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Paul Merrell

Fellow soldiers call Bowe Bergdahl a deserter, not a hero - CNN.com - 0 views

  • The sense of pride expressed by officials of the Obama administration at the release of Army Sgt. Bowe Bergdahl is not shared by many of those who served with him: veterans and soldiers who call him a deserter whose "selfish act" ended up costing the lives of better men.
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    I've been disgusted with American mainstream media and our political class for a very long time. Every now and then I get super-disgusted.  I'll begin with the Obama Administration. They tried to make political hay with something that should not have been made public other than notifying the released American prisoners' parents before the prisoner had been debriefed. Moreover, while I have no problems with swapping Taliban prisoners to get the American prisoner back even if it meant not giving Congress the full 30-day notice required by statute, the Administration certainly could have done a better job of it, notifying key committee members earlier that the deal might be pulled off. Waiting until the Taliban prisoners were up to the steps of the airplane bound for the exchange was not the way this should have happened. Next up, we have the members of Congress who have done their level best to turn the situation into a partisan issue. Obama may have deserved criticism given that he tried to make political hay with the release. But prisoner swaps during wartime have been a feature of most U.S. wars. It is an ancient custom of war and procedures for doing so are even enshrined in the Geneva Conventions governing warfare. So far, I have not heard any war veteran member of Congress scream about releasing terrorists. During my 2+ years in a Viet Nam combat role, the thought of being captured was horrifying. Pilots shot down over North Viet Nam were the lucky ones. No American soldier captured in South Viet Nam was ever released. The enemy was fighting a guerrilla war in the South. They had no means to confine and care for prisoners. So captured American troops were questioned for intelligence and then killed.  Truth be told, American combat troops were prone to killing enemy who surrendered. War is a very ugly situation and feelings run high. It is perhaps a testament to the Taliban that they kept Sgt. Berdahl alive. Certainly that fact clashes irreconcilably with
Gary Edwards

J.P. Morgan Chase's Ugly Family Secrets Revealed | Matt Taibbi | Rolling Stone - 0 views

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    Socialist blogger and Rolling Stone Magazine journalist Matt Taibi has made a career out of exposing Banksters and their criminal activities causing the 2008 collapse of the global financial industry.  Here he sights a story in American Banker that fully demonstrates the depths of depravity and criminal activities that continues to characterize big Banksters. The mortgage-foreclosure-robo signing scandal is just the tip of the ice berg.  Matt recounts the story of Linda Almonte, a JP Morgan Chase employee in charge of Credit Card debt bundling.  It's horrific. Money shot: The financial crash wouldn't have happened if even a slim plurality of financial executives had done what Linda Almonte did, i.e. simply refuse to sign off on a bogus transaction. If companies had merely upheld their own stated policies and stayed within the ballpark of the law, none of these messes could have accumulated: fraudulent mortgages wouldn't have been sold, families wouldn't have been foreclosed upon based on robo-signed documentation, investors wouldn't have been duped into buying huge packets of "misrepresented assets." ............. excerpt: In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase's credit card services division, relying on multiple current and former Chase employees. One of them, Linda Almonte, is a whistleblower whom I've known since last September; I'm working on a recount of her story for my next book. One of the things we were promised by the lawmakers who passed the Dodd-Frank reform bill a few years back is that this would be a new era for whistleblowers who come forward to tell the world about problems in our financial infrastructure. This story now looms as a test case for that proposition. American Banker reporter Jeff Horwitz did an outstanding job in this story detailing the sweeping irregularities in-house at Chase, but his very thoroughness means the news may have ram
Gary Edwards

