Tag Archives | Banking

Bankers Undemocratically Installed As Heads Of Italy And Greece

Pg-12-eurozone-graphicIn case you missed it, over the past eight days, the prime ministers of two major European nations stepped down. The newly appointed, not elected, leaders of Italy and Greece will be Mario Monti (formerly of Goldman Sachs) and Lucas Papademos (formerly head of the Central Bank of Greece). A signal that marriage between capitalism and democracy is coming to an end? The Independent writes:

The ascension of Mario Monti to the Italian prime ministership is remarkable for more reasons than it is possible to count. By replacing the scandal-surfing Silvio Berlusconi, Italy has dislodged the undislodgeable. By imposing rule by unelected technocrats, it has suspended the normal rules of democracy, and maybe democracy itself. And by putting a senior adviser at Goldman Sachs in charge of a Western nation, it has taken to new heights the political power of an investment bank that you might have thought was prohibitively politically toxic.

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Five Demands To Rein In Wall Street

99marchIf we want a country in which the most powerful financial institutions may longer hold our political process hostage, where do we start? Via Rolling Stone, Matt Taibbi puts forth his list of five demands for anti-Wall Street protesters to push for:

1. Break up the monopolies. The so-called “Too Big to Fail” financial companies – now sometimes called by the more accurate term “Systemically Dangerous Institutions” – are a direct threat to national security. They are above the law and above market consequence, making them more dangerous and unaccountable than a thousand mafias combined. There are about 20 such firms in America, and they need to be dismantled; a good start would be to repeal the Gramm-Leach-Bliley Act and mandate the separation of insurance companies, investment banks and commercial banks.

2. Pay for your own bailouts. A tax of 0.1 percent on all trades of stocks and bonds and a 0.01 percent tax on all trades of derivatives would generate enough revenue to pay us back for the bailouts, and still have plenty left over to fight the deficits the banks claim to be so worried about.

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Woman Arrested For Closing Her Bank Account

Wonkette has a disturbing account of the NYPD's alleged arrest of Citibank customers for attempting to close their bank accounts. A snippet:
"I heard that a few dozen people had decided to head over to the local Citibank branch to talk about their student debt and close their accounts. I thought one of my friends might be among them so I walked the few blocks to the bank. As I arrived I saw Citi Bank security guards locking the doors to the bank. Contrary to the City Bank PR statement, the cops were not yet on the scene when Citi Bank officials chose to lock the doors to the branch–effectively kidnapping those inside."
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Wrangling The Giant Vampire Squid

VampireSquidMatt Taibbi has been waiting to watch Goldman Sachs executives go to jail for a while–at least since 2009 when he called Goldman the “great vampire squid wrapped around the face of humanity relentlessly jamming its blood funnel into anything that smells like money.”

Released today, the latest installment of Taibbi’s manifesto against all things Goldman sets up a pretty simple proposition based on the recently released 650-page report from Senator Carl Levin’s Subcommittee on Investigations, detailing the collapse of the American financial system. Taibbi wastes no time with whodunnit paragraphs, instead setting the smoking gun on the doorstep of the Department of Justice. Like a rewriting of the Senate investigator’s above quote, Taibbi declares, “Everything’s fucked up, and it’s time for Goldman Sachs to go to jail. You don’t even have to investigate because the Senate did it for you. Just issue those subpoenas.” (The Atlantic Wire)

Apparently the vampire squid also has an appetite for metal.… Read the rest

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