Financial Media Articles
Excerpts of Key Financial Media Articles from Major Media


Below are many highly revealing excerpts of important banking and finance articles reported in the mainstream media suggesting a cover-up. Links are provided to the full articles on major media websites. If any link fails to function, read this webpage. These banking and finance articles are listed by article date. You can also explore the articles listed by order of importance or by date posted. By choosing to educate ourselves on these important issues and to spread the word, we can and will build a brighter future.


Financial Media Articles


Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

Fed knew about Libor rigging in 2008
2014-02-21, The Telegraph (One of the UK's leading newspapers)
http://www.telegraph.co.uk/finance/libor-scandal/10654977/Fed-knew-about-Libo...

The US Federal Reserve knew about Libor rigging three years before the financial scandal exploded but did not take any firm action, documents have revealed. According to newly published transcripts of the central bank’s meetings in the run-up to and immediate aftermath of the collapse of Lehman Brothers, a senior Fed official first flagged the issue at a policy meeting in April 2008. William Dudley expressed fears that banks were being dishonest in the way they were calculating the London interbank offered rate – a global benchmark interest rate used as the basis for trillions of pounds of loans and financial contracts. Three years after his remarks, it emerged that traders at more than a dozen banks, including Lloyds, Royal Bank of Scotland and Barclays, had routinely been trying to fix the official Libor rate in order to boost their own bonuses and profits. The transcript of the Fed’s April 2008 meeting raises questions about why the central bank did not move to properly tackle the scandal. There was no official regulator for Libor at the time, and officials at the US Federal Reserve tried to blame British authorities for allowing the benchmark interest rate to get out of control in the first place. The Fed declined to comment on the transcripts or why it had not taken firm action..

Note: For more on government collusion with the biggest banks, see the deeply revealing reports from reliable major media sources available here.




One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society
2014-02-17, New York Magazine
http://nymag.com/daily/intelligencer/2014/02/i-crashed-a-wall-street-secret-s...

Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight of Jews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.” Ross's statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi. It was January 2012, and Ross, ... the leader (or “Grand Swipe”) of the fraternity, was preparing to invite 21 new members — “neophytes,” as the group called them — to join its exclusive ranks. I’d heard whisperings about the existence of Kappa Beta Phi. It was a secret fraternity, founded at the beginning of the Great Depression, that functioned as a sort of one-percenter’s Friars Club. Each year, the group’s dinner features comedy skits, musical acts in drag, and off-color jokes, and its group’s privacy mantra is “What happens at the St. Regis stays at the St. Regis.” For eight decades, it worked. No outsider in living memory had witnessed the entire proceedings firsthand. The first and most obvious conclusion was that the upper ranks of finance are composed of people who have completely divorced themselves from reality. No self-aware and socially conscious Wall Street executive would have agreed to be part of a group whose tacit mission is to make light of the financial sector’s foibles. Not when those foibles had resulted in real harm to millions of people in the form of foreclosures, wrecked 401(k)s, and a devastating unemployment crisis.

Note: This article is adapted from Kevin Roose’s new book Young Money. For more on secret societies, see the deeply revealing reports from reliable major media sources available here.




Gangster Bankers: Too Big to Jail
2014-02-14, Rolling Stone
http://www.rollingstone.com/politics/news/gangster-bankers-too-big-to-jail-20...

The deal was announced quietly, just before the holidays. The U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. They issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses. For at least half a decade, the storied British colonial banking power helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years. The bank also ... aided countless common tax cheats in hiding their cash. That nobody from the bank went to jail or paid a dollar in individual fines is nothing new in this era of financial crisis. What is different about this settlement is that the Justice Department, for the first time, admitted why it decided to go soft on this particular kind of criminal. It was worried that anything more than a wrist slap for HSBC might undermine the world economy. "Had the U.S. authorities decided to press criminal charges," said Assistant Attorney General Lanny Breuer at a press conference to announce the settlement, "HSBC would almost certainly have lost its banking license in the U.S., the future of the institution would have been under threat and the entire banking system would have been destabilized."

Note: For more on the collusion of government with the biggest, most corrupt banks, see the deeply revealing reports from reliable major media sources available here.




