financial fiascoes

Payback on the Front Burner

Worldwide Inequality Becomes More Pronounced Both Wealth and Income continue to skew in favor of privileged 1% as seen in these reports and charts: First there is the trend of income inequlity shows three disturbing trends: First, the top 10% of the population continues to increase its disproportionate percentage of  National Income giving substance to …

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Hiding In Plain Sight Behind Barack Obama

Frank Bruni at the NYTimes raised 5 questions about telling  issues  in the  Hillary Clinton and Bernie Sanders debate in Brooklyn last night. As the GOP is hacking itself apart in a grisly dismemberment over who controls the perverse loyalties of its Base, Bruni notes  that the Democrats face fundamental schisms of their own. Specifically,  Bruni cites the major …

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Political Protection Money Thrives on the Street

Protection money is everywhere in society – but nowhere greater than in the relationship of Wall Street and Washington. And it all has to do with “asymmetrical payments”. For Wall Street bankers and investment houses, being able to dictate the Rule of Financial Law is priceless. Thus, just six large Wall Street banks are willing …

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The Real Obama Flaw: Wall Street Now Too Big To Jail

WhatNowCartoons The GOP has been attacking President Obama for all the Wrong Reasons: Benghazi Libyan embassy fight when the GOP had previously cut the State Departments defense funding. Or No New Taxes when there is general consensus that  tax revenues have dried up and tax reform is way overdue. Or the constant return to Obama’s birth …

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Banks as Flak Catchers for Major Corporations

Tom Wolfe’s book Radical Chic & Mau-Mauing the Flak Catchers is about  PR and Spokespersons  who seemingly can turn any criticism to the advantage of their client. But “flak catcher” had a second nuanced meaning – those who bore the brunt of public scorn diverting attention away from client and upon themselves. As well, attention …

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Historic Financial Penalty = Feds Cave Again

I dread reading the following headlines in the NYTimes or the Wall Street Journal – Gargantuan Fines Imposed on Wall Street Institution or Record Breaking Damages Inflicted on Bank. It might as well read =>  Hugest Biggest Historically Supercalifragilisticexpealidocious Compensatory Damages Imposed on Piteous Bank because of course it means the opposite. The Federal Government …

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Where is the David Einhorn for America

David Einhorn, the tiny $7Billion Hedge Fund manager, has tweaked the nose of computing’s Goliath, Apple. Since a week Thursday, David  has shocked the US business world with his direct, loud, and “uncivil’ attack on Apple’s huge cash hoard of nearly $130Billion. And Apple’s cash hoard islikely getting bigger on a  growth rate of 10%per quarter for the …

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Daily Fact: GOP Presidents have worst record for Stock Market Performance

No less an authority than the Economist shows that under Democratic Presidents the stock market   has outperformed by a wide margin  what was accomplished by Republican Presidents. And this GOP poor economic and stock market performance  goes back  80 years. The fundamental problem is that Republican Presidents have had poor economic policy and tolerated …

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US Banking:Bank of America Is Sc**wing Shareholders Again

Bank of America is reported in the Dealbook of the NYTimes as settling a class action suit by Bank of America shareholders for $2.43B. An earlier Dealbook  story decribees the reasons for the lawsuit. This lawsuit, brought by Bank of America shareholders, claims that Bank of America and its executives, including its former chief executive, Kenneth …

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Daily Facts: Trust in US Financial Institutions

Each quarter the Kellogg School of Northwestern University and the University of Chicago Booth School of Business do a survey of  more than 1,000 American households examining the trust in US Financial institutions. The latest results for June 2012 are labelled Too Big To Trust. The Stock Market has the lowest confidence level at 15% …

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Weill Weill Weill – the Financial Tall Tale Gold Medal

Financial turnaround  Tall Tales   from the Banking Community are not  hard to find because the Banksters are creating scandolous  headlines at an ever faster rate this year. Yet these same parties and  much of the Financial Press continue to insist that everything is a-okay. The apologists make very hollow arguments: 1)financial markets are the …

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Moral Vacuum: Jerry Sandusky and the LIBOR Scandal

What possible connection can one make with convicted child molester, Penn State Assistant Football coach Jerry Sandusky, and the LIBOR interest rates set in London by a select list of 18 banks lead by Barclays Bank? Another bit of trash journalism  or is there a possible connection? Jerry Sandusky, convicted child molester This last week, the …

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LIBOR = Continuing Corruption in Banking and Finance and Governance

When you think of the English, Justice and “Doing the Right Thing” they are almost synonymous. One has to think that near-failure of the Royal Bank of Scotland and Northern Rock during the 2007-2009 Financial Crisis was just  an anomaly. Just a whiff of  the Wall Street Flu. The British run Wimbledon, the Olympics and …

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Apple, Google, Microsoft Now Dominate Computing

The Big 3 in Consumer Computing for the next 3-8 years have declared themselves.  With Microsoft and Google now committing to hardware as well as  software they have joined Apple as  all-in in Consumer Computing. In effect the Apple Model, compete in any and all hardware and software segments while holding the critical  OS keys …

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On Financial Meltdown Prosecutions

Matt Taibbi at Rolling Stone is noted for his investigations of the Financial Community particulary since the Financial Meltdown of 2007 to 2009. In an article in Rolling Stone for February 2011 Matt asked the question Why Isn’t Wall Street in Jail?. he concluded that it was two major factors – The Obama administration and …

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The Culture of Finance

The following letter of resignation by Greg Smith from Goldman Sachs published at the NYTimes appears to provide proof that the Finance Vulture Culture has survived despite the onslaught of Bush and Obama administration legal prosecution cases against the financiers responsible for the Mortgage Meltdown and Financial Crisis. Now to be sure this Survival of the Fittest extends beyond …

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The Housing “Settlement” Stinks Badly

If the Republicans want a bona fide issue  to tar and feather President Obama on, its his kowtowing to the banks exemplified most recently by the Housing Settlement. Once again, “for the sake of the economy”, banks get away with major white collar financial crime. Anything for a settlement. The $25Billion is peanuts in comparison to the the …

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5 Major Wicked Problems and US Election Politics

The five major problems facing not just the US but almost all developed countries are the following: 1)Jobs are going to the developing countries with very favorable rates of exchange and wage level relative  to prosperous developed countries. Wages in China, India, Vietnam, Brazil and others  across the board are a fraction of the developed …

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Occupy Wall Street’s Enduring Message

Nicholas Kristoff at the NYTimes, has a very telling piece about the Bankers who brought about the 2007-2008 Financial meltdown. Recent disclosures by Bloomberg and others have made it clear that the $0.70 Trillion TARP bailout was just the tip of the iceberg as 10 time the TARP, or $7.0trillion has been spent to bailout …

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Occupy Wall Street Moves to TV?

Harry’s Law, in yesterday’s episode called Head Games, takes up the Occupy Wall Street Message in full form.The episode deals with a woman whose home is foreclosed; so in desperation she goes and robs one of the bank’s branches. The team’s defense for the woman is the so called Outrageous Government Misconduct defense. In the …

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How and Why the Occupy Wall Street Camps Were Shutdown

Is it a tenor of the Times that only an American writing for a British paper, the Guardian, could produce a plausible story of why the Occupy Movements, predominately peaceful, non-violent protests, were shutdown? Naomi Wolf writing for the Guardian,has produced a story that shows that Federal Homeland Security officials worked in co-ordination with 18 …

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