The Bankster’s reckless gambling on Wall Street has collapsed the global economy, and rather than being busted, they are being rewarded by an extraordinary series of taxpayer-backed programs. So what is happening with those programs? Are we getting our dollar’s worth? A few independent watchdogs have been trying to make sure that the bailout is …
Let’s Get the Job Done, Help Us Whip the Conferees! The House-Senate banking conference committee is underway in Washington, D.C. If you are a nut like me, you will want to watch on C-Span. But even if you are not, you can still have boatloads of Bankster fun by helping us whip the conferees! We are …
While Treasury Secretary Timothy Geithner was on the talk shows reassuring America that the economy is healing, developments in Europe threatened to cut the legs out from under a U.S. recovery. The short story is that Greece and a number of other European Union (EU) countries are in debt, deep in debt. EU rules say member countries cannot have budget …
It’s really unbelievable. The way that Goldman Sachs keeps sticking its foot in it is simply unbelievable. Let’s not review their gross profits and bonuses or their many failed PR schemes to gloss over unseemly profits (a practice we have dubbed “greedwashing”). Let’s simply recap this week’s news. On Sunday, the New York Times detailed in a front-page …
Goldman Accused of Rigging “Robin Hood Tax” Vote Read More »
With a $4.7 trillion dollar bailout under their belts with no harm done to their billion-dollar bonuses, don’t expect Wall Street bankers to be chastened by the 2008 financial crisis. Below we list eight things to watch out for in 2011 that threaten to rock the financial system and undermine any recovery. 1) The Demise of Bank …
Rumor has it that the 50-state attorney general investigation into the Fraudclosure scandal is wrapping up. It’s time for a backbone check. Will the state attorneys general just ask the big banks and service providers to turn over a chunk of change from seemingly bottomless pockets? (This strategy was pursued by the Security and Exchange …
Fraudclosure: Will State AGs Step Up to Their Moment in History? Read More »
TALLY SHOWS THAT THE FEDERAL RESERVE IS THE REAL SOURCE OF BAILOUT FUNDS Today, the Real Economy Project of the Center for Media and Democracy (CMD) released an assessment of the total cost to taxpayers of the Wall Street bailout. CMD concludes that multiple federal agencies have disbursed $4.6 trillion dollars in supporting the financial …
CMD Releases Comprehensive Bailout Tally, $4.6 Trillion Spent on the Bailout to Date Read More »
Today’s Wall Street Journal has a stunning expose on a publicly-traded company called Life Partners Holdings. Are you ready for this? Life Partners creeps around asking the unemployed, the elderly and the sick (especially people with HIV/AIDS) to sell them their life insurance policies for cash. Then they bundle these policies into securities and sell them to …
A Cheery Holiday Message from Bankster: Death Eaters on Wall Street Read More »
On Monday, Bank of America (BofA) stocks briefly traded for under $5. Yes, you could buy a share of BofA for less than the noxious debit card fee they tried to force down your throat. BofA is massive, with assets equivalent to 15 percent of U.S. GDP. So why is it trading for the price …
On October 3, 2010 the U.S. Treasury’s Troubled Asset Relief Program (TARP) will end. The expiry is likely to generate many celebratory claims from federal government officials that the bailout is over, and that taxpayers have been made whole or will be made whole in short order. While it is true that many TARP bailout …
Use the links below to take action now to reform the economy. It’s NOT Such a Wonderful Life While it may it be a wonderful life for the big banks on Wall Street, here on Main Street too many of us are struggling this holiday season. The financial sector has collapsed the economy – gifting …
In a testament to the power of independent media, the award-winning public television show Frontline this week helped push a top Department of Justice (DOJ) official out the door. On Tuesday, Frontline aired a report called “The Untouchables” detailing the DOJ’s failure to prosecute the big banks for the 2008 financial meltdown and zeroing in on Lanny Breuer, the former White House …
Frontline Gets Its Man: Lanny Breuer Leaves DOJ After Exposé Read More »
A new study released today by the Center for Media and Democracy (CMD) shows that, despite rosy statements about the bailout’s impending successful conclusion from federal government officials, $1.5 trillion of the $4.8 trillion in federal bailout funds are still outstanding. The analysis, presented in charts and an online table and program profiles, is based …
Champions of financial reform who fought hard for a strong Wall Street reform bill this year know they cannot let down their guard. They are tracking and countering the moves of the big banks as they try to weaken the Dodd-Frank law during the implementation phase. They are bracing for a battle with Republicans who …
Is Geithner Planning a Stealth Attack on the Wall Street Reform Bill? Read More »
In July 2008, Florida lawyer Lynn Szymoniak received foreclosure papers on her home. Szymoniak had encountered financial difficulties after spending several years caring for her ailing mother while simultaneously fighting her own health problems, and failed to re-negotiate her adjustable-rate mortgage with her lender. But Szymoniak, a former Certified Fraud Examiner with FBI training, noticed …