The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet
2014-02-12, Rolling Stone
http://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the...

It's 1999, the tail end of the Clinton years. Most observers on the Hill thought the Financial Services Modernization Act of 1999 – also known as the Gramm-Leach-Bliley Act – was just the latest and boldest in a long line of deregulatory handouts to Wall Street that had begun in the Reagan years. Wall Street had spent much of that era arguing that America's banks needed to become bigger and badder, in order to compete globally with the German and Japanese-style financial giants. Bank lobbyists were pushing a new law designed to wipe out 60-plus years of bedrock financial regulation. The key was repealing – or "modifying," as bill proponents put it – the famed Glass-Steagall Act separating bankers and broker. Now, commercial banks would be allowed to merge with investment banks and insurance companies, creating financial megafirms potentially far more powerful than had ever existed in America. The [bill] additionally legalized new forms of monopoly, allowing banks to merge with heavy industry. A tiny provision in the bill also permitted commercial banks to delve into any activity that is "complementary to a financial activity and does not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally." Today, banks like Morgan Stanley, JPMorgan Chase and Goldman Sachs own oil tankers, run airports and control huge quantities of coal, natural gas, heating oil, electric power and precious metals. They likewise can now be found exerting direct control over the supply of a whole galaxy of raw materials crucial to world industry and to society in general, including everything from food products to metals like zinc, copper, tin, nickel and ... aluminum.

Note: For more on government collusion with the biggest banks, see the deeply revealing reports from reliable major media sources available here.




Bank of England 'knew about' forex markets price fixing
2014-02-07, The Guardian (One of the U.K.'s leading newspapers)
http://www.theguardian.com/business/2014/feb/07/bank-england-forex-price-fixing

The Bank of England has been dragged into the mounting controversy over allegations of price fixing in the £3tn-a-day foreign exchange markets after it emerged that a group of traders had told the Bank they were exchanging information about their clients' position. The latest twist in the unfolding saga ... puts the focus on a meeting between key officials at the central bank and leading foreign exchange dealers in April 2012, when they discussed the way they handled trades ahead of the crucial setting of a benchmark in the prices of major currencies. This benchmark is used to price a wide variety of financial products and is the subject of regulators' attention amid allegations that traders at rival banks were sharing information about their orders from clients to manipulate the price. The Bank of England has previously released brief details of the April 2012 meeting, but Bloomberg reported that a senior trader who attended the meeting had made notes showing that officials did not believe it was improper to share customer orders. There had been a 15-minute conversation on currency benchmarks during which traders said they used chatrooms ... to trade ahead of the volatile period when the benchmarks were set. The Bank would not provide any additional information. Martin Wheatley, chief executive of the FCA, told MPs on the Treasury select committee ... that the allegations were "every bit as bad" as those surrounding Libor. The chairman of that committee ... said the allegations were "extremely serious". The scrutiny of the foreign exchange markets has put a fresh focus on dealers leaving banks. More than 20 traders at banks around the world are said to have been suspended or left roles in connection with the forex investigations.

Note: For more on huge financial manipulations and corruption, see the deeply revealing reports from reliable major media sources available here.




New York regulator demands bank documents as investigation widens
2014-02-05, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/business/2014/feb/05/new-york-regulator-banks-trad...

New York state’s top financial regulator has demanded documents from more than a dozen banks including Barclays, Deutsche, Goldman Sachs and RBS as a probe widened into trading practices in the $5.3tn-a-day global foreign exchange markets. Benjamin Lawsky, New York's financial services superintendent, made the move following the banks’ decision to fire or suspend at least 20 traders following reports that employees at some firms had shared information about their currency positions with counterparts at other companies. Lawsky’s move marks the latest escalation in a global investigation by regulators into the manipulation of benchmark rates. The currency probe comes as regulators are still investigating the manipulation of the Libor lending rate by traders at some of the world’s biggest banks. The Wall Street Journal reported that Goldman Sachs’ Steven Cho, formerly global head of spot and forward foreign exchange trading for major currencies, was retiring from the bank. His departure came a day after Citigroup announced that Anil Prasad, its global head of foreign exchange, was leaving the company. It is not know if his retirement is in any way linked to any investigation. Prasad’s exit comes a month after Rohan Ramchandani, formerly Citi’s head of European spot foreign exchange trading, was fired. Ramchandani had been a member of the Bank of England’s foreign exchange joint standing committee.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




Let Banks Fail Is Iceland Mantra as 2% Joblessness in Sight
2014-01-27, Washington Post/Bloomberg News
http://washpost.bloomberg.com/Story?docId=1376-MZURR66S973B01-76OMQ0EAA8SI8FK...

