Wall Street Weeps, Jamie Dimon Screams: Sherrod Brown, Not Schumer, Top Dem 2015 Banking Committee

In General Interest by Jonathan Tasini1 Comment

I must have some pent-up energy writing today…oh, well…probably a function of an active inbox today.

But, if you live anywhere near Wall Street and heard massive screaming, garments being torn and saw a distraught Jamie Dimon downing a few shots in the elite bar near the office, here’s why, a bright spot to wrap the week: Sherrod Brown is going to be the ranking Democrat on the Senate Banking Committee in 2015, and, in hopeful sign to all middle-class people, Chuck Schumer won’t.

A Billion-Dollar Bank Scam

In General Interest by Jonathan Tasini0 Comments

A billion here, a billion there…all of a sudden…yeah, you’re talking real money. And one assumes that’s what the accountants at banks figure when they smile about the latest scam to pad the bottom line for banks. It’s called “dividend arbitrage”–and that “arbitrage” already gives a hint.

Not News: Banks CEOs Don’t Care About The Country

In General Interest by Jonathan Tasini0 Comments

Under the heading of “this is not surprising”, I’d put this news: bank CEOs are playing a central role in moving companies overseas–or, actually, just reincorporating them to dodge taxes. And all for the usual reason: nice fat bank fees that help underwrite the pay packages of Jamie Dimon and his gang–the same gang that wrecked the economy, but still have their jobs.

Jamie “I Put Millions Out Of Work” Dimon Gets A Raise

In General Interest by Jonathan Tasini2 Comments

Par for the course. Though you would be right to say “you have got to be kidding,” the truth is that the signal has been sent from the White House and from most of Congress that the bankers will not go to jail and they will not bear any personal cost of causing the greatest financial crisis in generations, a crisis that cost millions of people their jobs, thei retirement, their dignity and their futures. And the crystal clear example, from the outset, has been Jamie Dimon. He’s getting a big fat raise.

Fed Fog

In General Interest by Jonathan Tasini5 Comments

The absurdity of the debate about who should be the next chairman of the Federal Reserve Board is NOT in the debate about Larry Summers versus Janet Yellin. Nope. It’s in the questions not being asked.

Obama To Detroit: Drop Dead!

In General Interest by Jonathan Tasini1 Comment

Every day, if you pay attention, we can get a teachable moment. Today’s teachable moment gives us this: if you are a CEO of a bank, a CEO who makes millions of dollars, and you are in financial trouble — trouble of your own making — you can ring up the White House and, presto, the coffers of the Federal Reserve open up to extend you loans in the billions of dollars. On the other hand, if you are a worker making a modest income, or you are now retired, and you live in a city ravaged by the so-called “free market”, a city that files for bankruptcy, and you ask the White House for help, you are told, “sorry, buddy, you are on your own.”

Going After Banks, Cold Feet

In General Interest by Jonathan Tasini0 Comments

For a very long time, I’ve been critical of the unwillingness of the government to put bankers behind bars. Unless some of these guys end up in jail, another crisis will happen because fines — ultimately paid by shareholders and customers — are not a deterrent to the big boys.

Banker Heaven on Derivatives

In General Interest by Jonathan Tasini0 Comments

The inexorable march to another big financial crisis takes another baby step every day. The banks, hey, they just keep spreading their muscle and graft everywhere to make sure that nothing changes. To wit.

Mafia’s New Defense: Don’t Indict Us, We’d Be Out of Business

In General Interest by Jonathan Tasini0 Comments

Ah, Don Corleone, you would wish for these days. You would never worry about running a crooked business, breaking the law, or shaking down your customers. Because, if the government came after you, you’d have a ready-made defense, a tested defense handed you by the big banks, and their apologists: don’t indict me and my associates because we’d be out of business.

The Laughter You Hear Comes From Wall Street and The Banks

In General Interest by Jonathan Tasini5 Comments

When I come back in my next life, I want to be a banker or a hotshot on Wall Street. Because it’s the kind of work where you can do anything you want, break any laws, never get punished and make a huge amount of money. And the best thing is: you make someone else pay for your fuck-ups. That is the upshot of the settlement reached today with the banks. Another day, another sham.

Phony Billion-Dollar Suits, Jailing Little Fish: Nothing Changes

In General Interest by Jonathan Tasini1 Comment

So, it’s easy to capture our predicament today–though you’d never get that from the transcribers of press releases (formerly known as “journalists”). Here is is neatly summed up: we’ve been robbed, only little fish are being held accountable for relatively small crimes and, even more to the point, in a political rhetorical world where shareholders are revered, the shareholders are being left to pay the bill.