Trial begins for the "cum/ex" bankers accused of stealing €447m and trying for €60b

You know that late-stage capitalism is upon us when a financial scandal targeting €60 billion in fraud against public treasuries is lost in the noise of other scandals. Read the rest

Matt Taibbi finally makes sense of the Pentagon's trillions in off-books "budgetary irregularities"

The finances of the US armed forces have been in a state of near-continuous audit for decades and despite spending billions of dollars and thousands of person-years trying to make sense of what the military spends, we're no closer to an answer, and no one disputes that there are trillions of dollars' worth of unaccountable transactions (but importantly, not trillions of dollars in spending) that make it impossible to figure out whether and when and how the Pentagon is being ripped off, or wasting money, or both. Read the rest