Why Isn't Wall Street in Jail? | Rolling Stone - Matt Taibi - 2 views

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    Must read stuff.  Very lengthy Bankster expose, this time involving Bankster connections to Obama, the political establishment, and the corruption of the DOJ, SEC and other regulatory agencies.  Very lengthy.  Includes stories about the misfortunes of those few honest individuals who tried to do the right thing in a sea of thieves, liars and crooks. excerpt: Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth - and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people. This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18. The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom - an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities - has ever been convicted. Their names by now are familiar to even the most casual Middle American news consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America and Morgan Stanley. Most of these firms were directly involved in elaborate fraud and theft. Lehman Brothers hid billions in loans from its investors. Bank of America lied about billions in bonuses. Goldman Sachs failed to tell clients how it put together the born-to-lose toxic mortgage deals it was selling. What's more, many of these companies had corporate chieftains whose actions cost investors billions - from AIG derivatives chief Joe Cassano, who assured investors they would not lose even "one dollar" just months before hi
Paul Merrell

Pension-Fund Looters Get Tax Breaks, Too | Matt Taibbi | Rolling Stone - 0 views

  • A few weeks ago, I wrote a feature on pension reform in states like Rhode Island for Rolling Stone. Since the piece was sharply critical of alternative investments like hedge funds, I expected a heated response, and got one right away. In fact, a series of raving/chest-thumping emails from one Manhattan Institute hedge fund billionaire appeared in my email inbox about four and a half seconds after the piece went live on the Rolling Stone website. This colorful personage calmed down eventually, though, and I figured a more sophisticated, for-public-consumption response would come from those quarters later on. It finally showed up this week in GoLocalProv, when Aaron Henn, an "opinion-leading urban affairs analyst" who appears in striking tie-and-folded-arms pose in his column photo, wrote a piece in defense of the Rhode Island Treasurer profiled in the piece called "Matt Taibbi's Deceptive Hatchet Job on Gina Raimondo."
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    Matt Taibbi responds to his critics. 
Paul Merrell

Meet the Private Companies Helping Cops Spy on Protesters | Politics News | Rolling Stone - 0 views

  • Promotional materials for private spy companies show that mass surveillance technology is being sold to police departments as a way to monitor dissent
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    Rolling Stone tackles some of the companies selling mass surveillance technology to police departments. Note that there has been a welcome increasing trend of more and more journalists not waiting for Snowden-leaked info to be published by others and doing their own digging on the U.S. surveillance establishment. 
Paul Merrell

Inside Chevron's 9 Billion Dollar Legal Battle in Ecuador | Rolling Stone - 0 views

  • For more than two decades, energy giant Chevron and Ecuadorean activists, led by American lawyer Steven Donziger, have been embroiled in a contentious lawsuit about who is responsible for contaminating a vast swath of the Amazon
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    More epic journalism from Rolling Stone from last August. In related news, the Ecuadoran plaintiffs have just filed for a criminal investigation by the International Criminal Court of Chevron's CEO John Watson and other high Chevron officials. http://tinyurl.com/mu67fk2  
Paul Merrell

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare | Rolling Stone - 0 views

  • Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking By Matt Taibbi | November 6, 2014
  • 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. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.
  • 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. Thanks to a confidentiality agreement, she's kept her mouth shut since then. "My closest family and friends don't know what I've been living with," she says. "Even my brother will only find out for the first time when he sees this interview." 
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  • This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts. 
  • Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her. She was blocked at every turn: by asleep-on-the-job regulators like the Securities and Exchange Commission, by a court system that allowed Chase to use its billions to bury her evidence, and, finally, by officials like outgoing Attorney General Eric Holder, the chief architect of the crazily elaborate government policy of surrender, secrecy and cover-up. "Every time I had a chance to talk, something always got in the way," Fleischmann says.
  • And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. "I could be sued into bankruptcy," she says. "I could lose my license to practice law. I could lose everything. But if we don't start speaking up, then this really is all we're going to get: the biggest financial cover-up in history." 
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    Matt Taibbi is back at Rolling Stone, relaunching with a major blockbuster.
Paul Merrell

Matt Taibbi Talks Ratings Agencies With Chris Hayes | Matt Taibbi | Rolling Stone - 0 views

