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Tag Archives: Banks

The Root of all Evil

A report by the Economist magazine on the financial services industry finds that 53% of executives in that industry say that employees who try to adhere to strict ethical standards hurt their own careers. In other words, in banks and stockbrokers, unethical behavior is routinely rewarded. I don’t know what scares me more: the 53% […]

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Cheating the Speed of Light

It is not very often that a financial story comes along that requires referencing the Einstein’s theory of relativity to explain, but we have finally come to this. One week ago, the Fed made an important surprise announcement — that it would not be reducing its bond buying program. The result of this announcement was […]

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More Frisking, not Less

The Daily Show points out that if the police are going to stop and frisk anyone who looks suspicious, they are leaving out a very significant group of criminals.

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Employee Theft

© Jen Sorensen This is not a joke. For many low-paid workers, the fees reduce the amount of money they earn to less than minimum wage.

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And Justice Wept

What happened to the American dream? The dream that anyone can make it if they work hard enough, and maybe have a little luck. That “you can make it if you try”. The dream that all men are created equal, and that nobody is above the law. As if it wasn’t bad enough that corporations […]

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Will we learn from Iceland?

Go read this interview with the President of Iceland, Ólafur Ragnar Grímsson. As you may recall, their economy cratered a few years ago, brought on by the collapse of their banks (sound familiar?). But instead of bailing out their financial institutions, they let them go broke. Then the country stood up to demands from world […]

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Foreclosure Review

If your house was foreclosed on in 2009 or 2010, you can ask for a free review and receive compensation if there were any errors made: The bottom line is there is a website you can visit to see your options. Try to ignore the fact that the website looks pretty cheesy — it is […]

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The Damage Done

Sanford Weill, the former CEO of Citigroup, has a change of heart: But is it too late?

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The Manchurian Candidate

Lost in all the brouhaha about Mitt Romney’s gaffe-o-rama in England is the fact that one of the main things he did while in London is hold a fundraising dinner in a foreign city, where scandal-plagued international bankers paid $25,000 to $75,000 a plate to support his election campaign. That’s right. Romney is explicitly asking […]

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What Would Happen If We Threw Corrupt Bankers in Jail, Rather Than Throwing Billions of Dollars At Them?

(did I say billions? I meant trillions) Dubya threw money at the banksters. Obama threw even more money at the banksters. We were told we “had to do it” or our economy would collapse. And that all that money we threw at the banks would trickle down to us. Hah! We fell for that one […]

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One Bad Turn Deserves Another

© Tom Toles We know what the problem is, and we know how to fix it. Will we have the guts and political will? Or will the car wrecks continue?

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A Fable For Our Time

It may not be a bedtime story, but it sure is a “good night” story.

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How Big Banks Work

Once upon a time, the media thought of itself as a watchdog. Now they just work for the banks, like everyone else. Adam Savage of Mythbusters, with a myth he wasn’t allowed to bust:

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Blaming the Volcker Rule Before it is Born

The Senate Banking committee started hearings on the recent problems at JP Morgan (which even Mornan’s chairman said were “sloppy” and “stupid” and would increase the pressure for additional regulation). But thanks to generous donations of campaign cash, the hearing got turned into a circus. Committee members weren’t about to actually, you know, investigate any […]

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Playing with Dynamite

Last week, the largest bank in the US admitted that it had made a very stupid and risky investment and had lost an incredible $2 billion. What makes this ironic is that JP Morgan has been one of the strongest voices arguing against regulations on banks. Indeed, Morgan had weathered the 2008 financial meltdown relatively […]

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