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Errors Afflict More Checks Issued to Aid Homeowners

Thu, 09 May 2013 00:00:00 -0700

New York Times - By Ben Protess, Jessica Silver Greenberg - May. 09 (News Report) - DealBook: In Latest Foreclosure Glitch, Some Checks Come Up Short

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Democrats Are Undermining Wall Street Reform, Too

Wed, 03 Apr 2013 00:00:00 -0700

Mother Jones - By Erika Eichelberger - Apr. 03 (Opinion) - Many of the laws that Congress passed to rein in big banks in the wake of the 2007 financial meltdown have yet to go into effect, but lawmakers are already working to dismantle them. And it's not a partisan thing either. A group of 21 House lawmakers—including eight Democrats—is pushing seven separate bills that would dramatically scale back financial reform. The proposed laws, which are scheduled to come before the House financial-services committee for consideration in mid-April, come straight on the heels of a major Senate investigation that revealed that JP Morgan Chase had lost $6 billion dollars by cooking its books and defying regulators—who themselves fell asleep on the job. Why the move to gut Wall Street reform so soon? Financial-reform advocates say Democrats might be supporting deregulation because of a well-intentioned misunderstanding of the laws, which lobbyists promise are consumer-friendly. But, reformers add, it could also have something to do with Wall Street ...

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Why Should Taxpayers Give Big Banks $83 Billion a Year?

Wed, 20 Feb 2013 00:00:00 -0800

Bloomberg - Feb. 20 (Opinion) - On television, in interviews and in meetings with investors, executives of the biggest U.S. banks -- notably JPMorgan Chase & Co. Chief Executive Jamie Dimon -- make the case that size is a competitive advantage. It helps them lower costs and vie for cus

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Breaking Up Banks Is Easy When They Aren’t Failing

Sun, 06 Jan 2013 00:00:00 -0800

Bloomberg - By Red Jahncke - Jan. 06 (Opinion) - If we decide to break up the big banks, can we actually do it? The first and most obvious proof that we can lies in the 2010 bank-regulation law, the Dodd-Frank Act, which requires America’s too-big-to-fail banks to submit plans -- so-called living wills

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Secret and Lies of the Bailout

Fri, 04 Jan 2013 00:00:00 -0800

Rolling Stone - By Matt Taibbi - Jan. 04 (News Analysis) - It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed.

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UK 'could face austerity to 2018'

Mon, 26 Nov 2012 00:00:00 -0800

BBC News - Nov. 26 (News) - The UK may face an extended squeeze on public spending if the recent deterioration in growth prospects and tax receipts turns out to be permanent, a think tank says.

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Matt Taibbi: Goldman Case Shows Eric Holder 'Has No Balls'

Thu, 16 Aug 2012 00:00:00 -0700

Huffington Post - By Matt Taibbi - Aug. 16 (Opinion) - “Holder’s non-decision on Goldman is more than unsurprising,” Taibbi writes. “It amounts to an official announcement that the government is no longer in the business of prosecuting smart criminals. It’s pathetic. The one thing you pay any lawyer to have is balls, and our nation’s top attorney has none.”

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Moody's Cuts Credit Ratings of 15 Big Banks - New York Times

Fri, 22 Jun 2012 00:00:00 -0700

New York Times - By Peter Eavis, Susanne Craig - Jun. 22 (News) - After putting banks on notice months ago, Moody’s Investors Service cut 15 large firms’ ratings, which could do lasting damage to their bottom lines and unsettle the markets.

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The Scam Wall Street Learned from the Mafia

Fri, 22 Jun 2012 00:00:00 -0700

Rolling Stone - Jun. 22 (Opinion) - Someday, it will go down in history as the first trial of the modern American mafia. Of course, you won't hear the recent financial corruption case, United States of America v. Carollo, Goldberg and Grimm, called anything like that. If you heard about it

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Fair Game: W.T.O. and Barriers to Financial Change

Sat, 17 Mar 2012 00:00:00 -0700

New York Times - By Gretchen Morgenson - Mar. 17 (Opinion) - The battle to remake the financial markets faces new obstacles in — of all places — the World Trade Organization. Even now, after all we’ve been through, something is still wrong with Wall Street. That’s the takeaway from the extraordinary — and extraordinarily public — resignation of Greg Smith from Goldman Sachs last week. His criticism of Goldman, made in an Op-Ed article in The New York Times, suggested that some of the business practices and inherent conflicts in the financial industry are as troubling today as they were before all of those taxpayer bailouts.

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The Good, Bad and Ugly of Capitalism

Sat, 17 Mar 2012 00:00:00 -0700

New York Times - By Joe Nocera - Mar. 17 (Opinion) - Goldman Sachs displayed one side of capitalism this week that seemed to strike a chord with many. Starbucks is displaying a different side.

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When a Congressman Becomes a Lobbyist, He Gets a 1,452 Percent Raise (On Average)

Wed, 14 Mar 2012 00:00:00 -0700

The Nation - By Lee Fang - Mar. 14 (Special Report) - Selling out pays. If you’re a corporation or lobbyist, what’s the best way to “buy” a member of Congress? Secretly promise them a million dollars or more in pay if they come to work for you after they leave office.

