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Bank of America: Too Crooked to Fail

Bank of America: Too Crooked to Fail
By Matt Taibbi | At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time. Did you hear about the plot to rig global interest rates? The $137 million fine for bilking needy schools and cities? The ingenious plan to suck multiple fees out of the unemployment checks of jobless workers? It's been four years since the government, in the name of preventing a depression, saved this megabank from ruin by pumping $45 billion of taxpayer money into its arm. But despite being the very definition of an unaccountable corporate villain, Bank of America is now bigger and more dangerous than ever. All the government bailouts succeeded in doing was to make the bank even more prone to catastrophic failure – and now that catastrophe might finally be at hand. But these laws didn't sit well with Hugh McColl. And why? Related:  Online ArticlesBAC

rollingstone She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore. "It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'" Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. Featured News From Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing. Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations. Jamie Dimon (Photo: Bloomberg/Getty)

Derek Hernquist Le Trésor américain accusé d’avoir vendu le monde aux banquiers Lorsqu’il a obtenu ce mémo [PDF], l’écrivain et journaliste d’investigation américain Greg Palast « n’arrivait simplement pas à y croire ». Selon lui, ce document – qu’il affirme authentique – est digne des pires théories complotistes : « A la fin des années 1990, les hauts fonctionnaires du Trésor américain ont conspiré en secret avec une petite cabale de gros bonnets du secteur bancaire pour tailler en pièces la régulation financière dans le monde entier. » Capture d’écran du mémo Greg Palast ne précise pas comment il a authentifié le document, mais avec sa longue carrière d’enquêteur pour des cabinets d’audit anti-trust et anticorruption, et de nombreuses investigations pour la BBC, The Observer et The Guardian, il ne fait aucun doute que ses preuves sont solides. Une cabale politico-financière Ce mémorandum ne serait donc rien de moins que la genèse de la crise financière mondiale et du « sang et des larmes » qui en ont coulé. Daté du 24 novembre 1997, son auteur Timothy F.

The Great American Bubble Machine | Politics News The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates. Invasion of the Home Snatchers By now, most of us know the major players. But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. The Feds vs. They achieve this using the same playbook over and over again. BUBBLE #1 The Great Depression Goldman wasn't always a too-big-to-fail Wall Street behemoth, the ruthless face of kill-or-be-killed capitalism on steroids —just almost always. Where to go?

Texas Wrongful Termination Laws Have you recently lost your job? If so, you might be wondering whether you have grounds for a wrongful termination lawsuit against your former employer. In Texas, as in other states, employees work at will. This means an employee can generally be fired at any time and for any reason, or for no reason at all. But there are some exceptions to the at-will rule. Every state’s laws on wrongful termination are different. Discriminatory Firing Under federal law, it is illegal for an employer to fire someone based on a protected characteristic, such as race or religion. Texas law prohibits employment discrimination based on race, color, national origin, sex, religion, disability, age (40 and older), and genetic information. These laws also make it illegal for an employer to retaliate against you for asserting your rights. Breach of Contract If you have an employment contract promising you job security, you may not be an at-will employee. Fraud, Emotional Distress, or Other Tort Claims

Aloe Blacc: Streaming Services Need to Pay Songwriters Fairly Courtesy Aloe Blacc I am many things: a singer, a musician, a businessman, and a philanthropist. But above all, I am a songwriter. At our core, songwriters are creators. We challenge ourselves and others to reflect on the world around us. And the work we produce has power—power to capture people’s emotions and imaginations like few other art forms, power to transcend traditional barriers of age, language and culture, and power to transform a conversation and generate positive social change. But does our work as songwriters have value? Aloe Blacc Aloe Blacc is a singer, songwriter, and artivist best known for the hit singles “I Need a Dollar” and “I’m the Man.” First, unlike most people in creative industries, songwriters seem to have less control over our work than ever before. But the world doesn’t work that way for songwriters. Consider the fact that it takes roughly one million spins on Pandora for a songwriter to earn just $90.