  • "Standard & Poor's has long had strict policies to reinforce the independence of our analytical processes. . . . We make our methodology transparent to the market." That was among the responses of a spokesperson for the ratings agency Standard & Poor's when I contacted him a few weeks ago in advance of a new Rolling Stone feature, "The Last Mystery of the Financial Crisis," which describes the role the ratings agencies played in causing the 2008 crash. The company was genuinely miffed that anyone would impugn its honesty. In one relatively brief e-mail, the spokesperson used variables of terms like "independent," "integrity" and "transparent," upwards of nine times. Hold that thought. "The Last Mystery of the Financial Crisis" makes great use of documents uncovered in years of painstaking research by attorneys at Robbins Geller Rudman & Dowd, a San Diego-based firm that was at the forefront of major lawsuits against the industry. The material those lawyers found leaves virtually no doubt that the great ratings agencies like Moody's and S&P essentially put their analysis up for sale in the years leading up to the crash.
  • Moreover, the Court said, plaintiffs could not make a claim based on a public statement by S&P touting its "credibility and reliability," or another saying, "[S&P] has a longstanding commitment to ensuring that any potential conflicts of interest do not compromise its analytical independence." Why, you might ask, could one not make a fraud claim based upon those statements? Because, the Second Circuit ruled, those statements were transparently not meant to be taken seriously.
  • I point this out because the ratings agencies' responses to the questions we posed for the piece were almost as revealing as the extremely damaging emails and internal documents the Robbins Geller lawyers uncovered. It wasn't just that there was apparently an entire generation of internal email correspondence that had been taken out of context (apparently, the context was taken out of context). More interesting was another line of defense. Not long before I contacted them, S&P had made, in a very graphic and comical manner, a very strange argument in court. In an attempt to dismiss a federal Justice Department lawsuit pending against S&P, the company had, in a court motion, cited a Florida court case, Boca Raton Firefighters and Police Pension Fund v. Bahash. In that case, the Second Circuit ruled that the plaintiffs suing S&P could not make a fraud claim based upon the company's reassurances in its Code of Conduct of its "objectivity, integrity and independence."
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  • Anyway, if you want the full lowdown on what actually goes on internally at these companies, check out the piece, which is full of the devastating material dug up by those San Diego lawyers. Also, thanks so much to the excellent Chris Hayes at MSNBC, who had me on last night to discuss the issue. It was a very fun talk.
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    The Rolling Stone's Mat Taiibi strikes again. 
Gary Edwards

The Biggest Financial Scam In World History           : Information Clearing ... - 0 views

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    Marbux sent me this link to series of videos explaining the LiBOR bankster crisis.  The awesome Bill Black is featured in two of the video interviews.  Others include Matt Taibi of the Rolling Stone Magazine.  Matt's work on bankster criminals is legendary.  This is incredible stuff.  Very heated.  Clearly we are at the heart of the largest criminal fraud ever perpetrated, and it involves the worlds largest banksters.  Including the Queen of England (Bank of England).  $800 Trillion in fraud.  Incredible. Yes, the Libor Scandal Affects You By Jack Hough July 06, 2012 "Smart Money" - -A liger is a cross between a lion and a tiger. Libor, on the other hand, is a daily approximation of what banks charge each other for loans. It turns out only one of these things is real. Awkwardly, it's not the one used to set prices on an estimated $800 trillion in global financial instruments, or $116,000 worth for each person on earth, ranging from complex derivatives to student loans. That's a problem for holders of bank stocks - which includes just about anyone who owns a mutual fund or 401(k). Barclays (BCS) agreed last week to pay $453 million to settle allegations that it manipulated Libor, which stands for London interbank offered rate. As The Wall Street Journal reported Thursday, it's likely only the first: More than a dozen banks on three continents are under investigation. Libor is compiled by asking 18 banks what they think they would pay if they needed money. Some banks may have submitted artificially low responses during the global financial crisis to give the appearance of high creditworthiness. Others may have tinkered with the reading to profit from trades, or avoid losses. The Barclays settlement is affordable, at less than 7% of the company's projected profits this year, but the size of legal claims it and other banks face is difficult to imagine. Trial lawyers will do their best to work out the sums, of course. Libor may have been subject
Gary Edwards

