background preloader

The Scam Wall Street Learned From the Mafia

The Scam Wall Street Learned From the Mafia
Related:  What means neoliberalism

Ménage à Trois The Strange Non-Death of Neoliberalism. Colin Crouch urges us to rethink the role of giant corporations in the state vs market analysis of neoliberalism Neoliberalism has ruled the Western world and most of the globe since the 1970’s. It is based on a market-driven approach to monetary policy and it promotes control of the economy by the private sector, which is supposedly more efficient than the public sector. For many, the recent financial collapse provided a strong blow to neoliberal economic theories. Indeed, the collapse was seen as a failure of banks, champions of neoliberalism and driven by profit maximization. In the immediate aftermath of the crisis, European and international heads of state advocated firmer policy towards the market. According to Professor Crouch, here lies the core riddle that needs to be addressed: why the crisis is not going to lead to a change in the neoliberal model that drives the world. The Strange Non-Death of Neoliberalism, Colin Crouch, Polity, 18€

Senator Kerry: We'll Pass the CRPD by July 26 July 13, 2012 Michael P. Farris, Esq., LL.M. Founder and Chairman Michael Farris is founder and chairman of HSLDA, and homeschooling father of 10. Senator John Kerry announced yesterday that he plans to pass the UN Convention on the Rights of Persons with Disabilities before July 26—just 13 days from today. Yesterday’s “hearing” was a carefully orchestrated attempt to get this treaty ratified without any serious consideration. False Ideas The administration seeks to promote two ideas that are simply inaccurate: 1. They are arguing that a treaty is an empty promise with no actual substance. And no one even attempted a serious answer to our core parental rights concern. Article 7 of the UNCRPD gives government the ability to override every decision of a parent of disabled children if the government thinks that its views are in “the best interest of the child.” Parental Rights at Stake This is a radical attempt to take away parental rights. We absolutely must flood the U.S. And pray like mad.

Démentiel : les banksters sont désormais “Trop gros pour aller en prison” ! [C’est la façade du bankster UBS à Locarno, en Suisse. Le climat et l’environnement sont infiniment plus agréables qu’à Luxembourg, mais on y pratique aussi le recel de fraude fiscale à grande échelle] On en lit des trucs sur Internet ! Souvent des trucs intéressants, d’ailleurs. Mais heureusement il y a des jours d’exception. Mes images sont mal choisies car la lumière peut aussi être bénéfique. Ce journaliste s’appelle Matt Taibbi. Un grand merci à Madame Laetsgo, qui écrit à ses heures sur le blog collectif “Ruminances”, qui lit et commente par ici, et qui est aussi l’un de mes plus efficaces hauts-parleurs dans ce capharnaüm qu’est Twitter. Des liens, ici, il y en a pléthore. Or là : paf ! Je le dis et le répète, la finance a pris une place démesurée sur cette planète, et comme un cancer qui commence à métastaser, il faut l’arrêter par tous les moyens. Vous ne me croyez pas ? Ces deux banques ont récemment été convaincues de malfaisance répétée et généralisée. Et voilà.

Big Banks Funded the Nazis and Launched a Coup Against the President of the United States Preface: Not all bankers are bad people. For example, many bankers at smaller banks and credit unions are good people who are trying to help their communities. Banks Fund Terrorists It is newsworthy that HSBC has been accused by the Senate of laundering money for terrorists. And see this. Big banks have been caught in a wide variety of criminal activities recently. But this is nothing new. American Banks Funded the Nazis Many big American banks funded the Nazis. The BBC reported in 1998: Barclays Bank has agreed to pay $3.6m to Jews whose assets were seized from French branches of the British-based bank during World War II. The New York Daily News noted the same year: The BBC reported in 1999: One of Britain’s main newspapers – the Guardian – reported in 2004: George Bush’s grandfather [and George H.W. Indeed, banks often finance both sides of wars: The San Francisco Chronicle also documents that leading financiers Rockefeller, Carnegie and Harriman funded Nazi eugenics programs.

Timeline: Barclays' widening Libor-fixing scandal 6 February 2013Last updated at 11:51 Libor, the London inter-bank lending rate, is considered to be one of the most crucial interest rates in finance. It underpins trillions of pounds worth of loans and financial contracts. So, when Barclays was fined £290m in June last year after some of its derivatives traders were found to have attempted to rig this key rate, already weak public confidence in banks was harmed further. The scandal led to the resignation of both Barclays chief executive Bob Diamond and chairman Marcus Agius. Here are some of the key dates in the scandal: As early as 2005 there was evidence Barclays had tried to manipulate dollar Libor and Euribor (the eurozone's equivalent of Libor) rates at the request of its derivatives traders and other banks. Misconduct was widespread, involving staff in New York, London and Tokyo as well as external traders. Continue reading the main story Libor London Inter Bank Offered Rate. "No one's clean-clean," the BBA representative responded.

