Tag Archive | "Banks"

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

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.

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A Tiff Among The Elites

A bit amusing. The bankrollers of the Republican Party (and the Democratic Party as well) are pissed…at the Republican Party. They were made for each other.

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

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.

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Fed Fog

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.

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Obama To Detroit: Drop Dead!

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.”

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Going After Banks, Cold Feet

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.

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Banker Heaven on Derivatives

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.

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

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.

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The Laughter You Hear Comes From Wall Street and The Banks

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.

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

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.

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Love That Bank Humor

Really, I can’t tell whether people who work at the major banks moonlight as comedy writers for The Daily Show, or they are so immune to public shame or punishment that they just don’t give a damn.

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Banks Trying To Crush Reform–Another Reason For OccupyWallStreet

   I have maintained for a long time that nothing is changing in the financial system–we are being left with the same basic game and the same people who are running the game. And, indeed, led by J.P. Morgan’s Jamie Dimon–who was, for a very long time, a go-to guy on Wall Street for the […]

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Coddle Wall St, Lose Elections

   People sometimes repeat certain phrases because they’ve heard them used repeatedly when they actually want to say something else, even if they aren’t conscious. Or, put another way–if you want to know why Democrats lost the special election in New York, I’d argue it has a lot to do with the Obama Administration’s failure […]

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Austerity Works!…In A World Where Leaders Want Stagnation

    I often fear I am going to be injured–a victim of the adult "shaken head" syndrome. It’s the syndrome I think many of us are afflicted with–you wake up every day and read some stupid-ass comment or proposal by political leaders of both parties and…you shake your head. I’m telling you, it’s dangerous.   […]

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Jail. Them. Now.

   I get ginned up as much as the next person when I read about any government action against the financial institutions that robbed millions of people of their jobs and retirement–and their dignity and respect. But, in some way, this is a game.    Unless the heads of these institutions go to jail, nothing […]

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The Rescue That Missed Main Street

   What has been extraordinary to watch over the past 30-40 years is the way in which, when economic crisis strikes, the political and economic leadership of the country leaps into the breach to lend a hand–not to the regular people who suffered the most but, rather, to the very institutions and economic elites who […]

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