Iceland let its banks fail in 2008 because they proved too big to save. Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal. While the euro area grapples with record joblessness, led by more than 25 percent in Greece and Spain, only about 4 percent of Iceland’s labor force is without work. Prime Minister Sigmundur D. Gunnlaugsson says even that’s too high. The island’s sudden economic meltdown in October 2008 made international headlines as a debt-fueled banking boom ended in a matter of weeks when funding markets froze. Policy makers overseeing the $14 billion economy refused to back the banks, which subsequently defaulted on $85 billion. The government’s decision to protect state finances left it with the means to continue social support programs that shielded Icelanders from penury during the worst financial crisis in six decades. Of creditor claims against the banks, Gunnlaugsson says “this is not public debt and never will be.” Successive Icelandic governments have forced banks to write off mortgage debts to help households. The government’s 2014 budget sets aside about 43 percent of its spending for the Welfare Ministry, a level that is largely unchanged since before the crisis. Inflation, which peaked at 19 percent in January 2009, ... was 4.2 percent in December. To support households, Gunnlaugsson in November unveiled a plan to provide as much as 7 percent of gross domestic product in mortgage debt relief. The government intends to finance the plan, which the OECD has criticized as being too blunt, partly by raising taxes on banks.

Note: Why is Iceland's major success in letting banks fail getting so little press coverage? For a possible answer, click here. For more on government responses to the banking crisis and their impacts on people, see the deeply revealing reports from reliable major media sources available here.




Justice Department Inquiry Takes Aim at Banks’ Business With Payday Lenders
2014-01-26, New York Times
http://dealbook.nytimes.com/2014/01/26/justice-dept-inquiry-takes-aim-at-bank...

Federal prosecutors are trying to thwart the easy access that predatory lenders and dubious online merchants have to Americans’ bank accounts by going after banks that fail to meet their obligations as gatekeepers to the United States financial system. The Justice Department is weighing civil and criminal actions against dozens of banks, sending out subpoenas to more than 50 payment processors and the banks that do business with them, according to government officials. In the new initiative, called “Operation Choke Point,” the agency is scrutinizing banks both big and small over whether they, in exchange for handsome fees, enable businesses to illegally siphon billions of dollars from consumers’ checking accounts. The critical role played by banks largely plays out in the shadows because they typically do not deal directly with the Internet merchants. What they do is provide banking services to third-party payment processors, financial middlemen that, in turn, handle payments for their merchant customers. The new, more rigorous oversight could have a chilling effect on Internet payday lenders, which have migrated from storefronts to websites where they offer short-term loans at interest rates that often exceed 500 percent annually. As a growing number of states enact interest rate caps that effectively ban the loans, the lenders increasingly depend on the banks for their survival. With the banks’ help, the lenders that typically work with a third-party payment processor that has an account at the banks are able, authorities say, to automatically deduct payments from customers’ checking accounts even in states where the loans are illegal.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




China's princelings storing riches in Caribbean offshore haven
2014-01-21, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/world/ng-interactive/2014/jan/21/china-british-vir...

More than a dozen family members of China's top political and military leaders are making use of offshore companies based in the British Virgin Islands, leaked financial documents reveal. The brother-in-law of China's current president, Xi Jinping, as well as the son and son-in-law of former premier Wen Jiabao are among the political relations making use of the offshore havens, financial records show. The documents also disclose the central role of major Western banks and accountancy firms ... in the offshore world, acting as middlemen in the establishing of companies. The Hong Kong office of Credit Suisse, for example, established the BVI company Trend Gold Consultants for Wen Yunsong, the son of Wen Jiabao, during his father's premiership — while PwC and UBS performed similar services for hundreds of other wealthy Chinese individuals. The disclosure of China's use of secretive financial structures is the latest revelation from "Offshore Secrets", a two-year reporting effort led by the International Consortium of Investigative Journalists (ICIJ), which obtained more than 200 gigabytes of leaked financial data from two companies in the British Virgin Islands, and shared the information with the Guardian and other international news outlets. In all, the ICIJ data reveals more than 21,000 clients from mainland China and Hong Kong have made use of offshore havens in the Caribbean. Between $1tn and $4tn in untraced assets have left China since 2000, according to estimates.

