Richard Eskow: How big is a $16 Billion Bank Fraud Settlement, really? Reports say that a $16 to $17 billion settlement will soon be announced between the Justice Department and Bank of America.
Too Big To Fail
The usual suspects among Wall Street’s “too big to fail” banks continue to plunder our society by artificially driving up commodity prices.
Ellen Brown: The rules have been changed before and can be changed again. Depressions, credit crises and financial collapse are not acts of God but are induced by mechanical flaws or corruption in the financial system. Credit may stop flowing, but the workers, materials and markets are still there. The system just needs a reboot.
RJ Eskow: This $7 billion deal is being trumpeted as a major win for the American people. It’s not. The money’s not enough (and some of it probably won’t be paid out), the wrong people are paying, and there will be no prosecutions for criminal behavior.
Ellen Brown: 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.
Tim Geithner — Yes, the guy who was responsible for rescuing and regulating Wall Street’s financial casinos is now president of one.
Robert Reich: Five years ago this month Wall Street almost slid over the cliff. We bailed it out but millions of Americans are still suffering
Ellen Brown: The Detroit bankruptcy is looking suspiciously like the scene in Cyprus in 2013, which is now becoming the model globally.
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.
Kevin Zeese and Margaret Flowers: The fact that people are waking up and taking action gives us hope based not in the rhetoric of phony politicians but in the actions of the people. That is where the real power resides, if we exercise it.
Robert Reich: Who needs Republicans when Wall Street has the Democrats? With the help of congressional Democrats, the Street is rolling back financial reforms enacted after its near meltdown.
RJ Eskow: Will Kamala Harris hang tough in her new lawsuit against JPMorgan Chase, the first to target individual bankers accused of defrauding the public? If so, it would be the first time in five years that executives at a major bank have personally paid a price for their misdeeds.
Cheryl Aichele: Occupy Fights Foreclosures won the home back of an LA homeowner whose home Bank of America fraudulently foreclosed on and sold, even after dutiful payments on a temporary loan modification were made for over a year.
Ann Robertson and Bill Leumer: Why is the government so intent on pursuing a double standard when it comes to enforcing the law on the 1 percent and on the rest of us?