Alex Wong/Getty Images Eugene Ludwig, second from left, founded Promontory Financial after serving as President Bill Clinton’s comptroller of the currency. The consulting firm is filled with so many former bureaucrats and political insiders that it has become known as Wall Street’s shadow regulator. Nearly two-thirds of its roughly 170 senior executives worked at agencies that oversee the financial industry. The founder, Eugene A. Ludwig , is a former comptroller of the currency and a law school friend of Bill Clinton ; the latest hire, Mary L.
Todd Dagres, a prominent venture capitalist and independent movie producer, earned $3.5 million in 2003, and paid not a cent in federal income tax. The IRS challenged the math, and sent Dagres a bill for $981,980 in back taxes, plus $196,369 in penalties. So Dagres lawyered up.
“I don’t want to say we’re making our own Facebook. But, we’re making our own Facebook,” said Ed Knutson, a web and mobile app developer who joined a team of activist-geeks redesigning social networking for the era of global protest.
The "Occupy Wall Street" protests are gaining momentum, having spread from a small park in New York to marches to other cities across the country. So far, the protests seem fueled by a collective sense that things in our economy are not fair or right. But the protesters have not done a good job of focusing their complaints—and thus have been skewered as malcontents who don't know what they stand for or want.
Economist Joseph Stiglitz was at the Occupy Wall Street protest in Zuccotti Park yesterday. He was joined by New York Times book reviewer a and economics columnist, Jeff Madrick . Here are some highlights:
Kalle Lasn spends most nights shuffling clippings into a binder of plastic sleeves, each of which represents one page of an issue of Adbusters , a bimonthly magazine that he founded and edits.
Clicktivism is a Trojan horse, a tactical malware, deployed by a dying American empire. What better way to cripple the revolutionary potential of a whole generation than to embed the logic of the marketplace within the very tools that would-be revolutionaries use?
A few months ago, I came across an announcement that Citigroup, the parent company of Citibank, was to be honored, along with its chief executive, Vikram Pandit, for “Advancing the Field of Asset Building in America.”
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July 21, 2008, and market fears were mounting. Four months earlier, Bear Stearns Cos. had sold itself for just $10 a share to JPMorgan Chase & Co.
John Hammergren, CEO of healthcare provider McKesson, earned $145m last year. Photograph: George Nikitin/AP
This URL is broken. See: http://pear.ly/gtfzO by Oct 5
This URL is broken. See: http://pear.ly/gtfCy by Oct 5
Nearly four years after Washington began its huge rescues of banks with taxpayer dollars, an important player in this, one of the great financial dramas of all time, is offering a damning account of how the Bush and Obama administrations handled the whole episode. He is Neil Barofsky. Remember him — the man whose job it was to police the $700 billion ?
Illustration by Victor Juhasz April 25, 2013 1:00 PM ET C onspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology.
In the latest of a flurry of under-the-wire lawsuits that seem to conflict with an imminent foreclosure fraud settlement, Eric Schneiderman, the Attorney General of New York and a co-chair of the federal task force looking into the residential mortgage-backed securities market, sued three banks for their use of the MERS electronic registry which resulted in fraudulent foreclosure filings.
Details of JPMorgan Chase's multibillion-dollar trading loss — brought to light by a riveting and devastating report  from the Senate Permanent Subcommittee on Investigations — demonstrate what a sham that is. Bankers aren't acting cautious and chastened.