Submitted by ironboltbruce on Mon, 10/25/2010 - 8:32pm
HOW WE LOST AMERICA :: A Brief History in Ten Points (Linked Version)
Copyright (c) 2010 Bruce Arnold. Republication with attribution permitted. Read below the fold...
Submitted by angryfutureexpat on Thu, 04/22/2010 - 11:09am
[Welcome, C&L readers! -- lambert]
Charles Wilson, the President of General Motors once famously said during congressional hearings that, as Secretary of Defense, he would be able to make a decision adverse to the interests of GM but that such a situation was virtually inconceivable "because for years I thought what was good for the country was good for General Motors and vice versa". For decades, Charles Wilson has stood alone as the Platonic ideal of corporate whores and douchebags who have no compunction about plundering the public and the Treasury to serve their corporate ends, because, well, hey if it's good for us, it's good for the America. Read below the fold...
Submitted by a little night ... on Tue, 03/02/2010 - 11:11pm
Submitted by DCblogger on Mon, 01/18/2010 - 3:33pm
Submitted by Valhalla on Fri, 12/18/2009 - 7:28pm
Over at New Deal 2.0, Nomi Prins, a former Goldman insider, thinks the answer's no:
But, the question is, would the massive bailout of the financial sector have occurred, had women been at its helm? Indeed, Davos economists this year speculated that the presence of more women on Wall Street might have averted the downturn.
She lines up the likes of Elizabeth Warren, Sheila Blair, Brooksely Borne against some of the more prominent vampire squid -- Bernke, Paulson, Geithner, Lloyd Blankfein (of we're doing "God's work" fame) et al and thinks the gender split may be not just coincidental.
Read below the fold...
Submitted by captain nemo (not verified) on Sat, 11/21/2009 - 10:52pm
Who drafted this dubious piece of legislation? Bankers (or their lawyers) did. The leading sellers of derivatives are an exclusive club of five very large financial institutions--Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley and Goldman Sachs--that hold 95 percent of the derivatives exposure among the largest banks (the total contract value exceeds $290 trillion). These are the same folks who toppled the global economy and compelled government to intervene with gigantic bailouts. Read below the fold...
Submitted by lambert on Sat, 11/14/2009 - 9:45am
* Bank Street College of Education
Gambling & Casinos
Apparently, they have 0 connections. That's odd. Read below the fold...
Submitted by lambert on Tue, 08/25/2009 - 10:07am
Submitted by a little night ... on Fri, 08/07/2009 - 3:34pm
Having bailed them out with billions of TARP dollars, we must now allow them to make even more money. Reuters:
Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.
Morgan Stanley could collect as much as $250 million, the newspaper said, citing banking experts and documents released by the New York Fed. Read below the fold...
Submitted by a little night ... on Tue, 07/21/2009 - 2:26pm
Submitted by a little night ... on Mon, 07/20/2009 - 3:50pm
Goldman Sachs and its ilk, who received billions in taxpayer money through TARP to keep them in business, have recently posted high quarterly profits. But what do the taxpayers get for our largesse? This is not a non-sequitur, as a post in naked capitalism today makes clear; and at least 6 House Democrats want to do something about the situation. That is the PROFIT act, which Mary Jo Kilroy (D-OH) and six others (Reps. Brad Sherman, John Boccieri, Betty Sutton, Jackie Speier, Marcia Fudge and Alan Grayson) introduced to little fanfare last week. Read below the fold...
Submitted by Randall Kohn on Sun, 07/19/2009 - 4:32pm
Submitted by lambert on Sun, 07/19/2009 - 9:30am
They're doubling down again. And why shouldn't they? Ever Goldman Sachs took over the Treasury Department for the Obama administration, they can't lose! They get to bail themselves out! With taxpayer money! Yay! Reuters:
Goldman this week notched up its largest ever profit as a public company - $3.44 billion for the second quarter - but did it while taking on considerably more risk by a key measure. Read below the fold...
Submitted by a little night ... on Fri, 07/17/2009 - 2:15pm
Submitted by Tony Wikrent on Wed, 07/15/2009 - 10:15am
Cross posted from The Economic Populist.
Suggestions to solve the financial crises by basically shutting down most of Wall Street are always shouted down by howls of "How are companies going to raise money?" or "How are people going to invest in companies?"
Well, take a good, long look at this graph, which shows the percentage of capital expenditures by U.S. non-financial companies that was raised in U.S. financial markets from 1952 to 2006.
Read below the fold...