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+20 +1
Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control
Dirty jokes and NSFW GIFs. Snaps of unsuspecting colleagues on the trading floor. Screenshots of confidential client positions. All that -- and, on occasion, even legally dubious information -- is increasingly being trafficked over the new private lines of Wall Street: encrypted messaging services like WhatsApp and Signal. From traders to bankers and money managers, just about everyone in finance is embracing these apps as an easy, and virtually untraceable, way to circumvent compliance, get around the HR police and keep bosses in the dark.
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+34 +1
How a Cruel Foreclosure Drove a Couple to the Brink of Death
A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million. By David Dayen.
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+19 +1
President Bannon Is Dead, Long Live President Cohn
Donald Trump has finally pivoted—right into a full embrace of Goldman Sachs economics. By David Dayen.
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+6 +1
#BlackLivesMatter Introduces a New Visa Debit Card, and Revives the Toxic Old Myths of Black Capitalism
During this year’s Black History Month, the #BlackLivesMatter folks rolled out, in partnership with OneUnited Bank, their officially branded #BlackLivesMatter debit card, which features the striking portrait of “Amir,” an African boy flanked by the iconic images of 1968 Olympians Tommie John and John Carlos, fists in the air… By Bruce A. Dixon.
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+19 +1
Four reasons Obama’s $400,000 Wall Street speech is a bad idea
Yes, other politicians have done it, and there's no rule against it. But Obama has plenty of unique reasons to avoid it. By Aaron Blake.
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+13 +1
Barack Obama Is Using His Presidency to Cash In, But Harry Truman and Jimmy Carter Refused
“I could never lend myself to any transaction, however respectable, that would commercialize on the prestige and dignity of the office of the presidency.” By Zaid Jilani.
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+21 +1
Supreme Court clears the way for cities, including L.A., to sue banks over foreclosure crisis
In a 5-3 decision, the court said the cities had standing to sue under the Fair Housing Act for allegedly discriminating against minority borrowers. By David G. Savage.
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+11 +1
Dubious Corporate Practices Get a Rubber Stamp From Big Investors
Arconic, the industrial materials company that spun off Alcoa, has been treated with kid gloves by big asset managers. Thursday’s annual meeting could change things. By Gretchen Morgenson.
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+27 +1
Rising Seas May Wipe Out These Jersey Towns, but They're Still Rated AAA
Few parts of the U.S. are as exposed to the threats from climate change as Ocean County, New Jersey. It was here in Seaside Heights that Hurricane Sandy flooded an oceanfront amusement park, leaving an inundated roller coaster as an iconic image of rising sea levels. Scientists say more floods and stronger hurricanes are likely as the planet warms. By Christopher Flavelle.
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+24 +1
Hell Is Empty And All the Hedge Fund Managers Are At The Bellagio
Blue blazers. Blue checked shirts. Collar open. No tie. Brown shoes. Black shoes. Or Nike shoes. New, new, all new. Soft leather satchels with bold brass zippers. Good cufflinks. Good watches. Better than you know. Hundred dollar haircuts. Straight razored shaves. Shaped cuticles. Manicured nails. Clean, soft, tailored. New… By Hamilton Nolan.
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+19 +1
233 House Republicans Just Set Course for Next Financial Collapse
#WrongChoiceAct passed by the House. By Jon Queally.
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+17 +1
Mnuchin calls for major rollbacks of Dodd-Frank financial reforms
Treasury Secretary Steven Mnuchin on Monday proposed sweeping changes to the tougher Dodd-Frank regulations put in place after the 2008 financial crisis. By Jim Puzzanghera, James Rufus Koren.
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+12 +1
Government Misled Public on Fannie/Freddie Takeover
While Russiagate rages, the bitter fight over the future of the real estate market continues. By Matt Taibbi.
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+10 +1
Elizabeth Warren Tears Apart Another Trump Nominee
Randal Quarles was “visibly shaken” after getting the Warren treatment. By Bess Levin.
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+1 +1
Obama Goes From White House to Wall Street in Less Than One Year
Hillary Clinton says she made a mistake when she gave speeches on Wall Street after leaving government. Taking money from banks, she writes in her new memoir, created the impression she was in their pocket. Her old boss doesn’t seem to share her concern. By Max Abelson.
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+22 +1
Vietnamese banker sentenced to death for fraud that exposed corruption
Vietnam denies the anti-corruption fight boils down to political infighting and says it is government policy to ‘deal with wrongdoing and corruption.’
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+17 +1
How America’s Biggest Bank Paid Its Fine for the 2008 Mortgage Crisis—With Phony Mortgages!
Alleged fraud put JPMorgan Chase hundreds of millions of dollars ahead; ordinary homeowners, not so much. By David Dayen.
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+13 +1
Puerto Rico Relief Bill Cancels $16 Billion in Debt — But Not for Puerto Rico
The House bill cancels $16 billion of the National Flood Insurance Program’s debt while loaning Puerto Rico $5 billion – money it will have to pay back. By David Dayen.
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+25 +1
Wall Street Revisits the Crash of '87
It remains the biggest one-day stock market drop in history.
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+25 +1
Shadow Banking Gets Bad Rap, So Treasury Wants to Erase the Term
Treasury argues big investment firms don’t operate in shadows. By Jesse Hamilton.
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