Sanders and Warren issue joint statement slamming Trump's new finance industry alligator for his private DC swamp

16603911673_ec344777cc_b

Bernie Sanders and Elizabeth Warren: "During the campaign, Donald Trump told the American people that he was going to change Washington by taking on Wall Street. Donald Trump’s choice for Treasury scretary, Steve Mnuchin, is just another Wall Street insider. That is not the type of change that Donald Trump promised to bring to Washington – that is hypocrisy at its worst. After his bank pocketed billions in taxpayer dollars from the bailout, Mnuchin moved on to make a fortune running another bank that aggressively foreclosed on families still reeling from the crisis. This pick makes clear that Donald Trump wants to cater to the same Wall Street executives that have hurt working families time and again." (Images: Bernie Sanders, AFGE/CC-BY; Elizabeth Warren, Tim Pierce/CC-BY) Read the rest

Wells Fargo says that its customers gave up right to sue by having their signatures forged

wxjoiczxm9zmus4b1w2z

Even though disgraced Wells Fargo CEO John Stumpf has left the building, his most outrageous legal theories live on: on Wednesday, the company filed a motion in a federal court in Utah seeking dismissal of a class action suit by the customers it defrauded -- the bank argues that since customers sign a binding arbitration "agreement" when they open new accounts, that the customers whose signatures were forged on fraudulent new accounts should be subject to this agreement and denied a day in court. Read the rest

Giving companies more money (loans, tax-breaks) only increases investor payouts, not expansion

13551689_1087276911342909_2027

Before the deregulation bonanza of the 1980s, corporations were expected to use debt and the public markets as the capital of last resort: they would pay "normal" dividends, then use the left over money to increase pay and fund expansion; but after the birth of "shareholder management," companies have acted like homeowners before the financial crisis: borrowing heavily to pay investors, at the expense of expansion and wages -- but unlike homeowners, corporate management gets to duck the bill when it comes due. Read the rest

The only person to go to prison for a string of corporate pollution scandals was a crusading scientist who exposed them

Tennie White outside of her home in Jackson, Mississippi. Currently on house arrest after 32 months in prison, Tennie cannot walk farther than her mailbox. Ms. White helped to uncover contaminated areas from the Kerr McGee site and was later charged with tampering with evidence during court trials against the company for environmental pollution. During her prison sentencing, the judge assured Tennie she would receive medical attention for her cataracts, for which she was already planning to undergo surgery. Being refused the appropriate medical care, she is now legally blind after being released to her home.

Tennie White is a lab owner who became a relentless crusader for environmental justice for black towns and neighborhoods where giant corporations dumped toxic chemicals and walked away scot free; her work resulted in one giant company, Kerr-McGee Chemical Corporation restructuring (under Lehmann Brothers' guidance) into a company that held all its pollution and pension liabilities (which went bankrupt) and a profitable division that held onto the assets built through all that pollution, which was sold off, erasing all responsibility for the executives who'd poisoned their workers and black communities. Read the rest

US foreclosure map predicts US battleground states map

realtytracforeclosure

Tom Adams, a lawyer and 20-year veteran of the securitization business, compares a map of America's largest foreclosure inventories with a map of key battleground states. Read the rest

Trump Administration: a climate denier for the EPA, a Goldman-Sachs banker for Treasury

goldman_sachs-svg-png

Donald Trump, who once claimed that climate change was a hoax perpetrated by the Chinese has indicated that his EPA transition team will be led by Myron Ebell, who claims that accession to the Paris Climate Accord is unconstitutional, that global warming is "modest" and "nothing to worry about" and even that "a warming trend would be good for other people" because "more people die from blizzards and cold spells than from heat waves." Read the rest

Senate investigates Wells Fargo retaliations against whistleblowers

whistle-33271_960_720

One after another, ex-Wells Fargo employees have come forward to reveal that when they blew the whistle of millions of frauds committed against the bank's customers, the bank's management fired them and blackballed them from the banking industry for life, by falsifying claims of wrongdoing on a semi-secret list of corrupt bankers that is consulted by the industry before they make new hires. Read the rest

Donald Trump weaponized fine-print to make it impossible to sue Wall Street for fraud

trump_taj_mahal_2007

In 1993, Donald Trump won a lawsuit brought by his investors that alleged he had defrauded them by lying in a prospectus; his defense was that his "perfect prospectus" contained lies, but it also contained enough fine-print cautioning investors about the possibility of lies that it was their own fault that he cheated them. Incredibly, the judge (a pre-Supreme Court Samuel Alito!) bought this. Read the rest

Wells Fargo blackballed employees who refused to commit fraud, forcing them out of the industry forever

blackball_01

Earlier this month, Planet Money aired an interview with a Wells Fargo whistleblower who was fired for trying to alert the bank to the millions of criminal frauds being committed against its customers, and we learned that the whistleblower had been added to a confidential blacklist used by the finance industry, preventing her from ever getting work in the industry again. Read the rest

Better Business Bureau yanks Wells Fargo's accreditation

24941706

The scandal-haunted bank has been de-accredited by the Better Business Bureau, a punishment meted out to companies that violate the BBB Standards of Trust, which include "tell the truth," "build trust," "honor promises" and "embody integrity." (via Reddit) Read the rest

Ecuadoran Embassy confirms it changed its wifi password to lock out Assange

flag_of_ecuador-svg

The Ecuadoran Embassy in London has confirmed Wikileaks' accusation that it terminated Julian Assange's access to its wifi network because it disapproved of Assange and Wikileaks' "intervention in the affairs of other states" by publishing material pertaining to the impending US election. Read the rest

The pathogens of Wells Fargo's corruption fester in every large corporation

animation-1

Despite the denials of its new CEO, Wells Fargo had a serious, widespread cultural problem that led it to commit at least 2,000,000 financial crimes. But the crimes and the culture are widespread across America's banks, and they spread further than that, because the system is rigged to reward financial crime. Read the rest

Wells Fargo's new CEO previously denied that the bank's sales culture had any problems

c4jt321-1

Yesterday, Wells Fargo CEO John Stumpf announced his "early retirement" from the scandal-haunted company, with the CEO seat being filled by former COO Tim Sloan. Read the rest

Wells Fargo CEO John Stumpf resigns

First he was flayed by Senator Elizabeth Warren, then Congress had a go, then everyone got to gnaw on the fact that he'd done some seriously criminal stuff, then it emerged that he'd been a party to the bank's frauds since at least 2008, then we learned that his $200B bonus would be subsidized by taxpayers, then we learned that he walked through one of the bank's notorious boiler rooms every day, then his board of directors clawed back a couple million. Read the rest

Wells Fargo whistleblower: once I complained, they started denying me bathroom breaks

duchamp_fountaine

Yesterday, I predicted that a lot of Wells Fargo whistleblowers were going to come forward, given how terribly Read the rest

Icelandic Supreme Court: all nine top bankers are guilty of market manipulation

914140

All nine of the top Icelandic bankers from the Kaupþing market manipulation case have been found guilty by the country's Supreme Court, which reversed the district court that had acquitted two of the defendants last year. Read the rest

Whistleblower docs: Wells Fargo was opening fake accounts in 2005

050-056c026d-1c66-4d42-9fae-a8

Dennis Hambek was a Wells Fargo branch manager. In 2005, he found Wells Fargo employees creating fake accounts in their customers' names (in order to meeting the company's punishing sales quotas and avoid being blackballed across the industry). He sent a certified letter about the practice in 2006 to Carrie Tolstedt -- the bank exec who oversaw the fraud and retired weeks ahead of the scandal with a $125,000,000 bonus -- and held onto the receipts. Read the rest

More posts