Wall Street Pulls an Enron With Commodities

wall street and elizabeth warren

Joseph Palermo: Even before we’ve had a chance to recover from the Great Recession caused by their earlier malfeasance, the usual suspects among Wall Street’s “too big to fail” banks continue to plunder our society by artificially driving up commodity prices.

Why I Want the Koch Brothers to Buy the LA Times

koch brothers

Joe Mathews: Most American newspapers today are owned by little-known rich people or faceless corporations, and it’s rare that papers do things that people love or hate. The LA Times suffers from this same malady: It’s unthreatening and predictable.

Why the Senate Won’t Touch Jamie Dimon

jamie dimon

Ellen Brown: Interest rate swaps are now over 80 percent of the massive derivatives market, and JPMorgan holds about $57.5 trillion of them.

Vulture Capitalism: Both Parties Want to Stay on Wall Street’s Good Side

cory booker

Joseph Palermo: The evidence is mounting that the 1 percent controls both of our major political parties. And now the corporate wing of the Democratic Party is getting pissy about the “tone” that its standard bearer is showing toward vulture capitalism?

The Dog That Didn’t Bark: Obama on JP Morgan

obama black children

Robert Reich: Obama can can take on Romney and the system that allows private-equity managers to continue to make huge profits at the expense of average Americans.

JP Morgan’s Loss Could Be America’s Gain

jamie dimon

Joseph Palermo: With new evidence mounting each day that the system is as broken as it was before the meltdown of September 2008 and will likely require another colossal taxpayer bailout at some point, the public might be able to compel even the isolated 1 percenters among Washington’s policy elite to take heed.

Wall Street Confidence Trick: Interest Rate Swaps Bankrupting Local Governments

goldman sachs

Ellen Brown: The creation of credit has too long been delegated to a cadre of private middlemen who have flagrantly abused the privilege. We can avoid the derivatives trap by cutting out the middlemen and creating our own credit.

Kamala Harris: Foreclosure Settlement Scores Points, Raises Questions

kamala harris

Sharon Kyle: Kamala Harris’ broad smile and “down home” style was gobbled up by the crowd as members of the African American Caucus listened and showed support for their Attorney General.

Anthony Weiner Hands Republicans a Twofer

andrew breitbart

Joseph Palermo: The credibility of Anthony Weiner’s loud liberal voice in the House of Representatives, who recently showed the temerity to take on Justice Clarence Thomas for his conflict of interest in Citizens United, is now toast

Banks Should Pay for the Foreclosure Crisis

wall-street-wide

Peter Dreier: It doesn’t make sense to make severe cuts to state and local budgets only to allow Wall Street banks and their overpaid CEOs to drain billions more from our states.

Los Angeles Homeowners Take to the Streets to Protest Foreclosure Abuses

peter dreier

Peter Dreier: In Los Angeles this Thursday, members of the Alliance of Californians for Community Empowerment (ACCE) — a statewide community organizing group — will sponsor a demonstration at a major bank that will include civil disobedience and probably arrests.

Halliburton and the Upcoming Election

oil well explosion

Robert Reich: Next Tuesday Americans will be deciding whether to hand over even more of our government to corporations that have been plundering America – such as Goldman Sachs, JP Morgan Chase, Citibank, Wellpoint insurance, Massey Energy, and Halliburton, the giant oil services company.

Janitors Protest: A Rally Against Economic Injustice or A Public Nuisance?

Sylvia Moore

Sylvia Moore: These protests were just the latest expression of outrage among the working classes across the country, who have suffered massive job losses and wage stagnation, while failing bank behemoths who wrecked the economy got bailed out to the tune of billions of dollars.

Apple Isn’t the Problem; Wall Street’s Big Banks Are the Problem

apple ipad

Robert Reich: So why is the FTC nosing around Apple and not around Wall Street? Because the Federal Trade Commission Act allows the agency to stop “unfair methods of competition” almost anywhere in the economy except in the financial sector. Banks are explicitly excluded. Another reason for financial reform.

One Free Market System for Wall Street, Another for Main Street

Upsidedown-mortgages

Robert Reich: Rather than defending the outsized paychecks of Dimon, Blankfein, and the rest of Wall Street as part of the free market system, the President needs to demand that Wall Street help homeowners on Main Street. The Obama White House should have made this a condition of getting the giant bailouts in the first place. The least it can do now is to is to make the free market system work for everyone.

The Great Credit Card Battle To Come

credit-card-sharks

The next front in the banking wars will be over credit cards. Some of the nation’s biggest bankers — including representatives of Citigroup, JP Morgan Chase, and other recipients of billions of taxpayer dollars — are meeting today with the President to ask him back off his move to reform credit-card lending practices. What’s happening [...]

Watchdog: No, Hank, You Didn’t Get a Good Deal for the Taxpayer

Henry Paulson

Former Treasury Secretary Hank Paulson said last October that the taxpayers shouldn’t fret about putting $250 billion in the nation’s banks: “This is an investment, not an expenditure, and there is no reason to expect this program will cost taxpayers anything.” But a draft report from the Congressional Oversight Panel for the TARP says Paulson [...]

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