Citigroup Fails Another Stress Test

By: Thursday March 27, 2014 9:00 am

Six years after the financial crisis Citigroup has failed a stress test by the Federal Reserve. Citigroup’s capital plan included a quintupling of its dividend but Fed regulators wanted the Too Big To Fail bank to hold onto more capital. The Fed noted that Citigroup had “multiple deficiencies” in how Citigroup projected potential losses and [...]

Citigroup Fraud In Mexico Slices Profits

By: Friday February 28, 2014 1:47 pm

Citigroup cut its fourth quarter and full year 2013 estimates today due to problems in Mexico, specially involvement in fraudulent loans. The fraud cuts Citigroup’s profit by $235 million after it was revealed the loans were made to a company that had phony collateral. Citigroup’s credit analysts appeared to not even know the company was [...]

House Votes To Rollback Wall Street Regulations

By: Friday November 1, 2013 5:59 am

A mere five years after the 2008 financial crisis the United States House of Representatives has voted to virtually guarantee another one. With bipartisan support, the House voted to rollback provisions of the Dodd-Frank bill and allow Too Big To Fail banks to trade derivatives in units that are guaranteed by the federal government – [...]

JPMorgan And Citigroup Put Currency Dealers On Leave As Foreign Exchange Scandal Widens

By: Thursday October 31, 2013 7:51 am

Well, it’s been a few weeks, so are you ready for yet another major scandal from the financial sector? Ready or not here we go. Just as LIBOR starts working its way through the courts, a scandal within the massive foreign exchange or FX market is getting rolling. Much like LIBOR, which involved rigging a [...]

House Set To Pass Bills Written For And By Wall Street This Week

By: Tuesday October 29, 2013 10:52 am

Another day, another embarrassment for the republic at the hands of Wall Street and their toadies in government. While the Justice Department is winning judgements against Bank of America and negotiating – albeit oddly – with JPMorgan for a record settlement, the House of Representatives has taken it upon itself to further empower and enrich [...]

JPMorgan Under Criminal and Civil Investigation Over Mortgages

By: Thursday August 8, 2013 8:04 am

One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market.  JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in [...]

Wall Street Lobbyists Literally Writing Bills In Congress

By: Monday May 27, 2013 9:59 am

I try to be cynical, but I can’t keep up. Not only is Congress punting rulemaking to captured and compromised regulators, Wall Street lobbyists are now actually drafting the bills. “Wall Street writes its own laws” used to be a useful polemic, now it’s a statement of fact. Bank lobbyists are not leaving it to [...]

Jack Lew Confirmed As Treasury Secretary

By: Thursday February 28, 2013 5:54 am

Despite a slew of damaging revelations Jack Lew has been confirmed by the Senate. With a 71-26 vote Lew received more Republican support than Chuck Hagel. On some level Lew’s easy confirmation is a testament to how much influence Wall Street has in Washington but it still is interesting to compare the two nominations and [...]

Jack Lew’s Citigroup Contract Included Incentive To Go Into Government

By: Monday February 25, 2013 6:00 am

There may not be anyone left in America that doesn’t know Wall Street sets the agenda in Washington, that the revolving door between finance capital and the so-called regulators of finance capital spins so fast the IAEA should demand inspections. And so we learn that President Obama’s Treasury Secretary nominee not only worked for the [...]

Cayman Islands Investment Becomes Obstacle For Treasury Secretary Nominee

By: Monday February 11, 2013 5:49 am

Jack Lew’s nomination for Treasury Secretary was already proving to be contentious but now questions are being raised on Lew’s personal financial activities. Lew reportedly made an offshore investment in the Cayman Islands that may have been an attempt to avoid taxes. Treasury secretary nominee Jack Lew will face questions at his confirmation hearing next [...]

Geithner Will Work For Wall Street Not On It

By: Friday February 8, 2013 7:40 am

And the circle is complete. Tim Geithner’s first post-Treasury Secretary job will be as a “distinguished fellow” at the Council On Foreign Relations. For the uninitiated, the Council On Foreign Relations is a more or less open conspiracy to use the American government as a vessel for advancing Big Business’ interests abroad. CFR represents America’s [...]

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