Matt Taibbi does a great job reporting on this Wall Street criminal trial, which I had never heard about until today. Someday, it will go down in history as the first trial of the modern American mafia. Of course, you won’t hear the recent financial corruption case, United States of America v. Carollo, Goldberg and… Read more »
Posts Tagged: Wall Street
On his show today Glenn Beck said that today, Wednesday July 21, 2010 would go down in history along side of October 29, 1929 (The Great Depression), December 7, 1941 (World War II) and September 11, 2001. Yes, that’s right folks, today is the day that President Obama signed into law financial regulatory reform. It… Read more »
Here are the documents regarding the hearings about the role of investments bankers (e.g. Goldman Sachs) leading to the Great Recession.
As the auto industry and financial markets begin to stabilize, the President says the government’s emergency interventions can now wind down. He pledges that real reform, particularly on Wall Street, must now begin.
For seven months a team of investigative journalists from ProPublica looked into a story for us, the inside story of one company that made hundreds of millions of dollars for itself while worsening the financial crisis for the rest of us. It includes our original Broadway song “Bet Against the American Dream.”
So even if the Tea Party folks saw the light, what can ordinary Americans do?
That’s the question I want to put to my guests, Simon Johnson and James Kwak. They have written this new book, 13 Bankers: The Wall St. Takeover and the Next Financial Meltdown. It’s a must read – already a best seller — and it couldn’t have come at a better time. This book could change the debate over financial reform by tipping it in favor of the public.
The main moral you should draw from the charges against Goldman, though, doesn’t involve the fine print of reform; it involves the urgent need to change Wall Street. Listening to financial-industry lobbyists and the Republican politicians who have been huddling with them, you’d think that everything will be fine as long as the federal government promises not to do any more bailouts. But that’s totally wrong — and not just because no such promise would be credible.
Fresh from the Friday news dump, the Securities and Exchange Commission filed a civil suit against Goldman Sachs alleging that the firm engaged in securities fraud.
The too-big-fail Wall Street giant emerged from the recent financial crisis unscathed while 8 million Americans lost their jobs.
When I hear Mitch McConnell (R-Ky) speak I want choke him. I’m not necessarily a violent person, but when I see McConnell’s greasy white face on TV I want to punch him in the throat. The Senate minority leader is the current GOP hitman. It’s his job to lead the attack to kill every bill… Read more »
Nomi Prins is a senior fellow at the public policy center Demos and she published a story today on Alternet about how Wall Street fatcats are raking in stacks of cash and up to their old tricks again while they lobby Congress to not regulate them. So far it looks like the Democrats are kind… Read more »
Here’s the complete story written by John L. Spivak in 1935 published in New Masses detailing a Wall Street tycoon plot to overthrow the government with a military coup. It was a real coup, but most Americans have no idea that it ever existed and that J. P. Morgan and other Wall Street big shots… Read more »
The economic collapse most of us are still suffering through isn’t over. Sure Wall Street bounced back in just a few short months, but for the rest of us, we’re left struggling to pay our rent and to buy food. And we’re going to continue to fight, scratch and claw our way from meager paycheck to meager paycheck for a long time to come and here’s why.
As he ushered in a new era in Washington, Franklin D. Roosevelt’s theme song was “Happy Days Are Here Again,” but people tend to forget that along with sunny optimism FDR delivered a strong dose of justice. He left that job to Ferdinand Pecora, a fierce New York prosecutor whom Roosevelt urged to investigate Wall Street’s perniciousness. Pecora delivered big time. He humiliated and forced the resignation of Charles Mitchell, the head of National City Bank (later Citibank), and oversaw a 12,000-page probe into the causes of the Great Depression that gave birth to a new regulatory framework, including the Securities and Exchange Commission (Pecora was later one of the first commissioners). Other Wall Streeters were prosecuted, convicted, and jailed.
What? Wall Street is choosing to do what it does best, makes piles of cash anyone they can? And now Obama is bemoaning them for “choosing to ignore” lessons they should have learned when bank after bank failed and was then bailed out by the taxpayers. Why do they even have the option of choosing to ignore those lessons? And weren’t the lessons learned supposed be brought to bear on the regulatory agencies Obama now controls? Or we could just sit back and hope the Wall Street thugs do the right thing.
In case there was any doubt that the Wall Street scum that destroyed the US economy with junk mortgages, mortgage-swaps and whatever schemes they concocted to suck the life out of the economy have learned their lesson, well, they’re at it again, but this time they’re betting you’re going to die.