Note: Read the ICIJ's full report of the latest offshore links. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




Vatican Monsignor Arrested for Money Laundering
2014-01-21, ABC News/Associated Press
http://abcnews.go.com/Health/wireStory/italy-police-arrest-vatican-monsignor-...

A Vatican monsignor already on trial for allegedly plotting to smuggle 20 million euros ($26 million) from Switzerland to Italy was arrested ... for allegedly using his Vatican bank accounts to launder money. Financial police in the southern Italian city of Salerno said Monsignor Nunzio Scarano, dubbed "Monsignor 500" for his purported favored banknotes, had transferred millions of euros in fictitious donations from offshore companies through his accounts at the Vatican's Institute for Religious Works. Acting on evidence provided by the Vatican bank, police said they seized 6.5 million euros in real estate and assets in Italian bank accounts Tuesday, including Scarano's luxurious Salerno apartment, filled with gilt-framed oil paintings, ceramic vases and other fancy antiques. Police said in all, 52 people were under investigation. The money involved in both the Swiss smuggling case and the Salerno money-laundering case originated with one of Italy's most important shipping families, the d'Amicos. Financial police said more than 5 million euros had been made available to Scarano by the D'Amicos via offshore companies. Scarano allegedly withdrew 555,248 euros from his Vatican account in cash in 2009 and brought it into Italy. Since he couldn't deposit it in an Italian bank without drawing suspicion, he selected 50 friends to accept 10,000 euros apiece in cash in exchange for a check or wire transfer in that same amount.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




For the Love of Money
2014-01-19, New York Times
http://www.nytimes.com/2014/01/19/opinion/sunday/for-the-love-of-money.html

In my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted. It was actually my absurdly wealthy bosses who helped me see the limitations of unlimited wealth. I was in a meeting with one of them, and a few other traders, and they were talking about the new hedge-fund regulations. Most everyone on Wall Street thought they were a bad idea. “But isn’t it better for the system as a whole?” I asked. The room went quiet, and my boss shot me a withering look. I remember his saying, “I don’t have the brain capacity to think about the system as a whole. All I’m concerned with is how this affects our company.” I felt as if I’d been punched in the gut. He was afraid of losing money, despite all that he had. From that moment on, I started to see Wall Street with new eyes. I noticed the vitriol that traders directed at the government for limiting bonuses after the crash. I heard the fury in their voices at the mention of higher taxes. These traders despised anything or anyone that threatened their bonuses. Wealth addiction was described by the late sociologist and playwright Philip Slater in a 1980 book, but addiction researchers have paid the concept little attention. Like alcoholics driving drunk, wealth addiction imperils everyone. Wealth addicts are, more than anybody, specifically responsible for the ever widening rift that is tearing apart our once great country.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




Even After Volcker, Banks Aren't Safe Enough
2013-12-30, Time Magazine
http://content.time.com/time/magazine/article/0,9171,2160950,00.html

Despite the hoopla over the approval of the Volcker rule, which restricts banks from making certain types of speculative investments, our financial system isn't much safer than it was before 2008. A major reason for the continued complexity and risk in the financial system is lobbying power. The Volcker rule as it stands now has been turned into Swiss cheese by bank lobbyists, who represent the second biggest corporate special-interest bloc after the health care complex, spending nearly half a billion dollars a year on lobbying, according to the nonprofit, nonpartisan Center for Responsive Politics. So while the rule limits federally insured banks from trading for its own sake, they are still allowed to hedge their portfolios, which opens up a lot of gray territory for trading. Certainly having more lenders rather than fewer would help other kinds of businesses, and having trading walled off from lending would encourage that. The fact that the five largest U.S. financial holding companies control 55% of industry assets--compared with 20% in 1990--keeps competition low and credit constrained. In the next two to five years, there will likely be another crisis or trading loss of the kind that reignites the debate over closing trading loopholes and creating a truly safer financial system. Right now, banks complain about rules that would require them to hold a mere 5% of their assets in high-quality, low-risk capital (known as Tier 1 capital), despite the fact that in any other industry, doing business with less than 50% of your own cash would be considered extreme.

