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Wall Street Undernews
The Progressive Review

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Bain Capital

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JP Morgan

ARTICLES

Some ways to occupy our future...and our economy

BAD ADVICE AND THE FINANCIAL CRASH

HOW THE FISCAL CRISIS CAME ABOUT

EVEN CORRECTING FOR INFLATION, BAILOUT BIGGER THAN MARSHALL PLAN, LOUISIANA PURCHASE, RACE TO THE MOON, S&L CRISIS, KOREAN WAR, NEW DEAL, INVASION OF IRAQ, VIETNAM WAR & NASA COMBINED

INDICATORS: ROBBER BARONS STILL DOING WELL

THE REAGAN-BUSH-CLINTON-BUSH YEARS: BRINGING INEQUALITY TO PRE-DEPRESSION LEVELS

A SHORT HISTORY OF THE ECONOMIC AMERICAN

LINKS

ACTION
Move your money

CREDIT UNIONS
NAT FED COMMUNITY DEVELOPMENT CREDIT UNIONS

ECONOMICS
CENTER FOR ECONOMIC & POLICYRESEARCH

COMMUNITY INVESTING
ECONOMIC POLICY INSTITUTE

DATA
CENSUS DATA
ECONOMIC STATS
MARKETING CLICHES BY ZIP

UNEMPLOYMENT BENEFIT CALCULATOR

INFO
BUR OF ECONOMIC ANALYSIS

BUREAU OF LABOR STATISTICS
ECONOMIC CLOCK
INFLATION CALCULATOR
SALARY CHECKER
STOCK MARKET CHARTS

WALL ST RESEARCH

MEDIA
DEAN BAKER

DIRT DIGGERS' DIGEST
DOLLARS & SENSE
LEFT BUSINESS OBSERVER

REAL WORLD ECONOMICS REVIEW
NAKED CAPITALISM
ROBERT KUTTNER

ROBERT REICH

MONEY
REINVENTING MONEY

TIME BANKS
Getting a time bank started

USURY
TEN PERCENT IS ENOUGH

FILMS

Inside Job: Dissecting the 2008 fiscal disaster

Plunder: The Crime of Our Times - Investigative film by Danny Schechter explores how the financial crisis was built on a foundation of criminal activity. Schechter speaks with bankers involved in these activities, respected economists, insider experts, top journalists including Paul Krugman, and onvicted white-collar criminal, Sam Antar, who blows the whistle on intentionally dishonest practices.

Excellent 60 Minutes show on why Wall Streeters don't get prosecuted

READING

Aftershock: The Next Economy and America's Future. Robert Reich explains what's really happened to the American economy

There's No Such Thing as a Free Market

Zombie Economics: How Dead Ideas Still Walk Among Us by John Quiggin. "In “Zombie Economics”, Professor Quiggin takes aim at a number of “dead” ideas – the Great Moderation; Efficient Markets Hypotheses; Dynamic Stochastic General Equilibrium; Trickle Down Economics; Privatisation. The central thesis underlying “Zombie Economics” is that the global financial crisis exposed the weaknesses of these ideas, which underpin free market or neo-liberal economics.

Winner Take All Politics: How the super rich got so much richer

Mugging Main Street by Robert Scheer

All the Devils are Here: the housing market and Wall Street and what happened

Being an intern at Goldman Sachs

Guardian - Go home before midnight, and don’t come back before 7am. Goldman Sachs – one of Wall Street’s toughest firms – has told interns they have got to work hard, but not too hard.

The new rules, introduced for this summer’s crop of investment banking interns, have been introduced “to improve the overall work experience of our interns”, a Goldman Sachs spokesman said. All of its summer interns across the world were informed of the new working hours rule on their first day in the office earlier this month.

Wall Street’s shift to caring capitalism comes in the wake of the death of a 21-year-old Bank of America Merrill Lynch intern who had regularly pulled all-nighters in a desperate bid to impress his bosses.

