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Posts Tagged ‘Wall Street’

Zero Hedge – The Shadow King Of Wall Street: “Markets Like Totalitarian Governments”

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Matt Taibbi – Why Isn’t Wall Street in Jail?

February 25, 2011 Leave a comment

Throwing Little Old Ladies into the Cold

February 17, 2011 Leave a comment

Susie Madrak – There’s A Little $9 Billion Bauble Under The Tree For Wall St., Multinationals

December 24, 2010 Leave a comment

From Crooks and Liars:

Crooks and Liars’s Latest Posts

There’s A Little $9 Billion Bauble Under The Tree For Wall St., Multinationals

By Susie Madrak

Posted: 24 Dec 2010 07:00 AM PST

It’s all about jobs, jobs, jobs, as Obama likes to say. Only they’re going overseas:

Amid all the goodies for ethanol producers, NASCAR racetracks and the like, the tax-cut compromise legislation approved by Congress this month also includes a little-noticed sop for Wall Street banks and major multinationals.

And it only costs U.S. taxpayers $9 billion.

Under the provision, financial services firms and manufacturers can defer U.S. taxes on overseas income from a type of financial transaction known as “active financing.” Boosters say the two-year exemption helps level the playing field with foreign competitors by ensuring that U.S. corporations aren’t taxed twice.

Major business groups and financial companies consider the exemption a key lobbying priority in Congress, which has regularly extended it on a temporary basis for more than a decade. Those lobbying in favor of the policy include dozens of the largest U.S. companies, from General Electric to J.P. Morgan Chase to Caterpillar, records show.

The Active Financing Working Group, a coalition of companies and trade associations focused on the issue, has paid $540,000 in lobbying fees to Elmendorf Strategies since last year, according to Senate disclosure forms.

The exemption ensures “that U.S.-based financial services [businesses] are able to continue to operate competitively and provide the funds needed for investment and economic growth,” the working group wrote in a letter to the Treasury Department.

But the provision has long been opposed by watchdog groups and labor unions as a needless tax break that encourages companies to create jobs overseas instead of within the United States.

Wall Street continues to chug along and bring in more record breaking profit

December 22, 2010 Leave a comment

The Real News – Capital is Powerful, Not Rational

December 20, 2010 Leave a comment

Fred Schulte – Wall Street Quietly Creates a New Way to Profit From Homeowner Distress

December 16, 2010 Leave a comment

From The Center for Public Integrity:

Is nothing sacred? Bank of America and hedge fund Fortress Investment Group have spotted a fresh money-making opportunity – collecting the tax debts of regular citizens. The investigation, by reporter Fred Shulte, shows how the bank and hedge fund can add interest charges and fees and bundle the debts as securities for investors. In late May and early June, proxies for the corporate duo quietly bought hundreds of millions of dollars in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. (Shulte is joining the Center as a result of our merger with the Huffington Post Investigative Fund.)

Senator Bernie Sanders – A Real Jaw Dropper at the Federal Reserve

December 6, 2010 Leave a comment

From The Huffington Post:

A Real Jaw Dropper at the Federal Reserve

By Senator Bernie Sanders (I-Vt.)

At a Senate Budget Committee hearing in 2009, I asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. He refused. A year and a half later, as a result of an amendment that I was able to include in the Wall Street reform bill, we have begun to lift the veil of secrecy at the Fed, and the American people now have this information.

It is unfortunate that it took this long, and it is a shame that the biggest banks in America and Mr. Bernanke fought to keep this secret from the American public every step of the way. But, the details on this bailout are now on the Federal Reserve’s website, and this is a major victory for the American taxpayer and for transparency in government.

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Boing Boing – John Cassidy: Much of what investment bankers do is socially worthless

November 24, 2010 Leave a comment

From Boing Boing:

Much of what investment bankers do is socially worthless

Posted: 23 Nov 2010 11:58 PM PST

In “What Good Is Wall Street?” a long, thoughtfully argued piece in the New Yorker, John Cassidy makes the case that “Much of what investment bankers do is socially worthless” — it doesn’t “provide liquidity” or “price risk,” it merely extracts farcical rents for the relatively utilitarian task of moving money around:

