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Ghosts of Enron

Mike Lux | Posted 07.03.2013 | Politics
Mike Lux

The ghosts of the Enron Corporation are haunting us still, and they are a lot scarier than any horror movie ghosts because, unlike the Hollywood variety, these ghosts still have enough substance to cause an economic nightmare.

Shahien Nasiripour

U.S. Authorities Push To Kill Libor | Shahien Nasiripour | Posted 04.25.2013 | Business

WASHINGTON -- U.S. regulators led by the Treasury Department have targeted an oft-criticized benchmark interest rate as a risk to financial stability,...

Mark Gongloff

Banks Win Big, Though Libor War Is Far From Over | Mark Gongloff | Posted 04.01.2013 | Business

Banks have won a major legal battle against Libor lawsuits, though the war is far from over. Late on Friday, a federal judge dismissed Libor lawsui...

HUGE Win For Big Banks

Reuters | Nate Raymond | Posted 03.29.2013 | Business

NEW YORK (Reuters) - A judge on Friday dismissed a "substantial portion" of claims facing a number of banks in a barrage of lawsuits accusing them of ...

Yes, We Can Have Banks That Work for the People

Richard (RJ) Eskow | Posted 05.29.2013 | Politics
Richard (RJ) Eskow

One pathway to genuine reform is "public banking": the establishment of banks which are owned and operated by the government, and which serve people and small businesses directly. Here's why public banking should be included in the agenda for deep and genuine financial reform.

Freddie Mac Sues Banks Over Libor Losses

Reuters | Posted 03.19.2013 | Business

NEW YORK (Reuters) - Mortgage finance company Freddie Mac is suing more than a dozen banks for losses from the alleged manipulation of the benchmark ...

Freddie Mac Sues Banks For Libor Losses

Bloomberg | Tom Schoenberg & Andrew Zajac | Posted 03.19.2013 | Business

Freddie Mac sued Bank of America Corp. (BAC), UBS AG, JPMorgan Chase & Co. (JPM) and at least 12 other banks over alleged manipulation of the London i...

Mark Gongloff

Gold: The Next Libor Scandal? | Mark Gongloff | Posted 03.14.2013 | Business

The Libor scandal is so 2012 you guys, so so boring, but thank goodness we have a brand new market-rigging scandal to enjoy now, one that will enterta...

Regulators Didn't Even Know What Libor Was

The Huffington Post | Eleazar David Melendez | Posted 03.05.2013 | Business

Banking regulators in the United Kingdom did not fully understand how the global interest rate-setting system worked back in 2008, even as they were b...

Shocking Theory For Who's Behind Libor Scandal

Reuters | Posted 04.24.2013 | Business

PARIS, Feb 22 (Reuters) - The European Commission suspects the existence of cartels involved in manipulating lending benchmarks such as Libor and Eu...

Obama, Preemptive Cyberwarfare and the Banks

Ben Hammersley | Posted 04.15.2013 | Politics
Ben Hammersley

What does "evidence of a major digital attack looming" look like? There are no convoys to see from a spy plane, no fleet heading sailing towards Hawaii. Without an idea of what this evidence is, the guidelines seem to justify preemptive attacks against just about anyone at any time.

Economy Set To Get Its Moment Tonight

The Huffington Post | Jillian Berman | Posted 02.12.2013 | Business

Science has determined that people need to know 7.5 things per day, on average, about the world of business. You can't argue with science. Lucky for y...

TBTF, TBTJ: Too Big to Exist

Mike Lux | Posted 04.10.2013 | Politics
Mike Lux

I remain troubled by the fact that fundamental economic issues seem to be the last thing on anybody's minds in D.C. And looming over these economic problems is the elephant in the room: these Too Big To Fail, and apparently Too Big To Jail, Wall Street financial conglomerates.

What JPMorgan's Recently Released Internal Reports Unintentionally Say

John Fullerton | Posted 04.08.2013 | Business
John Fullerton

That regulators condone the continued use of VAR models and get pushed around on tougher capital and liquidity limits can only mean one thing: they have concluded that it's simply too dangerous to the system to reveal that the emperor has no clothes.

RBS To Pay $612 Million To Settle Libor Allegations

Reuters | Posted 02.06.2013 | Business

WASHINGTON (Reuters) - Britain's Royal Bank of Scotland Group Plc settled charges it had manipulated the Libor interest rate benchmark, the top U.S. d...

Bank Takes Big Loss To Get Its Act Together

Reuters | Posted 04.02.2013 | Business

* Beats capital goal, shares close to one year high * Q4 pretax loss 2.6 bln euros due to charges * Takes goodwill impai...

Bank Chair Raises Tantalizing Proposition

Reuters | Alexander Smith | Posted 01.25.2013 | Business

(Reuters) - UBS Chairman Axel Weber raised the possibility of an industry-wide settlement for the rest of the banks involved in the Libor rate fixing ...

Different Rules for Plutocrats

C. Robert Gibson | Posted 03.24.2013 | Politics
C. Robert Gibson

While federal prosecutors sought to throw the book at a 26-year-old hacker who tried to distribute information for free, federal regulators are sitting on their thumbs when it comes to community drinking water supplies.

Libor's Latest Victim: Employee Bonuses

Reuters | Posted 03.13.2013 | Business

LONDON, Jan 11 (Reuters) - Royal Bank of Scotland is preparing to slash bonuses for its investment bankers this year to help pay fines for its role ...

Bank Made Huge Profit On Libor During Crisis: Report

The Huffington Post | Mark Gongloff | Posted 01.10.2013 | Business

Back in 2008, when financial markets were chaotic and unpredictable, at least one large bank managed to turn a hefty profit with finely-tuned bets on ...

WATCH: Taibbi Slams Banks For Biggest Corruption Case In History

The Huffington Post | Harry Bradford | Posted 12.27.2012 | Business

A lot of things have ticked Matt Taibbi off over the last 12 months. There was JPMorgan’s London Whale scandal and the Justice Department's deci...

Ain't Nobody Here But Us Honest Bankers

Brad Miller | Posted 02.20.2013 | Politics
Brad Miller

Maybe the Department of Justice and our financial regulators should not rely on internal investigations performed by the financial institutions suspected of misconduct.

Crony Capitalism's Power Couple

Robert Scheer | Posted 02.20.2013 | Business
Robert Scheer

Where is Phil Gramm hiding? The former Republican senator from Texas has not been heard from since his bank got nailed by the G-men. Or, as the Times put it, UBS now has the distinction of being "the first big global bank in more than two decades to have a subsidiary plead guilty to fraud."

Mark Gongloff

Libor Fraud Cost U.S. Taxpayers Billions: Report | Mark Gongloff | Posted 12.20.2012 | Business

Libor manipulation cost Fannie Mae and Freddie Mac more than $3 billion, according to an estimate by a government watchdog, who recommends the governm...

Mark Gongloff

Massive Bank Settlement Breaks Taboo On Criminal Charges | Mark Gongloff | Posted 12.19.2012 | Business

Even though it is not really surprising, the sheer scope and audacity of the market manipulation involved in the latest bank scandal still manages to ...