Tag Archives | Bail Outrage

Join Us for the Premiere of Danny Schechter’s ‘Plunder’

If you're in the New York metro area for this event (details below), join us by RSVPing to plunder [at] disinfo.com. Otherwise, please help us spread the word on Danny Schechter's new film, Plunder: The Crime of our Time, now available on iTunes and DVD.

Aldon O. James, Jr., The President of The National Arts Club, Globalvision Inc. and The Disinformation Company cordially invite

You and a Guest To The Premiere Screening Of Danny Schechter's New Investigative Film Exposing the Financial Crisis as A Crime Story

PLUNDER: THE CRIME OF OUR TIME (APRIL 29, 2010)

In March of this year, a national poll found that despite all the partisan political polarization, 82% of the American people want a "crackdown on Wall Street." Yet to date, a handful of white collar criminals have been prosecuted and jailed for causing the worst financial crisis since The Great Depression. The film, Plunder: The Crime of our Time is being released in April by The Disinformation Company and will be available on cable systems' Video-On-Demand, on DVD and via iTunes. It is the first documentary feature to treat the financial crisis as a crime story. The hard-hitting film features testimony by Wall Street bankers, economists, a convicted white collar criminal, real estate brokers and victims of mortgage scams. It explains how an estimated $197 trillion disappeared because of elaborate and sophisticated financial frauds. Plunder also indicts the media for not warning us or investigating the crisis in a timely way.
Continue Reading

Media Fail: The U.S. Gov’t Making An $8 Billion Dollar Profit Off Its Bailed-Out CitiGroup ‘Investment’ … Is Complete BullSh*t

Darth Vader Opens Wall StreetHeadlines like "U.S. to sell entire stake in Citi at hefty profit" are complete BS. Dylan Ratigan explains in the first part of this clip below how we, the taxpayers, gave a total of $23.7 trillion to these banksters. $8.8 billion hardly makes a dent. The greatest transfer ("theft") of wealth to bankers in the history of the world has happened, and the beneficiaries are in the heart of Manhattan. It's great for those folks, but has damaged the lives of many people living outside of that city across the country...
Continue Reading

Fears of A Second Crash Are Real: Congress Lacks The Appetite for Action…

plunder_art_dvdWhat will it take? What are they waiting for? What part of the reality of a systemic crisis that will get worse don’t they get? How is it possible that after near three years of economic turmoil, with possibly hundreds of TRILLIONs down the rabbit hole — not that anyone is counting or apparently can count — that the geniuses who run our economy still don’t “get” that the sh*t has already hit the fan? How many more jobs and homes have to be lost? Michael Moore is not the only one predicting a second crash. Paul Krugman is all out words excoriating the Administration for its tepidness. Nouriel Roubini, who forecast the first meltdown, now says we are in serious danger of a “double-dip,” a lethal combo of rising inflation and deeper recession. Woe to us if we can’t see the handwriting on so many walls. The people in the know know that nothing has been fixed, know that all the stimuli have barely stimulated, that the new jobs bill will never generate the number of jobs that are needed, and that the banks have obscenely been raking in oodles of money thanks to all the financing taxpayers pumped into their coffers. Even as the Obamaites finally get around to proposing a measure to break up the big banks and erode the notion of financial institutions being too big to fail, we have the New York Times telling us that Congress does not have the “appetite” — that’s the word they use — to tackle even modest financial reforms.
Continue Reading

U.S. Economy Grinds To Halt As Nation Realizes Money Just A Symbolic, Mutually Shared Illusion

BBBurnMVia the Onion:

WASHINGTON — The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct.

Calling it “basically no more than five rectangular strips of paper,” Fed chairman Ben Bernanke illustrates how much “$200″ is actually worth.

What began as a routine report before the Senate Finance Committee Tuesday ended with Bernanke passionately disavowing the entire concept of currency, and negating in an instant the very foundation of the world’s largest economy.

“Though raising interest rates is unlikely at the moment, the Fed will of course act appropriately if we … if we …” said Bernanke, who then paused for a moment, looked down at his prepared statement, and shook his head in utter disbelief. “You know what? It doesn’t matter. None of this — this so-called ‘money’ — really matters at all.”

“It’s just an illusion,” a wide-eyed Bernanke added as he removed bills from his wallet and slowly spread them out before him.

Read the rest
Continue Reading

Americans United For Change Goes After Wall Street ‘Casinos’ With TV Ad

From Americans United For Change:
Americans United for Change and American Family Voices unveiled a new television ad today as part of a ramped up coalitional effort urging Congress to pass President Obama’s financial regulatory reform plan to make Wall Street more transparent and accountable and prevent another financial crisis. The new ad comes as Citi, one of the largest recipients of taxpayer dollars, revealed how Wall Street is fully back to business as usual by announcing plans to create “the first derivatives intended to pay out in the event of a financial crisis.”
Continue Reading

Revealed: See Who Was Paid Off In The AIG Bailout

Ryan Grim and Shahien Nasiripour write on the Huffington Post:
A key question at the heart of the controversial bailout of AIG is just how much money the government lost. The Federal Reserve and Treasury Department have worked to keep that number secret and to conceal who was on the winning end. An unredacted document obtained by the Huffington Post list the damage in detail. Goldman Sachs alone, for instance, got $14 billion in government money for assets worth $6 billion at the time — a de facto $8 billion subsidy, courtesy of taxpayers. The list was produced as part of a congressional investigation led by the House Oversight and Government Reform Committee into the federal bailout of AIG...
Continue Reading

Banks Set To Record Pay Their People

Stephen Grocer writes in the Wall Street Journal:

Major U.S. banks and securities firms are on pace to pay their people about $145 billion for 2009, a record sum that indicates how compensation is climbing despite fury over Wall Street’s pay culture.

U.S. Army Celebrates its 230th Birthday at the NYSE

An analysis by the Wall Street Journal shows that executives, traders, investment bankers, money managers and others at 38 top financial companies can expect to earn nearly 18% more than they did in 2008—and slightly more than in the record year of 2007. The conclusions are based on an examination of securities filings for the first nine months of 2009 and revenue estimates through year-end.

The rapid comeback of pay on Wall Street, which will be on display as companies report fourth-quarter results starting with J.P. Morgan Chase & Co. on Friday, has exposed the industry to a broadening mix of proposed crackdowns, including a 10-year, $90 billion bank tax described for the first time Thursday by President Barack Obama

In detailing the tax, Mr.

Read the rest
Continue Reading

Sen. Byron Dorgan, Who Predicted Financial Collapse Ten Years Ago, Retiring

How easily we forget this whole mess started under a Democratic president, Bill Clinton, with the repeal of the Depression-era Glass-Steagall Act in 199. Here's Huffington Post from a few months ago that sums up why a guy like this retiring is a big deal. Dan Froomkin writes:
He got it right last time. Senator Byron Dorgan, Democrat of North Dakota, was one of eight senators who stood up to oppose the repeal of the Glass-Steagall act in 1999. That repeal, which was signed into law by President Clinton exactly 10 years ago today, broke down the barriers between commercial banking and investment banking, and led to the growth of behemoth financial firms that were able to take enormous risks with impunity, because they were "too big to fail." "I think we will in 10 years' time look back and say we should not have done this," Dorgan said back then. The video of his speech has become something of a cult favorite for wonks — ten years, a $700 billion bailout and a major financial crisis later.
Continue Reading