Most people on Wall Street, not surprisingly, believe that they earn their keep, but at least one influential financier vehemently disagrees: Paul Woolley, a seventy-one-year-old Englishman who has set up an institute at the London School of Economics called the Woolley Centre for the Study of Capital Market Dysfunctionality. “Why on earth should finance be the biggest and most highly paid industry when it’s just a utility, like sewage or gas?” Woolley said to me when I met with him in London. “It is like a cancer that is growing to infinite size, until it takes over the entire body. “From 1987 to 2006, Woolley, who has a doctorate in economics, ran the London affiliate of GMO, a Boston-based investment firm. Before that, he was an executive director at Barings, the venerable British investment bank that collapsed in 1995 after a rogue-trader scandal, and at the International Monetary Fund. Tall, soft-spoken, and courtly, Woolley moves easily between the City of London, academia, and policymaking circles. With a taste for Savile Row suits and a keen interest in antiquarian books, he doesn’t come across as an insurrectionary. But, sitting in an office at L.S.E., he cheerfully told me that he regarded himself as one. “What we are doing is revolutionary,” he said with a smile. “Nobody has done anything like it before.”

What Good Is Wall Street?

Robert Scheer – Fail and Grow Rich on Wall Street

November 24, 2010 Leave a comment

From Truthdig:

Robert Scheer on Corporate America’s Record Profits
Fail and Grow Rich on Wall Street” — Welcome to the brave new world of post-bailout capitalism. The Commerce Department announced Tuesday that corporate profits are at their highest level in U.S. history, and the Fed released minutes of an early November meeting in which officials predicted a stagnant economy and continued high unemployment.

AMERICAblog – Wall Street returns to conspicuous consumption

November 24, 2010 Leave a comment

From AMERICAblog:

Wall Street returns to conspicuous consumption

by Chris in Paris on 11/24/2010 09:09:00 AM

Who deserves to pamper themselves more than Wall Street? By gosh, the crisis that they created was so long ago, so who really remembers the details of what happened? It’s time to spend, spend, spend.

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Democracy Now! – Joe Nocera on “All the Devils Are Here: The Hidden History of the Financial Crisis”

November 23, 2010 Leave a comment

AMERICAblog – British Conservatives cave in to bankers who want larger bonuses

November 23, 2010 Leave a comment

From AMERICAblog:

British Conservatives cave in to bankers who want larger bonuses

by Chris in Paris on 11/23/2010 01:30:00 AM

Prepare for the same easy ride on Wall Street once the GOP takes over the House. The Republicans received too much cash from the bankers to do anything other than give in to their wish list. Let’s face it, these “conservatives” are liberal when it comes to helping the ultra-rich. They’re soft on the economy, but the Democrats hardly have much room to talk. How many more banker handouts until there’s nothing left?

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Joshua Holland – Seriously, Jail the Bankers or This Economy Will Never Fully Recover

November 17, 2010 Leave a comment

From AlterNet:

Seriously, Jail the Bankers or This Economy Will Never Fully Recover

By refusing to hold the corporate criminals at the heart of the housing crisis accountable for their crimes, we’re creating powerful incentives for future malfeasance.

By Joshua Holland

November 17, 2010

The Great Recession showed the world that the crimes that create the most victims are not committed by terrorists, gangbangers or drug traffickers, but by well-heeled crooks in Wall Street’s executive suites. Tens of millions of people have seen their jobs disappear and their pension funds fleeced, and had their homes taken out from under their feet as a result of the crash of Wall Street’s Great Casino. Yet so far, the culprits have been given little more than a slap on the wrist.

Failing to prosecute Wall Street’s high-flying crooks doesn’t only represent a great miscarriage of justice. Powerful voices within the economic establishment are now making the case that holding the bankers criminally culpable is necessary if we ever hope to stop our national economy from moving from one speculation-driven bubble to the next.

Nobel-prize winner Joe Stiglitz recently told AOL’s Daily Finance that major damage resulting from the financial disaster “has not really been taken on board, and that is confidence in our legal system, in our rule of law, in our system of justice.” His prescription? “I think we ought to go do what we did” in the wake of similar financial crises in the past, and “actually put many of these guys in prison.”

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AMERICAblog – Wall Street on track for 4th most profitable year

November 17, 2010 Leave a comment

From AMERICAblog:

Wall Street on track for 4th most profitable year

by Chris in Paris on 11/16/2010 03:55:00 PM

How’s everyone doing with their retirement plans? Some economic crisis we have, isn’t it? Reuters:

Wall Street may earn $19 billion in 2010, its fourth-most profitable year, even as regulatory changes and a weakened economy limits its ability to generate profit, New York State Comptroller Thomas DiNapoli said.