Note: For more on government collusion with the biggest banks, see the deeply revealing reports from reliable major media sources available here.




100 Years Later, The Federal Reserve Has Failed At Everything It's Tried
2013-12-20, Forbes
http://www.forbes.com/sites/markhendrickson/2013/12/20/100-years-later-the-fe...

On Dec. 23, 1913, President Woodrow Wilson signed the Owen Glass Act, creating the Federal Reserve. As we note its centennial, what has the Fed accomplished during the last 100 years? The stated original purposes were to protect the soundness of the dollar and banks and also to lessen the jarring ups and downs of the business cycle. Oops. Under the Fed’s supervision, boom and bust cycles have continued. Three of them have been severe: the Great Depression, the stagflationary period of 1974-82, and the current “Great Recession.” Bank failures have occurred in alarmingly high numbers. Depending on what measurements are used, the dollar has lost between 95 and 98 percent of its purchasing power. (Amazingly, the Fed’s official position today is that inflation is not high enough, so the erosion of the dollar continues as a matter of policy.) Having failed to achieve its original goals, the Fed also has had a miserable record in accomplishing later goals. The 1970 amendments to the Federal Reserve Act stipulated that the Fed should “promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” In baseball parlance, the Fed has been “0-for-three.” So, what has the Fed accomplished during its century of existence? Well, it has become adept at bailing out mismanaged banks. In the aftermath of the 2008 financial crisis, the Fed orchestrated the big bailout of Wall Street. Politically, the Fed is repugnant. Its chairman is commonly referred to as the second most powerful person in the country. In a democratic republic, should the second most powerful policymaker be unelected?

Note: How remarkable for Forbes to publish an article chastising the Fed! The times are a changin'! For an essay by noted financial researcher Ellen Brown on this occasion, click here. For more on the collusion between government and the biggest banks, see the deeply revealing reports from reliable major media sources available here.




Four Kaupthing bankers sentenced to prison for market abuses in 2008
2013-12-12, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/business/2013/dec/12/kaupthing-bankers-prison-mark...

An Icelandic court has sentenced four former Kaupthing bankers to jail for market abuses related to a large stake taken in the bank by a Qatari sheikh just before it went under in late 2008. Weeks before the country's top three banks collapsed under huge debts as the global credit crunch struck, Kaupthing announced that Sheikh Mohammed bin Khalifa bin Hamad Al Thani had bought 5 of its shares in a confidence-boosting move. A parliamentary commission later said the shares had been bought with a loan from Kaupthing itself. A Reykjavik district court sentenced Hreidar Mar Sigurdsson, Kaupthing's former chief executive, to five and a half years in prison while former chairman Sigurdur Einarsson received a five-year sentence. Magnus Gudmundsson, former chief executive of Kaupthing Luxembourg, was given a three-year sentence and Olafur Olafsson – the bank's second largest shareholder at the time – received three and a half years. None of the bankers, now based in London and Luxembourg, were present [at the sentencing].

Note: Yet not a single executive of US or multinational banks has been jailed for funneling billions of dollars into their own pockets and crashing the entire global economy. For more on this, click here. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




Trans-Pacific Partnership: a guide to the most contentious issues
2013-12-10, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/world/2013/dec/10/trans-pacific-partnership-a-guid...

