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American Airlines' attempt to ditch pension riles feds, labor unions

Sat, 11 Feb 2012 00:00:00 -0800

Seattle Times - By Steven Mufson - Feb. 11 (News Report) - Now in bankruptcy proceedings, the airline wants to terminate its four pension plans for 130,000 workers and retirees and ask the government's Pension Benefit Guarantee Corp. to bail out its unfunded pension obligations to the tune of $9 billion.

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Special Report: The watchdogs that didn't bark

Thu, 22 Dec 2011 00:00:00 -0800

Reuters - Dec. 22 (News) - Special Report: The watchdogs that didn't bark Reuters By Scot Paltrow (Reuters) - Four years after the banking system nearly collapsed from reckless mortgage lending, federal prosecutors have stayed on the sidelines, even as judges around the country are pointing fingers at possible wrongdoing. ... The Mortgage Law Group Shares Good News With Homeowners Facing Holiday Foreclosure MarketWatch (press release) New state law will regulate foreclosure rescue fraud scams The Star-Ledger - NJ.com Despite Widespread Wrongdoing, Fed'l Prosecution of Institutions Involved in ... ABA Journal The Olympian LoanSafe all 30 news ...

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News Analysis: New Warnings of Euro Zone Danger — News Analysis

Wed, 30 Nov 2011 00:00:00 -0800

New York Times - By Steven Erlanger - Nov. 30 (News Analysis) - In Europe there are growing concerns that even an aggressive intervention by the European Central Bank will not be enough to stabilize the markets and preserve the euro. Money flows, but what Euro Zone lacks is glue.

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How Paulson Gave Hedge Funds Advance Word -

Tue, 29 Nov 2011 00:00:00 -0800

Bloomberg - By Richard Teitelbaum - Nov. 29 (News Report) - Treasury Secretary Henry Paulson on July 21, 2008 gave 'inside information' to a hall full of Fund managers. "The managers attending the meeting were thus given a choice opportunity to trade on that information. " Paulson, Bush, McCain, Obama, Bernanke, Dodd, Frank are all criminals in causing and exploiting the banking crisis. All should be in prison.

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World financial markets tumble on news of debt supercommittee’s stalemate

Mon, 21 Nov 2011 00:00:00 -0800

Washington Post - By Neil Irwin - Nov. 21 (News Report) - World financial markets tumbled Monday, as there were no new signs of resolution to Europe’s intractable crisis and as the U.S. debt supercommittee failed to reach agreement on a deficit reduction plan. The Dow Jones industrial average closed down 245 points, or 2.1 percent and the broader Standard & Poor’s 500-stock index was down 1.9 percent. Global markets were down even more, with the German Dax index off 3.4 percent and French and Spanish markets down by similar amounts.

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Congress: Trading stock on inside information?

Wed, 16 Nov 2011 00:00:00 -0800

CBS News - By Steve Kroft, Ira Rosen, Gabrielle Schonde - Nov. 16 (Special Report) - Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.

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Gingrich Said to Be Paid at Least $1.6 Million by Freddie Mac

Wed, 16 Nov 2011 00:00:00 -0800

Bloomberg - By Clea Benson, Dawn Kopecki - Nov. 16 (News Report) - Newt Gingrich made between $1.6 million and $1.8 million in consulting fees from two contracts with mortgage company Freddie Mac, according to two people familiar with the arrangement. The total amount is significantly larger than the $300,000 payment from Freddie Mac that Gingrich was asked about during a Republican presidential debate on Nov. 9 sponsored by CNBC, and more than was disclosed in the middle of congressional investigations into the housing industry collapse.

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What is a Tobin Tax?

Tue, 08 Nov 2011 00:00:00 -0800

BBC News - By Andrew Walker - Nov. 08 (News) - In a BBC interview, he acknowledged that there are counter-arguments, but said "where you have a scheme backed by a lot of very serious economists, by people who can't just be written off as knee-jerk anti-capitalists, the likes of George Soros and Bill Gates, there has to be be something to be said for it."

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Bank dumping days begin

Fri, 04 Nov 2011 00:00:00 -0700

CNN - Nov. 04 (News) - Customers are dumping their banks in droves ahead of the nationwide "Move Your Money" and "Bank Transfer Day" movements this Saturday.

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BofA Retreats On Debit Fee, Citing Uproar

Tue, 01 Nov 2011 00:00:00 -0700

Wall Street Journal - By Dan Fitzpatrick, Robin Sidel - Nov. 01 (News Report) - Bank of America is dropping its plan to charge customers $5 a month for making purchases with their debit cards, a person familiar with the situation said. The move follows similar actions by rivals Wells Fargo and J.P. Morgan.

