Among its many myths, Wall Street would have you believe that you are better off being “advised” by stockbrokers who will put their own interests ahead of yours. I seek to offer a glossary of what lies beneath such mendacity.
New York (AFP) – Citigroup will pay $7 billion to settle claims it misled investors about mortgage-linked securities ahead of the financial crisis in the latest U.S. crackdown on a banking giant, officials said Monday. U.S. Attorney General Eric Holder, calling Citi’s conduct “egregious,” said the investigations showed the bank concealed defects in loans, misrepresented […]
Today the Weekend Reader brings you The Watchdog that Didn’t Bark: The Financial Crisis and the Disappearance of Investigative Journalism by Dean Starkman, editor of the Columbia Journalism Review and fellow at The Investigative Fund at The Nation Institute. Starkman argues that the institutionalization of muckraking from the 1960s and the investigative culture of journalism have worn off. This […]
But as much as Republicans say they care about the deficit, they are not willing to raise one dime in taxes to make a deal to cut it.
New York (AFP) – Bank of America Wednesday reported an eightfold increase in quarterly earnings on improving credit quality as it positions for a strengthening U.S. economy. The U.S. banking giant reported fourth-quarter earnings of $3.2 billion on revenues of $21.5 billion, compared with earnings of $367 million on revenues of $18.7 billion in the […]
New York Attorney General Eric Schneiderman, a progressive champion for his aggressive posture toward the big banks at the heart of the 2008 financial crisis and the foreclosures still rippling through the economy, backed the Occupy Wall Street protests, obliquely, in a statement today: “These demonstrations are a stark reminder that many Americans have lost […]
Saving the Post Office from financial ruin might seem nearly as hopeless as running for president on the Green Party ticket — but this time Ralph Nader, lifelong consumer advocate and perennial presidential candidate, has the numbers on his side. While Congress considers closing post offices and drastic cutbacks in mail service because the United […]
One of the sharpest lines of attack against the Obama Administration’s response to the financial crisis is that they over-prioritized saving banks instead of keeping the housing market from collapsing — more than half of the qualified 1.6 million people who originally took advantage of its 2009 housing assistance program have already dropped out — […]
The Vatican, having had a rough stretch financially, is back above water, though apparently donations from the faithful are down from last year: Vatican spokesman the Rev. Federico Lombardi said Vatican officials believed the main reasons for the decrease were related to the lingering effects of the financial crisis on Catholics’ ability to donate, and […]