Corzine agreed to pay a $5 million civil fine to settle a lawsuit by the U.S. Commodity Futures Trading Commission over the 2011 collapse of the former New Jersey governor’s brokerage, MF Global Holdings. More importantly, under the settlement disclosed on Thursday, Corzine also agreed to be barred for life and never again work for […]
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Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo…
OneWest Bank, which Donald Trump’s nominee for treasury secretary, Steven Mnuchin, ran from 2009 to 2015, repeatedly broke California’s foreclosure laws during that period, according to a previously undisclosed 2013 memo from top prosecutors in the state attorney general’s office…
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A Well-Kept Open Secret: Washington Is Behind India’s Brutal Demonetization Project…
Obama has declared the strategic partnership with India a priority of his foreign policy. China needs to be reined in…the US government’s development agency USAID has negotiated cooperation agreements with the Indian ministry of finance. One of these has the declared goal to push back the use of cash in favor of digital payments in […]
U.S. Middle Class Still Suffering from Rockefeller-Kissinger Industrial Transfer Scheme to China…
When Henry Kissinger and David Rockefeller met with Zhou Enlai in China in 1973—just after President Richard Nixon had visited China establishing official relations—an understanding was reached whereby the U.S. would supply industrial capital and know-how to China…
Finland Tests Guaranteed Income…
Finland has started a radical experiment: It’s giving 2,000 citizens a guaranteed income, with funds that keep flowing whether participants work or not. The program, which kicks off this month, is one of the first efforts to test a “universal basic income.” Participants will receive €560 ($587) a month — money that is guaranteed regardless […]
U.S. Quietly Drops Bombshell: Wall Street Banks Have $2 Trillion European Exposure
According to a report quietly released by the U.S. Treasury’s Office of Financial Research less than two weeks before Christmas, another financial implosion on Wall Street can’t be ruled out…
Ford Cancels $1.6B Mexico Plant, to Invest $700M at Flat Rock, MI, Plant…
Ford Motor Co. is canceling plans to build at $1.6 billion plant in San Luis Potosi, Mexico, and will invest $700 million at its Flat Rock Assembly Plant to create 700 new jobs there. Flat Rock will get a new manufacturing innovation center, and the factory will be capable of producing electrified and autonomous vehicles, […]
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Did Big Media Run Fake Headlines on the Deutsche Bank “Settlement”?…
In the case of the announcement late last Thursday evening that Deutsche Bank and the U.S. Justice Department had reached an agreement to settle claims against the bank for allegedly swindling investors in the sale of toxic residential mortgage backed securities, all that could be heard was the sound of one hand clapping in a […]
The Reason the Fed is Raising Rates, and Why It Won’t Work by Mike Whitney…
Why is the Fed creating incentives for US corporations to destroy themselves? Why is the Fed pushing insurance companies and retirement funds into bankruptcy? Why is the Fed raising interest rates when inflation is still well below its 2 percent target? Things are not always what they seem. In theory…
Microsoft Will Be First Company to Reach $1 Trillion Dollar Valuation…
In an article for Equities, Michael Markowski said Microsoft will beat other competitors to the landmark valuation as a result of its recent acquisition of LinkedIn, which he predicts will grow exponentially in the coming years as more people turn to the site to build their professional profile…
U.S. Appeals Court Rejects SEC’s Use of Administrative Law Judges…
A divided federal appeals court has ruled that the U.S. Securities and Exchange Commission’s in-house administrative judges are not constitutionally appointed, raising the prospect that the U.S. Supreme Court may need to address the issue…
Under Obama, 10.7 Million More Use Food Stamps—A 32 Percent Jump…
As President Obama prepares to leave office, his legacy will include an increase in the number of Americans using food stamps. The number of food stamps recipients went up by 10.7 million people, a 32 percent jump, since President Obama took office in 2009, according to data released by the Department of Agriculture (USDA)…
Trump, Russia and China…
It has become clear his attitude towards Russia and China is very different from that of his predecessors. Amazingly, he is already wresting power from the deep state, causing it great resentment, which under Obama, Clinton and the Bushes, ran geopolitical policy. From January, barring accidents the world will not be the same, the establishment […]
The Rise and Fall of Obamacare: Will the Inside Story Ever be Told?…
My friend and former colleague Wendell Potter, the CIGNA insurance public relations chief who saw the evil of his ways and left his job, is starting a new non-profit journalism enterprise called Tarbell. The investigative story I want to see from Wendell is one I am sure he will never tell: an insider exposé of […]
Factory Near Carrier Sends Jobs to Mexico…
Just a few miles away from the Carrier plant in Indianapolis where President-elect Donald Trump celebrated his role in stopping 730 jobs from moving to Mexico earlier this month, another corporation is shutting its factory and moving it to Mexico…
A Battle Over American-Made Products Is Looming and Republicans Are in the Middle of It…
We warned that Trump would be forgiven a great deal if he increased wages and reduced un- and underemployment. But as his economic plans begin to crystalize, many of his big priorities are near and dear to Republicans, namely, cutting taxes and getting rid of Obamacare…
Colorado Cannabis Sales Top $1 Billion & Oregon Sales Defy Expectations…
Legal cannabis is booming, and with Colorado netting $1 billion in legal, regulated sales in the first 10 months of 2016, the industry’s growth isn’t showing any signs of slowing. Sales of both recreational and medical cannabis hit $1.1 billion by October…
Banks Pay $12.5B to End Probe into Sales of Toxic Debt…
Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion to resolve U.S. investigations into sales of the toxic debt that fueled the financial crisis…Deutsche Bank will pay $7.2 billion and take a $1.2 billion pretax charge this quarter, while Credit Suisse agreed to a $5.3 billion deal and will […]
China’s Gold Market Opens Up To Boost RMB Internationalization…
Last week the Shanghai Gold Exchange (SGE) launched a new English website to offer international customers more information and tools on trading gold in renminbi through its subsidiary in the Shanghai Free Trade Zone the Shanghai International Gold Exchange (SGEI). BullionStar took the opportunity to…
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Eight Years After an Epic Banking Crash, America’s Biggest Threat Is Still Its Banks…
In 1934 the U.S. had 14,146 commercial banks holding insured deposits. By 1985, that number had barely budged, standing at 14,417. Then came the Bill Clinton administration in the 1990s and its reckless and unprecedented banking deregulation which allowed the giant Wall Street banks to swallow up, or drive out of business, thousands of banks […]
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