Tag Archives | Wall Street

Occupy Wall Street Eliminates $15 million of Debt

Since the protest started in Zucotti Park in New York City near the financial district, the Occupy Wall Street movement has done a lot to raise awareness of the iniquities and corruption in the American political and economic system, whilst receiving biased mass-media editorializing and suffering undue violence from the local police. Since November 15, 2012, the Occupy movement started a program of debt-relief called “Rolling Jubilee,” which seeks to bailout individuals who have accrued debt through credit cards as well as medical bills. To date they have relieved millions of dollars in debt for just pennies on the dollar.

VIA Guardian

A group of Occupy Wall Street activists has bought almost $15m of Americans’ personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit.

Rolling Jubilee, set up by Occupy’s Strike Debt group following the street protests that swept the world in 2011, launched on 15 November 2012.

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Government Shutdown and Appointment of Janet Yellen Guarantees Flow of Funds to Wall Street: They are reducing “two-thirds of this country to subsistence level”, Chris Hedges

via chycho

Yellen Submarine

It’s no secret that the only reason the markets have been roaring – since bottoming out in March 2009, the DOW is up approximately 125% and The S&P 500 approximately 120% – is because of unlimited quantitative easing to the tune of $85 billion a month, a last resort, desperate measure that the FOMC began in 2012 to maintain its ‘growth’ targets. The end result of this program has essentially been the transfer of wealth from Main Street to Wall Street.

In terms of types of financial wealth, the top one percent of households have 35% of all privately held stock, 64.4% of financial securities, and 62.4% of business equity. The top ten percent have 81% to 94% of stocks, bonds, trust funds, and business equity, and almost 80% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.”


click to enlarge – source

How this plays out with the ‘government shutdown’ and the fears that we will enter a recession if the U.S.

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The 2005 Bankruptcy Bill: Knowing a Financial Crisis Was Imminent, Banks Lobbied Government to Pass Laws to Preserve Their Wealth

via chycho

bankruptcy

Our government representatives would like us to believe that the subprime mortgage crisis (2, 3, 4, 5) could not have been predicted. The truth is, the collapse was expected and authorities were well aware that crimes were being committed.


I. Introduction

It is said that if you want to find the corrupt, follow the money. This catchphrase, however, cannot be used as a preventative measure; it can only be used in retrospect to punish perpetrators of a crime. It does very little to protect us from predators. This is unfortunate when applied to our current crony capitalistic system; a wrong decision in our personal finances can mean the difference between living a life of debt servitude or one of freedom.

In our current centralized economic system, the best way to avoid pitfalls and preserve wealth, improving lifestyle, is to pay close attention to changes in laws and be mindful of their implications.… Read the rest

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Big Banks Conspiracy Destroying America

Goldman Sachs Tower 011I’m increasingly wondering if Paul Farrell writes financial meltdown and banks are bad stories for the Wall Street Journal’s MarketWatch as a sort of crazy-man foil for the establishment writers on Mr. Murdoch’s payroll:

Imagine 100 Goldman Sachs banks running America and the world. It’s happening. Forget politicians, Big Banks rule the world.

It was just a few years ago in “The Great American Bubble Machine,” a Rolling Stone feature, that Goldman was indicted by Matt Taibbi: “The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

Yes, till recently Goldman Sachs was boss, everywhere, the “world’s most powerful bank.” Taibbi: “From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression.” What an indictment.

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Obama Cans Regulator Who Crossed Wall Street

PIC: Adbusters (C)

PIC: Adbusters (C)

Sarah Lazare writes at Common Dreams:

The Obama Administration is quietly firing Commodity Futures Trading Commission head Gary Gensler, who ran afoul of big banks by pushing for greater government oversight.

The ouster comes in the midst of controversy over a proposed CFTF rule, strongly supported by Gensler, that would extend U.S. regulation to swaps–a kind of derivative exhange–involving firms founded or doing business in the United States. This means that foreign banks and hedge funds would face the same regulations as U.S. ones when trading in swaps with U.S. parties.