Moritz Erhardt was found dead in the shower at his London accommodation after working 72 hours straight. An inquest found he died of an epileptic seizure that could have been a triggered by his long working hours.

Five big banks settle currency & interest rate manipulatiion but $5 billion . . .but no jail time

Survey: A quarter of Wall Streeters willing to cheat

Banks pay execs to work for government

Why isn't this considered bribery?

New Republic - Citigroup is one of three Wall Street banks attempting to keep hidden their practice of paying executives multimillion-dollar awards for entering government service. In letters delivered to the Securities and Exchange Commission over the last month, Citi, Goldman Sachs and Morgan Stanley seek exemption from a shareholder proposal, filed by the AFL-CIO labor coalition, which would force them to identify all executives eligible for these financial rewards, and the specific dollar amounts at stake. Critics argue these “golden parachutes” ensure more financial insiders in policy positions and favorable treatment toward Wall Street.

“As shareholders of these banks, we want to know how much money we have promised to give away to senior executives if they take government jobs,” said AFL-CIO President Richard Trumka in a statement. “It’s a simple question, but the banks don’t want to answer it. What are they trying to hide?”

Bank fines a fraction of what the government spent bailing them out

Dirt Digger's Digest - Investment bank Morgan Stanley has disclosed that it will pay only $2.6 billion to settle U.S. Justice Department allegations that it deceived investors in the sale of toxic securities in the run-up to the financial meltdown.

I say “only” because the amount is substantially lower than the figures paid by Bank of America ($16.7 billion), JPMorgan Chase ($13 billion) and Citigroup ($7 billion) in similar cases. Thanks to the efforts of groups such as U.S. PIRG, we know that these amounts are less onerous than they appear because the companies are often allowed to deduct the payouts from their corporate income tax obligations.

My colleagues and I at Good Jobs First have been assembling data that does more to put the payouts in perspective. As part of an expansion of our Subsidy Tracker database to the federal level, we obtained information on the massive bailout programs implemented by the Federal Reserve in 2008 to stabilize the teetering financial system by purchasing toxic assets on the books of financial institutions and by serving as a lender of last resort....

It’s already clear that the settlement amounts paid by the banks (especially in after-tax terms) have been easily absorbed as costs of doing business. The Fed bailout data shows that another reason the banks have been little fazed by their legal expenses is that they received government assistance worth a thousand times more during their time of grave vulnerability in 2008 and 2009 — vulnerability that was largely of their own making due to reckless securitization of subprime mortgages and consumer loans.

After Lehman Brothers collapsed in 2008, the Fed was apparently willing to spare no expense in rescuing the other big financial players. Its efforts ensured the survival of the big banks that are riding high today.

How DOJ let HSBC off the hook

Michael Daly, Daily Beast - While the Justice Department was busy prosecuting American HSBC customers for tax evasion, it has taken no action against the bank for nearly five years...

This rank unfairness by the folks at the place called Justice was compounded three years ago after the feds caught HSBC laundering $881 million in drug cartel money and actively concealing illegal dealings with Iran and North Korea.

A money-laundering investigation as big as the bank itself ended with a deferred prosecution agreement that allowed HSBC to escape criminal charges and suffer only a fine.

This while the DOJ was jailing non-bankers by the dozen for laundering drug money, including cash from the Sinaloa cartel, which had been a prime HSBC co-conspirator.

Two men at a car dealership who took cartel cash for automobiles got serious prison time.

HSBC got a pass on helping the Sinaloa bunch acquire an airplane that was used to smuggle drugs by the ton.

DOJ aggressively prosecuted private citizens such as a New Jersey businessman who was lured into a tax scheme by HSBC and a Virginia doctor who sought to avoid paying taxes on money his deceased mother had stashed in a secret HSBC account in Switzerland.