The People vs. Goldman Sachs | Rolling Stone Politics - 0 views

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    Matt Taibbi continues to track the dusty trail of Banksters and criminal politicos.  What an amazing story! intro: They weren't murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it. Thanks to an extraordinary investigative effort by a Senate subcommittee that unilaterally decided to take up the burden the criminal justice system has repeatedly refused to shoulder, we now know exactly what Goldman Sachs executives like Lloyd Blankfein and Daniel Sparks lied about. We know exactly how they and other top Goldman executives, including David Viniar and Thomas Montag, defrauded their clients. America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn't leave much doubt: Goldman Sachs should stand trial.
Paul Merrell

Alex Pareene Joins Matt Taibbi's New Digital Magazine as Executive Editor - First Look ... - 0 views

  • The new digital magazine to be launched by Matt Taibbi as part of First Look Media, today announced that Alex Pareene has joined the site as executive editor. Pareene will work closely with Taibbi on First Look’s second digital magazine set to launch in the coming months. He will oversee political content.
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    Matt Taibbi has moved from Rolling Stone to First Look Media, where he will head a new digital magazine, alongside Glenn Greenwald's Intercept. 
Paul Merrell

Start-Up Site Hires Critic of Wall St. - NYTimes.com - 0 views

  • Matt Taibbi, who made a name as a fierce critic of Wall Street at Rolling Stone magazine, has joined First Look Media, the latest big-name journalist to leave an established brand to enter the thriving and well-financed world of news start-ups.Mr. Taibbi will start his own publication focusing on financial and political corruption, he said in an interview on Wednesday. First Look is financed by the eBay founder Pierre Omidyar, who is worth $8.5 billion, according to Forbes. Mr. Omidyar has pledged $250 million to the project.
  • “It’s obvious that we’re entering a new phase in the history of journalism,” Mr. Taibbi said. “This is clearly the future, and this was an opportunity for me to be part of helping to found something and create something that might carry us into the next generation.”The site, as yet unnamed, will open this year. Mr. Taibbi will write for it and take an editorial role, while based in New York. There will be “an emphasis on bringing in talented writers who can have fun with the subject in addition to producing solid investigative journalism,” he said.
  • Mr. Taibbi is noted for capturing the spirit of the aftermath of the financial crisis with a series of articles in Rolling Stone that examined the misbehavior of Wall Street executives and the risky lending practices that led to a near collapse of the global economy. He used vivid writing and colorful language to describe the root causes of the crisis, including the now-famous metaphor he used to describe Goldman Sachs, calling the bank “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”
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    More detail here on Taibbi's move to First Look Media. If correct, the new mag will retain Taibbi's focus on Wall Street misbehavior but will bring in other writers to "have fun with the subject." Tyler Durden of ZeroHedge.com would seem like a natural fit. 
Paul Merrell

Looting the Pension Funds: How Wall Street Robs Public Workers | Politics News | Rollin... - 0 views

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    The Rolling Stone's Matt Taibbi strikes again. 
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    Awesome article Paul. A must read for anyone trying to understand the 2008 financial collapse. The same Wall Street Banksters who collapsed the world economy are back at it. This time raiding the public workers pension funds, spending millions on politicians and press campaigns to blame cops, firefighters, and teachers for mounting municipal fiscal failures and the coming collapse. Blame anyone but these triple dipping Banksters and their political toadies. Excellent piece of writing too. Check out this opening excerpt introducing the five page story: "In the final months of 2011, almost two years before the city of Detroit would shock America by declaring bankruptcy in the face of what it claimed were insurmountable pension costs, the state of Rhode Island took bold action to avert what it called its own looming pension crisis. Led by its newly elected treasurer, Gina Raimondo - an ostentatiously ambitious 42-year-old Rhodes scholar and former venture capitalist - the state declared war on public pensions, ramming through an ingenious new law slashing benefits of state employees with a speed and ferocity seldom before seen by any local government. Detroit's Debt Crisis: Everything Must Go Called the Rhode Island Retirement Security Act of 2011, her plan would later be hailed as the most comprehensive pension reform ever implemented. The rap was so convincing at first that the overwhelmed local burghers of her little petri-dish state didn't even know how to react. "She's Yale, Harvard, Oxford - she worked on Wall Street," says Paul Doughty, the current president of the Providence firefighters union. "Nobody wanted to be the first to raise his hand and admit he didn't know what the fuck she was talking about." Soon she was being talked about as a probable candidate for Rhode Island's 2014 gubernatorial race. By 2013, Raimondo had raised more than $2 million, a staggering sum for a still-undeclared candidate in a thimble-size state. Donors from Wall Str
Paul Merrell

