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+16 +2
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.
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+2 +1
Wall Street Costs The Economy 2% Of GDP Each Year
Why aren't admitted criminals treated as criminals?
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+22 +1
The New York Stock Exchange goes down: inside the dystopian aftermath
I was met by fires in the streets, the screams of the dying tourists and the shouts of former traders offering sacrifices to their new gods... By Molly Crabapple.
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+11 +1
Obama Administration Finds New Way to Let Criminal Banks Avoid Consequences
HUD's removal of a key clause in its requirements for taxpayer-guaranteed mortgage insurance spares two banks recently convicted of federal crimes from being frozen out of the lucrative market.
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+17 +1
Elizabeth Warren’s Glass-Steagall Legislation Has Two Fatal Flaws
When it comes to sleuthing out how Wall Street has gamed the laws, conned the regulators and colluded to corrupt the whole financial system, there is no one in Congress sharper-eyed or more outspoken than Senator Elizabeth Warren, who is also exceptionally well-qualified to lead this Wall Street posse... By Pam Martens and Russ Martens.
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+18 +1
California County Slashes Business with Criminal Too-Big-to-Fail Banks
The Santa Cruz Board of Supervisors voted to “not do new business for a period of five years with Citigroup, JP Morgan Chase, Barclays, Royal Bank of Scotland and UBS. As Yves Smith pointed out, it’s only common sense “to stay away from known crooks.”
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+20 +1
Elizabeth Warren Nails GOP Financial Exec
When a financial executive refuses to answer basic questions about personal finance, you know he's in trouble.
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+16 +1
How corporations could soon escape prosecution, by buying their way out
A new era of US-style plea deals for corporate corruption moved has moved nearer after it emerged that prosecutors had begun private negotiations that could allow a small British exporter to escape prosecution for alleged bribery.
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+17 +1
How Wall Street’s Bankers Stayed Out of Jail
On May 27, in her first major prosecutorial act as the new U.S. attorney general, Loretta Lynch unsealed a 47-count indictment against nine FIFA officials and another five corporate executives. She was passionate about their wrongdoing. “The indictment alleges corruption that is rampant, systemic, and deep-rooted both abroad and here in the United States,” she said. “Today’s action makes clear that this Department of Justice intends to end any such corrupt practices...
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+23 +1
The “Paid-What-You’re-Worth” Myth
It’s often assumed that people are paid what they’re worth. According to this logic, minimum wage workers aren’t worth more than the $7.25 an hour they now receive. If they were worth more, they’d earn more. Any attempt to force employers to pay them more will only kill jobs.
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+21 +1
Looting Made Easy: the $2 Trillion Buyback Binge
Corporations are taking the retirement savings of elderly public employees and using them to inflate their stock prices so wealthy CEOs and their shareholders can enrich themselves at the expense of their companies.
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+28 +1
How Wall Street Parasites Have Devoured Their Hosts, Your Retirement Plan and the U.S. Economy
The riveting writer, Michael Hudson, has read our collective minds and the simmering anger in our hearts. Millions of American have long suspected that their inability to get financially ahead is an intentional construct of Wall Street’s central planners.
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+22 +1
Bank executive sentenced to 8 years behind bars in bailout’s biggest criminal case
In 2009, less than a year after its $300 million taxpayer-funded rescue, the United Commercial Bank burned through the cash to become America’s first bailout-boosted bank to fail during the financial meltdown. But this week, one of the imploded bank’s former senior executives was sentenced to eight years in prison for covering up its collapsing loans, becoming one of the few high-ranking bankers to face punishment for crisis-era crimes.
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+39 +1
Goldman Sachs Beats Another Fraud Rap: Can the Public Ever Get Justice in New York Courts?
Yesterday, in a stunning decision packed with Orwellian reverse speak, Judge Victor Marrero of the U.S. District Court for the Southern District of New York... By Pam Martens and Russ Martens.
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+27 +1
Wall Street Banks to Settle Credit Default Swaps Lawsuit for $1.87 Billion
Some of Wall Street’s biggest financial institutions -- including Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc. and HSBC Holdings Plc -- have agreed to a $1.87 billion settlement to resolve allegations they conspired to limit competition in the lucrative credit-default swaps market. By Bob Van Voris Jesse Drucker.
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+48 +1
Was Tom Hayes Running the Biggest Financial Conspiracy in History?
On a deserted trading floor, at the Tokyo headquarters of a Swiss bank, Tom Hayes sat rapt before a bank of eight computer screens. Collar askew, pale features pinched, blond hair mussed from a habit of pulling at it when he was deep in thought, the British trader was even more disheveled than usual. It was Sept. 15, 2008, and it looked, he would later recall, like the end of the world.
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+1 +1
The Big Short Trailer (2015) ‐ Paramount Pictures
From the outrageous mind of director Adam Mckay comes THE BIG SHORT. Starring Christian Bale, Steve Carell, Ryan Gosling and Brad Pitt, in theaters Christmas. When four outsiders saw what the big banks, media and government refused to, the global collapse of the economy, they had an idea: The Big Short. Their bold investment leads them into the dark underbelly of modern banking where they must question everyone and everything.
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+23 +1
Crisis Chronicles: Defensive Suspension and the Panic of 1857
Sometimes the world loses its bearings and the best alternative is a timeout. Such was the case during the Panic of 1857, which started when a prestigious bank in New York City collapsed, making all banks suddenly suspect. Banks, fearing a run on their gold reserves, started calling in loans from commercial firms and brokers, leading to asset sales at fire-sale prices and bankruptcies. By mid-October, banks in Philadelphia and New York...
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+28 +1
Tragic deaths expose Wall Street's ruthless culture
In retrospect, it was around Easter that John Hughes began to think something unusual was going on with his middle son, Thomas, a 29-year-old investment banker. John's former wife, Marypat, had arranged for brunch at the Yale Club, in Manhattan, with her three sons: Thomas, who worked at the Wall Street advisory firm Moelis & Co.; John III, a young lawyer at Sullivan & Cromwell; and Joseph, an undergraduate at Fordham.
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+43 +1
Hillary, Bernie, and the Banks
Giant Wall Street banks continue to threaten the wellbeing of millions of Americans, but what to do? Bernie Sanders says break them up and resurrect the Glass-Steagall Act that once separated investment from commercial banking. Hillary Clinton says charge them a bit more and oversee them more carefully. Most Republicans say don’t worry.
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