© 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?
It may not be a bedtime story, but it sure is a “good night” story.
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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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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 […]
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 […]
The financial world is in a tizzy about an editorial published yesterday in the NY Times written by an executive of Goldman Sachs (who simultaneously tendered his resignation). It doesn’t paint a very pretty picture of the company. Ironically, the reaction from both supporters and detractors of Goldman Sachs is pretty much the same — […]
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Saturday, November 5, 2011
© Jerry Holbert In the month since Bank of America announced it would start charging a monthly $5 for using debit cards, an amazing 650,000 Americans joined credit unions. That’s more (in one month) than the number of people who signed up for credit unions in all of 2010. According to the Credit Union National […]
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© Brian McFadden Who knew that This Song was really about the New York Banking Industry?
A Florida couple bought a house in 2009 and paid for it with cash, so they were a bit surprised when Bank of America tried to foreclose on their house, even though they had no mortgage at all. Unfortunately, they had to hire a lawyer to straighten out the problem with Bank of America, and […]
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It is often said that the love of money is the root of all evil, and in the case of spam (unsolicited commercial email) that appears to be more than true. After all, the whole reason spammers flood your inbox trying to get you to buy drugs and porn is to make money, and several […]
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I’m sure you’ve heard about the document mills that forged mortgage papers for banks so the banks could foreclose on people’s homes. According to Matt Taibbi: Put it this way. If the banks had to pay what they actually owed – from the registration taxes/fees they avoided by using the electronic registry system MERS to […]
