Palantir has figured out how to make money by using algorithms to ascribe guilt to people, now they're looking for new customers

In 2009, JP Morgan Chase's "special ops" guy was an ex-Secret Service agent called Peter Cavicchia III, and he retained Palantir to spy on everyone in the company to find "insider threats"; even getting the bank to invest in Palantir. Read the rest

Wells Fargo loses teachers' union business after it pledges its eternal loyalty to gun manufacturers

Last week, Wells Fargo defiantly announced that it would not follow its competitors' examples and cease lending to gun manufacturers; this week, the American Federation of Teachers dropped Wells Fargo as the preferred mortgage lender for its 1.7 million members. 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

American banks' secret subprime exposure stretches into the billions

On paper, America's bailed-out banks learned their lessons from the crash of 2008 and got rid of their exposure to subprime debt, especially "deep subprime" loans to people who are so broke that it's basically impossible that they'll ever pay their loans back. Read the rest

Credit bubble a-burstin': wave of bankruptcies sweeps subprime car-lenders

The subprime car-lending industry -- charging exorbitant rates for car-loans to people least suited to afford them, enforced through orwellian technologies, obscuring the risk by spinning the debt into high-risk/high-yield bonds -- is collapsing. 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

The Wall Street Journal on the decade since the crash: inequality, giant banks, regulatory failures, looming catastrophe

It's been ten years since the financial crisis, when barely regulated banks destroyed the world's economy, kicked off wars, and directly and indirectly killed millions. 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

Now that public companies must publish the CEO-median worker wage ratio, cities and states can tax the most unequal firms

The Dodd-Frank act mandated that publicly listed companies would have to publish an annual figure listing the ratio between their CEO's pay and their median worker's pay: now, after nearly a decade of stalling tactics from corporate lobbyists, those figures are emerging, and they're equipping cities with the tools they need to crack down on the most unequal companies in the world. Read the rest

Wells Fargo accused of ripping off rich people, too

When you look at the list of people that Wells Fargo stole from -- ordinary depositors, struggling mortgage borrowers, 800,000 car loan borrowers, mom and pop businesses, medium businesses and home owners -- a commonality emerges: they're all poor people, or middle-class people, or slightly rich people. Read the rest

SEC charges former Equifax CIO with insider trading

Jun Ying was serving as CIO of Equifax when he avoided more than $117,000 in losses by exercising and liquidating all of his stock options before the public was notified of the company's catastrophic breach -- but after he had figured out what was going on. Read the rest

Wells Fargo gives its CEO a $4.6m raise on flat earnings and more scandals

Wells Fargo CEO Tim Sloan has only been on the job since October, but he's earned a 35%, $4.6m raise, despite flat earnings and a series of scandals since Sloan took over from the cartoonishly villainous John Stumpf. 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

Debullshitifying Uber's financial statement reveals a hemorrhaging fountain of red ink with no path to profitability

Uber trumpeted its Q4/2017 financial statements as evidence of the company's progress towards CEO Dara Khosrowshahi's goal of profitability and IPO by 2019; the company argued that despite losing $4.5 billion in 2017, its cust-cutting in the final quarter of the year was proof that they would eventually go from losing money on each ride to actually earning money. 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

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