Larry Summers Shifts To See Rentier Capitalism As Threat

By: Friday February 27, 2015 12:16 pm

Former Clinton Treasury Secretary and Economic Advisor to the Obama Administration Larry Summers has had a change of heart. After decades of promoting deregulation of the financial system that expanded the power of Wall Street, Summers now sees the dangers of rentier capitalism. At a discussion on technology and the workforce hosted by the Hamilton [...]

Former Columnist Alleges Daily Telegraph Folded For HSBC

By: Wednesday February 18, 2015 10:04 am

Peter Oborne, formerly a columnist for the Daily Telegraph, claims that while he worked at the Telegraph the London newspaper killed and ignored stories that could do damage to megabank HSBC’s reputation and business. Oborne made the allegations in a piece announcing his resignation from the Telegraph which was posted on Open Democracy, a digital [...]

Loretta Lynch’s HSBC Deal Facing Renewed Criticism After ICIJ Report

By: Tuesday February 10, 2015 8:50 am

Again, did AG nominee Loretta Lynch let HSBC off the hook by declining criminal prosecution? — marcus baram (@mbaram) February 8, 2015 US Attorney General nominee Loretta Lynch is facing criticism for the deal she made that let HSBC escape prosecution after being found to have participated in a serious and far reaching program [...]

Standard & Poor’s To Pay $1.4 Billion For Causing Financial Crisis

By: Tuesday February 3, 2015 9:46 am

The bond rating agency Standard & Poor’s (S&P) has agreed to pay $1.4 billion to settle charges related to its role in causing the financial crisis of 2008. It was due to S&P and the other rating agency’s complicity with the Wall Street banks that allowed the selling of fraudulent mortgage-backed securities. Those securities were [...]

Trans-Pacific Partnership Contains Provison To Help Wall Street Avoid Regulations

By: Wednesday January 28, 2015 10:41 am

Protest in NYC happening right now-people out in the snow & cold to #StopFastTrack & #TPP! — Kevin Zeese (@KBZeese) January 26, 2015 Try to hide your surprise. One of the reasons the Trans-Pacific Partnership (TPP) is being kept secret is because it has unpopular and reckless policies in it such as deregulating [...]

Richest 1% Set To Own Over Half Of World’s Wealth

By: Tuesday January 20, 2015 7:18 am

Top 0.1% of Americans hold as much of the country's wealth as bottom 90% #inequality #Davos — The Economist (@TheEconomist) January 19, 2015 Oxfam has put out a fortuitously timed report on global wealth inequality just as the World Economic Forum at Davos, Switzerland gets underway. Then again, maybe Oxfam knew exactly what [...]

Obama Set To Propose Taxes On Capital Gains, Inheritance, And Wall Street

By: Monday January 19, 2015 8:55 am

It only took 5 years, but President Obama is finally set to offer some concrete proposals to deal with wealth inequality in America. Unfortunately, the proposals come as the Republicans have taken control of both chambers of Congress and Obama enters the twilight of his presidency. President Obama is reported to be planning to announce [...]

Jamie Dimon Claims Wall Street Is ‘Under Assault’

By: Thursday January 15, 2015 8:30 am

Remember that time the US government broke up all the Too Big To Fail banks and prosecuted bankster executives for the crimes that brought down the financial markets in 2008? Me neither. Yet JPMorgan CEO Jamie Dimon is caterwauling to the media about Wall Street being “under assault” by US regulators. Dimon’s complaining appeared to [...]

Antonio Weiss Withdraws From Consideration For Treasury Undersecretary

By: Tuesday January 13, 2015 7:20 am

Sen. Hatch on Antonio Weiss' Treasury nomination: "I think we could have gotten him through." — Nick Timiraos (@NickTimiraos) January 13, 2015 Antonio Weiss, the current global head of investment banking at Lazard, has asked President Obama to withdraw his name from consideration for Treasury Undersecretary For Domestic Finance. Weiss’ nomination to take [...]

Joseph Stiglitz Blocked From SEC Panel For Criticizing Wall Street

By: Tuesday January 6, 2015 6:58 am

Nobel-prize winning economist and former Chief Economist of the World Bank Joseph Stiglitz was blocked from an SEC advisory panel for his critical views of Wall Street according to to a report from Bloomberg News. Apparently voicing any criticism of how Wall Street operates disqualifies any expert, no matter their credentials, from advising government regulators. In [...]

The Real Winners Of The Recovery: The Superrich

By: Monday January 5, 2015 6:54 am

Much has been made of the yawning gap between the 1% and the 99% and that America is by and large a plutocracy. But inequality is also expanding within the commanding heights of the US economy as new research shows that the top .1% has broken away from their uber-wealthy peers and amassed more than [...]

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