Of banksters and debtors' prison - Opinion Last week, American public television's Frontline aired its new documentary, The Untouchables, which revisits the question of why the Department of Justice failed to indict a single senior Wall Street executive responsible for engineering the mortgage securitisation industry that was "rotten to the core", and at the heart of the 2008 financial meltdown from which ninety percent of Americans have yet to recover. In the film, reporter Martin Smith presses Lanny Breuer, the head of the criminal division within the Department of Justice, on why he did not pursue criminal charges of the senior officials in Wall Street, in spite of ample evidence of fraud that the episode's researchers - along with other journalists, documentarians and lawyers - had been able to find with just a bit of digging. Breuer responded: "I am personally offended by much of what I've seen. I think there was a level of greed, a level of excessive risk taking, that I find abominable and I find very upsetting.
Massey Energy’s Negligence Led to Mine Blast, Study Finds The report, released on Thursday by an independent team appointed by former Gov. Joe Manchin III of West Virginia and led by J. Davitt McAteer, a former federal mine safety chief, echoed preliminary findings by federal officials that the blast could have been prevented if Massey had observed minimal safety standards. But it was more pointed in naming Massey as the culprit, using blunt language to describe what it said was a pattern of negligence that ultimately led to the deaths of 29 miners on April 5, 2010, in the worst American mining disaster in 40 years. “The story of Upper Big Branch is a cautionary tale of hubris,” the report concluded. “A company that was a towering presence in the Appalachian coal fields operated its mines in a profoundly reckless manner, and 29 coal miners paid with their lives for the corporate risk taking.”
CBA rewards bosses of scandal-ridden financial planning division Merilyn Swan, whose parents were victims of a rogue Commonwealth Bank financial planner. Photo: James Brickwood Victims of the Commonwealth Bank’s financial planning scandal have slammed as ‘‘obscene’’ and ‘‘devastating’’ the multimillion-dollar pay packets pocketed by executives in charge of the troubled division. Grahame Petersen and Annabel Spring received million-dollar pay rises and big cash bonuses despite a Senate inquiry that called for a royal commission after allegations of fraud, forgery and a management cover-up in the unit. Mr Petersen, who ran the division between 2006 and 2011 when it employed rogue planners such as Don Nguyen, got more than $5.6 million - a pay rise of more than $1.1 million. The executive who replaced Mr Petersen as head of financial advice, Ms Spring, also received a hefty pay rise, of $900,000, bringing her total package to almost $3 million.
I Crashed a Wall Street Secret Society Recently, our nation’s financial chieftains have been feeling a little unloved. Venture capitalists are comparing the persecution of the rich to the plight of Jews at Kristallnacht, Wall Street titans are saying that they’re sick of being beaten up, and this week, a billionaire investor, Wilbur Ross, proclaimed that “the 1 percent is being picked on for political reasons.” Ross's statement seemed particularly odd, because two years ago, I met Ross at an event that might single-handedly explain why the rest of the country still hates financial tycoons – the annual black-tie induction ceremony of a secret Wall Street fraternity called Kappa Beta Phi. “Good evening, Exalted High Council, former Grand Swipes, Grand Swipes-in-waiting, fellow Wall Street Kappas, Kappas from the Spring Street and Montgomery Street chapters, and worthless neophytes!” On cue, the financiers shouted out in a thundering bellow: “DUM VIVAMUS EDIMUS ET BIBERIMUS.”
Top CEOs plan to loot US social programmes - Opinion The new recommendations for Social Security and Medicare released by the Business Round Table are beyond belief. It's as if the people who wrote them never gaze outside of the tinted windows in their limousines. As I wrote earlier in "Stop Obama's Grand Charade", the newest tactic to impose more austerity measures in the US comes from a group of over 80 CEOs who are starting with $60 million to spend on a campaign called "Fix the Debt". They plan to convince people in the US that not only are cuts to vital programmes necessary, but that such cuts will strengthen them when exactly the opposite is true. White Collar Crime Prosecutions for March 2014 White Collar Crime Prosecutions for March 2014Table 1. Criminal White Collar Crime Prosecutions The latest available data from the Justice Department show that during March 2014 the government reported 565 new white collar crime prosecutions. According to the case-by-case information analyzed by the Transactional Records Access Clearinghouse (TRAC), this number is down 6.9 percent over the previous month. The comparisons of the number of defendants charged with white collar crime-related offenses are based on case-by-case information obtained by TRAC under the Freedom of Information Act from the Executive Office for United States Attorneys (see Table 1). When monthly 2014 prosecutions of this type are compared with those of the same period in the previous year, the number of filings was down (-6.9%). Prosecutions over the past year are still much lower than they were five years ago.
The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare 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.'" Bank Run Full Frontal: Ukrainians Withdrew 7% Of All Deposits In Two Days Well that escalated quickly. It seems the ouster of Yanukovych, heralded by so many in the West as a positive, has done nothing to quell the fear of further economic collapse in Ukraine: This is around a 30 billion Hyrvnia loss (over $3 billion) in just 2 days for the banks and the new central bank chief is considering "stabilizing loans" to help banks deal with the liquidity crisis (though Ukraine's reserves stand at a mere $15 billion).
Power crime Introduction Despite making strides in scrutinizing crimes committed by economically and politically powerful actors, organizations, and even states, the field of criminology remains disproportionately preoccupied with socially vulnerable offenders involved in street crime. This observation is more than just a vague impression. Big Banks Take Huge Stakes in Aluminum, Petroleum and Other Physical Markets, then Manipulate their Prices The findings and recommendations from the bipartisan report are as follows: Findings of Fact (1) Engaging in Risky Activities. Since 2008, Goldman Sachs, JPMorgan Chase, and Morgan Stanley have engaged in many billions of dollars of risky physical commodity activities, owning or controlling, not only vast inventories of physical commodities like crude oil, jet fuel, heating oil, natural gas, copper, aluminum, and uranium, but also related businesses, including power plants, coal mines, natural gas facilities, and oil and gas pipelines.
Search a database of the Power Elite Welcome to the Power Elite portal on WhoRulesAmerica.net. Included here is a database of the "Power Elite" in the U.S. as of 2011-2012, defined as the intersection of the boards of directors of the corporate community, the extremely wealthy and well-connected, and the boards and trustees of the policy-planning network. Note that this definition does not include politicans; you will not find any current or former presidents in the database.