Category Archives: Corruption & Finance

Corruption concentrates wealth in the hands of a few at the expense of the 99% below, and this trend has accelerated the past decades. Corrupt leaders and industries are less likely to ration food and oil as it declines, accelerating collapse. I predict that the higher the level of corruption (see corruption perceptions index at transparency.org) will make collapse faster and harsher than in less corrupt nations.  I hope future historians look at this as a factor in how nations fell during the energy crisis. Though I expect that smaller towns everywhere will do better than large cities, and where local governments are uncorrupted

The Fall of AIG

Posted on April 5, 2014 by

2 articles below: March 18, 2009  The Real AIG Scandal by Eliot Spitzer slate.com It’s not the bonuses. It’s that AIG’s counterparties are getting paid back in full. Everybody is rushing to condemn AIG’s bonuses, but this simple scandal is … Continue reading →

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Not-So-Safe-Deposit Boxes: States Seize Citizens’ Property to Balance Their Budgets

Posted on April 4, 2014 by

Not-So-Safe-Deposit Boxes: States Seize Citizens’ Property to Balance Their Budgets May 12, 2008. Elisabeth Leamy. abcnews The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they’re supposed to safeguard for their citizens. But a … Continue reading →

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Credit Card Debt

Posted on April 4, 2014 by

May 1, 2008 U.S. Credit Card Debt Soars to Unprecedented Heights http://en.epochtimes.com/news/8-4-28/69849.html Studies indicate that credit card defaults and related write-offs increased drastically since 2006. Today, lenders write off 33 percent more in credit card debt than they did two … Continue reading →

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Credit Default Swaps & CDO’s

Posted on April 4, 2014 by

Why Wall St. Needed Credit Default Swaps http://seekingalpha.com/article/73060-why-wall-st-needed-credit-default-swaps Take a CDO with a 50 basis point spread over US Treasures. Banks will buy credit default swaps costing them 20 basis points, but by doing so, even they seem to make … Continue reading →

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Bonuses and salaries way too high at Banks, Wall Street, Corporations

Posted on March 28, 2014 by

The “Paid-What-You’re-Worth” Myth March 13, 2014. Robert Reich. New York Times and robertreich.org It’s often assumed that people are paid what they’re worth. According to this logic, minimum wage workers aren’t worth more than the $7.25 an hour they now … Continue reading →

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FDIC Sues 16 Banks for Fraud by Manipulating Global Interest Rate

Posted on March 28, 2014 by

FDIC sues 16 Banks for rigging the Libor Rate March 2014. New York Times. The Federal Deposit Insurance Corporation (FDIC) sued 16 banks for fraud because they conspired to set a crucial global interest rate low to enrich themselves.   … Continue reading →

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Rot in the Banking culture

Posted on March 23, 2014 by

Questions are asked of Rot in Banking Culture Peter Eavis. March 13, 2014. New York Times. Money laundering, market rigging, tax dodging, selling faulty financial products, trampling homeowner rights and rampant risk-taking — these are some of the sins that … Continue reading →

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Cost of the bailout of the Banksters and Wall Street

Posted on March 19, 2014 by

Jim Bianco of Bianco Research crunched the inflation adjusted numbers. The bailout has cost more than all of these big budget government expenditures –- combined: • Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion • Louisiana Purchase : … Continue reading →

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SEC charges pair of brokers, investment advisory firm, others with $80M variable annuity scam

Posted on March 15, 2014 by

http://www.investmentnews.com/article/20140313/FREE/140319954 SEC charges pair of brokers, investment advisory firm, others with $80M variable annuity scam Mar 13, 2014 Darla Mercado The Securities and Exchange Commission Thursday filed charges against a group of brokers in a scheme wherein wealthy investors used variable … Continue reading →

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The congressional report on “The Financial Crisis” and what happened

Posted on March 11, 2014 by

The Financial Crisis Inquiry Report. Final Report of the national Commission on the Causes of the Financial and Economic Crisis in the United States 2011. Phil Angelides Chairman, Brooksley Born Commissioner, Senator Bob Graham Commissioner, etc. This is the best … Continue reading →

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