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Regulators Investigating MF Global

Tue, 01 Nov 2011 00:00:00 -0700

New York Times - By Michael J. De La Merced, Ben Protess - Nov. 01 (News) - Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the company's operations.

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U.S. Stock Futures Drop as Europe Woos China for Bailout Fund

Mon, 31 Oct 2011 00:00:00 -0700

Bloomberg - By Adria Cimino - Oct. 31 (News) - U.S. stock futures fell, indicating the Standard & Poor's 500 Index may pare its biggest monthly rally since 1974, as investors awaited China's response to the European request for money to boost the bailout fund. Alcoa Inc., the largest U.S. aluminum producer, and General Electric Co. led declining shares in European trading. Futures on the S&P 500 expiring in December fell 0.9 percent to 1,269.4 at 8:50 a.m. in London. The S&P 500 advanced in the last four weeks and has climbed 14 percent this month. Futures on the Dow Jones Industrial Average retreated 89, or 0.7 percent, to 12,079

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Revealed - the capitalist network that runs the world

Wed, 19 Oct 2011 00:00:00 -0700

New Scientist - Oct. 19 (Special Report) - An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy. The study's assumptions have attracted some criticism, but complex systems analysts contacted by New Scientist say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable.

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BofA debit card fee prompts animosity from coast to coast

Sat, 08 Oct 2011 00:00:00 -0700

Los Angeles Times - Oct. 08 (News) - Los Angeles TimesBofA debit card fee prompts animosity from coast to coastLos Angeles TimesThe new $5 monthly charge has become a focal point for anger and frustration about the flailing economy and Washington's attempts to help the nation recover from the financial crisis. One of 11 demonstrators is arrested Thursday during a sit-in in the ...Customers balking at bank debit card feesDeseret NewsCustomers Upset About Bank FeesKBTXHow Debit-Card Fees Ruin Banking RelationshipsWall Street JournalLoanSafe -Reuters -The Associated Pressall 537 news articles »

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European shares rise despite Italy's rating downgrade

Wed, 05 Oct 2011 00:00:00 -0700

BBC News - Oct. 05 (News Report) - European stock markets ignored fresh warnings about Italy's ability to repay its debts by staging a strong rally. Reports that European leaders are considering co-ordinated action to bolster banks sent European markets up 3%-5%, though Wall Street opened flat. On Tuesday, Moody's cut Italy's credit rating by three notches and warned about the country's growth rate. But investors focused on signs that the debt-laden banking system may soon be recapitalised by European authorities. In an interview in the Financial Times, Olli Rehn, European commissioner for economic affairs, said: "There is an increasingly shared view that we need a concerted, co-ordinated approach.

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European debt crisis: live

Wed, 05 Oct 2011 00:00:00 -0700

The Guardian - By Julia Kollewe, Alex Hawkes, Graeme Wearden - Oct. 05 (Breaking News) - 8.01am: The FTSE has opened 120 points higher at 5064, a 2.4% gain, as markets digest the EU bank plan. There was also some reassuring news on troubled Franco-Belgian bank Dexia this morning. The French finance minister Francois Baroin said "tomorrow a s

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Wall St. trading could generate taxes

Wed, 05 Oct 2011 00:00:00 -0700

The Politico - By Josh Boak - Oct. 05 (News Report) - “The existence of the tax has not prevented the U.K. from having a vibrant financial market,” he wrote. “Apparently investors view the benefits of trading on the London exchange as being valuable enough to outweigh the cost of the tax. Presumably, this would be even more true in the case of the United States.”

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Occupy Wall Street protesters driven by varying goals

Fri, 30 Sep 2011 00:00:00 -0700

Los Angeles Times - Sep. 30 (News) - Almost two weeks into an anti-greed sit-in, the 'leaderless resistance movement' is at a crossroads.Michael Moore and Susan Sarandon have dropped in. A seasoned diplomat dispenses free advice. Supporters send everything from boxes of food and clothes to Whole Foods gift cards. They even have their own app, for the legions of fans following them on iPhones and Androids.