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Greg Smith Leaves Goldman Sachs, But It's Not Just A Goldman Problem

Wed, 14 Mar 2012 00:00:00 -0700

Huffington Post - By Mark Gongloff - Mar. 14 (News Analysis) - To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. There is really nothing else you should be reading right now, if you haven't read it already, than

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Guy Who Rented All 94 Rooms of Aspen Hotel for Party Scores Awesome New Goldman Job

Mon, 12 Mar 2012 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Mar. 12 (Special Report) - The main character in that tale was an individual named Jeffrey Verschleiser, a former Bear Stearns executive who was instrumental in helping blow up that venerable firm. Verschleiser among other things was reportedly involved with an elaborate Wall Stre

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China Has Largest Trade Deficit Since 1989 as Imports Rebound From Holiday

Sat, 10 Mar 2012 00:00:00 -0800

Bloomberg - Mar. 10 (News Report) - China reported its biggest trade deficit since at least 1989 in February as Europe’s debt crisis crimped exports and imports rebounded after a weeklong holiday. The shortfall was $31.5 billion, the customs bureau said on its website today. Imports rose 3

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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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Government holds too many distressed, foreclosed homes. Rent 'em!

Sun, 26 Jun 2011 00:00:00 -0700

Christian Science Monitor - Jun. 26 - If Fannie Mae and other agencies sold their more than 1 million distressed or foreclosed homes, it would glut the market. But it could rent them. ...

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Speculating About Oil

Tue, 07 Jun 2011 00:00:00 -0700

Power Line - By John Hinderaker - Jun. 07 (News Analysis) - Again, what we are talking about here is a "risk premium" arising from events in the Middle East--events which presumably were not engineered by American oil companies. ThinkProgress's report on oil speculation is riddled with errors, many of them howlers. That web site's basic problem is that its writers are neither intelligent nor experienced in business. Therefore, they are utterly unqualified to write about topics like commodity pricing. In this instance, however, ThinkProgress's conduct is worse than incompetent: it released a report that tried to blame "speculators" for the current increase in oil prices. Its only support for that claim consisted of quotes that were falsely attributed to Goldman Sachs. The entire report, therefore, was premised on a lie.

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Federal Reserve Lending Revelations Intensify Criticism Of Central Bank's Secrecy

Thu, 26 May 2011 00:00:00 -0700

Huffington Post - By William Alden - May. 26 (News Report) - In the midst of the global financial crisis in 2008, the Federal Reserve lent Goldman Sachs, Credit Suisse and Royal Bank of Scotland at least $30 billion each at interest rates as low as 0.01 percent with no public disclosure of the details, Bloomberg News reported on Thursday. The latest revelations about the covert infusions of credit provided by the Fed to some of the world's largest banks has amplified accusations that the central bank is a power unto itself, operating according to its own devices and in the interest of major financial institutions -- and beyond accountability to taxpayers.

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The People vs. Goldman Sachs

Fri, 13 May 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - May. 13 (Editorial) - To recap: Goldman, to get $1.2 billion in crap off its books, dumps a huge lot of deadly mortgages on its clients, lies about where that crap came from and claims it believes in the product even as it's betting $2 billion against it. When its victims try to run out of the burning house, Goldman stands in the doorway, blasts them all with gasoline before they can escape, and then has the balls to send a bill overcharging its victims for the pleasure of getting fried.

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Rajaratnam Guilty on All Counts in U.S. Insider-Trading Case

Wed, 11 May 2011 00:00:00 -0700

Bloomberg - By David Glovin, Patricia Hurtado, Bob Van Voris - May. 11 (News) - Raj Rajaratnam , the hedge-fund tycoon and Galleon Group LLC co-founder at the center of a U.S. insider-trading crackdown, was found guilty of all 14 counts against him in the largest illegal stock-tipping case in a generation.

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How Goldman Sachs Created the Food Crisis

Sat, 30 Apr 2011 00:00:00 -0700

Foreign Policy - By Frederick Kaufman - Apr. 30 (Opinion) - It took the brilliant minds of Goldman Sachs to realize the simple truth that nothing is more valuable than our daily bread. And where there's value, there's money to be made.

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How Wall Street Thieves, Led by Goldman Sachs, Took Down the Global Economy -- Their Outsized Influence Must be Stopped

Tue, 26 Apr 2011 00:00:00 -0700

AlterNet - By Les Leopold, AlterNet - Apr. 26 - If we don't bust up Big Finance, there soon will be another financial crisis that will destroy what's left of our middle-class way of life.

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Asia stock markets lower amid Japan, Libya jitters

Mon, 28 Mar 2011 00:00:00 -0700

Seattle Times - Mar. 28 (News) - Asian stocks were mostly lower Monday as Japan's struggle to stabilize a leaking nuclear reactor dragged on for a third week and a fierce rebellion in OPEC-member Libya against leader Moammar Gadhafi fanned pessimism.

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When Cuts Don't Cut It

Fri, 04 Mar 2011 00:00:00 -0800

Real Clear Politics - By Eugene Robinson, - Mar. 04 (Opinion) - WASHINGTON -- After slamming Democrats for not focusing on "jobs, jobs, jobs," Republicans have decided to ignore their own winning message in favor of "cuts, cuts, cuts." This is bad economics -- and bad politics. If you don't believe me, read a new NB

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