It’s been a bad start to the week for bank CEOs and ex-CEOs. Hours after Barclays chief executive Jes Staley was slammed with a regulatory probe and learned he would see substantial cuts to his compensation after he tried to “unmask” a whistleblower, the board of Wells Fargo said it has clawed back an additional […]
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Barclays’ Whistleblower-Gate Raises Alarms Bells…
It is not a promising development for changing the culture of Wall Street when today’s newswires are reporting the sordid details of how the big Wall Street player, Barclays, engaged U.S. law enforcement in an attempt to hunt down the identity of an internal whistleblower. More on that in a moment, but first some background. […]
IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks…
A report from Treasury’s Inspector General found that the IRS misused a law aimed at cracking down on organized crime and terrorism to target innocent individuals and businesses. Agents adopted a policy of seizing cash before investigating for other wrongdoing because it was just easier to seize the money of innocent people than hardened criminals […]
World’s Best Economist Tells All!…
If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What you will learn is that neoliberal economics is an apology for the rentier class and the large banks that have succeeded in financializing the economy, shifting consumer spending power from the purchase of goods and services that drive […]
ADP Is Reporting a Whopping 263k Jobs in Goods, Construction and Manufacturing Jobs…
After last month’s private payrolls scorcher, when ADP reported that a whopping 298K jobs were added, the biggest increase in 6 years on a record surge in good producing jobs, this morning ago the momentum continued when ADP reported that in March the US generated 263,000 jobs, smashing expectations of a 185,000 gain, and after […]
Lack Hawk Down…
The Richmond Fed’s noted rate hawk and serial dissenter Jeffrey Lacker resigned today as a result of an investigation into a leak in 2012 of confidential information to an analyst that sells hard to get information to wealthy subscribers. The guest commentators, talking heads, and spokesmodels were attributing this resignation, or faux pas if you […]
Trump Administration Cracks Down on H1-B Visas for Coders…
The new policy guidance that would make it harder for companies to use the H-1B visa program to bring foreign computer programmers into the U.S. A policy memo from the U.S. Citizenship and Immigration Services changes the way the agency will process visa applications for computer programming positions, making companies jump through extra hoops to […]
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Maker of EpiPen Hit with Recall, Racketeering Suit over Price-Gouging…
The maker of EpiPen has issued a recall after defects in some of its anti-allergy injectors, as the company also faces a class-action lawsuit about a massive price increase in recent years. Drug giant Mylan announced that its partner Meridian Medical Technologies has expanded a voluntary recall to the U.S. after reports of some devices […]
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Hedge Funds Are the Robber Barons of Our Time (Podcast)…
The hedge fund industry grew up quietly out of almost nothing into this enormous force on Wall Street. There’s almost $3 trillion estimated to be under management at hedge funds around the world — but hedge funds are lightly regulated, so we don’t always know what’s going on in that sector. The people who have […]
Obamacare Implosion Now? Since Obama Siphoned GSE Dividends to Prop Up, Can Trump Simply Halt 1st Qtr Sweep?…
Earlier this month, Harvard Ph.D. Jerome Corsi of InfoWars (@jerome_corsi) and a CPA “who worked for two years for a major U.S. accounting firm as an outside auditor for Freddie Mac,” confirmed a 2012 scheme hatched by the Obama administration to funnel hundreds of billions in dividends from Government Sponsored Enterprises (GSE) Fannie Mae and […]
Ivy League Schools Receive $41 Billion from Government in Six Years…
According to a release by the non-profit organization Open the Books, which seeks to increase government transparency by releasing documents revealing government spending, the eight Ivy League schools received $41 billion between the fiscal years of 2010 and 2015. Some are arguing that the spending is particularly concerning considering that the eight Ivy League schools […]
Moscow And Beijing Join Forces to Bypass U.S. Dollar in World Money Markets…
Russia’s central bank opened its first overseas office in Beijing on Thursday, marking a small step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system. It was part of agreements made between the two neighbours to seek stronger economic ties since the West brought in sanctions against Russia […]
Last Major Insurer Reportedly Plans to Abandon Most Obamacare Markets Next Year…
One of the consistent and factually-correct refrains from Republican critics of Obamacare — the president especially — is that the current law is failing and getting worse. Democrats inadvertently confirm this reality when they accuse Republicans of “sabotaging” the law by allowing it to be followed as-written. Unstable risk pools disrupted by adverse selection are […]
Westinghouse Bankruptcy Puts Fate of Four U.S. Nuclear Reactors in Limbo…
When Westinghouse Electric filed for Chapter 11 bankruptcy protection on Wednesday morning, few were surprised as the outcome was the only one which allowed the company’s troubled, and near-insolvent Japanese parent, Toshiba, to continue operating, even if it meant the bankruptcy of the iconic company. Westinghouse was one of the originators of the nuclear age, […]
Tehran, Moscow Dumping the U.S. Dollar. Will Use National Currencies in Mutual Settlements…
CBI Governor Valiollah Seif said the project to use national currencies in trade transaction between Iran and Russia was in final stages. Governor of Central Bank of Iran, upon returning from Moscow, said talks were held with the Central Bank of Russia over linking Mir payment system of Russia and Iran’s Shetab (Interbank Information Transfer […]
Number of U.S. College Grads Working for Minimum Wage Jobs Hits All-Time High…
Jobs in professional fields are paying less than they did before the 2007 crisis, and many recent college graduates are settling for work in low-paying sectors of the economy, where gains in wages and promotions happen more quickly for highly-qualified employees. Kristian Rouz – Wage stagnation, which has plagued the US economy for almost two […]
EU Blocks Stock Exchange Mega-Merger Between Germany and Britain…
EU antitrust regulators have rejected the proposed €29 billion ($31.3 billion) merger of Deutsche Boerse and the London Stock Exchange (LSE). The combined exchange would have become the largest in Europe. “The Commission cannot allow the creation of monopolies, and that is what would have happened in this case,” Margrethe Vestager, the EU’s antitrust commissioner, […]
Partner at Paulson & Company Jumps to His Death in Midtown Manhattan…
A 56-year-old partner at Paulson & Co., who was best known for losing billions of his clients’ money to Bernie Madoff’s Ponzi scheme when he ran the Fairfield Greenwich fund of funds, leaped to his death from the luxury Sofitel hotel in midtown Manhattan. Charles W. Murphy was wearing a dark business suit when he […]
Consumer Confidence Soars Highest in 16 Years…
Consumer confidence in March soared to the highest level in more than 16 years, according to data released Tuesday. The Conference Board said its consumer confidence index leapt to 125.6 in March from 116.1 in February, coming in well ahead of the MarketWatch-compiled consensus of 114.1. The reading gave a pop to U.S. stocks DJIA, […]
London Is Crowned Global Finance King…
London has kept its crown as the world’s top financial centre in a big boost for Britain following the Brexit vote. The capital once again pipped New York to the number one spot in the twice-yearly Global Financial Centres Index, despite concerns about the impact of leaving the European Union on the City. The report […]
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