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Tag Archives: fraud

Audit the Federal Reserve

The Dodd bill (Senate bill 3271) grants enormous new powers to the Federal Reserve. Senator Bernie Sanders of Vermont is filing an amendment (S. 3738) to “audit the Fed” which currently has fifteen cosponsors. America needs ponder if a private, independent institution should control such a substantial part of financial system without complete and thorough […]

Ratigan calls the Federal Reserve a “con job”

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Dean Baker calls Greenspan testimony “silly”

Dean Baker, co-director of the Center for Economic and Policy Research, talks with Bloomberg about former Federal Reserve Chairman Alan Greenspan’s testimony to the Financial Crisis Inquiry Commission on his leadership of the central bank. And from the WSJ… ~~~ “Mr. Greenspan sought to lay blame for the crisis on international economic forces that were […]

Review and then reform…

I’m planning to write about the new Senate draft of legislation but I wanted to bring up the general lack of discussion in the Congress about the findings of the Lehman Examiner. The failure of Lehman represented the largest corporate failure ever (over $600 billion dollars), triggered a global financial meltdown and was exactly the […]

Lehman, AIG and repo… what an expensive mess…

More on Lehman, AIG and repo from Riski… I did want to point out that the Lehman Examiner (Jenner and Block) cost the estate $38 million dollars for their work… in contrast the Financial Crisis Inquiry Commission, which is tasked to examine the entire financial meltdown, has a budget of $8 million…. it is really shameful how […]

Via the repo market, real banks came to resemble shadow banks

An excellent review of Yves Smith’s new book “ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism” at Jesse’s Cafe Amercain… There is a very interesting bit about the shadow banking system and repos… of course no one in Washington is talking about this… “…And now we are ready for Chapter 9, where all […]

Recurrent bank fraud

Paul Solman of PBS talks to Bill Black, a former bank regulator, about recurrent bank fraud… the still unanswered question is why has no one been prosecuted for financial crimes… I believe this question will increase in importance… Americans have suffered too much and borne too high a price in this crisis… people caused the […]

The nations jewels… Wendy Pitts Reeves of Blount County, Tennessee

  Wendy Pitts Reeves Industry: Government Occupation: Licensed Clinical Social Worker (LCSW), Speaker, Consultant Location: Maryville : Tennessee : United States About Me As your voice for Seat C of District 4 on the Blount County Commission, I am committed to hearing what you have to say, and to keeping you informed about your local government. These are just ideas. I don’t […]

under a national law that allows restructuring of debt only if it produces a savings

From the New York Times we learn of problems with muni swaps in Italy… echoes of problems here with Wall Street preying on municipal officials… (note to Jamie Dimon and other bank heads… you better get out front on this horrible issue… cause any remaining shred of public support for the big banks will evaporate […]

Pecora redux

It is so crucial for our nation that the Congress undertake a serious investigation of what lead up to the financial crisis… this will help inform legislation… It is a new era with the internet and the globalization of financial markets… but the motivations of men remain the same… and often are compromised… Time to […]