The Russian government has been hacking into the computer systems foreign corporations and governments for a while (including the DNC), but it looks like finally the shoe is on the other foot. The Bank of Russia, the central bank there, has confirmed that hackers have stolen two billion rubles, the equivalent of US$31 million from […]
Finally! The Atlantic published an article titled “Blame the Banks” (written by a former banker), asking the question that I’ve been asking for a while. I keep hearing people accuse Greece of “reckless borrowing”. Why isn’t anyone accusing the banks of “reckless lending”? It is also interesting to note that people keep talking about financial […]
I’ve been thinking about the economic crisis in Greece (and the rest of Europe), and I have one question: When did bankers stop acting like businessmen and start acting like gangsters, who will kneecap customers if they don’t repay their loans? I don’t ask this question because I am a socialist, I ask it because […]
I hoped that there would be a huge public outcry about what happened to Carmen Segarra, but so far it has been all but ignored by the mainstream media. Have you ever wondered how all our banks and financial institutions started failing, forcing us to bail them out, and nobody saw it coming? If yes, […]
Maurice Greenberg, the former CEO (and major shareholder) of AIG, the insurance giant that was on the brink of bankruptcy before being bailed out by the government in 2008, is suing the government, demanding billions of dollars in compensation. Why? Greenberg claims that “the government ripped him and other stockholders off by failing to negotiate […]
A report by the Economist magazine on the financial services industry finds that 53% of executives in that industry say that employees who try to adhere to strict ethical standards hurt their own careers. In other words, in banks and stockbrokers, unethical behavior is routinely rewarded. I don’t know what scares me more: the 53% […]
It is not very often that a financial story comes along that requires referencing the Einstein’s theory of relativity to explain, but we have finally come to this. One week ago, the Fed made an important surprise announcement — that it would not be reducing its bond buying program. The result of this announcement was […]
The Daily Show points out that if the police are going to stop and frisk anyone who looks suspicious, they are leaving out a very significant group of criminals.
© Jen Sorensen This is not a joke. For many low-paid workers, the fees reduce the amount of money they earn to less than minimum wage.
What happened to the American dream? The dream that anyone can make it if they work hard enough, and maybe have a little luck. That “you can make it if you try”. The dream that all men are created equal, and that nobody is above the law. As if it wasn’t bad enough that corporations […]
Go read this interview with the President of Iceland, Ólafur Ragnar Grímsson. As you may recall, their economy cratered a few years ago, brought on by the collapse of their banks (sound familiar?). But instead of bailing out their financial institutions, they let them go broke. Then the country stood up to demands from world […]
If your house was foreclosed on in 2009 or 2010, you can ask for a free review and receive compensation if there were any errors made: The bottom line is there is a website you can visit to see your options. Try to ignore the fact that the website looks pretty cheesy — it is […]
Sanford Weill, the former CEO of Citigroup, has a change of heart: But is it too late?
Lost in all the brouhaha about Mitt Romney’s gaffe-o-rama in England is the fact that one of the main things he did while in London is hold a fundraising dinner in a foreign city, where scandal-plagued international bankers paid $25,000 to $75,000 a plate to support his election campaign. That’s right. Romney is explicitly asking […]
(did I say billions? I meant trillions) Dubya threw money at the banksters. Obama threw even more money at the banksters. We were told we “had to do it” or our economy would collapse. And that all that money we threw at the banks would trickle down to us. Hah! We fell for that one […]
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