PeterLBrandt "La finance dérégulée nous condamne aux krachs" Un bureau grand comme un mouchoir de poche, grignoté par des piles de dossiers et des rayonnages de livres. Et un pupitre pour tout meuble, surplombé d'une affiche au titre ironique : Manifeste des "sagesses boursières"... jamais respectées. Justement, les folies financières et les bulles de marché, André Orléan, professeur à l'Ecole d'économie de Paris, les scrute et les dissèque depuis longtemps à la façon d'un biologiste. Mouvements erratiques des actions, chute de l'or, recul des marchés émergents, bulle sur quelques obligations d'Etat... Non. Cette situation est fort risquée. Ces phénomènes de contagion psychologique donnent aux actifs un "faux prix", trop élevé pour les produits les plus sûrs, trop bas pour les autres. Les marchés boursiers nous condamneraient alors à passer d'une bulle spéculative à l'autre, sans répit... Pouvez-vous nous en dire un peu plus sur ce paradoxe? L'univers très mimétique des marchés financiers produirait donc par nature des bulles et des krachs?

OCC Probing JPMorgan Chase Credit Card Collections First in a series JPMorgan Chase & Co. took procedural shortcuts and used faulty account records in suing tens of thousands of delinquent credit card borrowers for at least two years, current and former employees say. The process flaws sparked a regulatory probe by the Office of the Comptroller of the Currency and forced the bank to stop suing delinquent borrowers altogether last year. The bank's errors could call into question the legitimacy of billions of dollars in outstanding claims against debtors and of legal judgments Chase has already won, current and former Chase employees say. For the banking industry at large, the situation at Chase highlights the risk that shoddy back-office procedures and flawed legal work extends well beyond mortgage servicing. "We did not verify a single one" of the affidavits attesting to the amounts Chase was seeking to collect, says Howard Hardin, who oversaw a team handling tens of thousands of Chase debt files in San Antonio. 'Outhouse' Attorneys

Bank Of America Hoping To Fire Thousands Of Employees In Record Time | Dealbreaker Remember Project New BAC, i.e. Bank of America’s plan to transform itself from Ken Lewis’s house of fun, where everyone went home happy but the concept of making money was less of a focus than keeping the good times coming, to an institution that did things like post profits? The bank has said previously that PNBAC “will result in $8 billion in annual savings by 2015—$5 billion from the first phase and $3 billion from a second phase” and while it stands by those figures and remains committed to cutting as many employees as it takes, some people would like them to be a bit snappier about it. Bank of America is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year’s end—cuts that would see the company relinquish its title as U.S. banking’s largest employer. Can they do it? Bank Of America Ramps Up Job Cuts [WSJ]

Murder Suspect Reportedly Killed A Black Man With His Truck, Told Police It Was Obama's Fault by Ian Millhiser Posted on Share this: "Murder Suspect Reportedly Killed A Black Man With His Truck, Told Police It Was Obama’s Fault" Share: CREDIT: Marie Havens / On an early June morning last year, a white man named Joseph Paul Leonard walked out of a McDonald’s, and then he “went crazy and lost his temper” at two black men who were passing out food to nearby homeless people, according to testimony from a police detective. The video shows Leonard getting in his truck, driving off, and then returning with the chain in his hands once again. That’s when Leonard chased after them in his truck, according to the Sacramento Bee. The black man who survived the encounter with Leonard, a man named Justin Oliphant, later told detectives that Leonard used a racial slur while he was chasing after them. “Just because we got Obama for a president,” Leonard says on the video, “these people think they are real special.”

UPDATED: The Apple App Store Economy – GigaOM Update: Thanks to everyone for weighing in about the infographic. The data used was given to us on an exclusive basis from analytics firm Flurry. Indeed, three-quarters of the apps in the App Store are “paid apps,” which was used to calculate the average app price and the subsequent revenue figures in the previous version. For clarification purposes, here is the math: According to Flurry, Average listed price of a paid app: $3.63 74% of apps listed in the app store are paid. Only 1/4 of downloaded apps are paid. While we make every effort to ensure the accuracy of all the information contained in our posts, sometimes errors make their way onto our site, and this was one of them. best, Om digg Related GigaOM Pro Research Report: Surveying the Mobile App Store Landscape Graphic courtesy of Column Five Media