tricks. Its lobbyists are now busily rolling back the Dodd-Frank Act—legislation intended to prevent another crash.

Posted on May 19, 2015 READ MORE

Five Big Banks Pleading Guilty to Felony Charges Will Continue Business as Usual


“For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote,” writes Dealbook at The New York Times.

Posted on May 14, 2015 READ MORE

The Clintons and Their Banker Friends, 1992-2016


To grasp the dangers that the Big Six banks presently pose to the financial stability of our nation and the world, you need to understand their history in Washington, starting with the Clinton years of the 1990s.

Posted on May 7, 2015 READ MORE

Elizabeth Warren’s Latest Interview With Jon Stewart May Make Your Jaw Drop

Ever wonder how the U.S. government justifies making an annual $60 billion off students? Allow Sen. Elizabeth Warren to explain.

Posted on Apr 13, 2015 WATCH & LISTEN

Bankers Brought Rating Agencies ‘To Their Knees’ On Tobacco Bonds


Wall Street pressed S&P, Moody’s and Fitch to assign more favorable credit ratings to their deals and bragged that the raters complied. Now many of the bonds are headed for default.

Posted on Dec 27, 2014 READ MORE

Secret Santa









Posted on Dec 25, 2014 ENLARGE

Why We Can’t Get the Government We Want and Deserve


Some believe the central political issue of our era is the size of the government. They’re wrong.

Posted on Dec 24, 2014 READ MORE

Do You Know What Banks Are Actually Doing With Your Money?

Russell Brand sits down with Max Keiser, who hosts a financial show on RT, to ask him to explain some of the things a lot of us don’t understand about banks. Keiser’s answers may surprise and disgust you.

Posted on Dec 23, 2014 WATCH & LISTEN

How Inside Traders Are Rigging America and Contributing to the Savage Inequalities of American Life


Major players on Wall Street have been making tons of money not because they’re particularly clever but because they happen to be in the realm where a lot of coins come their way.

Posted on Dec 18, 2014 READ MORE

Wall St. Cushion









Posted on Dec 15, 2014 ENLARGE

The Elizabeth Warren Speech That Has Everyone Talking

The Massachusetts senator sure won’t let big banks get away with the kind of blatant robbery other members of Congress seem perfectly happy to allow.

Posted on Dec 15, 2014 WATCH & LISTEN

President Obama and Congress Just Gave Your Savings Account to JPMorgan


With the passage of the 2015 federal budget bill, JPMorgan CEO Jamie Dimon got lawmakers to repeal a key part of the 2010 Dodd-Frank financial reform law and allow banks to use the savings accounts of ordinary Americans to gamble in the stock market on behalf of hedge funds, corporations and the rich.

Posted on Dec 14, 2014 READ MORE

Bank Torture









Posted on Dec 13, 2014 ENLARGE

Why Do Banks Want Our Deposits? Hint: It’s Not to Make Loans


While banks do not need deposits to create loans, they do need to balance their books; and attracting customer deposits is usually the cheapest way to do it.

Posted on Oct 26, 2014 READ MORE

How Wall Street Tobacco Deals Left States With Billions in Toxic Debt


Politicians wanted upfront cash from a legal victory over Big Tobacco, and bankers happily obliged. The price? A handful of states promised to repay $64 billion on just $3 billion advanced.

Posted on Aug 9, 2014 READ MORE

Big Banks Hit With Monster $250 Billion Lawsuit in Housing Crisis


In June, investors led by the world’s largest asset manager and the world’s largest bond-fund manager sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for the equivalent of 1 million homeowners with $250,000 in damages suing at one time.

Posted on Jul 17, 2014 READ MORE

Stephen Colbert Meets His Match in Elizabeth Warren

Even the pseudo right-wing pundit falls victim to Sen. Elizabeth Warren’s compelling arguments.

Posted on May 20, 2014 WATCH & LISTEN

Credit Suisse Pleads Guilty on U.S. Felony Charge, Gets $2.6 Billion Fine


Credit Suisse pleaded guilty and was fined $2.6 billion for helping Americans avoid taxes, the first time in 20 years a major bank has been punished on U.S. criminal charges.

Posted on May 20, 2014 READ MORE

Are Public Banks Unconstitutional? No. Are Private Banks? Maybe


The movement to break away from Wall Street and form publicly owned banks continues to gain momentum. But enthusiasts are deterred by claims that a state-owned bank would violate constitutional prohibitions against “lending the credit of the state.”

Posted on May 18, 2014 READ MORE

Tim Geithner and the Wall Street Bailout Redux


Frederic Legrand / Shutterstock.com

Timothy Geithner’s new book about the financial crisis, “Stress Test,” is basically an argument that the Wall Street bailout succeeded.

Posted on May 14, 2014 READ MORE

The Six Principles of the New Populism (and the Establishment’s Nightmare)


Shutterstock

More Americans than ever believe the economy is rigged in favor of Wall Street and big business and their enablers in Washington.

Posted on May 7, 2014 READ MORE

The Divide


Matt Taibbi’s new book is more Lincoln Steffens than Hunter Thompson, dropping most of the histrionics to explore why Wall Street bankers are seemingly exempt from criminal prosecution.

Posted on Apr 18, 2014 READ MORE

The Global Banking Game Is Rigged, and the FDIC Is Suing


Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps. And the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it.

Posted on Apr 13, 2014 READ MORE

Could a New Equity Empire Spark the Next Housing Crisis?

Laura Gottesdiener talks with “Democracy Now!” about her TomDispatch article on the team-up of big banks and private equity firms to bundle rental property mortgages into a new financial product called “rental-backed securities.”

Posted on Apr 10, 2014 WATCH & LISTEN

When Predatory Equity Hit the Big Apple


Private equity firms are partnering with big banks to bundle mortgages on more than 200,000 rental homes across the country bought up in the foreclosure crisis into a new financial product known as “rental-backed securities.” New York City has been a private equity playground for the last decade, and the result, unsurprisingly, has been a disaster for tenants and the market alike.

Posted on Apr 8, 2014 READ MORE

Bankers Win Both Ways: Now They Can Take Both Taxpayer and Depositor Money


On March 20, European Union officials reached a historic deal to save failing banks by tapping both taxpayer and depositor funds. It may be illegal under EU Parliament, but is being rushed through to lock taxpayer and depositor liability into place before the dire state of eurozone banks is exposed.

Posted on Mar 29, 2014 READ MORE

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