In a report released Tuesday, DiNapoli said profit might decline 69 percent from last year’s record $61.4 billion, but may have settled near levels more in line with pre-crisis amounts.

DiNapoli said Wall Street had lost $54 billion in 2007 and 2008, but has benefited from a series of federal bailouts as well as low interest rates.

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The Raw Story – No change: Wall Street finds loophole in financial reform

November 12, 2010 Leave a comment

Dean Baker – Wall Street’s TARP Gang Rides Again

November 11, 2010 Leave a comment

From CounterPunch:

Wall Street’s TARP Gang Rides Again

By DEAN BAKER

Just over two years ago, the Wall Streeters were running around Congress and the media saying that if they didn’t immediately get $700 billion the world would end. Since they own large chunks of both, they quickly got their money.

Even more important than the hundreds of billions of loans issued through the TARP was the trillions of dollars of loans and guarantees from the Fed and the FDIC. This money came with virtually no strings attached. It kept Goldman Sachs, Citigroup, Morgan Stanley, and Bank of America and many others from collapsing. As a result, folks like Goldman CEO Lloyd Blankfein are again pocketing tens of millions a year in wages and bonuses, instead of walking the unemployment lines. Instead, 15 million ordinary workers are being told to just get used to being unemployed; it’s the “new normal.”

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AlterNet – Wall Street Is the New Tax Collector? Governments Relinquish Taxation Powers to Big Banks

October 20, 2010 Leave a comment

From AlterNet:

People walk along Wall Street in the financial district of New York City. The US House of Representatives gave its final approval to the biggest overhaul of Wall Street rules since the Great Depression of the 1930s, leaving the landmark bill in the Senate's hands.

Wall Street Is the New Tax Collector? Governments Relinquish Taxation Powers to Big Banks

Wall Street titans have found a new way to screw over the poor and middle class — as surrogate tax collectors. Continue Reading…

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‘US media-numbed, bankers pocket $144 billion bonus’

October 14, 2010 Leave a comment
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Record Pay for Wall St, Again

October 12, 2010 Leave a comment
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Wall Street set to pay out record $144 billion

October 12, 2010 Leave a comment
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Joshua Holland – Conservatives Push Absurd Lie that Wall Street Hustlers Were Innocent Victims … of Poor People

October 11, 2010 Leave a comment

From AlterNet:

Conservatives Push Absurd Lie that Wall Street Hustlers Were Innocent Victims … of Poor People

Deregulation allowed Wall Street to build a house of cards on America’s mortgage industry, but many conservatives live in a parallel universe in which the banks are blameless. READ MORE

Joshua Holland / AlterNet

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Professor Antony Sutton: Wall Street & the rise of Hitler

October 9, 2010 Leave a comment
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RTAmerica – Wall Street CEO’s not in jail

October 8, 2010 Leave a comment
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Richard (RJ) Eskow: Wall Street Noir: Moody’s “Double Agent” Ratings

September 28, 2010 Leave a comment

From The Huffington Post:

Richard (RJ) Eskow: Wall Street Noir: Moody’s “Double Agent” Ratings

2010-09-28-AP100602033977.jpg

Richard (RJ) Eskow: Despite all the evidence against it, Moody’s is still treated as a credible player that can send a warning shot across the bow of the U.S. government. That’s the kind of rigged game we’re facing: One of the biggest sources of the government’s debt is the economic collapse, which was enabled in large measure by the bad ratings issuing by rating franchises like Moody’s. Now Moody’s wants to hamstring the government’s ability to repair the damage it helped create. And it might. It’s that powerful, and the system is that rigged. Click here to read more.

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ProPublica – Jake Bernstein

September 8, 2010 Leave a comment

From ProPublica:

ProPublica’s Jake Bernstein Talks About Banks’ Self-Dealing

by Quadia Muhammad

This week on the ProPublica podcast, reporter Jake Bernstein answers readers’ questions about the investigation he did with Jesse Eisinger on how Wall Street bankers created fake demand [1] in the run-up to financial crisis, increasing their bonuses — and ultimately making the crisis worse.

Bernstein discusses whether this was all legal, how the rating agencies failed to flag the self-dealing, and how it all contributed to the banks blowing themselves up. Eisinger and Bernstein also responded to readers’ queries [2] in an earlier post.

Download this episode (or hit link for podcast)