Tag Archives: banks

Economy slumps, Wall Street booms

Economy slumps, Wall Street booms
Alongside the massive diversion of social wealth to the financial elite, the IMF, World Bank and Fed continue to demand the gutting of past social reforms and protections for workers, in the name of “job creation” and “competitiveness.” Calling for cuts in government subsidies that hold down food and energy ... Read more

Creditocracy or Democracy?

Creditocracy or Democracy?
The formula used to trap personal debtors today is much the same as the International Monetary Fund’s formerly controversial lending arrangements to poor countries — loan installments are made so that borrowers can service existing debts, while the principal is rolled over. With average incomes stagnant or falling, ... Read more

Enron-Style Price Gouging Is Making a Comeback

Enron-Style Price Gouging Is Making a Comeback
The price of electricity would soar under the latest scheme by Wall Street financial engineers to game the electricity markets. If regulators side with Wall Street — and indications are that they will — expect the cost of electricity to rise from Maine to California as others duplicate this scheme ... Read more

Looting the Pension Funds

Looting the Pension Funds
In the final months of 2011, almost two years before the city of Detroit would shock America by declaring bankruptcy in the face of what it claimed were insurmountable pension costs, the state of Rhode Island took bold action to avert what it called its own looming pension crisis. Led by its newly elected treasurer, ... Read more

The Silver Lining of Speed-Driven Finance

The Silver Lining of Speed-Driven Finance
The technical architecture of high-frequency trading is right out of a sci-fi movie—the schemes rely on algorithms that seem artificially intelligent, and the velocity of transaction signals approach light speed. As Lewis recounts, all that technological wizardry is marshaled to let insiders know ... Read more

The Global Banking Game Is Rigged and the FDIC Is Suing

The Global Banking Game Is Rigged and the FDIC Is Suing
Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. It is not just that local governments, ... Read more