The Goldman Sachs $2.9 Billion Heist of the Federal Treasury

By: Thursday January 27, 2011 10:29 am

A lot of people are talking about this report about how Goldman Sachs got an additional, undisclosed $2.9 billion from AIG that it promptly deposited into its own account. This is significant because previously, Goldman’s line was that they took billions in counterparty payments from AIG on behalf of its clients. But this reveals something [...]

How JPMorgan Ripped Off Its Customers Through Securities Lending

By: Monday October 18, 2010 9:16 am

Here’s just another way that the banks enrich themselves with someone else’s capital, essentially. Here is the deal: Funds lend some of their stocks and bonds to Wall Street, in return for cash that banks like JPMorgan then invest. If the trades do well, the bank takes a cut of the profits. If the trades [...]

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