Study: US Is An Oligarchy Not Democracy

By: Tuesday April 15, 2014 10:57 am

From the department of No Duh, a study from Princeton and Northwestern Universities supports the thesis that the United States of America is not a republic in substance but rather an oligarchy where the rich rule and the majority are irrelevant to policy decisions. Studying policy changes between 1981 and 2002 and comparing the different [...]

SEC Was Colluding With Banks On CDO Prosecutions

By: Monday April 14, 2014 10:38 am

As evidence has continually trickled out about the numerous criminally fraudulent activities Wall Street firms engaged in that led to the housing crash, increasing amounts of attention has been focused on regulators that seem to have given banksters a pass. When it came to disciplining finance capital, as one former Wall Street lawyer turned Attorney [...]

Bank Of America To Pay $800 Million For Duping Customers

By: Thursday April 10, 2014 5:22 am

Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act. [...]

Retiring SEC Attorney Says Agency Fails To Hold Powerful Accountable

By: Wednesday April 9, 2014 6:10 am

A longtime trial attorney for the SEC had some brutal parting shots for the agency. Given as remarks at a goodbye party the attorney, James Kidney, condemned the SEC for letting the larger Wall Street firms get away with crimes. Essentially claiming that the SEC never went after the powerful. Kidney joined the SEC in 1986 [...]

High-Frequency Trading Allegations Lead To Confrontation On CNBC

By: Wednesday April 2, 2014 8:11 am

After Sunday’s 60 minutes expose on high-frequency traders “rigging the stock market”, the Global Markets president of BATS William O’Brien, went on CNBC to challenge his accusers directly and rudely. After O’Brien accused author Michael Lewis and Brad Katsuyama of lying in order to promote a business Katsuyama said “You want to do this? Let’s [...]

High-Frequency Trading Has ‘Rigged The Stock Market’

By: Tuesday April 1, 2014 9:09 am

High-frequency trading (HFT)  has been allowed to continue despite its transgressive nature due primarily to people being unable to understand it, or so says Michael Lewis. HFT involves using supercomputers to make financial trades at milliseconds to front run other traders and benefit from the advantage of speed. The conclusion of the analysis is that [...]

Citigroup Fails Another Stress Test

By: Thursday March 27, 2014 9:00 am

Six years after the financial crisis Citigroup has failed a stress test by the Federal Reserve. Citigroup’s capital plan included a quintupling of its dividend but Fed regulators wanted the Too Big To Fail bank to hold onto more capital. The Fed noted that Citigroup had “multiple deficiencies” in how Citigroup projected potential losses and [...]

China Corruption Reporting Becoming Impossible; JPMorgan Banker In China Resigns Amidst Probe

By: Tuesday March 25, 2014 11:18 am

As the world watches Ukraine, the US establishment press pumps out pieces on the horrors of contemporary Russia. Meanwhile, the perilous situation for press freedom in China degenerates further. Unlike Russia, China has gone head first into neoliberalism making partnerships with many prominent Wall Street firms like JPMorgan, which apparently has dissipated the more venomous [...]

Goldman Sachs Trader Found Liable For Fraud Teaching At University Of Chicago

By: Wednesday March 5, 2014 1:46 pm

The University of Chicago has always been notorious for lacking integrity – intellectual and otherwise. Founded by oil monopolist and banker John D. Rockefeller, the University of Chicago has been the hell-mouth for Neoliberal quackery for generations perhaps most notoriously as patient zero for Professor Eugene Fama’s virulent  “efficient market hypothesis” – a theory that [...]

Top 1% Getting 99% Taxpayers To Insure Their Beach Houses From Climate Change Losses

By: Monday February 24, 2014 11:08 am

When kings make risky bets it is the serfs who pay. According to NBC News the plutocrats have successfully gotten the federal government to make taxpayers liable for the consequences of increasingly likely floods on expensive waterfront homes. The 99% can now not only look in wonder at the ornate plush homes on the beaches, [...]

Wall Street Astroturf Anti-Entitlement Group Going Broke

By: Thursday February 13, 2014 12:14 pm

Can you say irony? The fake “millennial” group funded by Wall Street called “The Can Kicks Back” which supports cutting Social Security and Medicare to solve the debt problems and bring “fiscal sanity” to the budget has gone bust. Yes, the group created and funded by Wall Street to protest in favor of austerity to [...]