Study Shows Being Rich Makes You An ‘Asshole’

By: Tuesday July 8, 2014 7:27 am

Ever had the sneaking suspicion that most rich people are jerks? Well the connection between wealth and narcissism has now been studied and the results show that as people get richer, they are more likely to feel entitled, to exploit others, and to cheat. According to studies by psychologist Paul Piff, wealth leads humans to [...]

Timothy Geithner Goes To Wall Street To Cash In

By: Monday November 18, 2013 10:17 am

Former Treasury Secretary Timothy Geithner has, predictably, cashed in his favors to Wall Street by joining a financial services firm, Warburg Pincus. According to a press release from the private equity firm, Geithner will be President of the company and a Managing Director as well as a member of the Executive Management Group. In other words, [...]

Bank Chairman Admits to Using Bailout Money to Buy Condo in Florida

By: Wednesday August 28, 2013 6:59 am

Originally devised to help finance public interest projects the corporate form of organization has become an excellent way for powerful interests to externalize their costs onto society while snatching tax benefits. In fact, over one-third of the nation’s highest-paid CEOs from the last twenty years led companies that were subsidized by American taxpayers. Another fact [...]

Poverty Hits Record Levels As Washington Debates More Austerity

By: Wednesday April 3, 2013 5:50 am

While Washington debates cutting Social Security and Medicare the facts are in on the “recovery” – it’s a bust. Not only has unemployment remained historically high – 7.7% officially, 23% by the old metrics – but poverty has spiked to historic highs. The U.S. Census Bureau puts the number of Americans in poverty at levels [...]

TARP Watchdog Reports Treasury Allowed Excessive Bonuses

By: Tuesday January 29, 2013 8:44 am

In a new report the Special Investigator for TARP cites the Treasury Department for allowing excessive pay to bailout companies: SIGTARP found that once again, in 2012, Treasury failed to rein in excessive pay. In 2012, OSM approved pay packages of $3 million or more for 54% of the 69 Top 25 employees at American [...]

Transcripts Reveal Federal Reserve Missed Housing Bubble

By: Friday January 18, 2013 12:08 pm

Transcripts released by the Federal Reserve reveal the central bank misinterpreted the downswing in the housing market as a positive signal of the market pricing in risk rather than the beginning of a bust that would quickly unravel the financial markets. From the Financial Times: Top officials at the US Federal Reserve took months to [...]

AIG Considers Suing Government For More Bailout Money After “Thank You” Ads

By: Wednesday January 9, 2013 4:14 am

Thanks but no thanks? After AIG’s Ad blitz thanking America for letting them raid the treasury the company made another announcement: AIG is considering Wednesday whether the company should join a lawsuit against the government that spent $182 billion to save it from collapse. American International Group Inc. said its board of directors will weigh [...]

AIG Announces PR Blitz To “Thank” Taxpayers For Bailouts

By: Tuesday January 1, 2013 7:08 am

In what borders on performance art, AIG is launching a public relations campaign to thank American taxpayers for letting them extort bailout money from Congress.

The Economist Agrees that the Bailouts Didn’t Have to Turn Out This Way

By: Wednesday October 31, 2012 1:09 pm

The Economist’s print edition gives one of the unlikelier reviews to Neil Barofsky’s Bailout and Sheila Bair’s Bull by the Horns that I’ve seen (I’ve read the former, and am making my way through the latter). In it, they acknowledge that the US bank bailouts were horribly unfair to the individual Americans who ultimately financed [...]

Fed, Treasury Refuse to Take Libor Out of TARP Programs

By: Friday October 26, 2012 6:17 am

The Special Inspector General for TARP, Christy Romero, has recommended that the Federal Reserve and the Treasury Department stop using LIBOR, the benchmark interest rate derived in such a slipshod way that it was rigged for years. But the Fed and Treasury aren’t taking Romero up on the request. The Treasury and the Fed should [...]

In Year Six of Foreclosure Crisis, Depressingly Slow Moves Toward Solutions

By: Thursday October 4, 2012 8:45 am

Behind the scenes of last night’s debate – well behind – is a foreclosure crisis that has entered its sixth straight year. This is another fire that has not been put out. The only approach in the debate to even talking about this fire was a brief discussion by Gov. Romney about qualified residential mortgages, [...]

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