Trump's finance watchdog wants to make the taxpayer-funded database of crooked banks go dark

The Consumer Financial Protection Bureau is Elizabeth Warren's gift that keeps on giving -- one of the most effective US government agencies, handing out real punishment to banks that break the law, fighting loan-sharks that prey on poor people, and maintaining a database of vetted consumer complaints against banks that have ripped them off. Read the rest

Wells Fargo fined $1B for stealing cars and jacking houses

Wells Fargo defrauded 800,000 car loan borrowers, forcing 274,000 of them into bankruptcy and stealing ("wrongfully repossessing") 25,000 cars; they also ripped off mortgage borrowers by failing to send them their paperwork until after the deadline for filing it and then fining them for not filing it on time. Read the rest

Goldman Sachs report: "Is curing patients a sustainable business model?"

In Goldman Sachs's April 10 report, "The Genome Revolution," its analysts ponder the rise of biotech companies who believe they will develop "one-shot" cures for chronic illnesses; in a moment of rare public frankness, the report's authors ask, "Is curing patients a sustainable business model?" Read the rest

Wells Fargo: fyeah, we're going to lend money to gun manufacturers, now stfu before we shoot you

Wells Fargo, America's dirtiest bank, has proudly announced that it will continue to lend money to gun manufacturers, unlike its competitors at Citi and Bank of America. Read the rest

If this goes on... The 1% will own two thirds of the world by 2030

The House of Commons Library has published research projecting the post-2008 growth of inequality until 2030, arriving at an eye-popping headline figure: at current rates, the richest 1% will own two thirds of the world's riches by 2030. I think that number is too low. Here's why. Read the rest

For Goldman Sachs execs, momentarily working for the government means hundreds of millions in tax savings

When Gary Cohn left Goldman Sachs to to work for Donald Trump, he was required to sell off his Goldman Sachs stock, but he didn't have to pay capital gains tax on that sale, saving him a cool $150,000,000; a year later, he was out of the Trump administration, and he still gets to hang onto those tax-free hectabucks. Read the rest

Gary Cohn served Donald Trump for 14 months, and made billions for his old bosses at Goldman Sachs

When Donald Trump announced that he would "drain the swamp" by filling his cabinet with lobbyists, billionaires, and political operators, we all braced for an onslaught of rules that benefited the fattest of cats at the expense of everyone else, but Gary Cohn outdid himself. Read the rest

Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back

Wells Fargo has admitted wrongdoing in defrauding 110,000 mortgage borrowers, and to make good on it, they're sending out letters that look like junk-mail, containing a form that customers have to fill in to confirm that they want their stolen money back; if Wells doesn't get a reply, it will assume that those customers are donating their settlements back to the bank's shareholders. Read the rest

Wells Fargo's punishment for fake account scandal: no more growth until Fed is "satisfied"

The Federal Reserve has concluded its investigation into Wells Fargo's decades' long practice of pressuring employees to open fraudulent accounts in the names of its customers to inflate its quarterly figures and rack up service charges. Read the rest

Trump waives criminal punishments for convicted banks, including Deutsche Bank, to whom he owes $130,000,000-$300,000,000

The Trump Administration just published a small notice in the Federal Register announcing that it would waive the outstanding criminal sanctions against some of the world's largest banks, Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. Read the rest

Zsa Zsa Gabor's husband is pissed that his $50m house was barricaded by a bomb squad, called in to investigate a gift-wrapped box of horseshit that someone sent to Steve Mnuchin

Steve Mnuchin is the gilded age cartoon villain that Trump put in charge of the Treasury where he served as one of the architects of the catastrophic Republican tax plan, so naturally someone sent him a giftwrapped box of horse manure with a tag reading "from the American people." Read the rest

Wells Fargo CEO promises to spend not one cent of the GOP tax gift on investment or wages

Wells Fargo CEO Tim Sloan -- who inherited the most scandal-haunted bank of them all this year -- reassured his investors in a CNN Money interview that not one dime of the tax savings the GOP will deliver to his company will be reinvested or used to increase wages: instead, it will all go to buy-backs and dividends. Read the rest

JP Morgan-Chase paid its billions in fines for mortgage fraud by committing billions in mortgage fraud

A lawsuit against JP Morgan-Chase -- the nation's largest bank -- asserts that the institution paid off the $4,200,000,000 in mortgage forgiveness that it agreed to as a settlement for widescale mortgage and foreclosure fraud by committing a lot more mortgage fraud, in which homeowners, ethical lenders, and American cities were stuck with the bill. Read the rest

Corporations form coalition to ask a court to ban coalitions (of people the corporations have screwed over)

One of the major triumphs of Elizabeth Warren's Consumer Financial Protection Bureau was a rule that banned the finance industry from using binding arbitration clauses to prevent defrauded customers from joining in class action suits to sue crooked banks. Read the rest

The Spider Network, a novelistic account of the mediocre rich men who robbed the world with Libor

In 2013, we learned that the world's largest banks had spent years rigging LIBOR, an interest-rate benchmark that served as a linchpin in trillions of dollars' worth of financial instruments, a fraud that could have cost the world $500 trillion, all to fatten the banks' bottom lines and bankers' pay-packets by paltry millions. In The Spider Network, Wall Street Journal veteran reporter gives us a novelistic and remarkably easy-to-follow account of one of the most baroque frauds in finance's history, and, in so doing, reveals the rot and mediocrity at the heart of the very financial system.

Four years later, we learn why Jamie Dimon's JP Morgan Chase settled US fraud allegations for $13B

In 2013, DOJ lawyers showed JP Morgan Chase CEO Jamie Dimon a draft of a 92-page complaint against his bank. Dimon coughed up $13B to settle the case, and the complaint was sealed, leaving us all to wonder exactly what kind of red-handed fraud convinced Dimon to part with what was then the largest financial misconduct settlement in US history. Read the rest

24 hours later, ANOTHER massive Wells Fargo fraud scandal

It's been a whole day since we learned about another example of systematic, widespread fraud by America's largest bank Wells Fargo (ripping off small merchants with credit card fees), so it's definitely time to learn about another one: scamming mortgage borrowers out of $43/month for an unrequested and pointless "home warranty service" from American Home Shield, a billion-dollar scam-factory that considers you a customer if you throw away its junk-mail instead of ticking the "no" box and sending it back. Read the rest

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