Financial Crisis







Elizabeth Warren for president? Reuters reports:  A small bipartisan group of senators on Thursday introduced legislation that would break up Wall Street’s megabanks by separating traditional banking activity from riskier financial services….





Will unregulated, debt-based financial products destroy the world? Bloomberg reports that the funneling of capital into instruments of so-called “shadow banking” continues to balloon to unimaginably large proportions: The shadow banking industry…



The U.K.-based Spinwatch has created an eight-minute film on the “private conversations” between government and the banking industry, and the industry’s use of lobbying and public relations to attempt to shape consensus reality in the wake of the financial crisis:

‘What The Bankers Did Next…’ takes a look at the government’s close relationship with the finance industry, some of the key players involved, and their efforts to manage public opinion and shut down debate.


The previously mentioned U.K.-based activist squad The Intruders somehow got inside the Investment Banking Awards, where they realized that this year’s most noteworthy accomplishment had gone unmentioned:

The Investment Banking Awards are the Oscars of the financial world. Dished out for so-called ‘innovation’, some of the world’s richest bankers gather together to congratulate each other on devising ever more creative ways to make obscene sums of money.

One of 2012’s most profitable scams was the bankers’ ‘innovative’ approach to a key interest rate called LIBOR. Virtually every bank at the event was involved in illegally colluding to rig LIBOR, ensuring that they would always be the winners in the multi-million pound bets they were making on the markets.

When we noticed that this money-spinner had been overlooked in the ceremony, we decided to show up and make sure the LIBOR-riggers got the recognition they deserve.





We invented Democracy (with a capital “D”). Writes Derek Thompson in the Atlantic:

Greece is the hardest-working country in the EU! According to Greece. And only Greece.

According to Britain, Germany, Spain, Poland, and the Czech Republic, it’s the laziest country in Europe.

Meanwhile, Germany is the most respected EU country, according to the Pew Global report, European Unity on the Rocks. And Greece appears to be living in a bizarro universe where 78% of its respondents held negative views of Germany. Three in five Greeks said their country had Europe’s hardest working citizens. Half of the rest of the respondents from the other seven nations said Greece had the laziest workforce in Europe…




After austerity follows fascism. Neni Panourgia writes on Al Jazeera English: By now, nearly everybody has been exposed to the phenomenon of Golden Dawn (Chrysi Avgi in Greek), the neo-Nazi organisation that…





If you work on Wall Street it’s time to take Bill’s Hicks’ advice for advertising and marketers … because this will never happen. Sheila Bair writes in the Washington Post: Are you…