Posts below are from May 2012 to January 2013

Frank Partnoy And Jesse Eisinger’s long article about the lack of transparency in modern banking also makes clear how difficult it will be to reduce the economy’s vulnerability to this sector. <Not a single senior banker from a major firm has gone to prison for conduct related to the 2008 financial crisis; few even paid fines.>

Http://Www.Theatlantic.Com/Magazine/Archive/2013/01/Whats-Inside-Americas-Banks/309196/#

 

Richard Clark details how the deceptive bank bailout has led to a global banking crisis.

http://www.opednews.com/articles/Another-Global-Banking-Cri-by-Richard-Clark-130106-268.html

 

Jessica Silver-Greenberg And Susanne Craig discuss the difficulties of locating Ponzi schemers, even after regulations generated by the Madoff case.

http://dealbook.nytimes.com/2013/01/06/after-madoff-financial-fraud-defies-policing/?ref=todayspaper

 

Gretchen Morgenson describes how banks have procured low penalties for dubious practices in foreclosing.

http://www.nytimes.com/2013/01/06/business/bank-settlement-may-leave-tiny-slices-of-a-smaller-pie.html?ref=todayspaper

 

Regulations of banks are hard to get into law and even harder to implement. Read Pat Garofalo’s latest.

http://www.nationofchange.org/banks-get-delay-new-rule-keeping-taxpayers-hook-risky-trades-1357402304

 

Matt Taibbi summarizes the deceptions and continuing cover-up of the bank bailout. This long article should be reprinted everywhere. His conclusion is terrifying. <So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government.>

http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104

 

Matt Taibbi comments on Angelo Mozilo’s testimony.

http://www.rollingstone.com/politics/blogs/taibblog/angelo-mozilo-former-countrywide-ceo-claims-he-doesnt-know-what-verified-income-is-20121228

 

William Black questions why both Cameron and Obama chose not to prosecute HSBC.

http://www.huffingtonpost.com/william-k-black/hsbc-settlement_b_2291859.html

 

Matt Taibbi on the failure to prosecute HSBC — even though they admitted laundering drug monies.

http://readersupportednews.org/opinion2/277-75/15041-focus-hsbc-settlement-proves-the-drug-war-is-a-joke

 

Thom Hartmann on the ways that Goldman Sachs has created bubbles, then profited by betting against them.

http://www.opednews.com/articles/Goldman-Sachs-Global-Coup-by-Thom-Hartmann-121203-485.html

 

Robert Scheer insists “Bill Clinton bears as much responsibility as any politician for the worst economic crisis since the Great Depression.”

http://www.nationofchange.org/great-deregulator-1347543380

 

Jim Hightower on the case against letting banks be too big to fail

http://www.informationclearinghouse.info/article31459.htm

 

Matt Taibbi agrees with Gretchen Morgenson that the Libor scandal also involve many US banks and should lead to serious investigations of so- called regulators and jailing of the persons conducting the frauds.

http://www.commondreams.org/view/2012/07/10-1

 

Michael Winston remains an unrewarded whistle-blower. Read Gretchen Morgenson’s update on the case against Countrywide (now part of Bank of America).

http://www.nytimes.com/2012/07/01/business/countrywide-ex-executive-still- awaiting-3-8-million-award.html?ref=todayspaper

 

Regulating Wall Street?? Gretchen Morgenson today has two important stories on the outreach of financial shenanigans — insider trading and bailout costs. Both illustrate the problems of regulating this sector of the economy, and remind us of the limited effectiveness of the no-fault settlements that SEC imposes. She also describes in some detail the costs paid by whistle- blowers. Today, Mr. Parmigiani spends much more time with his two young children; his wife has become the family’s breadwinner. He has paid a price for trying to blow the whistle on Lehman, but says he has no regrets. Still, he says, his experience suggests that the authorities are reluctant to go after high-level executives on Wall Street. As he puts it: “Law-abiding citizens should not have to beg civil servants charged with law enforcement to do their jobs.”http://www.nytimes.com/2012/05/20/business/is-insider-trading-part-of-the-fabric-on-wall- street.html?ref=todayspaper http://www.nytimes.com/2012/05/20/business/a-bailout-analysis-thats-incomplete-fair- game.html?ref=todayspaper

 

