Mining the Panama Papers and other leaks to reveal the hidden looting of West Africa by its corrupt elite

The International Consortium of Investigative Journalists teamed up with the Norbert Zongo Cell for Investigative Journalism (Cenozo) to delve deep into 27.5 million files from the Offshore Leaks, Swiss Leaks, Panama Papers and Paradise Papers to investigate how the super-rich in 15 West African countries have looted their countries' wealth and then smuggled it offshore through a network of tax-havens, even as their countries starve. Read the rest

The Vatican dunks on the finance industry and its "amoral culture"

The Vatican has published “‘Oeconomicae et pecuniariae quaestiones’. Considerations for an ethical discernment regarding some aspects of the present economic-financial system” of the Congregation for the Doctrine of the Faith and the Dicastery for Promoting Integral Human Development, 17.05.2018, a lengthy report on the wickedness of Wall Street, in which the finance industry is condemned in the strongest and most specific terms, accused of creating an "amoral culture" dedicated to the "profit of the strongest" instead of the "authentic good." Read the rest

Bipartisan amendment forces UK government to impose transparency on its offshore tax havens

One cute side-effect of Brexit is that it got the UK out of pending EU rules limiting financial secrecy as part of a crackdown on money laundering by looting dictators, one percenters, and criminals; the Tories had put a process in train to come up with a made-in-Britain version, which was always going to be weaksauce thanks to the outsize influence of the City of London and its finance bosses on UK politics, but even that was killed by Theresa May's disastrous snap elections last year. Read the rest

Scottish Tories defeat anti-money-laundering measure aimed at shutting down the Russian oligarch-Scotland pipeline

The Scottish Limited Partnership is a notorious financial secrecy vehicle that's been used to launder at least $80 billion, mostly from oligarchs and organised crime figures from the former USSR, in only four years. Read the rest

The UK is finally cracking down on its Russian money-laundry, but hasn't hired people to do the job

Scottish Limited Partnerships are a preferred money-laundering tool of the world's criminals, looters and oligarchs, especially favored by criminals from the former USSR, who have pumped an estimated $80B through them in the past four years alone. Read the rest

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

World Bank recommends that countries eliminate minimum wage, dismantle wrongful dismissal rules and contractual protections for workers

A draft of the World Bank's annual flagship World Development Report says that its creditor-states (the poorest countries in the world) should eliminate their minimum wage rules, allow employers to fire workers without cause, and repeal laws limiting abusive employment contract terms. Read the rest

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

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