Working Life

This will be, for some, a tough one. But, if we are really to change the system, we have to be unsparing to people, no matter what political persuasion they come from.

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One of the great myths that created the seeds of the financial crisis was that the ratings agencies–Standard and Poor and Moody’s–where “independent”. What a crock–the ratings agencies gave positive ratings to the crummy debt securities that were at the heart of what led to millions of people losing their jobs and they have been the water boys for the financial elite who peddled this crap. Now, we have a conviction of S&P: Guilty in a court of law.

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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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Hey, Bank of America shareholder, how does it feel to have the executives deceive investors (in other words, lie), escape any personal responsibility for the lies, cause huge losses and, then, stick YOU with a bill for over $2 BILLION? Well, probably not a great feeling but, screw you, you are just an investor, not a coddled, overpaid executive who just got handed a stay-out-of-jail card.

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Wed Aug 29, 2012 at 07:30 PM EDT
Banksters Get Off Again: Citibank Pays Off Crimes, Robert Rubin Skates

by Tasini

Same old story. The crimes of the financial crisis remain, for the most part, unpunished-except if you are a shareholder of a financial institution who is paying the price for the misdeeds and crimes of the greedy, overpaid executives who destroyed the lives of millions of people. Today’s example: Citibank.

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Among the myths promoted by the traditional press–myths that hurt the entire country–is the “independence” of the ratings agencies. And that myth was one of the underpinnings of the financial crisis–the ratings agencies gave positive ratings to the crummy debt securities that were at the heart of what led to millions of people losing their […]

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You don’t have to look further than the utterly pathetic game of repeated “stay-out-of-jail” cards handed the global banker elite to understand why people are pissed—whether in the U.S., Greece or pick a country. Time after time, the guys who cratered the economy, and robbed people of their jobs and wealth, are given a pass […]

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   It would be an interesting exercise to add up all the dollars spent by the Justice Department prosecuting Roger Clemens and John Edwards–it’s got to be in eight figures easily–compared to the ZERO spent prosecuting Goldman Sachs CEO Lloyd Blankfein, or for that matter, a whole host of his co-horts.    I mention Blankfein, […]

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    In my search to find something positive among the rubbish cascading across our eyes, let us behold a small ray of positive action. Citibank’s CEO Vikram S. Pandit tried to stuff his pockets full of millions of dollars more in bank money. The shareholders were not buying it–and turned thumbs down on his proposed […]

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   I’ve written a lot about the complete immoral insanity of the obsession over the phony debt and deficit "crisis"and the rush to impose austerity on the people when we really need much more public spending to employ the masses of people who are falling, falling, falling further behind. Well, truth is austerity is not […]

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