The Consumer Financial Protection Bureau makes its first penalty judgment (although payer did not have to admit fault or guilt)

http://dealbook.nytimes.com/2012/07/18/consumer-watchdog-fines-capital- one-for-deceptive-credit-card-practices/?ref=todayspaper

 

“Inside Job” Director Charles Ferguson: Where Are the Criminal Prosecutions for Financial Crisis?http://www.democracynow.org/2012/6/1/inside_job_director_charles_ferguson_where

 

 

Another story on Fed Reserve report: “middle class American families lost almost 20 years of accumulated wealth from 2007 to 2010. The median American family lost 39 percent of their net worth — from $126,400 to $77,300 — putting them roughly on par with their worth in 1992. The crash of housing prices directly accounted for three-quarters of the loss.middle class American families lost almost 20 years of accumulated wealth from 2007 to 2010. The median American family lost 39 percent of their net worth — from $126,400 to $77,300 — putting them roughly on par with their worth in 1992. The crash of housing prices directly accounted for three-quarters of the loss.”

http://www.opednews.com/populum/linkframe.php?linkid=151698

 

Eliot Spitzer interviews Matt Taibbi and Dennis Kelleher, on Geithnerhttp://www.opednews.com/populum/linkframe.php?linkid=153167

 

Exposed bankers in pay give-backs (“claw-backs”?). A story to follow.

http://dealbook.nytimes.com/2012/07/13/jpmorgan-to-take-back-millions- from-former-officials/?ref=todayspaper

 

Gar Alperovitz helps us understand how banks work — and how this affects all of us/

Gar Alperovitz on the ways that big banks run the world

http://truth-out.org/news/item/9658-how-big-banks-run-the-world- at-your-expense

http://www.opednews.com/populum/linkframe.php?linkid=153042

 

Gretchen Morgenson reviews Neil Borofsky’s new book that reveals the ways that banks scammed the TARP bailout

http://www.nytimes.com/2012/07/22/business/neil-barofskys-journey-into-a- bailout-buzz-saw-fair-game.html?pagewanted=1&ref=todayspaper

 

Jesse Elsinger discusses the market for credit default swaps

http://www.propublica.org/thetrade/item/like-rate-fixing-scandals-youll-love- the-credit-default-swap-market

 

Jim Hightower on the case against letting banks be too big to failhttp://www.informationclearinghouse.info/article31459.htm

Manipulations of interest rates (for the profit of financial organizations — and thus the theft of monies from the rest of us) was known by NY Fed for many years. But as Michael J. De La Merced And Ben Protess write “The Revelations Fuel Concerns That Regulators Are Ill-Equipped To Police Big Banks And That Financial Institutions Can Game The System For Their Own Purposes.”http://dealbook.nytimes.com/2012/07/13/barclays-informed-new-york-fed- of-problems-with-libor-in-2007/?ref=todayspaper

 

Matt Taibbi agrees with Gretchen Morgenson that the Libor scandal also involve many US banks and should lead to serious investigations of so- called regulators and jailing of the persons conducting the frauds.

http://www.commondreams.org/view/2012/07/10-1

 

Matt Taibbi calls Libor “ the biggest insider trading you could ever imagine.” Watchhttp://www.democracynow.org/2012/7/19/matt_taibbi_libor_rate_fixing_sca ndal

 

Matt Taibbi on Barclays and Royal Bank of Scotland

http://readersupportednews.org/opinion2/279-82/12176-focus-banks-paying-huge-fines- for-wall-street-scam

 

Michael Moore and Wendell Potter finally meet

http://www.opednews.com/articles/Michael-Moore-Finally-Meet-by-Rob- Kall-120702-619.html

 

Michael Winston remains an unrewarded whistle-blower. Read Gretchen Morgenson’s update on the case against Countrywide (now part of Bank of America).http://www.nytimes.com/2012/07/01/business/countrywide-ex-executive-still- awaiting-3-8-million-award.html?ref=todayspaper

 

Read/Watch Dennis Kucinich on the Libor scandal

http://truth-out.org/news/item/10288-kucinich-explains-libor

 

