Everybody knows that Paul Krugman is a Nobel Prize-winning economist, a sometimes combative columnist and a liberal lion. But in a conversation which aired this weekend we learned more about his personal response to an ongoing crisis he describes as "really nasty," "very, very severe," and "gratuitious," and which he says "will not go away quickly or necessary at all" unless we do something. more »
Most observers are missing the point. When CEO Jamie Dimon announced that JPMorgan Chase had incurred at least $2 billion in losses from risky, unsecured, derivatives-types trading, it uncovered the scandal of our time once and for all. more »
You don't have to be good at your job to earn seven million dollars in a year. All you need is a few friends in the right places - places like the Federal Reserve, the Justice Department and the Treasury Department.
As the song says: "If I had a friend like Ben ..." (Bernanke, that is.) more »
Forgery. Perjury. Investor fraud. Bribery. Money laundering. The body of evidence against individuals at the nation’s biggest banks is overwhelming. Nothing speaks louder about the banks’ guilt than this evidence - nothing, that is, except the billions they’ve paid to settle the charges. more »
Washington, DC -- In remarks yesterday to the Portland City Club, Treasury Secretary Tim Geithner was asked why there aren't more criminal prosecutions moving to hold executives accountable for the financial and mortgage crisis. more »
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The Obama Administration worked for months on a deal that would have let America's biggest banks off the hook for a crime wave of runaway mortgage fraud. All they had to do in return was pledge a negligible sum of money, to be paid by their shareholders and not themselves, and which they would dispense themselves. more »
Let's face it. The subject of taxes intimidates a lot of people, and it can be an understandably touchy subject. So we won't inundate you with charts, graphs, and tables to tell you why the rich are getting away with murder on tax day. more »
The sweetheart deals just keep coming. Lawbreakers at one bank after another are let off the hook as their shareholders write a check. And then they go out and repeat the illegal behavior they promised not to do in the last settlement. more »
Edward DeMarco is the beleaguered bureaucrat in charge of an agency called the Federal Housing Finance Agency. And because the FHFA is now managing Fannie Mae and Freddie Mac, DeMarco's in charge of most American mortgages. He's been the target of resignation demands for weeks. more »
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