Posts Tagged 'Goldman Sachs'

Pam Martens and Russ Martens – Donald Trump Has a Goldman Sachs Problem: Derivatives

In the midst of being skewered across media outlets yesterday for his chaotic rollout of an Executive Order that appeared to target Muslims, including those legally living in the U.S. as businessmen, doctors, university faculty and students — who were initially denied reentry after travel abroad — President Donald Trump tried desperately to change the subject. Following a plunge of over 200 points in the Dow Jones Industrial Average yesterday, Trump pivoted to something he thought would please his financial ...

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Yves Smith – More on the Economic Hardship of Young Adults

In the US, the cost of the aftermath of the crisis has fallen heavily on young people, mainly due to bad policy responses to the crisis that we’ve described at length as it was happening: the failure to restructure bad loans (particularly mortgages) and impose costs on banks and investors, not just homeowners; the refusal to engage in enough fiscal spending, not just during the crisis but in deficit fights during the Obama Administration. That isn’t to say that other ...

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Graham Readfearn – How Donald Trump Kingmaker-Billionaires Robert and Rebekah Mercer Have Poured Millions Into Climate Science Denial

When it comes to climate science denial, some names come easily and deservingly to mind.

There’s oil giant ExxonMobil — a company that contributed millions of dollars to organizations that told the public there was no risk from burning fossil fuels.

There are the oil billionaire Koch brothers — Charles and David — and their ideological zeal against government regulations that drove them to pour vast amounts into groups spreading doubt on the realities of human-caused global warming.

But a name that has ...

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Graham Vanbergen – Enemies of the State: How the Financial Services Industry is Destroying Democracy

The top ten banks in the U.S., along with their European counterparts have racked up over $300bn of fines, metered out by regulators since their egregious criminality caused a global crisis that unfolded in 2008. Its lingering influence is felt by billions of people worldwide nearly a decade later in a recovery slower than the Great Depression of the 1930’s. Jails are devoid of the Armani suited mobsters employed by the financial services industry that are now causing the breakdown ...

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Ruth Milka – Treasury nominee’s bank was accused of “widespread misconduct” for their role in foreclosure crisis

According to newly released documents published by The Intercept, OneWest Bank, which was ran by Trump’s treasury secretary nominee, Steven Mnuchin, from 2009 to 2015, repeatedly broke laws in California during the foreclosure crisis. 

Although a suit was never brought against the company, the memo states that California’s attorney general “uncovered evidence suggestive of widespread misconduct.”

OneWest is a delightful bank … that has foreclosed on as many as 36,000 homes in California during ...

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Michael Krieger – Donald Trump Has an Enormous and Very Dangerous Wall Street Blind Spot

The biggest disappointment regarding Donald Trump since being elected President has been his total embrace of dangerous Wall Street thieves. As it is currently structured and incentivized, the financial services industry represents one of the most destructive and least beneficial forces within the U.S. economy. It is essentially a parasitic industry.

Unfortunately, Trump didn’t merely pick one or two competent finance guys to be in charge of finance-related jobs. Rather, he decided to surround himself with some of the worst of the worst (see links at ...

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Pam Martens and Russ Martens – U.S. Quietly Drops Bombshell: Wall Street Banks Have $2 Trillion European Exposure

Just 17 days from today, Donald Trump will be sworn in as the nation’s 45th President and deliver his inaugural address. Trump is expected to announce priorities in the areas of education, infrastructure, border security, the economy and curtailing the outsourcing of jobs. But Trump’s agenda will be derailed on all fronts if the big Wall Street banks blow up again as they did in 2008, dragging the U.S. economy into the ditch and requiring another massive taxpayer bailout from ...

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Katherine Burton – The Golden Era of Hedge Funds Draws to a Close With Clients in Revolt

Drinks flowed as hedge fund titan Robert Mercer, dressed as Mandrake the Magician, partied with Donald Trump, dressed as, well, Donald Trump.

The occasion that early December evening was Mercer’s 2016 holiday costume party, an intimate gathering of 250 at his Long Island estate. This year’s theme: “Villains and Heroes.”

In Trump, Mercer and his fellow hedge funders had much to extol. Tapping into the wealth he amassed at his wildly profitable firm, Renaissance Technologies, Mercer and his daughter Rebekah (dressed that ...

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DAVID ROSEN – What Happens When the Trump Bubble Bursts?

On January 20, 2017, president-elect Donald Trump will be inaugurated the nation’s 45th President.  Almost a year to the date, on January 24, 2016, Republican candidate Trump boasted at a Sioux Center, IA, campaign rally, “I could stand in the middle of Fifth Avenue and shoot somebody and I wouldn’t lose voters.”  Sadly, he was probably right then — and his prediction will likely be worse after January 20th.  But how long will Trump’s electoral halo keep him covered in ...

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Michael Arria – If Obama Had Prosecuted Goldman Sachs’ Brain Trust, We Wouldn’t Be Plagued by Them Again in Trump’s Cabinet

In September of this year Massachusetts Senator Elizabeth Warren sent a letter to Michael E. Horowitz, the Inspector General of the Department of Justice, requesting an investigation into why the Obama administration failed to prosecute any Wall Street executives after the financial crash. Warren’s letter pointed to findings by Financial Crisis Inquiry Commission (FCIC), which had provided the Justice Department with 25 cases for potential prosecution. The department neglected to take on any of these cases.

Warren’s letter was sent prior to ...

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