Jamie Dimon is CEO of Jpmorgan Chase, the massive bank that settled a $13 billion mortgage fraud case with the DoJ in 2013 by committing more mortgage frauds to raise the cash; he has since taken the bank into some of the dirtiest business on Earth, from the loans that keep the Keystone XL pipeline viable to funding the private border prisons where Trump's Kids in Cages are being held, terrified and separated from their families. Read the rest

According to Wells Fargo, a "computer glitch" caused the improper denial of 870 loan modification requests, which led to 545 foreclosures in which Wells Fargo customers lost their homes; the bank is now offering those former homeowners -- some of whom saw the breakup of their marriages as the result of the stress of foreclosure -- insultingly small sums, like $25,000. Read the rest

Remember when the Department of Defense's own internal auditor revealed that the agency had committed $6.5 trillion in accounting fraud in just one year? Read the rest

In March 2018, Nathan Ganas was murdered in his driveway in Durban, South Africa, during a botched hijacking; now Momentum, the insurer who wrote the 2.4m Rand (USD 170,700) policy on his life, is refusing to pay out because they say he didn't disclose his elevated blood-sugar levels when he took out the policy -- instead, they will refund the premiums Ganas paid during the four years he held the policy. Read the rest

After Trump's tax-cuts and forgiveness program, Apple repatriated $260 billion it had stashed in offshore tax havens (or, more truthfully, had funneled through offshore tax-havens to buy onshore financial products that were notionally held offshore); this made Apple the leading beneficiary of the Trump tax forgiveness program. Read the rest

It's a not-very-well-kept secret that elements of the libertarian right believe that democracy is incompatible with capitalism (tldr: if majorities get to vote, they'll vote to tax rich minorities and since rich people are in the minority they'll always lose that vote); and as this persuasive and fascinating lecture and Q&A with former Greek finance minister Yanis Varoufakis (previously) shows, the feeling is mutual. Read the rest

The US credit card industry was a very late adopter of security chips, lagging the EU by a decade or so; when they did roll out chips, it was a shambolic affair, with many payment terminals still not using the chips, and almost no terminals requiring a PIN (and some require a PIN and a signature, giving rise to the curiously American security protocol of chip-and-PIN-and-swipe-and-sign). Read the rest

Wells Fargo is America's most scandal-haunted bank, which is quite an accomplishment in a heavily competitive field; now the bank has started closing its branches and cutting jobs (after pressuring employees to commit mass fraud on pain of being fired and blacklisted from the industry). Read the rest

In 2015, the Malaysian government collapsed after a scandal involving embezzlement from the state-owned 1Malaysia Development Berhad fund; the scandal shows no sign of slowing down, with fresh accusations against the country's business and political leadership surfacing regularly and one prime suspect, the financier and "tabloid party boy" Jho Low going on the run, a fugitive believed to be in China. Read the rest

For more than a decade, Shipping and Transit LLC (AKA Arrivalstar) has been aggressively pursuing dubious patent claims against public transit companies, shippers, and other businesses whose practices overlapped with Arrivalstar's absurd, obvious patents on using GPSes to figure out where stuff was. Read the rest

Before Steve Mnuchin was in charge of the nation's economy, he was a foreclosure kingpin who left Goldman Sachs to found OneWest Bank (with money from George Soros!) in 2008; after the crisis, OneWest Bank acquired busted mortgage lender IndyMac, and became a notorious foreclosure mill, using robo-signed, back-dated, fraudulent documents to steal peoples' houses. Read the rest

The combination of Chinese anti-corruption reforms and currency controls has China's storied "middle class" (a nebulously defined category whose size and wealth are the subject of multiple, conflicting accounts) scrambling for ways to get their money out of the country and to establish bolt holes to escape to, should the situation suddenly worsen. Read the rest

In 2008, the Bush and Obama administrations both argued that they had a duty to transfer more than $700,000,000,000 of American taxpayers' money to the largest banks in the country, because these banks were "too big to fail" and allowing them to collapse would do much more harm than a mere $0.7 trillion subsidy. Read the rest

For the first time, the most common US bill in circulation is the $100: these benjamins aren't being used to transact our daily business -- they're the preferred form of savings after a long spell of low inflation and nonexistent interest rates, when there are so many obvious reasons to distrust the banks. (via Naked Capitalism) Read the rest

Big Tech companies -- like all the apex predators of all the world's concentrated industries -- is swimming in cash; but unlike those other firms, Big Tech is not using the cash merely for financial engineering; it's doing actual engineering, sinking $80B this year into capital expenditures that will form a wall around the industry's incumbents, which new firms will have to scale in order to challenge them. Read the rest

Canada and Uruguay are the only two countries to have legalised the recreational use of marijuana (the Netherlands has laws on the books against it, but they're not enforced); the Canadian Securities Exchange has been transformed into "the cannabis stock exchange," a latter-day NASDAQ filled with hyperinflated stocks in legal weed companies. Read the rest

In a new Columbia Law and Economics Working Paper, Columbia Law prof Joshua Mitts uses "stylometry" (previously) to track how market manipulators who publish false information about companies in order to profit from options are able to flush their old identities when they become notorious for misinformation and reboot them under new handles. Read the rest