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Sorry, but this trader's banking confession was no prank

Thu, 29 Sep 2011 00:00:00 -0700

The Guardian - By The Yes Men - Sep. 29 (News Analysis) - The Yes Men have been blamed for Alessio Rastani's comments on the financial crisis. But sometimes truth outdoes satireThis week, an insignificant market trader and self-proclaimed financial self-help guru, Alessio Rastani, rocketed to stardom after speaking frankly on the BBC about the collapsing market and his plans to make money from it. We Yes Men heard about it right away, because soon after the broadcast, people started emailing from all over the world to congratulate us on another prank well done. They couldn't imagine that a real trader could possibly speak so candidly about the market, so they assumed Rastani was one of our posturings.He wasn't. Rastani is small potatoes, but he's a real trader. And he said nothing that would suggest otherwise; he simply described what he does, more honestly than a true insider would, but quite accurately. "Every night I dream of another recession," Rastani said, and explained that it's possible to make huge money from a big crisis even when millions of others lose their life savings, and worse.Well, duh. Don't we all know that Goldman Sachs bet against the same housing market they were such a big player in, and made $1bn in profit when the sub-prime crisis rendered millions of Americans homeless? John Paulson, the manager whose hedge fund was betting for Goldman, could have honestly said exactly what Rastani said, but of course he knew better – possibly because unlike Rastani, Paulson's firm had a major, immediate and provable impact, and there's no telling how his millions of victims might have reacted. Unlike Rastani, true industry insiders like Paulson, Geithner et al remain silent about the way their system works, couching it all in technical jargon and full-on deceit. They've been doing it for decades, and, since Ronald Reagan's day, with increasing consistency.Lately, it hasn't been working so well. Something has been speaking in very plain language to millions of people. The crowds amassing in cities from New York to Athens to Paris are just the tip of the iceberg, just the most visible of all those who have long known, viscerally, that Rastani's point of view is actually mainstream. Those people also know that, armed with truth and awareness, anything is possible.As Michael Moore pointed out to those occupying Liberty Plaza near Wall Street, in America it's just 400 people who own as much as most of the rest of us put together. And when the rest of us decide we really want to change the rules of the game, and take back this country for all the people, those 400 won't be able to do anything about it.Financial crisisGlobal recessionBankingGoldman SachsHedge fundsFinancial sectorThe Yes Menguardian.co.uk © 2011 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

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India’s GVK Said to Plan to Hire Banks for $1 Billion Loan

Tue, 20 Sep 2011 00:00:00 -0700

Business Week - By Katrina Nicholas - Sep. 20 (News Report) - GVK Power & Infrastructure Ltd., a builder of airports and utilities controlled by Indian billionaire GV Krishna Reddy, expects to hire banks to help organize a $1 billion loan as early as next week, according to a person with direct knowledge of the matter. The company agreed to pay $1.26 billion earlier this month to acquire coal projects from Australia’s Hancock Prospecting Pty. and will invest at least $6.5 billion over the next eight years to develop the mines.

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The $2 Billion UBS Incident: 'Rogue Trader' My Ass

Thu, 15 Sep 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Sep. 15 (Investigative Report) - There is much hand-wringing in the financial press today as the UBS incident has reminded the whole world that all of the banks were almost certainly lying their asses off over the last three years, when they all pledged to pull back from risky prop trading.

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Tax us more, say wealthy Europeans

Mon, 29 Aug 2011 00:00:00 -0700

The Guardian - By Helen Pidd - Aug. 29 (News Report) - German group latest to volunteer for higher contributions, saying country could raise €100bn in two years with a 5% wealth tax First it was Warren Buffett announcing that he and his chums had been "coddled long enough by a billionaire-friendly Congress". Then Liliane Bettencourt, France's richest woman, who was at the centre of a tax scandal last year, signed a letter along with 15 other billionaires begging to make a special contribution to the treasury to help drag France out of the financial crisis. Even an Italian got in the action , with the boss of Ferrari saying that as he was rich, it was only "right" that he stump up more cash. Now, as both France and Spain consider introducing a wealth tax, a group of 50 rich Germans have joined the "tax me harder" movement by renewing their open call to Angela Merkel to "stop the gap between rich and poor getting even bigger". The German group, Vermögende für eine Vermögensabgabe (The Wealthy for a Capital Levy) is the latest ...

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Standard & Poor's president steps down after historic US debt downgrade

Tue, 23 Aug 2011 00:00:00 -0700

The Guardian - By Dominic Rushe - Aug. 23 (News Report) - Standard & Poor's president Deven Sharma is set to leave the credit-rating firm at the end of the year. The decision follows the credit rating agency's controversial decision to downgraded US debt and S&P faces an inquiry by the Justice Department into i

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Wall Street Aristocracy Secretly Got $1.2 Trillion From Fed

Mon, 22 Aug 2011 00:00:00 -0700

Bloomberg - By Bradley Keoun, Phil Kuntz - Aug. 22 (Special Report) - Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest US banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market's collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the US Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the US Treasury, yet until now the full amounts have remained secret

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Is the SEC Covering Up Wall Street Crimes?

Wed, 17 Aug 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Aug. 17 (Investigative Report) - Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after

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