The Trans-Pacific Partnership (TPP) free trade agreement is being negotiated in Singapore this week between Australia, New Zealand, the US, Peru, Chile, Mexico, Canada, Singapore, Brunei, Malaysia, Vietnam and Japan. The countries have a combined gross domestic product (GDP) of US$28,136bn on 2012 figures, which represents almost 40% of the world’s GDP. There have been many contentious issues around the TPP: critics are particularly concerned about the secrecy around the agreement given it has the capacity to change many local laws and regulations. The majority of public criticism has centred on arguments relating to intellectual property and the cost of medicines, though many have concerns about environmental issues including climate change, investment, e-commerce and labour laws. The US has been rigid in its demands for stronger intellectual property protection to champion the rights of its global giants such as IT companies and its film and music industries. The US position on [the] investor-state dispute settlement provision ... grants foreign companies the right to sue [a] government under international law. All countries accepted there needed to be agreement on privacy obligations with regard to information-sharing, apart from the US, which reserved its position on privacy. The US position has left people wondering whether the TPP will undermine privacy, particularly in the wake of the NSA revelations from the Snowden documents. There appear to be deep divisions on environment and climate change, with the US and Australia opposing any extension of the text on climate matters.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.




EU fines banks record $2.3B over Libor
2013-12-04, CNN
http://money.cnn.com/2013/12/04/news/companies/libor-europe-fines

The European Union has levied a record antitrust fine of €1.71 billion ($2.3 billion) on six European and U.S. banks and brokers for rigging benchmark interest rates. Deutsche Bank was hit with the single biggest penalty of €725.4 million for participating in illegal cartels to manipulate the Euro Interbank Offered Rate, or Euribor, and London interbank offered rate, or Libor. "What is shocking about the Libor and Euribor scandals is ... the collusion between banks who are supposed to be competing with each other," said Joaquin Almunia, Europe's top antitrust official. Other banks fined [were] Societe Generale (€446 million), Royal Bank of Scotland (€391 million), JP Morgan (€79.9 million) and Citigroup (€70 million). U.K.-based broker RP Martin was fined €247,000 for facilitating one infringement. EU investigators said the Euribor cartel operated for nearly three years between 2005 and 2008, as traders discussed submissions used to calculate the benchmark rate, and compared trading and pricing strategies. They also discovered illegal collusion in the setting of Libor in Japanese yen between 2007 and 2010. UBS and Barclays, [which] have already been fined by regulators in the U.K. and U.S. for Libor rigging, were spared further punishment because they cooperated with the European Commission investigation. They dodged new fines of €2.5 billion and €690 million respectively. The scandal broke in the middle of 2012 when Barclays admitted trying to manipulate Libor, which together with related rates is used to price trillions of dollars of financial products around the world.

Note: Notice that no one is going to jail and no one is being personally fined for these incredibly outrageous manipulations. For an analysis that argues the "record fines" are really just a "slap on the wrist" for the big banks, click here. For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




The lies behind this transatlantic trade deal
2013-12-02, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/commentisfree/2013/dec/02/transatlantic-free-trade...

[The European Commission's] plans to create a single market incorporating Europe and the United States, progressing so nicely when hardly anyone knew, have been blown wide open. All over Europe people are asking why this is happening; why we were not consulted; for whom it is being done. The Commission insists that its Transatlantic Trade and Investment Partnership should include a toxic mechanism called investor-state dispute settlement. Where this has been forced into other trade agreements, it has allowed big corporations to sue governments before secretive arbitration panels composed of corporate lawyers, which bypass domestic courts and override the will of parliaments. This mechanism could threaten almost any means by which governments might seek to defend their citizens or protect the natural world. Already it is being used by mining companies to sue governments trying to keep them out of protected areas; by banks fighting financial regulation; by a nuclear company contesting Germany's decision to switch off atomic power. No longer able to keep this process quiet, the European commission has instead devised a strategy for lying to us. The message is that the trade deal is about "delivering growth and jobs" and will not "undermine regulation and existing levels of protection in areas like health, safety and the environment". Just one problem: it's not true. From the outset, the transatlantic partnership has been driven by corporations and their lobby groups, who boast of being able to "co-write" it.

Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.




