Posts from 2013

110 of 15 items

Why JPMorgan May Be Getting Off Easy

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Financial columnist Gretchen Morgenson says that if the government were really being tough on Wall Street they would bring criminal charges against individuals at US banks. In a criminal investigation, JPMorgan Chase is facing action from federal authorities who suspect that the bank turned a blind eye to Madoff’s Ponzi scheme. That’s yet another headache […]

Everything you need to know about JPMorgan’s $13 billion settlement

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(Photo by Spencer Platt/Getty Images

By Neil Irwin JPMorgan Chase is nearing a $13 billion civil settlement with the Justice Department for its mortgage lending practices. So what’s going on here? We’re here to help.  See answers to the following questions here: What is JPMorgan Chase? So what is this settlement about? What did this have to do with the […]

NY Times: In Banking, Should There Be a ‘Public Option’?

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    Only one U.S. state, North Dakota, owns a bank. But that bank has been so successful – and the financial systems elsewhere have been so problematic – that 22 other legislatures have considered starting similar state banks. Would government-owned banks distort the free market, or complement private lending? If states or the federal […]

The Leveraged Buyout of America

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By Ellen Brown Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How have they pulled this off, and where have they gotten the […]

Video: Public Funds At Risk in The Big Banks

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Banks considered “globally active, systemically important” financial institutions may seize deposits in bankruptcy.  This ability is established in the U.S. in a Memorandum published by the FDIC, and in U.S. bankruptcy law, which also gives “super-priority” to derivatives counterparties over depositors.  This brief video explains the new legal structures governing our big banks’ bankruptcies.  Read […]

New Bank Investigations: Real Action, or More of the Same?

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A lot of interesting things happening on the white-collar enforcement front. Evil hedge fund SAC Capital and its villainous ruler Stevie Cohen were run through the gauntlet, Goldman Sachs patsy Fabulous Fab took a beating in civil court (I love the detail that emerged, that Goldman executives now call him “the poor kid”), and now, […]

Why Cities Should Use Public Banks Instead of Big Banks

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“Of all the public entities that have fallen victim to the big bank-induced economic downturn, cities have the most compelling stories of being burned. If ‘all politics is local,’ this is even more true for economics, at least where people’s ordinary lives are concerned. City budgets contain the life blood of communities. School districts, contracts […]