12-year-old Victoria Grant explains why her homeland, Canada, and most of the world, is in debt. April 27, 2012 at the Public Banking in America Conference, Philadelphia, PA. For more information see publicbankinginstitute.org.
Tag Archives | Plunder
“It’s bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it – with a big assist from Congress and the White House.” Another must read from Matt Taibbi in Rolling Stone:
… Read the rest
Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he’d dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. “These reforms represent the strongest consumer financial protections in history,” the president told an adoring crowd in downtown D.C. on July 21st, 2010. “In history.”
This was supposed to be the big one. At 2,300 pages, the new law ostensibly rewrote the rules for Wall Street. It was going to put an end to predatory lending in the mortgage markets, crack down on hidden fees and penalties in credit contracts, and create a powerful new Consumer Financial Protection Bureau to safeguard ordinary consumers.
Police were guarding the entrance to the annual meeting of Wells Fargo shareholders on Tuesday as protesters associated with the Occupy Wall Street movement geared up to crash the gathering. Dozens of officers were stationed around the Merchant’s Exchange Building in the city’s Financial District in advance of the 1 p.m. meeting. Bank stockholders were asked to show certificates or other proof of ownership before being corralled past gates erected in front of the doors. Many of the early arrivals represented community groups from across the country that purchased Wells Fargo stock so they would have a say in the bank’s practices. Shareholder Mark Richmond, a 59-year-old Portland member of the group We Are Oregon, said he hoped he could voice his concerns specifically about predatory lending and home foreclosures. He said he expected some raucousness inside and outside the meeting.
Relax, folks, nothing to see here. After all, I’m sure that all that austerity-funded bond money is going towards a good cause—like gold-plating the vomitorium drains in Lloyd Blankfein’s villa on the Riviera, for instance. From the BBC’s Mark Lowen:
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Protesters have clashed with riot police in the Greek capital, Athens, hours after a pensioner shot himself dead outside parliament.
The 77-year-old man killed himself in the city’s busy Syntagma Square on Wednesday morning.
Greek media reported he had left a suicide note accusing the government of cutting his pension to nothing. Flowers have been laid at the spot where he died and tributes have been paid online.
“I see no other solution than this dignified end to my life, so I don’t find myself fishing through garbage cans for my sustenance.”—Extract from reputed suicide letter
Hundreds of demonstrators gathered in the square outside parliament on Wednesday evening, the scene of many large protests in recent months.
When it’s tax time, I always hope for the best but … I also had an accountant who I trusted to keep me on the up and up. He was recommended years earlier by the Yippie activist Abbie Hoffman, who wanted to avoid the Al Capone problem.
Abbie had been busted enough for his political activities and didn’t want more jail time for non-payment of taxes. So he had to be like the driven snow to withstand any audit. And he was. He was a revolutionary who held his nose and paid the man.
Back in the day, the government used IRS investigations to threaten political activists and intimidate activists that paid their taxes as opposed to those who became tax resisters to refuse to pay for wars.… Read the rest
Matt Taibbi writes in Rolling Stone:
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In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase’s credit card services division, relying on multiple current and former Chase employees. One of them, Linda Almonte, is a whistleblower whom I’ve known since last September; I’m working on a recount of her story for my next book.
One of the things we were promised by the lawmakers who passed the Dodd-Frank reform bill a few years back is that this would be a new era for whistleblowers who come forward to tell the world about problems in our financial infrastructure. This story now looms as a test case for that proposition. American Banker reporter Jeff Horwitz did an outstanding job in this story detailing the sweeping irregularities in-house at Chase, but his very thoroughness means the news may have ramifications for Linda, which is why I’m urging people to pay attention to this story in the upcoming weeks.
Valery Morozov, a successful Russian businessman has been granted political asylum in Britain after exposing an alleged corruption scandal involving officials and police in Russia. Hoping to build a hotel in time for the 2014 Winter Olympics in Sochi, he says he paid about $10.5m in bribes to keep the contract from a competitor with close ties to the government, contributing to an estimated $300bn in bribes paid by Russians every year, according to the anti-corruption organisation Transparency International.
Christine Harper reports on Bloomberg:
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Goldman Sachs Group Inc. saw $2.15 billion of its market value wiped out after an employee assailed Chief Executive Officer Lloyd C. Blankfein’s management and the firm’s treatment of clients, sparking debate across Wall Street.
The shares dropped 3.4 percent in New York trading yesterday, the third-biggest decline in the 81-company Standard & Poor’s 500 Financials Index, after London-based Greg Smith made the accusations in a New York Times op-ed piece.
Smith, who also wrote that he was quitting after 12 years at the company, blamed Blankfein, 57, and President Gary D. Cohn, 51, for a “decline in the firm’s moral fiber.” They responded in a memo to current and former employees, saying that Smith’s assertions don’t reflect the firm’s values, culture or “how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.”
Former Federal Reserve Chairman Paul Volcker, 84, whose “Volcker rule” would limit banks like New York-based Goldman Sachs from making bets with their own money, called Smith’s article “a radical, strong” piece.
Journalists for the most part report what they know and hope that someone pays attention. With so many media outlets, brands, bloggers and sloggers out there, it is rare for challenging ideas to touch a larger nerve or get visibility beyond fragmented followings.
The idea of winning global attention is a far off dream unless you break the biggest exclusive or win the first interview with, say, Jesus on his return to earth. (And that could be ignored if your name isn’t Oprah, etc.)
Yes, sometimes going viral is the way to go—as is the case of a new video exposing the head of the Lords Resistance Army, the Ugandan terror crazies.
But even then, stories are always flashing one minute, gone the next, unless other media outlets pile on and raise their profile as happened here during Watergate and other issues, mostly sex scandals, since.
By and large, you labor on in the media wilderness hoping the time will come when someone outside your world recognizes your value and gives you a bigger platform, usually more than just one TV interview or quote.… Read the rest
About to be former Goldman Sachs executive Greg Smith is the talk of Wall Street today as a result of his op-ed piece in the New York Times, in which he describes his decision to quit the temple of Mammon (my term, not his):
… Read the rest
Today is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way.