European Union Reaches Settlement In LIBOR Case

By: Friday December 6, 2013 8:12 am

The European Union has reached a settlement with bankers on what may be the most far-reaching fraud case yet. The manipulation of the London Interbank Offered Rate (LIBOR) shocked the financial world as the LIBOR rate is used for financial products all over the globe and in many different markets from car and home loans [...]

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, [...]

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 [...]

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 [...]

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 [...]

Geithner Tells Congress Time Running Out On Debt Ceiling

By: Tuesday January 15, 2013 5:10 am

Congress’ failure to pass a debt ceiling bill has lead to the Treasury Department taking “extraordinary measures” to continue to pay the nation’s debts. Treasury Secretary Geithner has now written a letter to Congress saying his is running out of tricks. From the Treasury Department: Treasury currently expects to exhaust these extraordinary measures between mid-February [...]

Obama To Announce Jack Lew As Treasury Secretary Today

By: Thursday January 10, 2013 7:32 am

Jack Lew, veteran of Citigroup and current White House Chief of Staff, will be our next Treasury Secretary: President Obama will on Thursday afternoon announce his intent to nominate Jack Lew to serve as treasury secretary, the White House said. The pick, widely reported on Wednesday, will come at a 1:30 p.m. ceremony in the [...]

Geithner Planning To Leave End Of The Month

By: Friday January 4, 2013 6:39 am

A long and storied career of betraying the public interest to serve Wall Street greed will end this month: Geithner has indicated to White House officials he wants to carry through with his plan to leave the administration by the end of this month, even if a deal on the debt limit isn’t in place, [...]

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.

UBS Fined $1.5 Billion, Pleads Guilty to Fraud Charge in Libor Case

By: Wednesday December 19, 2012 8:30 am

Swiss bank UBS will pay $1.5 billionfor their role in the Libor rate-rigging scandal. The sum is over three times the fine imposed on Barclays Bank for the same violations. UBS also admitted to one count of wire fraud in its Japanese unit, according to the Justice Department. Much of the rate rigging in the [...]

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