Ignore their howls of protest. If bankers leave the country, it would be no loss | Simon Jenkins The peasants are revolting across Europe. They want bankers' blood and mean to get it. Until now, public response to the credit crunch has been one of general bafflement and wrist-slapping. The banks persuaded the world it was all an act of fate. The worm has turned. Meanwhile, a Swiss referendum now requires top executives to seek explicit shareholder approval for their pay, with a ban on golden hellos and goodbyes. Europe's once omnipotent banking lobby has been all but neutered by the scale of scandal. Only in Britain do ministers still dance to the bankers' tune. Last year the City of London's much-heralded "shareholder spring" got nowhere. The reality is that the banking community has allowed this thirst for revenge to build up for over four years, and it just did not care. This had nothing to do with free markets, except within a tight group of high-rolling traders. No trade unions are fiercer in defending their interests than the rich professions.

503 Service Unavailable How cluster bombs work: click here to download graphic (71k) The Royal Bank of Scotland, Lloyds TSB, Barclays and HSBC have all provided funding to the makers of cluster bombs, even as international opinion turns against a weapons system that is inherently indiscriminate and routinely maims or kills civilians. One year ago this month, Britain became an active participant in the Convention on Cluster Munitions, a global treaty that bans the use, production, stockpiling and transfer of cluster bombs. To date, 108 countries have signed the treaty, which also forbids parties from assisting in the production of cluster weapons. Yet there has been no attempt by the Coalition Government to rein in banks and investment funds that continue to finance companies known to manufacture the weapons. Using a loophole in the legislation, financial institutions can continue to back cluster-arms manufacturers as long as they don't invest in the bombs directly. None of these investments is illegal.

Financial Totalitarianism: The Economic, Political, Social and Cultural Rule of Speculative Capital (Image: Jared Rodriguez / Truthout)At the end of May, it was revealed that a new bill for the regulation of the banking and financial sector was, for all intents and purposes, drafted by Citigroup. This is only the latest in a long list of what can only be called legalized corruption at the highest levels of American power, which has ultimately led to no meaningful policy or legal change in the wake of the 2008 financial crisis. Avid readers of intrepid Rolling Stone journalist Matt Taibbi and others cannot help but be sickened and struck by the impunity and hubris of America's financial elites, even as astute students of history will point out the previous moments when the power and influence of financiers has overshadowed economics and politics. Totalitarianism is not an inappropriate term, not simply because the financial realm holds such a great deal of wealth and power. "Financialization" generally refers to two overlapping economic processes.

Dark-pool trading reaches record levels in Europe By Anish Puaar European share trading taking place in anonymous, off-exchange venues known as "dark pools" reached its highest-ever level in July, amid lower volatility and a growing proliferation of high-frequency trading on the platforms. About 10.3% of all European equities trading last month took place on these venues, according to data from Thomson Reuters. It is the first time the proportion of activity executed in dark pools has breached double figures, and exceeds the previous high of 9.1% in January. By value, trades worth EUR75.1 billion were transacted on these venues in July, 12% higher than the value traded in dark pools in January and 28% higher than in July 2012. The Thomson Reuters data includes activity in "dark" multilateral trading facilities, that are operated by exchanges such as the London Stock Exchange Group and Bats Chi-X Europe and brokers, as well as those run by investment banks in the form of broker crossing networks.

Iran-Contra: The Cover-Up Begins to Crack Until last week the Iran-contra scandal seemed ready to fade from the courts, the news and the mind. After costing more than four years and $25.5 million, the investigation headed by special prosecutor Lawrence Walsh was limping to a close. A federal appeals court had overturned Lieut. Colonel Oliver North's felony conviction, and a retrial seemed unlikely. The same outcome seemed possible for former National Security Adviser John Poindexter's conviction. Then the scandal roared back to life with a series of stunning developments. -- Top intelligence officials had engaged in covering up the Reagan Administration's attempts to evade a congressional ban on aid to the Nicaraguan rebels by siphoning off profits from secret arms shipments to Iran. -- The Iran-contra affair may be only part of a broader and previously undisclosed pattern of illegal activities by intelligence agencies during the tenure of Ronald Reagan and his CIA chief William Casey.