Banks pay execs big bucks for entering government service

Standard & Poor's get off cheap for its contribution to Great Recession

More mysterious banker deaths

$17 billion worth of reasons not to pay any attention to Jamie Dimon

The 2014 banking rap sheet

Wall Street out to grab public pension plans

The $9 billion scandal

Wall Street seeking to take over public pension funds

Wall Street and its government enablers are destroying evidence of its past

IMF chief: Banks haven't changed their ways

Massive Fed coverups revealed in hours of tapes with Goldman Sachs

Bush was tougher on Wall Street criminals than Obama

For the economy, Wall Street bonuses don't match up to raising the minimum wage

Undercovered story of the year: The financial world's slew of suicides

A remarkable story of the one percent in secret play

The hidden sales tax in credit card transactions

Another greedster defends himself

Time to nationalize some banks

A Wolf of Wall Street

Number of banks shrinking, while too big to fail banks grow larger

2013

What bank bailouts really do

How a small elite increasingly controls the world

Banks find new way to cheat homeowners

AIG CEO suggests he's being lynched

Sheila Bair says Yellin is best despite Glass- Steagall stance

Credit union regulator sues big banks for mortgage frauds

Banks out to kill credit unions

It ain't over yet: Problems with Yellin

The Fed: It ain't over yet

Rightwing made Fannie and Freddie the culprits, allowing banks to escape


Elizabeth Warren tries to make CNBC less dumb

Wall Street crook has cushy cell and man servant

Could your savings account be seized to bail out your bank?

Elizabeth Warren wants to bring back Glass Steagall

POGO- : 99% of Booz Allen's revenue comes from government contract

Supreme Court ruled in favor of Chamber of Commerce 13 out of 16 times this term

Law suits reveal corporate rating scams

Offshore tax havens costs average taxpayer over $1000 a year

Why not a transaction tax?

How the FDIC plans to steal your money to bail out banks

A list of bankers, regulators, pundits, professors, and politicians who want to end "too big to fail"

Word: A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain. - Mark Twain

Financial industry has become America's main profit center

Big banks profits would disappear without taxpayer bailouts and subsidies

Former lobbyist for Swiss bankers is not chief counsel of the IRA

Another give away to the banks

George Will & Sherrod Brown agree it's time to break up the big banks

Obama's SEC Nominee Represented A-List Of Big Banks, Companies

Offshore Tax Loopholes Cost States $40 Billion

"The Banks Still Hold Guns to our Heads" - Former TARP Director

Treasury approved excessive pay for executives at bailed-out AIG, GM and Ally

Too bad we didn't listen to Iceland instead of Wall Street

Obama puts fox in charge of SEC hen house

2012...

Why sending banker crooks to jail is good for the economy

Obama clears banks to commit crimes at will

There are a half million Americans in prison on drug charges, but government considers bankers too big to jail

Five banks control over half the American economy

More bankers convicted of rigging bond market

Bear Stearns finally charged

EU group wants banks to separate banking and trading

Economists agree: Iceland did it right

@OccupyWallStNYC: Peaceful protestors arrested: 8,000 . . .Bankers arrested: 0.

Wall Street favoring Romney over Obama

Seven banks served with subpoenas in LIBOR scandal

Iceland let the bankers take the load. . .and it worked

Justice Department lets Goldman Sachs off the hook

Another way bankers are damaging America

Big bankers say we screwed up on bank policy

Some Wall Street advisors use astrology

Fed gave billions to banks after learning about their manipulations

Countrywide bribed Congress with discount loans

Biggest bank scandal ever

Sanders releases names of 18 current and former Fed officials whose own banks got more than $4 trillion in government loans

Wall Street notes

  • How margin calls can affect your morning coffee
  • It doesn’t get much more corrupt than this
  • Why Glass-Steagall was important
  • Bill Clinton was a major perp

84% of stock trades generated by machines

Banks even bigger than they were when they were too big to fail

Bank divestment movement growing

The bonuses you subsidized for the six largest banks were last year the second largest in history

