A topical collection of shitheadery ...

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The Banks

great-piggy-bank-4 Socialism is alive and well in America. At least if you're a bank. Fantastic risks led to fantastic failures in 2008 and all of those responsible - the Masters of the Universe were rewarded with $700 Billion of taxpayer money.

The general public, or peasants as it were, continue to struggle and bend over in a non-stop gang raping by banks and credit card companies. They take everything and continue to raise fees, charges, fines, and interest rates in the name of capitalism and of course their exorbitant bonuses.

Charged for Good Credit

Got Perfect Credit? You Could Be Charged For It!
"Flawless credit," she boasted.

Yet now, her good credit habits could cost her. Earlier this month Bank of America started notifying customers like Mullen-Kress that they will be charged a new annual fee of $29 to $99.

"There is a big segment of their population that they will have never made money on, which is people who pay their bills on time every month," said Ben Woolsey, Director of Consumer Research at CreditCards.com.
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A Bill?

Too Big to Fail Bill
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Costs to resolve a failing firm will be repaid first from the assets of the failed firm at the expense of shareholders and creditors, and to the extent of any shortfall, from assessments on all large financial firms. In this instance we follow the "polluter pays" model where the financial industry has to pay for their mistakes--not taxpayers...[The] Resolution Fund is structured to spread the cost over a broad range of financial companies with assets of $10 billion or more, and provides for a fl

The Revolt

Bankers vs The People
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Yes, the Obama administration is pushing to dramatically increase the regulation of consumer and other financial transactions that have run amok, but there is widespread concern from across the political spectrum that the White House is neither going far enough nor fighting hard enough. And time and again -- most notably with the ongoing $700 billion bailout -- Obama administration policies have put the interests of bankers and Wall Street ahead of those of impoverished families, unemployed work

Speechless? Not So Much

Bonuses Leave Me Speechless

Warren roasted former Treasury Secretary Hank Paulson for his handling of TARP, saying that he claimed the money would be funneled "into the banks to increase lending, specifically to increase small business lending, because that is the engine of our economy." But "that's not what happened with that money," and she said there is "no chance" there will ever be a full accounting of TARP funds because "we never asked on the front end."

She saw little improvement over a year ago: "All the things we

Elizabeth Warren: Mad

As Outspoken as Ever

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As Members of Congress debate the most sweeping reform of the financial industry in decades, some are working closely with an outspoken Harvard professor who has been tapped to oversee the banking bailout.

Congressional Oversight Panel chair Elizabeth Warren addressed the full House Democratic caucus Wednesday afternoon, while across Independence Avenue, a House committee was voting on elements of her brainchild, the Consumer Financial Protection Agency. The full bill passed the committee 39 ...
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No Sign Of Goldman?

Treasury Dept. to Slash Executives' Pay

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And why is Goldman not on the list?

The Treasury Department on Thursday is expected to order seven companies that have not paid back last year's government bailouts to halve their top executives' average compensation.

The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by as much as 90 percent, according to a person familiar with the matter
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Who's at Fault

25 People to Blame for the Financial Crisis

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Honor Among Theives?

34 banks don't pay quarterly TARP dividends

"The banks are not paying their dividends because they are worried about preserving capital," says Eric Fitzwater, associate director of research at SNL Financial.

The Treasury Department says it cannot force an institution to pay dividends. "For some banks, it may be prudent to exercise their right not to pay dividends in a particular month, and we respect their right to do so," says Meg Reilly, a Treasury spokeswoman. "To draw any broader conclusions about the state of the banking sector from

Danger We're Going Down

Sector Has Become a Mortal Danger
Over the last several decades, the financial sector has grown relentlessly. It has doubled in size over the last 14 years. During the period 1973 to 1985 the financial sector never earned more than 16% of domestic profits. This decade, it has averaged 41% of all the profits earned by businesses in the U.S. In 1947 the financial sector represented only 2.5% of our gross domestic product. In 2006 it had risen to 8%. In other words, of every 12.5 dollars earned in the United States, one goes to the...
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We Don't Know

Voices of Power: Elizabeth Warren
Well, we don't know where the $700 billion is because the system was initially designed to make sure that we didn't know.

When Secretary Paulson first put this money out into the banks, he didn't ask "what are you going to do with it?" He didn't put any restrictions on it. He didn't put any tabs on where it was going to go; in other words, he didn't ask. And if you don't ask, no one tells. And so we have a system that originally put more than $200 billion into the financial institutions basic...
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Just Keep Gouging the Peasants
Banks Made A Killing On Overdraft Fees Talk about kicking people when they're down. Banks and credit unions made an eye-popping $24 billion in overdraft fees in 2008, according to a report released Tuesday by the nonprofit Center for Responsible Lending. That's a 35 percent increase from 2006. ... Read More >>

Bad Loans are Good
Securitization Encouraged Bad Loans Knowing that the loans they made were about to be bundled, sliced up, and sold off made lenders more likely to relax their underwriting standards, according to a report released Tuesday by the Joint Forum, a consortium of government financial regulators from the U.S., Europe and Asia. ... Read More >>

Credit Getting Hit
Credit scores take a hit Long after the economy recovers, millions of Americans will be left with a grim legacy of the recession: damaged credit scores, the three-digit ratings that help determine consumers' ability to get loans and other types of credit.... Read More >>

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