Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the […]
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Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks…
Veteran Can’t Work Without His Service Dog — So Lowe’s Hired Them Both…
He served our country and wanted to again. But health issues forced a return to civilian life. Clay Luthy was deployed three times out of Uzebekistan and two out of Qatar. After multiple knee surgeries, including a reconstructive surgery, he wasn’t able to reenlist. But it didn’t stop him from getting a job…
New Zealand’s Outgoing PM Ideal Candidate to Head International Monetary Fund…
Outgoing Prime Minister John Key has been tipped as a potential candidate to head the International Monetary Fund, an appointment signed off by US President Barack Obama…Lagarde, current IMF Dir, has been ordered to stand trial in France over what became known as the Tapie Affair…
Donald Trump Is Inheriting the Best Economy in a Generation(???) Bubbles, Worst Wage Recovery Since 1965, etc.
(Mis)Fortune magazine had a story which I actually mistook for a story from The Onion or National Lampoon. But sadly, it was a real story: “Donald Trump Is Inheriting the Best Economy in a Generation.” Let’s look carefully at the “best economy in a generation”…
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SEIU Texas Declares Bankruptcy after Losing Millions to Janitorial Company…
The Texas chapter of one of the nation’s most powerful unions filed for bankruptcy after losing a multi-million dollar lawsuit for its smear campaign against a Houston janitorial company. A jury ordered Service Employees International Union Texas, also known as SEIU District Five, to pay…
A Lesson for George Mason Economics Chair, Boudreaux As He Attempts to School Dilbert Creator, Scott Adams…
Today Donald J. Boudreaux, who is Professor of Economics and Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center at George Mason University, wrote an open letter to Dilbert creator Scott Adams. The letter was a rebuttal to Scott disagreeing with Michigan Rep Justin Amash about Trump’s trade […]
Wells Fargo to Abused Customers: See You in Arbitration…
Only in the la-la land of financial industry justice does stuff like this happen. After suing Wells Fargo & Co. for alleged fraud, invasion of privacy and other claims related to the bank’s highly publicized unauthorized accounts scandal this autumn, a group of 80 customers who are seeking class status got this message late last […]
UBS Hit With $18.5M in Damages, Legal Fees, in Puerto Rico Bond Case…
UBS Financial Services Inc. must pay a prominent Puerto Rican businessman and his wife $15.2 million in compensatory damages and interest related to their losses in closed-end Puerto Rico bond funds, a panel of arbitrators at the Financial Industry Regulatory Authority ruled on Friday…
Is Wall Street Trying to Rig Trump’s Business Advisory Panel?…
President-elect Trump’s ‘Business Advisory Panel’ is ‘a disparate cacophony of voices from wildly different businesses ranging from Boeing, a commercial jet manufacturer, to the Cleveland Clinic with no representation at all from labor or consumers, the panel has an outsized representation from the financial sector with one particularly curious member…
Saudi Arabia Surrenders To U.S. Shale…
The new OPEC deal to cut oil output – the cartel’s first since 2008 – amounts to nothing less than Saudi Arabia’s surrender to the power of American shale…Unwittingly, the Saudis have made the Americans the new global energy swing producer, the permanent ceiling for the global price of oil…
How Russia Outsmarted OPEC…
OPEC’s historical deal to cut production has been sealed, and oil prices have jumped as a result, comfortably above the $50 per barrel mark. According to Lukoil’s vice president, Leonid Fedun, the average price of crude in 2017 could reach US$60 a barrel, thanks in no small part to that agreement…
Deutsche Bank Pays $60 Million To Settle Gold-Manipulation Lawsuit…
2016 is shaping up as the year when countless conspiracy theories will be confirmed to be non-conspiracy fact: from central bank rigging of capital markets, to political rigging of elections, to media rigging of public sentiment, and now, commercial bank rigging of both silver and gold…
The Shocking Truth About How Barack Obama Was Able To Prop Up The U.S. Economy…
Barack Obama is one of the biggest “Keynesians” of all time, but unfortunately most Americans don’t even understand what that means. In this article, I am going to share with you the primary reason why Barack Obama has been able to prop up the U.S. economy over the past eight years…
Where The November Jobs Were: Accountants, Nurses, Waiters, Government And Part-Time Workers…
Something remains very broken with the US labor market: while the unemployment rate just dropped to the lowest since August 2007, wage growth dropped as well and on a year over year basis, rose just 2.5%, far below the 3.8% it was when the unemployment rate last hit 4.7%…
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Here’s Why Mexico’s Central Bank Chief Resigns…
Media reports of Agustin Carstens resignation as chief of Mexico’s central bank have left MSM pundits and even business analysts scratching their heads. It appears no-one has any idea why Carstens is leaving… well, almost no-one…
REPORT: Amazon’s Stranglehold – How the Company’s Tightening Grip is Stifling Competition, Eroding Jobs and Threatening Communities…
Amazon has quietly positioned itself at the center of a growing share of our daily activities and transactions, extending its tentacles across our economy, and with it, our lives. Today, half of all U.S. households are subscribed to the membership program Amazon Prime…
The Electoral Consequences of Globalization…
Undoubtedly there are U.S.-specific factors that are relevant, such as racial divisions in voting patterns. But the election took place after the British vote to withdraw from the European Union and the rise to power of conservative politicians in continental Europe, so it is reasonable to ask…
A Short Round Up of Ross and Mnuchin Financial Comments this Week…
The Treasury market reacted this morning to a very cursory comment by Treasury Secretary nominee Steven Mnuchin that the average maturity of the debt should be extended since interest rates are likely to be low for a few more years. This comment seems like more of an excuse than a reason for the market’s move…
On Krugman and the Working Class…
That Krugman can wonder at the source of the disdain felt toward the liberal elite while lecturing Trump’s voters on their own self-interest is really quite remarkable. I don’t know that the white working class voted against their economic interest. I don’t pretend that I can define their preferences with such accuracy…