(AlterNet) – Too-big-to-fail is a much bigger problem than you thought. We’ve all read damning accounts of the government saving banks from their risky subprime bets, but it turns out that the Wall Street privilege problem is far more deeply ingrained in the U.S. legal system than the simple bailouts witnessed in 2008. America’s largest banks can engage in flagrantly criminal activity on a massive scale and emerge almost completely unscathed. The latest sickening example comes from Wachovia Bank: Accused of laundering $380 billion in Mexican drug cartel money, the financial behemoth is expected to emerge with nothing more than a slap on the wrist thanks to an official government policy which protects megabanks from criminal charges. Continue reading
See Also: (June 30) – Video: Alex Jones Tv – Banks Financing Mexico Gangs Admitted in Wells Fargo Deal – Video Link Here
(Bloomberg) – Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, near Mexico City, Mexican prosecutors later found. Law enforcement officials also discovered something else. Continue reading
(FinancialTimes) – Hank Paulson feared there would be a run on the dollar during the early phase of the financial crisis when global concerns were focused on the US, the former Treasury secretary has told the Financial Times. Continue reading
(WSJ) – Federal Reserve and Treasury officials are scrambling to prevent the commercial-real-estate sector from delivering a roundhouse punch to the U.S. economy just as it struggles to get up off the mat. Continue reading
(Bloomberg) – Citigroup Inc., Merrill Lynch & Co. and seven other U.S. banks paid $32.6 billion in bonuses in 2008 while receiving $175 billion in taxpayer funds, according to a report by New York Attorney General Andrew Cuomo. Continue reading
Many people are raised with an orientation, indeed an imperative sense, that puts compassion and ethics — ones values and principles — as central to their dealings with others. This foundation becomes part of their identities and shapes the directions that their lives take. Continue reading
For the past eight months, we have been a nation focused on bailouts and bankruptcies. For the past ten years, we have been a nation ignoring massive wealth transfer and wealth concentration through a rigged Wall Street. Continue reading
If the equity in your house is gone and your monthly mortgage payment suddenly jumps from $2000 per month to over $3000 per month, what do you think is going to happen? How about if one or both of the people in the household has been laid off? Continue reading
Alex has The Power Hour host Joyce Riley on to discuss the raid that happened just after her show. Dawn Welsh a 54 year old Grandmother was raided for trespassing in her OWN home. Continue reading
Barack Obama and Fed chairman Ben Bernanke were reading from the same playbook this week, hyping hope in the economy, but still wringing all the necessary leverage out of public fear to justify the certainty of future bailouts. Obama claimed he could see “signs of economic progress,” while Bernanke echoed the foolishly optimistic remarks of John McCain when he said “I am fundamentally optimistic about our economy.” Continue reading
US Treasury Secretary Tim Geithner has unveiled his long-awaited plan to put the US banking system back in order. In doing so, he has refused to tell the ‘dirty little secret’ of the present financial crisis. By refusing to do so, he is trying to save de facto bankrupt US banks that threaten to bring the entire global system down in a new more devastating phase of wealth destruction. Continue reading
On the heels of JPMorgan’s purchase of Washington Mutual –- the largest bank failure in U.S. history -–a new bank merger has been announced. This time, though, the Federal Deposit Insurance Corporation assures us that a bank failure wasn’t part of the mix.
New York/London, Sep 27 (PTI) Financial turbulence in the US took yet another toll with America’s sixth largest bank, Wachovia, starting preliminary talks with potential buyers including Citigroup, Wells Fargo and Spain’s Banco Santander, media reports say.
The reports about Wachovia looking for a bailout buyer appeared in media a day after the collapse of Washington Mutual, the biggest bank failure of US history. Continue reading
NEW YORK: Moving quickly to put an end to the constant spill of red ink, Wachovia, the banking giant, booked an $8.9 billion loss and slashed its dividend in its first quarter under new leadership. Continue reading
Wachovia slashes dividend, jobs, to shut mortgage unit after $8.86B loss in second quarter Continue reading