Gangster Bankers: Too Big to Jail | Politics News | Rolling Stone - 0 views

  • The deal was announced quietly, just before the holidays, almost like the government was hoping people were too busy hanging stockings by the fireplace to notice. Flooring politicians, lawyers and investigators all over the world, the U.S. Justice Department granted a total walk to executives of the British-based bank HSBC for the largest drug-and-terrorism money-laundering case ever. Yes, they issued a fine – $1.9 billion, or about five weeks' profit – but they didn't extract so much as one dollar or one day in jail from any individual, despite a decade of stupefying abuses. People may have outrage fatigue about Wall Street, and more stories about billionaire greedheads getting away with more stealing often cease to amaze. But the HSBC case went miles beyond the usual paper-pushing, keypad-punching­ sort-of crime, committed by geeks in ties, normally associated­ with Wall Street. In this case, the bank literally got away with murder – well, aiding and abetting it, anyway.
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    One I missed from last February by Rolling Stone's Matt Taibbi. "An arrestable class and an unarrestable class. We always suspected it, now it's admitted. So what do we do?"
Paul Merrell

Beltway Foreign Policy Groups to Congress: Stay Out of the Way on Iran! « Lob... - 0 views

  • The November 24 deadline for Iran and world powers to reach an agreement on Iran’s nuclear program is quickly approaching.
  • If there is a deal on Nov. 24, the White House indicated, in an article authored by David E. Sanger in Sunday’s New York Times, that it would not seek an immediate vote on the agreement or sanctions relief, instead asserting that the administration can, and may need to, roll back some sanctions unilaterally as part of immediate sanctions relief guarantees in a possible agreement. Hawks in Congress may want to portray their position as representing the mainstream consensus but a letter signed by thirty-seven organizations and sent to members of Congress on Thursday offers some indication that many foreign policy groups in the beltway are concerned by Congress’ latest effort to meddle in the final weeks of sensitive diplomacy before the November deadline. The signatories—which include the Center for Arms Control and Non-Proliferation; J Street; MoveOn.org; the National Iranian American Council; Progressive Democrats of America; the United Methodist Church and VoteVets— expressed “deep concern with inaccurate and counterproductive rhetoric from a handful of Members of Congress regarding possible outcomes of the current negotiations.”
  • They continue: Particularly irresponsible are threats to oppose any comprehensive agreement limiting Iran’s nuclear program that initially suspends US sanctions on Iran through lawful executive action. Congress’ authorization of the President’s power to suspend and re-impose US sanctions on Iran is clear and unmistakable in each piece of legislation it has passed on the subject. Use of these provisions by the President to implement the initial phase of an agreement that ensures Iran does not acquire a nuclear weapon would reflect an affirmation, not a subversion, of Congress’ will. The echo chamber on Capitol Hill may give members of the House and Senate the impression that only the threat of military action or crushing sanctions are effective tools in bringing Iran to the negotiating table. (My colleague Ali Gharib and I discussed the disproportionate voice given to individuals from neoconservative organizations at congressional hearings on Iran in a July article in The Nation.)
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  • But the letter sent out on Thursday might give some congressional Democrats pause. Congress may lean hawkish but progressive groups in the beltway are throwing their weight behind the White House’s efforts to reach a diplomatic agreement on Iran’s nuclear program and are urging Congress to stay out of the way.
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    There's more behind this story than appears in its words. "Progressive" organizations have largely stood silent on the topic of war since Obama was elected because they are Obama fans and Obama has been anything but peaceful. But now they turn out because Obama needs Congress to stay out of the Iran situation until negotiations are complete and for some time afterward. The pressure on Congress to intervene is coming from the Israel Lobby. Keep in mind that it's been the consensus position of all 17 U.S. intelligence agencies for many years that Iran has no plans to create a nuclear weapon capability. Several Israeli intelligence and military leaders have said the same thing. The Iranian nukes myth is a propaganda theme of the ultra-right wing Israeli government leadership that has been used for several years in efforts to persuade the U.S. to invade Iran and bomb it back into the Stone Age. And their excuse for involving the U.S. military evaporates if the Obama Administration successfully negotiates an agreement with Iran that limits its lawful development of nuclear energy for peaceful purposes that will safeguard from any change of mind in Iran on development of nuclear weapons via, e.g., production limits and on-site inspections. The counter-argument is that such an agreement would have to be ratified by the Senate on grounds that it would be a treaty. But that argument falls short of the mark because: [i] the Executive has always had the unfettered right to negotiate and sign treaties; [ii] the U.S. government is not bound by treaties unless and until the Senate ratifies the treaty; and [iii] Congress already explicitly gave Obama authority to impose and suspend economic sanctions at his discretion. Meanwhile, part of the interim agreement with Iran so that negotiations can take place is a promise by the Obama Administration that it would veto any legislation imposing further sanctions on Iran during the period of negotiation. Because of the Israel Lobby'
Gary Edwards