Regulating Wall Street?? Gretchen Morgenson today has two important stories on the outreach of financial shenanigans — insider trading and bailout costs. Both illustrate the problems of regulating this sector of the economy, and remind us of the limited effectiveness of the no-fault settlements that SEC imposes. She also describes in some detail the costs paid by whistle- blowers. Today, Mr. Parmigiani spends much more time with his two young children; his wife has become the family’s breadwinner. He has paid a price for trying to blow the whistle on Lehman, but says he has no regrets. Still, he says, his experience suggests that the authorities are reluctant to go after high-level executives on Wall Street. As he puts it: “Law-abiding citizens should not have to beg civil servants charged with law enforcement to do their jobs.”http://www.nytimes.com/2012/05/20/business/is-insider-trading-part-of-the-fabric-on-wall- street.html?ref=todayspaperhttp://www.nytimes.com/2012/05/20/business/a-bailout-analysis-thats-incomplete-fair- game.html?ref=todayspaper

 

Richard Clark compares bankster practices to a brilliant mafia operation. Start with his quote from FDR “”The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes….”

http://www.opednews.com/articles/The-Ongoing-Multi-Trillion-by-Richard- Clark-120618-297.html

 

Robert Scheer on the ways that Fed members gave fundings to their own banks!

http://www.informationclearinghouse.info/ article31591.htm

 

The Libor scandal seems finally to have forced serious criminal investigations of banksters. Will this move beyond the simple financial penalties with no admissions of wrongdoing? Only time will tell. But surely bank robbers have not avoided punishment by simply paying fines.

http://dealbook.nytimes.com/2012/07/14/u-s-is-building-criminal-cases-in- rate-fixing/?ref=todayspaper

 

The New York Fed, Geithner, and Libor. Interesting (and unsigned) article from Wall Street Journal

http://www.opednews.com/populum/linkframe.php?linkid=153166

 

Watch how banks redistribute money.

http://thinkbynumbers.org/financial-sector/monetary-system-steals-poor-rich/

 

Matt Taibbi on Wall Street’s big-rigging maneuvers.

http://readersupportednews.org/opinion2/279-82/12057-wall-streets-bid-rigging-scandal

 

Pat Garofalo on how JP Morgan Chase gets $14 billion in annual federal subsidy.

http://thinkprogress.org/economy/2012/06/19/502311/study-jp-morgan-subsidy/

 

Pam Martens has 2 articles on the machinations of Citigroup.

http://www.alternet.org/did-citigroup-defraud-billions-us-ally-abu-dhabi

http://www.alternet.org/how-big-banks-are-trying-destroy-our-justice-system?paging=off

 

Watch Jamie Drummond (from One.org) discuss the Millennium Goals and crowd-sourcing ways to get nations to meet the 2015 dates.

http://www.ted.com/talks/jamie_drummond_how_to_set_goals_for_the_world.html?utm_source=newsletter_weekly_2012-07-17&utm_campaign=newsletter_weekly&utm_medium=email

 

Watch Jamie Drummond (from One.org) discuss the Millennium Goals and crowd-sourcing ways to get nations to meet the 2015 dates.

http://www.ted.com/talks/jamie_drummond_how_to_set_goals_for_the_world.html?utm_source=newsletter_weekly_2012-07-17&utm_campaign=newsletter_weekly&utm_medium=email

 

Jesse Elsinger discusses the market for credit default swaps

http://www.propublica.org/thetrade/item/like-rate-fixing-scandals-youll-love-the-credit-default-swap-market

 

More bank scandals. Joe Nocera rehearses some better- and lesser-known ones and asks where the regulators were

http://www.nytimes.com/2012/07/21/opinion/nocera-financial-scandal-scorecard.html?ref=todayspaper

 

Naomi Wolf speculates on the real role played by Timothy Geithner in the rate-rigging frauds. “Last fall, I argued that the violent reaction to Occupy and other protests around the world had to do with the 1%ers’ fear of the rank-and-file exposing massive fraud if they ever managed get their hands on the books. At that time, I had no evidence of this motivation beyond the fact that financial system reform and increased transparency were at the top of many protesters’ list of demands.”

http://www.informationclearinghouse.info/article31875.htm

 

Katrina vanden Heuvel urges prosecution of “banksters” for defrauding their customers (and crushing the global economy). The Economist writes that what has been revealed here is “the rotten heart of finance,” a “culture of casual dishonesty.” Once more, the big banks are revealed to have allowed greed to trample any concern about trust, respect or legality.

http://www.commondreams.org/view/2012/07/10-9

 

