JPMorgan Agrees To Pay Billions For Causing Financial Crisis

By: Wednesday November 20, 2013 5:07 am

Yesterday the Justice Department announced a $13 billion settlement with JPMorgan over the megabank’s fraud in the mortgage backed security market that helped trigger a financial meltdown in 2008. The deal was completed after JPMorgan CEO Jamie Dimon summoned Attorney General Holder to a private meeting to avoid a press conference, the terms discussed at [...]

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 [...]

Taxpayers To Help Pay JPMorgan’s Fine For Causing 2008 Financial Crisis

By: Wednesday October 23, 2013 5:51 am

Feeling generous? You should because you are about to help pay for JPMorgan’s $13 billion fine for causing the 2008 financial crisis. According to tax experts the money JPMorgan will be paying to the government ($9 billion) and to wronged customers ($4 billion) can be written off as a “business expense.” In other words, JPMorgan [...]

JPMorgan To Pay $13 Billion For Causing 2008 Financial Crisis

By: Monday October 21, 2013 8:02 am

The financial meltdown in 2008 was not the result of ethereal and enigmatic forces, it was the result of fraud in the financial markets. That truth was initially hidden by politicians, regulators, banks, and the bought priesthood of mainstream economics. But despite all the lies, the day of reckoning has finally arrived for one of [...]

Goldman Sachs Trader Found Liable For Fraud That Contributed To Financial Crisis

By: Friday August 2, 2013 5:43 am

Fabrice “Fabulous Fab” Tourre was found liable by a jury of six counts of civil securities fraud. Tourre was at the center of Goldman Sachs’ trading in the mortgage backed security market in which Goldman Sachs helped sell poorly constructed frankenbonds made up of various people’s mortgages known as Collateralized Debt Obligations or CDOs to [...]

Average Americans Still Have Not Recovered From Crash

By: Friday May 31, 2013 5:59 am

According to a new study by the Federal Reserve, American households have regained less than half of the wealth lost during the recession. While the wealthiest have actually gained since the crash the 99% are still not nearly whole. From the peak of the boom to the bottom of the bust, households watched a total [...]

CFTC Caves To Wall Street, Will Continue To Allow Cartel To Control Derivatives Market

By: Friday May 17, 2013 7:59 am

Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market. Under pressure from Wall Street lobbyists, federal regulators [...]

Standard & Poor’s Changes Its Tune On Business Practices For Legal Defense

By: Monday April 29, 2013 10:10 am

Standard & Poors, one of the major credit rating agencies, has done an interesting pivot in defining itself amidst a Justice Department civil suit. Like all the major rating agencies S&P is paid by those whose securities it rates.  This, quite obviously, is a conflict of interest in how it rates securities because if it [...]

Corporate Loans to Highly Leveraged Companies Proliferate

By: Friday December 21, 2012 8:30 am

This seems like a great time for banks to start loosening their lending standards. After all, household balance sheets are strengthening, and with mortgage rates so low, they can better afford the loans. Oh wait, you’re not talking about banks loosening their lending standards to individual homeowners? Only to corporations? Never mind. Regulators are concerned [...]

Wall Street Tries to Shift Elizabeth Warren Away From Senate Banking Committee

By: Thursday November 8, 2012 9:15 am

Having failed to stop Elizabeth Warren from reaching the US Senate, Wall Street interests are now clearly trying to push her away from the committee assignment where she would have the greatest oversight capability over them. Politico’s Morning Money, which is basically just a giant quote laundering program for lobbyists and operatives, has this item [...]

Australian Court: Standard and Poor’s Liable for Bad Ratings on Securities

By: Monday November 5, 2012 12:26 pm

This will get approximately no attention today, but a federal court in Australia ruled that Standard and Poor’s, the credit rating agency, lied to investors when they awarded their highest, triple-A rating to derivative securities that lost their value within two years of purchase. The court ruled for a series of local councils in Australia, [...]

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