Jail the Banksters? Bernanke Now Claims “Wall Street Execs Should’ve Been Held Accountable”

It is not uncommon to hear people in the streets, on blogs or on talk radio arguing that the gangs of Wall Street should have been jailed — or even hung — for their crimes against the American people. But to hear that kind of talk from a former Federal Reserve chairman is surprising… even if it is well after the fact. Though you could be forgiven for assuming most politicians and bankers have no conscience at all, there are apparently many in the halls of power who carry a guilty conscience for their role in selling out the country, and undermining its recovery at every level. Few have more guilt to carry than the functionaries at the Federal Reserve, the quasi-governmental central bank that now looms so large over the economy, and has so much to do with why the financial world is facing devastating failure all over […] Read More

These 18 CEOs/Companies Wrecked the Economy by Taking Trillions in Bailouts, Evading Taxes, and Outsourcing Jobs

Senator Sanders, in his no-nonsense approach, released a report identifying 18 CEOs responsible for wrecking the economy. Bernie Sanders is the underdog in the American political race, but he’s quickly gaining momentum as a prime candidate to lead the US, as his no-nonsense, candor approach is appreciated by many – especially the millennial generation. In response to 80 CEOs recently publishing a letter on the Wall Street Journal lecturing America about deficit reduction and urging them to “act on the deficit and reform Medicare and Medicare,” Sanders had the following to say:   “There really is no shame. The Wall Street leaders whose recklessness and illegal behavior caused this terrible recession are now lecturing the American people on the need for courage to deal with the nation’s finances and deficit crisis. Before telling us why we should cut Social Security, Medicare and other vitally important programs, these CEOs might […] Read More

Robert Reich: Has America Finally Figured Out a Way to Rein in the Shocking Sums We Pay CEOs?

Most CEOs haven’t done anything special — except figure out how to get paid. The Securities and Exchange Commission just ruled that large publicly held corporations must disclose the ratios of the pay of their top CEOs to the pay of their median workers. About time. For the last thirty years almost all incentives operating on American corporations have resulted in lower pay for average workers and higher pay for CEOs and other top executives.  Consider that in 1965, CEOs of America’s largest corporations were paid, on average, 20 times the pay of average workers.  Now, the ratio is over 300 to 1.  Not only has CEO pay exploded, so has the pay of top executives just below them.  The share of corporate income devoted to compensating the five highest-paid executives of large corporations ballooned from an average of 5 percent in 1993 to more than 15 percent by 2005 (the latest data available). […] Read More

$200 Million Went to House Members to Pass Fast Track for TPP – Here’s Who Took the Cash

Source: Occupy By Paola Casale Many think our government is for sale. However, by taking a look at the facts below provided by Open Secrets, it is easy to understand where they are coming from. Looking back at Friday the 12th, the House voted on Trade Promotion Authority (TPA), the controversial bill that gives power to the executive branch to negotiate treaties. TPA limits Congress’ ability to better a trade deal by subjecting members of Congress to 90 days of reviewing the trade agreement, prohibiting any amendments on the implementing legislation, and giving them an up or down vote. TPA passed with a mere 219-211 vote with only 218 needed to pass. The real shocker comes from the amount of money each Representative received for a yes vote. In total, $197,869,145 was given to Representatives for a yes vote where as $23,065,231 was given in opposition. John Boehner (R-OH) […] Read More

The Business of Wall Street

If you don’t mind working hard—and partying even harder—why not get a business degree, take a couple of state and federal tests, and become a Wall Street trader? These are the people who are the current crop of Gordon Gekkos—you know, the pretend-fictional character portrayed by Michael Douglas in Wall Street. The men spend thousands of dollars on suits, ties, and cocaine. The women spend thousands just to own a closet of Jimmy Choo shoes. But their existence is shrouded by a coop they call an office or cubicle. Their tools are multiple phone lines and computer screens. The chase for money—and perhaps the excitement in getting people to give up a chunk of their earned income after hearing a finely-tuned pitch—drives these college graduates. But, the rewards are high. Last year, Wall Street paid $28.5 billion in bonuses. That’s an average of $172,000 per person. Some got more. […] Read More

Coming for Your Funds: Supremes “Justify Seizure of Pension Funds to PROTECT Pensioners”

This article was originally published by Paul Joseph Watson at Infowars.com. Editor’s Note: Incredibly, and in direct defiance of any sane logic, a recent Supreme Court decision has justified “government seizure of private pension funds to protect pensioners,” according to famed economist Martin Armstrong. This unsettling decision puts 401ks and plenty of other funds in the crosshairs. How that can be considered consumer protection, or government shepherding is unclear, if not unfathomable. Nonetheless, the rationale is in place – so beware. It has long since been legalized for Wall Street equity firms to gamble away pensions – including public pensions for states like California – through derivatives, while it has long since been legalized for the Federal Reserve to literally grow paper on trees, hand out free candy to sugar addicts and make money (for those at the top) so cheap its practically free – all driving down the […] Read More

Matt Taibbi: World’s Largest Banks Admit to Massive Global Financial Crimes, But Escape Jail (Again)

This is about as serious a financial crime as you can possibly get, says the Rolling Stone journalist. In an interview with Democracy Now!, Rolling Stone journalist Matt Taibbi spoke about the recent news surrounding the five major banks – Citigroup, JPMorgan Chase, Barclays, Royal Bank of Scotland and UBS – who pled guilty to rigging the price of foreign currencies and interest rates. Their fines amount up to more than $5 billion. “They were monkeying around with the prices of every currency on Earth,” Taibbi told Amy Goodman. “So, if you can imagine that anybody who has money, which basically includes anybody who’s breathing on the planet, all of those people were affected by this activity. So if you have dollars in your pocket, they were monkeying around with the prices of dollars versus euros, so you might have had more or less money fractionally, depending on all […] Read More

Inside the Clintons’ Cozy Relationship With the Big Banks

Whatever her populist pitch may be in the 2016 campaign, Hillary Clinton has not publicly condemned Wall Street. To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.com  here. [This piece has been adapted and updated by Nomi Prins from chapters 18 and 19 of her book  All the Presidents’ Bankers: The Hidden Alliances that Drive American Power, just out in paperback (Nation Books).] The past, especially the political past, doesn’t just provide clues to the present. In the realm of the presidency and Wall Street, it provides an ongoing pathway for political-financial relationships and policies that remain a threat to the American economy going forward. When Hillary Clinton video-announced her bid for the Oval Office, she claimed she wanted to be a “champion” for the American people. Since then, she has attempted to recast herself as a populist and distance herself from some of […] Read More

The New “Water Barons”: Wall Street Mega-Banks are Buying up the World’s Water

A disturbing trend in the water sector is accelerating worldwide. The new “water barons” — the Wall Street banks and elitist multibillionaires — are buying up water all over the world at unprecedented pace. Familiar mega-banks and investing powerhouses such as Goldman Sachs, JP Morgan Chase, Citigroup, UBS, Deutsche Bank, Credit Suisse, Macquarie Bank, Barclays Bank, the Blackstone Group, Allianz, and HSBC Bank, among others, are consolidating their control over water. Wealthy tycoons such as T. Boone Pickens, former President George H.W. Bush and his family, Hong Kong’s Li Ka-shing, Philippines’ Manuel V. Pangilinan and other Filipino billionaires, and others are also buying thousands of acres of land with aquifers, lakes, water rights, water utilities, and shares in water engineering and technology companies all over the world. The second disturbing trend is that while the new water barons are buying up water all over the world, governments are moving […] Read More