Here's why Wall Street has a hard time being ethical
2013-11-25, The Guardian (One of the UK's leading newspapers)
http://www.theguardian.com/business/2013/nov/25/wall-street-hard-time-ethical

My first year on Wall Street, 1993, I was paid 14 times more than I earned the prior year and three times more than my father's best year. For that money, I helped my company create financial products that were disguised to look simple, but which required complex math to properly understand. That first year I was roundly applauded by my bosses, who told me I was clever, and to my surprise they gave me $20,000 bonus beyond my salary. When I did ask, rather naively, if this was all kosher, I would be assured multiple times that multiple lawyers and multiple managers had approved the sales. One senior trader, consoling me late at night, reminded me, “You are playing in the big leagues now. If a customer wants a red suit, you sell them a red suit. If that customer is Japanese, you charge him twice what it costs. ”Being paid very well also helped ease any of my concerns. Feeling guilty, kid? Here take a big check. I was, for the first time in my life, feeling valued for my math skills. Ego and money are nice salves for any potential feeling of guilt. After a few years on Wall Street it was clear to me: you could make money by gaming anyone and everything. The more clever you were, the more ingenious your ability to exploit a flaw in a law or regulation, the more lauded and celebrated you became. Nobody seemed to be getting called out. No move was too audacious. Traders got more and more audacious, and corruption became more and more diffused through the system. By 2006 you could open up almost any major business, look at its inside workings, and find some wrongdoing.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




Elizabeth Warren: The contender
2013-11-21, Boston Globe
http://www.bostonglobe.com/opinion/2013/11/21/elizabeth-warren-the-contender/...

Senator Elizabeth Warren, the champion of Main Street versus Wall Street, just got another boost to the presidential campaign she said she isn’t running. It lies in the $13 billion deal that JP Morgan Chase reached with the US Justice Department. The settlement, which ends the government’s probe into the bank’s risky mortgage business, reportedly represents the largest amount a single company has ever committed to pay Uncle Sam. That’s significant — but so is the bank’s unusual admission that it failed to disclose the risks of buying its mortgage securities. Warren was a force in both aspects of JP Morgan’s day of reckoning. After the economic collapse of 2008 — and before her election as senator — Warren led the charge for Wall Street accountability while overseeing the government response to the banking crisis. As senator from Massachusetts, she ... isn’t shy about acknowledging her role in achieving them. In September, Warren [said] that her lobbying of Mary Jo White, the newly installed chairwoman of the Securities and Exchange Commission, played a key role in getting government regulators to require more companies to admit wrongdoing, not just pay fines — which is what happened in JP Morgan’s case. The JP Morgan headlines play out as the stock market surges and unemployment ticks up. The gap between America’s rich and poor is growing bigger. The divide creates an opening for a Democrat who speaks to the shrinking middle class, as well as to those already squeezed out of it. Warren could be that candidate, if she chooses.

Note: For more on financial corruption, see the deeply revealing reports from reliable major media sources available here.




JPMorgan settlement is a payout to victims
2013-11-20, San Francisco Chronicle (SF's leading newspaper)
http://www.sfgate.com/opinion/editorials/article/JPMorgan-settlement-is-a-pay...

When the fires from the 2007-08 financial crisis were still being fought, JPMorgan Chase looked like a winner. Not only was JPMorgan Chase able to scoop up former rivals Washington Mutual and Bear Stearns for bargain basement prices, but its stock value shot up by nearly 31 percent over the past 4 1/2 years. But this year has been a little less kind to JPMorgan Chase. On [November 20) JPMorgan Chase agreed to a $13 billion settlement with the federal government over selling toxic mortgage investments. It also admitted to wrongdoing in knowingly peddling the instruments. Both settlements are for the "incomplete information" JPMorgan Chase gave to the pension funds for their purchases of toxic securities during the years 2004 to 2008. Even for a colossus such as JPMorgan Chase, $13 billion is a lot of money - about half of its annual profit. Forcing JPMorgan to admit wrongdoing - a rare concession - may open the door to more headaches for the company, especially because the government is continuing a criminal probe into its mortgage prices. The scale of the devastation is still so enormous that the only question left for the Justice Department to answer is why no one from any of the big banks has yet to go to jail. Wall Street's wrongdoing was about more than a dollar cost - it was about the widespread human suffering that remains with us today. Jail time would be more than appropriate, but so far the banks have been able to pay their way out of it.

Note: Because JP Morgan Chase can write off $11 billion of the fine as tax deductible, the real fine is actually reduced by $4 billion to about $7 billion, just one-third of Chase's $21 billion profit in the year 2012. For more on financial fraud, see the deeply revealing reports from reliable major media sources available here.





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