American banking has now evolved from too-big-to-fail to too-big-to-prosecute to too-big-and-dangerous-to-return-to-normal-monetary-policy…
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Wells Fargo Shaming Today in Senate: Edwards Family Are Ghosts in the Room…
Imagine how you might feel if you were part of a distinguished family that built a respected business over 120 years only to see it gobbled up against your wishes by a banking behemoth, Wachovia, which collapsed a year later and…
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Cash Means Freedom, Which Is Why So Many Officials Hate It…
Opponents and proponents of folding money agree that the stuff protects you from the state—but they differ about the value of that protection…
More Than 200 Scholars Decry the Trans-Pacific Partnership’s ‘Frontal Attack’ on Law and Democracy…
More than 200 legal and economic scholars—including President Barack Obama’s Harvard Law School mentor Laurence Tribe—have penned a letter to Congress warning that the pro-corporate Investor-State Dispute Settlement (ISDS) regime…
Harvard Crushes The “Obama Recovery” Farce With 9 Simple Charts…
In a recent study entitled “Problems Unsolved and a Nation Divided” Harvard University points out that, despite claims of an “Obama Recovery,” in fact, the U.S. economy has continued to deteriorate…
Russian-Iranian Bank May Ditch the U.S. Dollar…
Moscow and Tehran are actively working on opening a joint bank with plans to carry out operations in national currencies…
What Ford’s Decision to Move Small Car Production to Mexico Means for Michigan the U.S….
“Over the next two to three years, we will have migrated all of our small-car production to Mexico and out of the United States,” said Ford CEO Mark Fields. This isn’t exactly new, but it is jarring news for many…
Bayer Confirms Monsanto Takeover with $66B Bid…
German pharmaceuticals giant Bayer has agreed to buy American GMO company Monsanto for $128 a share. The acquisition values Monsanto’s equity at about $56 billion, but including debt the deal is worth nearly $66 billion….
CEOs Expect to Cut Their Payroll by 36 Percent Over Next Six Months…
The fact that 36% of these big-company CEOs are planning to cut their payroll over the next six months, while only 27% are expecting to increase their payroll, is a very unwelcome…
Saudi Arabia Ousts U.S. as Biggest Oil Producer…
“Saudi Arabia’s elevated oil production has allowed it to overtake the U.S. and become the world’s largest oil producer,” the Paris-based IEA said in its monthly report on Tuesday…
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Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators…
Last Thursday, the CFPB announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers.
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The US Consumer Taps Out: BofA Internal Credit Card Data Shows Retail Spending Tumbles…
Ahead of this week’s big macro event, Thursday’s retail sales report, Bank of America has, as is customary, released its own internal credit and debit card data. It’s downright ugly…
Watch Out Wall Streeters: Your Jobs Are Moving to Mumbai…
Morgan Stanley is moving jobs overseas. The US bank set out a plan to cut costs back in January, and CEO James Gorman said at the time that “too many employees” were based in high-cost centers…
Rattled: Friday’s Market Selloff in U.S. Roils Overnight Foreign Markets…
European and Asian stock markets were firmly in the red overnight as Friday’s 394 rout in the Dow Jones Industrial Average fueled global concerns…
The Stock-Market Rout Just Drove the S&P 500, Dow Below Key Level…Here we go…
After weeks of virtual dormancy, a bona fide stock-market selloff took hold on Wall Street. Both the S&P 500 index SPX, -2.45% and the Dow Jones Industrial Average DJIA, -2.13% plunged below their 50-day moving averages…
GM Recalls 4.3 Million Vehicles Over Air-Bag Related Defect…
General Motors Co (GM.N) said on Friday it will recall nearly 4.3 million vehicles worldwide due to a software defect that can prevent air bags from deploying during a crash…
Wells Fargo Opened a Couple Million Fake Accounts…
Two basic principles of management, and regulation, and life, are–1. You get what you measure and 2. The thing that you measure will get gamed…
Oil Markets Brace As U.S. Looks To Sell 100 Million Barrels From SPR…
The U.S. has stored roughly 700 million barrels of crude oil in salt caverns in Texas and Louisiana for decades. The SPR was established in the aftermath of the Arab oil embargo in 1973…
Caterpillar Hires H-1B Foreign Graduates, Fires 300 American Professionals…
Caterpillar is firing 300 American employees in Mossville, Illinois, even though it is continuing to recruit and pay foreign “H-1B” guest-workers to do the white-collar jobs sought by American…
Good Riddance: 6 Facts About The ITT Tech Shut Down…
One of the nation’s biggest for-profit colleges, ITT Tech, announced that it has permanently shut down its academic operations and fired 8,000 employees…