Eduardo Porter summarizes several studies of increasing corporate corruption and suggests multiple explanations. “It’s difficult to know why corruption may be spreading. But there are a few plausible explanations. From globalization to rising income inequality to the growing role of corporate money in political campaigns, political and economic dynamics may have increased both the scope of corporate wrongdoing and the incentives for business executives to bend, or break, the rules.”

http://www.nytimes.com/2012/07/11/business/economy/the-spreading-scourge-of-corporate-corruption.html?ref=todayspaper

 

Joseph Stiglitz, who has long been warning us about unregulated financial organizations, urges that guilty bankers should be jailed. Read and circulate this long interview (and see if US MSMs will touch it!.

http://readersupportednews.org/opinion2/279-82/12297-focus-joseph-stiglitz-jail-the-bankers

 

Van Jones notes that banks may be loaning at unusually low rates BUT not allowing motgages to be refinanced.http://readersupportednews.org/opinion2/430-foreclosure/12216-hope-for-homeowners

 

Michael Winston remains an unrewarded whistle-blower. Read Gretchen Morgenson’s update on the case against Countrywide (now part of Bank of America).

http://www.nytimes.com/2012/07/01/business/countrywide-ex-executive-still-awaiting-3-8-million-award.html?ref=todayspaper

 

 

 

 

 

 

 

 

Posts below are from May 2012 to January 2013

David Sirota deftly characterizes the recent “fiscal cliff” as a TV reality show.

http://www.nationofchange.org/truth-behind-fiscal-cliff-s-reality-tv-show-1357399345

 

Andy Kroll explores the financing of FreedomWorks, the financial starter of the Tea Party.

http://www.motherjones.com/politics/2012/12/freedomworks-rich-donors-armey-kibbe-super-pac

 

Watch Matt Taibbi (2 min) on Libor scandal — and circulate this.

http://www.commondreams.org/video/2012/12/27

 

Matt Taibbi on Angelo Mozilo and Countrywide’s role in the housing bubble.

http://readersupportednews.org/opinion2/304-justice/15269-focus-another-corporate-titans-amnesia

 

Dean Baker reviews the mistakes made by Alan Greenspan on economic and regulatory matters.

http://www.alternet.org/economy/whaddya-know-professional-economy-wrecker-alan-greenspan-heart-insidious-fix-debt-campaign

 

William Cohan on the long-time criminal activities of UBS.

http://www.nationalmemo.com/ubs-libor-manipulation-merits-a-death-penalty/

 

For Naomi Klein fans. Her website now gets postings less frequently (due to a book in process) but has a large archive.

http://www.naomiklein.org/main

And her booksite may help all liberals spend time with The Shock Doctrine.

http://www.naomiklein.org/shock-doctrine

 

Sam Pizzigati details the success of a single billionaire, Peter Peterson, in shaping the discussions about a fiscal cliff.

http://www.informationclearinghouse.info/article33231.htm

 

Adam Hochschild reviews Steve Coll’s new book about Exxon Mobil, “Private Empire” http://www.nytimes.com/2012/06/10/books/review/private-empire-steve-colls-book-about-exxon- mobil.html?ref=todayspaper

 

Our creeping fascism. That’s the phrase Juan Cole uses too describe some Washington trends. Cole is a seasoned

journalist, not a wild outlier, so take him seriously!

http://readersupportednews.org/opinion2/277-75/11530-the-creeping-fascism-of- american- politics

 

Paul Craig Roberts’ doubts about economy. This widely-published observer is quite pessimistic. Hear him out!

http://www.opednews.com/articles/Recovery-or-Collapse-Bet-by-Paul-Craig-Roberts-120520-217.html

 

Too little governmental regulation of business? Not if Gallup responders decide! “…over the 15 times since

1993 that Gallup has asked this question, never have more than a third of Americans said there is too little

regulation of business and industry.”.

http://www.gallup.com/poll/157646/little-appetite-gov-regulation-business.aspx?utm_source=alert&utm_medium=email&utm_campaign=syndication&utm_content=morelink&utm_term=All Gallup Headlines

http://www.gallup.com/poll/157646/little-appetite-gov-regulation-business.aspxutm_source=alert&utm_medium=email&utm_campaign=syndication&utm_content=morelink&utm_term=All%20Gallup%20Headlines

 