Secrets and Lies of the Bailout | Politics News | Rolling Stone - 0 views

  • the ultimate bait-and-switch."
  • The White House and leaders of both parties actually agreed to this preposterous document, but it died in the House when 95 Democrats lined up against it.
    • Gary Edwards
       
      Huh?  Matt is one really hardcore Democrat.  The truth is that the first vote on TARP failed in the House 205-228, with one member not voting. House Democrats voted 140-95 in favor of the legislation, while Republicans voted 133-65 against it.  It's the 95 Democrats plus 133 Repubicans that defeated TARP I. The revised HR1424 was received from the Senate by the House, and on October 3, it voted 263-171 to enact the bill into law. Democrats voted 172 to 63 in favor of the legislation, while Republicans voted 108 to 91 against it; overall, 33 Democrats and 24 Republicans who had previously voted against the bill supported it on the second vote.[6][12]
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  • within days of passage, the Fed and the Treasury unilaterally decided to abandon the planned purchase of toxic assets in favor of direct injections of billions in cash into companies like Goldman and Citigroup. Overnight, Section 109 was unceremoniously ditched, and what was pitched as a bailout of both banks and homeowners instantly became a bank-only operation – marking the first in a long series of moves in which bailout officials either casually ignored or openly defied their own promises with regard to TARP.
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    Hat tip to the mighty Marbux for this find.  Matt Taibbi has been providing the best coverage of the 911 2008 financial collapse since the crisis hit.  This article sums up where we've been and where we are.  Simply put, we are trapped in a sea of lies, deception, and political corruption on such a massive scale that there is no one we can believe or trust.  Good read.  Great investigative journalism.  High-lites and notes left on page. excerpt: "It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you'd think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul - right? Wrong. It was all a lie - one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in - only temporarily, mind you - to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the
Paul Merrell

The Biggest Price-Fixing Scandal Ever | Politics News | Rolling Stone - 0 views

  • The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix
Paul Merrell

This Election Could Determine the Future of Pot in America - Rolling Stone - 0 views