Banks double dipping to pay off TARP loans

TARP resulted in banks not more, but riskier loans

Six good movies about the financial crisis

How Obama is still covering up bank fraud

Mortgage settlement: Better than it might have been but still terrible

40-states agree to sweetheart deal with banks

Report: 5.6 million have switched banks in past 90 days

The bonuses you subsidized for the six largest banks were last year the second largest in history

Washington legislators considering state bank

The bonuses you subsidized for the six largest banks were last year the second largest in history

Why people don't trust the Fed

Massachusetts sues banks over deceptive mortgage practices

Some ways to occupy our future...and our economy

Local heroes: Judge tells US Bank like it is

Federal financial fraud prosecutions down by more than a half from a decade ago

Worst banks in America (and why)

  • Citibank
  • JP Morgan Chase
  • Bank of America
  • Goldman Sachs
  • Wells Fargo

Obama names big bank critic to FDIC board

Bernie Sanders calls for boycott of major banks

67% of New York City voters support Occupy Wall Street's views. . . .87% say it's okay if they protest. . . 72% say (unlike the media) that they understand what the protest is about

Largest Benefactor of Occupy Wall Street Is a Mitt Romney Donor

Banks treat customers as criminals

Protests abroad

Now even Wall Street doesn't trust Obama

24 arrested for trying to close Citibank accounts

DC protest coincides with major building cleaners labor dispute

Why public banks work

Word: from Occupy Wall Street

As one people, united, we acknowledge the reality:/ that the future of the human race requires the cooperation of its members; that our system must protect our rights, and upon corruption of that system, it is up to the individuals to protect their own rights, and those of their neighbors; that a democratic government derives its just power from the people, but corporations do not seek consent to extract wealth from the people and the Earth; and that no true democracy is attainable when the process is determined by economic power. We come to you at a time when corporations, which place profit over people, self-interest over justice, and oppression over equality, run our governments. We have peaceably assembled here, as is our right, to let these facts be known.

Word

Those on the streets around Wall Street are the physical embodiment of hope. They know that hope has a cost, that it is not easy or comfortable, that it requires self-sacrifice and discomfort and finally faith. They sleep on concrete every night. Their clothes are soiled. They have eaten more bagels and peanut butter than they ever thought possible. They have tasted fear, been beaten, gone to jail, been blinded by pepper spray, cried, hugged each other, laughed, sung, talked too long in general assemblies, seen their chants drift upward to the office towers above them, wondered if it is worth it, if anyone cares, if they will win. But as long as they remain steadfast they point the way out of the corporate labyrinth. This is what it means to be alive. They are the best among us. -Chris Hedges

Bay area churches take on big banks

Some state attorneys general take on Obama and Wall Street

Government owned foreclosed homes to be sold to vulture funds with huge discounts

The hit man in Obama’s Wall Street scam

New York AG thrown off key committee because he refused to accept corrupt sweetheart deal with banks

Banks find new ways to rip off customers  

Banks even looking at $5 ATM fee

Secretive bankers rule derivative trading

Crime on the Street
BACK TO TOP

Federal judge asks: why haven't Wall Street crooks been prosecuted?

Tip to drug dealers, rapists, murderers and other criminals: just incorporate, invest some funds, and when you get caught, work out a financial settlement with the Department of Justice

Obama continues to let elite banksters get away with crimes

Cocaine helped cause banking crisis says ex-British drug czar

A few crimes by big banks

Recovered history: The forerunner of the current banking & housing scandal

Occupy The SEC Files Lawsuit Against Wall Street Regulators For Failure To Implement The Law

