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+49 +1
Biggest-ever U.S. data breach hits 100 million people with bank accounts
U.S. banks and other financial institutions have suffered their largest ever data breach. U.S. officials confirmed the hack on Tuesday while bringing charges against four men for the theft of customer data of more than 100 million people. J.P. Morgan is among the banks that were hit, the company confirmed to Bloomberg. Hackers gained access to customer information of nine companies, according to an indictment from Preet Bharara, U.S. Attorney in Manhattan, including two newspapers.
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+22 +1
Hillary Clinton Is Whitewashing the Financial Catastrophe
She has a plan that she claims will reform Wall Street—but she’s deflecting responsibility from old friends and donors in the industry. By William Greider.
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+18 +1
The History of the Black-Scholes Formula
The inventors of the Black-Scholes Formula won a Nobel Prize for risk-management. Then their hedge fund needed a bailout.
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+21 +1
Ratings Agencies Still Coming Up Short, Years After Crisis
The Securities and Exchange Commission’s annual report of credit ratings agencies finds that dubious practices persist long after the subprime meltdown. By Gretchen Morgenson.
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+37 +2
Goldman Sachs Will Pay $5 Billion To Settle Financial-Crisis Claims
Goldman Sachs will pay about $5 billion to resolve state and federal investigations into its handling of mortgage-backed securities in the years leading up to the 2008 financial crisis, the bank said today. The agreement will settle "actual and potential civil claims" by the U.S. Justice Department and the attorneys general of New York and Illinois, as well as the Federal Home Loan Banks of Chicago and Seattle and the National Credit Union Administration...
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+24 +1
Will those who led the financial system into crisis ever face charges?
On Bill Black’s quest. By Terry Carter.
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+20 +1
‘Fixers’: A financial thriller with cameos by Hillary Clinton and Obama
Michael M. Thomas’s fictionalized account of the 2007 financial crisis and its fallout by a former partner at Lehman Brothers, reviewed by Michael Dirda.
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+3 +1
Dismissing Bernie’s Supporters as “a Mob” and the Great Recession as No Big Deal
In an unintentionally hilarious piece evincing exceptional moral blindness, Mr. [Larry] Womack, a journalist, writes to Bernie: “Senator, you are forming a mob of angry, misinformed people and then turning it on the likely Democratic nominee. That, Senator, is a dangerous and destructive game. Does your campaign honestly wonder why it has become synonymous with nasty online invective?” Gosh... By William K. Black.
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+10 +1
Meet the fossil-fuel loving hedge fund billionaire behind Hillary’s surge
A hedge-fund billionaire who¦s played an outsized role in promoting Hillary Clinton’s White House bid has a massive investment in fossil fuels. That should alarm all of us. By Will Bunch.
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+41 +1
The Billionaires’ Loophole
A loophole helps the wealthiest Americans to perform major acts of public service. Is that fair? By Alec MacGillis.
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+11 +1
[Banksters would have you believe] Postal Banking Didn't Work in 1910 – and It Won't Now
Endorsements from lawmakers such as Bernie Sanders and Elizabeth Warren of the U.S. Postal Service providing banking services overlook how a similar plan faltered after the Panic of 1907. By Stephen Matteo Miller. [Just look at him, with that depraved smirk. Who's he think he's fooling?]
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+36 +1
US supreme court signals support for bill to relieve Puerto Rico of $70bn debt
Seven justices heard arguments Tuesday weighing whether the island can escape crippling debts that the governor has warned are bringing it to the brink of ruin
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+36 +1
This Is Where Bad Bankers Go to Prison
Kviabryggja Prison in western Iceland doesn’t need walls, razor wire, or guard towers to keep the convicts inside. Alone on a wind-swept cape, the old farmhouse is bound by the frigid North Atlantic on one side and fields of snow-covered lava rock on another. To the east looms Snaefellsjokull, a dormant volcano blanketed by a glacier. There’s only one road back to civilization. This is where the world’s only bank chiefs imprisoned in connection with the 2008...
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+27 +1
Traumatized Worker Syndrome
“The key of demagogic politics is to realize that the people who are really backing you are your campaign funders. Your job as a politician is to say, ‘I can deliver this constituency.’” By Michael Hudson in conversation with Chris Hedges.
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+21 +1
Major banks deny claims they helped clients avoid tax - BBC News
International banking giants have denied allegations that they helped clients to avoid tax by using complicated offshore arrangements.
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+18 +1
Senator Elizabeth Warren at Banking Hearing on Consumer Finance Regulations
Senator Elizabeth Warren’s Q&A at an April 5, 2016 Senate Banking Committee hearing titled, “Assessing the Effects of Consumer Finance Regulations.”
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+3 +1
Hillary Clinton Fundraiser Hosted by All-Star Cast of Financial Regulators Who Joined Wall St.
Even as Clinton questions Sanders over the depth and sincerity of his financial reform ideas, she has big fans among former regulators now working with Wall St. By Zaid Jilani.
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+20 +1
Why are there so many anonymous corporations in Delaware?
Americans don’t need offshore companies in tiny island nations to hide their money. America has Delaware. By Libby Watson.
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+27 +1
The Myth that Obama’s Taking Huge Contributions from Wall Street Was Fine
I am now officially an economic advisor to Senator Sanders, and this column reflects some of that advice. Part of my advice is not to take money from Wall Street felons. By William K. Black.
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+21 +1
Senator Elizabeth Warren Asks Jack Lew, Who Owned an Offshore Account at Citigroup, to Investigate Panama Papers
Yesterday Senators Elizabeth Warren and Sherrod Brown sent a letter to U.S. Treasury Secretary Jack Lew, asking him to investigate potential U.S. involvement in the money laundering issues recently exposed by the leak of the Panama papers from the law firm, Mossack Fonseca… By Pam and Russ Martens.
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