  • California, Arizona, Nevada, Maine and Massachusetts will vote on adult-use pot legalization on Election Day, while North Dakota, Arkansas, Montana and Florida are considering medical marijuana. Combined, these states comprise about a quarter of the country's population. With widespread support across the nation – 57 percent of U.S. adults say weed should be legal – the issue of marijuana policy reform has achieved bipartisan regard, prompting active discussion among both laymen and legislators.Nearly 20 percent of states will be deciding on drug policy this election – "a reflection of the fact that we've long passed the tipping point [and] that marijuana advocacy has evolved and matured in the past few years," says Paul Armentano, deputy director of the National Organization for the Reform of Marijuana Laws, or NORML. But on the flip side, he says, it also represents a failure of the democratic process, since elected (federal) officials have yet to enact marijuana policy reform comporting with what polling indicates are their constituents' increasingly progressive views."If an overwhelming number of states that have marijuana-specific initiatives on the ballot pass those measures, that could be interpreted by federal lawmakers as a mandate," says Armentano. "But if several of them do not pass, then it is likely that lawmakers will continue to be reluctant to address marijuana law reform at the federal level."
  • The future of pot policy in America hinges heavily on the election this year. Marijuana law reform is on the ballot in nine states, and has momentum at the federal level in the form of several bills pending in Congress, including ones to deschedule cannabis, reschedule cannabis, legalize hemp and prioritize research trials.
Paul Merrell

Why America Can't Quit the Drug War | Rolling Stone - 0 views

  • orty-five years on, America is still grappling with the dark origins of the Drug War, launched in 1971 by President Richard Nixon – for political purposes. Nixon's domestic-policy adviser, John Ehrlichman, in an interview published posthumously in Harper's this year, revealed the true aim of the Drug War was to criminalize the administration's "two enemies: the anti-war left and black people." As Ehrlichman explained, "We could arrest their leaders, raid their homes, break up their meetings and vilify them night after night on the evening news." Nixon himself wove anti-Semitism into the mix. "Every one of the bastards that are out for legalizing marijuana is Jewish," Nixon groused to his chief of staff, Bob Haldeman, in a conversation recorded in the Oval Office in May 1971. "What the Christ is the matter with the Jews, Bob?" Nixon asked. "By God, we are going to hit the marijuana thing, and I want to hit it right square in the puss." More than $1 trillion later, Nixon's war has hollowed out urban black communities, visited death upon downtrodden whites in rural America and unleashed horrific violence from Bogotá to Ciudad Juarez. In Mexico, since 2007, as many as 80,000 civilians have been murdered in drug violence. Despite the carnage, prohibitionist policies enforced through military interdiction and domestic incarceration have done little to curb the American drug habit – which fuels $64 billion a year in cartel profits, according to an estimate by the Treasury Department.
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    From the horse's mouth, what has always been obvious. 
Gary Edwards

Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al ... - 0 views

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    Incredible.  Take your time reading this because we now have legal evidence of outrageous Bankster criminality.  Read carefully. excerpt: The lawsuit between Overstock and the banks concerned a phenomenon called naked short-selling, a kind of high-finance counterfeiting that, especially prior to the introduction of new regulations in 2008, short-sellers could use to artificially depress the value of the stocks they've bet against. The subject of naked short-selling is a) highly technical, and b) very controversial on Wall Street, with many pundits in the financial press for years treating the phenomenon as the stuff of myths and conspiracy theories. Now, however, through the magic of this unredacted document, the public will be able to see for itself what the banks' attitudes are not just toward the "mythical" practice of naked short selling (hint: they volubly confess to the activity, in writing), but toward regulations and laws in general. "Fuck the compliance area - procedures, schmecedures," chirps Peter Melz, former president of Merrill Lynch Professional Clearing Corp. (a.k.a. Merrill Pro), when a subordinate worries about the company failing to comply with the rules governing short sales. ...................... If this sounds complicated, just focus on this: naked short selling, in essence, is selling stock you do not have. If you don't have to actually locate and borrow stock before you short it, you're creating an artificial supply of stock shares. ................ The process of how banks circumvented federal clearing regulations is highly technical and incredibly difficult to follow. These companies were using obscure loopholes in regulations that allowed them to short companies by trading in shadows, or echoes, of real shares in their stock. They manipulated rules to avoid having to disclose these "failed" trades to regulators. The import of this is that it made it cheaper and easier to bet down the value of a stock
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