Geithner’s Magical Trip Through the Revolving Door

Jim Hightower jimhightower.com http://www.jimhightower.com/node/8198 Timmy Geithner has landed. The Secretary of the Treasury in President Obama’s first term resigned early this year, and we lost track of him for months. But in November, Geithner reappeared, having spun himself through Washington’s revolving door – whoosh, whoosh, whoosh – and flung himself...

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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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This Age of Bubbles

The main lesson of this age of bubbles — a lesson that India, Brazil, and others are learning once again — is that when the financial industry is set loose to do its thing, it lurches from crisis to crisis.

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The SEC is now demanding that companies admit wrongdoing. That’s a big deal.

What’s the point of a bank simply saying it’s done wrong when everybody already knows it? Here’s why getting an admission of guilt actually matters. by Lydia DePillis WonkBlog For many years, the Securities and Exchange Commission was a pretty nonjudgmental beast. When pursuing enforcement actions, it usually didn’t demand that...

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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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