Now Obama's Wall Street prosecutor can represent the folks he didn't prosecute

PBS Frontline: How Wall Street got away with murder

Goldman Sachs

Ex-Goldman Sachs trader Fabrice Tourre liable in $1bn fraud

Third largest congressional contributor 1989-2010

Goldman Sachs' aluminum scam

2012

Instead of going to prison, Goldman Sachs will run them

2010

GOLDMAN SACHS BOSS VISITED OBAMA WHITE HOUSE FOUR TIMES

GOLDMAN SACHS TRADER BARRED OVER SEC CHARGES

GOLDMAN SACHS PLANS TO PAY ONLY ONE PERCENT IN TAXES

GOLDMAN SACHS SENT $4 BILLION IN BAILOUT FUNDS OVERSEAS

HEAD OF GOLDMAN SACHS CLAIMS 'SOCIAL PURPOSE'

GOLDMAN SACHS' TIES TO OBAMA ARE NOT ILLEGAL, BUT THEY SHOULD BE

GOLDMAN SACHS SUED BY SEC

GOLDMAN SACHS FAILED TO TELL INVESTORS ABOUT SEC TROUBLES

HEAD OF GOLDMAN SACHS CLAIMS 'SOCIAL PURPOSE'

Bain Capital

Britain sells its blood supply to Bain Capital (founded by Mitt Romney)

2012

Tony Soprano explains Bain Capital

One reason Cory Booker loves Bain

NY AG investigating tax avoidance schemes at firms including Bain

Romney lied about when he left Bain

NY AG investigating tax avoidance schemes at firms including Bain

Every fired worker worth $20,000 to Romney while at Bain

What Romney was really up to at Bain


DEMOCRATIC UNDERGROUND

Bain Capital allegedly fired managers for not being Mormons

Romney is invested in Chinese spy cameras

ROMNEY'S COMPANY BUYING RIGHTWING BROADCAST NETWORK

Romney's Bain Capital got big taxpayer bailout

Romney gets a million bucks from a corporation that only existed for four months

Citigroup

Bill Clinton's big role in the Citigroup financial scandal

Fifth largest congressional contributor 1989-2010

Citigroup paid no taxes in past four years yet got $2.5 trillion in bailouts

Lehman Brothers

2010

WHITE COLLAR CRIMINOLOGIST BLOWS THE WHISTLE ON LEHMAN, THE FEDERAL RESERVE AND 'LIARS LOANS'

THE DIRTY STORY BEHIND LEHMAN'S COLLAPSE

Bank of America

Bank of America to pay $800 million for duping customers

Federal jury finds Bank of America guilty of civil fraud

2013

The Bank of America has blocked the transfer to the new WikiLeaks Party of a $25,000 prize awarded to Assange by the Japanese musician, artist and philanthropist Yoko Ono

Bank of America gets more secret bailouts

Bank of America returns to scene of the crime

2012

Feds actually sue Bank of America

Bank of America plans new charges for checking accounts

Bank of America: too crooked to fail

Bank of America refuses to take cash for mortgage payment

Bank of America must pay $930,000 to an employee who uncovered fraud at Countrywide Financial Corp. and was fired in violation of whistleblower protections, the U.S. Department of Labor said.

Forget the $5 charge, here's how Bank of America is really screwing you

2012

2011

2010

JP Morgan
BACK TO TOP

It can be fatally depressing to work for JP Morgan

NY Times defends Dimon's $20 million bonus

Jamie Dimon has "moved on"

Unrepentant JPMorgan Chase gives Jamie Dimon huge pay raise

JP Morgan's involvement with Madoff was worse than the media indicates

Word: What JP Morgan got away with

Justice Department kills subpoena for JP Morgan in Madoff case

Holder protecting JP Morgan from investigation into Madoff ties

JP Morgan Chase sued for debt fraud

2013

JP Morgan paying more for fines and lawyers than for salaries

JP Morgan pays fine less than three months profits for its criminality

JP Morgan: Too much European democracy getting in our way

JP Morgan gives a half million to group attacking Social Security and Medicare

E-Mails Imply JP Morgan Knew Some Mortgage Deals Were Bad

2012

JP Morgan paid $190,000 annually to spouse of bank's top regulator

JP Morgan making big bucks off of food stamps

Did Morgan push its own funds on clients?

