The Much-Ballyhooed JP Morgan Settlement Is Just a Scam!

David Dayen Salon http://www.salon.com/ The first thing you need to know about JPMorgan Chase’s long-awaited $13 billion dealwith the Justice Department — to settle a number of civil lawsuits related to the fraudulent sale of mortgage-backed securities — is that it’s not a $13 billion deal. $4 billion of this figure, over...

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Five Years in Economic Limbo

Joseph Stiglitz Project Syndicate http://www.project-syndicate.org/commentary/the-sluggish-pace-of-post-crisis-financial-reform-by-joseph-e–stiglitz When the US investment bank Lehman Brothers collapsed in 2008, triggering the worst global financial crisis since the Great Depression, a broad consensus about what caused the crisis seemed to emerge. A bloated and dysfunctional financial system had misallocated capital and, rather than managing risk,...

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Eminent Domain to Save Homeowners?

The Daily Take The Thom Hartmann Program http://www.truth-out.org/opinion/item/17918-eminent-domain-to-save-homeowners One of the most lasting and damaging effects of the 2008 financial crisis is that towns and cities across American are filled with millions of underwater mortgages. The effect of underwater mortgages on cities is disastrous. A recent investigation by a pair of...

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