Wall Street fiercely opposes this regulation on the grounds that it discourages trade. Yet, supporters insist the regulation is necessary to give a modicum of oversight to vast swaths of the derivatives market marred by the same lack of regulation that paved the way for the 2008 economic collapse.

Gensler was set to meet with European regulators June 20, and his dismissal could seriously jeopardize this proposal, the Huffington Post reports.

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Wall Street Investors Buying Up Entire Neighborhoods In Poorer Areas

wall street

Wall Street investment firms are eager to become your new landlord. New York Times Dealbook reports:

Large investment firms have spent billions of dollars over the last year buying homes in some of the nation’s most depressed markets. The influx has been so great, and the resulting price gains so big, that ordinary buyers are feeling squeezed out. Nationwide, 68 percent of the damaged homes sold in April went to investors, and only 19 percent to first-time home buyers.

Wall Street played a central role in the last housing boom by supplying easy — and, in retrospect, risky — mortgage financing. Now, investment companies like the Blackstone Group have swooped in, buying thousands of houses in the same areas where the financial crisis hit hardest.

Blackstone, which helped define a period of Wall Street hyperwealth, has bought some 26,000 homes in nine states. Colony Capital, a Los Angeles-based investment firm, is spending $250 million each month and already owns 10,000 properties.

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Why Stocks Have Risen: Stimulus, Stimulus, and Indefinite-Stimulus, i.e., Transfer of Wealth from Main Street to Wall Street

via chycho
wealth_distribution

Since bottoming out at an intra-day low of 6,467 on March 6, 2009, the Dow Jones Industrial Average (DOW) has risen to 15,295 as of May 23, 2013 – a gain of approximately 130% in just over 4 years. The S&P 500 has shown similar results, advancing from an intra-day low of 666 to 1,650 for the same period, a gain of approximately 125%. Stellar returns.

As to why the markets have risen at historic rates during times of austerity economics? The answer is simple, it’s due to quantitative easing (QE) began by centralized banks after the market crash of 2008 – “fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy.”

The amount of stimulus used varies depending on your definition of stimulus, so we won’t bother keeping tabs on the trillions that have been dumped into the markets in the last 4 years.

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Pres Obama Signs Bill Killing Anti-Corruption, Pro-Transparency STOCK Act Provisions

via Daily Kos

Obama-Corruption

…yesterday, President Obama completed this rope-a-dope deception by signing this new bill, which stripped key provisions from the STOCK Act and rolled back a lot of the progress that the original bill made in promoting transparency and open government. The bill was signed without any cameras or fanfare, which is in stark contrast to the very public signing of the actual STOCK Act. It seems President Obama was glad to parade around the signing of the pro-transparency bill, but was not so open about his reversal of the most important parts of it a year later! Open Secrets describes the key provisions stripped out of the bill and labels this action “A reversal of the STOCK Act”:

The elements of the STOCK Act that were removed include:

Creation of searchable, sortable disclosure of the information contained in reports even for Congress, the president, vice president, the president’s cabinet and congressional candidates.

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Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds

via Wall Street on Parade

elizabeth warren

There is only one thing more Kafkaesque than the ongoing Wall Street frauds and that is watching a live United States Senate investigation of a diabolical settlement the banks themselves concocted to repay the victims of their own fraud. Such was the case yesterday when Senators Sherrod Brown, Jack Reed, and Elizabeth Warren grilled regulators from the Office of the Comptroller of the Currency and Federal Reserve along with outside consultants over allowing banks to hand pick the consultants to do their foreclosure reviews, negotiate confidentiality agreements with them and pay them directly.

Hundreds of millions of dollars in checks from the Foreclosure Review settlement will start going out today, eventually topping $3.6 billion in the cash portion of the settlement, and yet it was revealed during yesterday’s Senate hearing that it was the actual banks that engaged in the illegal foreclosure actions that tallied up and classified their wrongdoing under various degrees of harm; deciding themselves how many people would receive $300 and how many $125,000.

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