Here’s How Wall Street Is Ripping You Off, and What You Can Do About It
By Pam Martens and Russ Martens
Posted November 9, 2016
Members of Congress were absolutely shocked – shocked! – that the employees of the commercial bank of Wells Fargo had created several million accounts and credit cards that their customers had never asked for simply to meet sales quotas set by the bank and/or to obtain bonuses.
But what is going on every single day at the brokerage firms owned by all of these banking giants is that the stock broker (variously called a financial consultant, financial adviser or Vice President of Investments) is able to triple the commission he collects on the bonds he sells you at his discretion. It’s been that way for 30 years, if not longer. More…
Anyone who thinks thinks that either Trump or Clinton will do anything about this, is living an illusion.
Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators
By Pam Martens and Russ Martens
Posted November 4, 2016
The Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers. The employees were attempting to “hit sales targets and receive bonuses.” In one of the most audacious forms of bank fraud, according to the CFPB, employees actually “transferred funds from consumers’ authorized accounts to temporarily fund the new, unauthorized accounts.” This resulted in untold numbers of customers being charged for insufficient funds in their legitimate accounts or paying overdraft fees.
If anyone ever doubted Senator Bernie Sanders when he repeatedly said during campaign stops that fraud has become a business model on Wall Street, that debate is over. According to the CFPB, this conduct at Wells Fargo went on for five years. Yesterday, Fortune’s Stephen Gandel reported that the woman who headed up this division at Wells Fargo, Carrie Tolstedt, will be “walking away with $124.6 million in stock, options, and restricted Wells Fargo shares.” Fraud is not only a business model but a road to riches for the overlords on Wall Street. Just ask John Paulson, Sandy Weill, Robert Rubin, John Reed, and Jamie Dimon. More…
Positive Money: Our Proposals
Posted October 27, 2016
If someone told you that a mountain of personal debt could be cleared via 3 simple changes to the way that money and banking works, would you like to know how? Would you like to see a more stable economy, with more jobs, less personal and government debt? Would you like to see money created free of debt and going into the real economy and support businesses, instead of getting trapped in financial and property markets?
This video explains how 3 simple changes to the way that money and banking works would make all this (and much more) possible. More…
How the Vampire Squid Gambled – And Lost $1.2 Billion in Sovereign Wealth
by Shah Gilani
Posted October 11, 2016
On March 18, 2016, the Libyan Investment Authority (LIA), a sovereign wealth fund set up by dictator Colonel Muammar Gaddafi in 2006, filed suit in London at The High Court of Justice’s Chancery Division against Goldman Sachs International. The suit claims the fund paid Goldman approximately $350 million to set up trades the LIA says it didn’t understand, which lost the fund $1.2 billion, everything it invested.
Instead of fraud, the LIA claims its “causes of action” are “undue influence” and “unconscionable bargain.” Goldman decided not to settle and believes it can beat the charges because, you know, there was never any undue influence and Goldman Sachs is not unconscionable. More…
The big banking scandal Wall Street is hiding from you
by Zach Cartwright
Posted October 10, 2016
Your community’s tax dollars are getting quietly pilfered by Wall Street banks, and the banks are doing an excellent job of keeping the how away from you.
The amount of public money spent on just bank fees and interest every year numbers anywhere from the hundreds of billions to the tens of trillions. The exact amount is available through Comprehensive Annual Financial Reports (CAFR), though even obtaining the forms can prove to be a challenging task for the average taxpayer curious about how much of their tax dollars and pension funds are getting vacuumed up every year by the bank their city does business with. More…
The Biggest Heist in Human History
by Mike Whitney
Posted October 8, 2016
Now we’ve all heard the expression, “The definition of insanity is doing the same thing over and over again, and expecting a different result”. Well, the Fed has been doing the same thing for the last seven years — dumping money into the financial system while predicting stronger growth. That would seem to suggest that the Fed is insane, but is the Fed insane?
No, in fact, the members of the FOMC are extremely-bright, well-educated professionals who have a solid grasp of the economy and the many intricacies of the financial system. These are smart guys, real smart. So, maybe they have an ulterior motive. Maybe that’s why they’ve stuck with the same failed policies all these years. But if they have an ulterior motive, then what is it? What are they trying to achieve? More…
Negative Interest Rates and the War on Cash (2)
by Raúl Ilargi Meijer
Posted October 1, 2016
History teaches us that central authorities dislike escape routes, at least for the majority, and are therefore prone to closing them, so that control of a limited money supply can remain in the hands of the very few. In the 1930s, gold was the escape route, so gold was confiscated.
The existence of escape routes for capital preservation undermines the viability of the banking system, which is already over-extended, over-leveraged and extremely fragile. This time cash serves that role. We can therefore expect cash to be increasingly disparaged in order to justify its intended elimination. More…
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Great story on why we need to remove ALL of our elected government representatives
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