Government subsidy responsible for 77% of JP Morgan's profit

All in the Family: The Senate banking committee's kinship with JP Morgan

What JP Morgan cost us even before the current crisis

Why JP Morgan doesn't have to worry

More JP Morgan

JP Morgan admits big corporate profits come from screwing workers

JP Morgan Chase has black man jailed for five days because it claims its own check is not real

Lawyer's letter to JP Morgan Chase

2009

AS GOLDMAN SACHS, JP MORGAN SOAR, SO DO FORECLOSURES

2008

All in the family: Tony Blair to work for JP Morgan

2010

Ben Bernanke’s Secret Global Bank

SEC favored Bank of America in law violations

HOW BANKS RIPPED OFF AMERICA'S MINORITIES

BANK CREDIT CARD USURY RISES AGAIN

BANKERS KEEP TIGHT CONTROL ON SENATE

CAP THE SIZE OF BANKS

WALL STREET GREEDSTERS: AYN RAND MADE ME DO IT

ONE IN FIVE AMERICANS EXPERIENCING HUNGER

HOUSEHOLD NET WORTH DROPS $1.5 TRILLION IN ONE QUARTER

WALL STREET WRECKAGE: FIRE STATIONS ALL OVER THE COUNTRY

401K HARDSHIP WITHDRAWALS, LOANS HIT A 10-YEAR HIGH

THE LAYOFF KINGS: WHERE THE JOBS WENT

2009

PENSIONS: THE NEXT CASUALTY OF WALL STREET

BILLIONS FOR BANKS, BUT SMALL FUND FOR SMALL BUSINESSES RUNS OUT

STUDY: YOU CAN'T TELL IF DERIVATIVES HAVE BEEN TAMPERED WITH

LOOKING UNDER THE TARP ISN'T PRETTY

BANKS CUTTING LENDING TO DANGEROUS LEVEL SAY SOME EXPERTS

FOUR BANKS NOW ISSUE ONE HALF OF ALL MORTGAGES & TWO-THIRDS OF ALL CREDIT CARDS

SCIENTIFIC STUDY FIND JUST A FEW FUNDS, BANKS AND CORPORATIONS CONTROL FINANCIAL MARKETS

WALL STREET JOURNAL FINDS GOLDMAN SACHS GIVING TOP CLIENTS AND TRADERS DIFFERENT ADVICE THAN AVERAGE CUSTOMERS

HIGH FREQUENCY TRADING: A NEW WALL STREET FRAUD

80% SAY WALL STREET - NOT TAXPAYERS - BENEFITED MOST FROM BAILOUT

RECOVERED HISTORY: WHEN AMERICA TOOK ON THE BANKERS

WHY BANKERS AREN'T WORTH WHAT THEY THINK THEY ARE

NY STOCK EXCHANGE QUIETLY CHANGES RULES TO ALLOW BIG TRADES TO BE SECRET

STATES HURTING BIG TIME: MAYBE THEY SHOULD CALL THEMSELVES BANKS

OBAMA: BAILING OUT BANKERS INSTEAD OF BANKS

MORTGAGE RESCUE PLAN NOT WORKING

REPORT: BERNANKE & PAULSEN MISLED PUBLIC ON STATE OF BANKS

ANOTHER HUD SCANDAL: DEPARTMENT TURNED FORECLOSURE WORKOUTS OVER TO WALL STREET PREDATORS

BAILED OUT BIG BANKS WERE FINANCIAL FORCE BEHIND SUBPRIME SCAM

THE WAIL OF THE 1%: WALL STREET IS MAD AT YOU

SMALL BANKS BEING CHARGED FOR BIG BANKS' PROBLEMS

BANKERS STILL RUNNING WASHINGTON; KILL BANKRUPTCY REFORM