Rob Kall interviews Paul Craig Roberts (Part 1).

http://www.opednews.com/articles/Paul-Craig-Roberts-Intervi-by-Rob-Kall-120924-843.html

 

The New York Fed, Geithner, and Libor. Interesting (and unsigned) article from Wall Street Journal.

http://www.opednews.com/populum/linkframe.php?linkid=153166

 

Eliot Spitzer interviews Matt Taibbi and Dennis Kelleher on Geithner.

http://www.opednews.com/populum/linkframe.php?linkid=153167

 

Latest Pew study shows worldwide drop in trust of politicians and capitalism.

http://www.opednews.com/populum/linkframe.php?linkid=153028

 

Posts below are from May 2012 to January 2013

David Sirota deftly characterizes the recent “fiscal cliff” as a TV reality show.

http://www.nationofchange.org/truth-behind-fiscal-cliff-s-reality-tv-show-1357399345

 

Andy Kroll explores the financing of FreedomWorks, the financial starter of the Tea Party.

http://www.motherjones.com/politics/2012/12/freedomworks-rich-donors-armey-kibbe-super-pac

 

Watch Matt Taibbi (2 min) on Libor scandal — and circulate this.

http://www.commondreams.org/video/2012/12/27

 

Matt Taibbi on Angelo Mozilo and Countrywide’s role in the housing bubble.

http://readersupportednews.org/opinion2/304-justice/15269-focus-another-corporate-titans-amnesia

 

Dean Baker reviews the mistakes made by Alan Greenspan on economic and regulatory matters.

http://www.alternet.org/economy/whaddya-know-professional-economy-wrecker-alan-greenspan-heart-insidious-fix-debt-campaign

 

William Cohan on the long-time criminal activities of UBS.

http://www.nationalmemo.com/ubs-libor-manipulation-merits-a-death-penalty/

 

For Naomi Klein fans. Her website now gets postings less frequently (due to a book in process) but has a large archive.

http://www.naomiklein.org/main

And her booksite may help all liberals spend time with The Shock Doctrine.

http://www.naomiklein.org/shock-doctrine

 

Sam Pizzigati details the success of a single billionaire, Peter Peterson, in shaping the discussions about a fiscal cliff.

http://www.informationclearinghouse.info/article33231.htm

 

Adam Hochschild reviews Steve Coll’s new book about Exxon Mobil, “Private Empire” http://www.nytimes.com/2012/06/10/books/review/private-empire-steve-colls-book-about-exxon- mobil.html?ref=todayspaper

 

Our creeping fascism. That’s the phrase Juan Cole uses too describe some Washington trends. Cole is a seasoned

journalist, not a wild outlier, so take him seriously!

http://readersupportednews.org/opinion2/277-75/11530-the-creeping-fascism-of- american- politics

 

Paul Craig Roberts’ doubts about economy. This widely-published observer is quite pessimistic. Hear him out!

http://www.opednews.com/articles/Recovery-or-Collapse-Bet-by-Paul-Craig-Roberts-120520-217.html

 

Too little governmental regulation of business? Not if Gallup responders decide! “…over the 15 times since

1993 that Gallup has asked this question, never have more than a third of Americans said there is too little

regulation of business and industry.”.

http://www.gallup.com/poll/157646/little-appetite-gov-regulation-business.aspx?utm_source=alert&utm_medium=email&utm_campaign=syndication&utm_content=morelink&utm_term=All Gallup Headlines

http://www.gallup.com/poll/157646/little-appetite-gov-regulation-business.aspxutm_source=alert&utm_medium=email&utm_campaign=syndication&utm_content=morelink&utm_term=All%20Gallup%20Headlines

 

Rob Kall interviews Paul Craig Roberts (Part 1).

http://www.opednews.com/articles/Paul-Craig-Roberts-Intervi-by-Rob-Kall-120924-843.html

 

The New York Fed, Geithner, and Libor. Interesting (and unsigned) article from Wall Street Journal.

http://www.opednews.com/populum/linkframe.php?linkid=153166

 

Eliot Spitzer interviews Matt Taibbi and Dennis Kelleher on Geithner.

http://www.opednews.com/populum/linkframe.php?linkid=153167

 

Latest Pew study shows worldwide drop in trust of politicians and capitalism.

http://www.opednews.com/populum/linkframe.php?linkid=153028