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grand theft

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grand theft

Tim Geithner's Legacy of Shame

by Stephen Lendman

From January 26, 2009 - January 25, 2013, he was Obama's Treasury Secretary. He and Fed chairman Bernanke engineered crisis conditions.

Bankers profited hugely. They still do. Ordinary people were scammed. Geithner's gone. His legacy speaks for itself. His background showed what to expect. He spent three years at Kissinger Associates.

From 1988 - 2002, he held various Treasury posts. He left to become Council on Foreign Relations international economics department senior fellow.

From 2001 - 2003, he was IMF Policy Development and Review director. He left to become New York Fed president.

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grand theft

Trillions Stashed in Tax Havens

by Stephen Lendman

A new Tax Justice Network (TJN) USA report reveals an estimated $21 - $32 trillion of hidden and stolen wealth stashed largely tax-free secretly.

Titled "The Price of Offshore Revisited," it explains what financial insiders know but won't discuss. Many of them have their own hidden wealth.

TJN describes a "subterranean" systemic "economic equivalent of an astrophysical black hole." The higher estimate above exceeds US GDP twofold.

It's mind-boggling. It's hard imagining a tiny percent of privileged elites control this much wealth secretly. It's worse knowing it's largely tax free. It's appalling that governments let them get away with it.

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grand theft

JPMorgan Chase on Capitol Hill

by Stephen Lendman

On June 13, JPMorgan Chase CEO Jamie Dimon testified before the Senate Banking Committee. He discussed his firm's recent trading loss and industry practices.

It was more of a homecoming than grilling. Washington is Wall Street occupied territory. Foxes guard the hen house. Regulators don't regulate. Oversight is absent.

Investigations rarely happen. Those conducted are whitewashed. Criminal fraud is institutionalized. It's encouraged, not curbed.

Congress, the administration, SEC, and credit rating agencies are incestuously involved with giant banks and other major financial institutions. Whatever they want, they get.   

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grand theft

America's Student Loan Racket

by Stephen Lendman

This writer's recent book titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War" includes a chapter on America's student loan racket. It discusses the issue in detail.

It explains a disturbing government/corporate partnership. Students are exploited for profit. Providers are enriched. For many, rising tuition and fees make higher education unaffordable. Others need large loans to attend. As a result, they become debt entrapped.

Some face burdens up to $100,000 or higher. If unpaid after 30 years, it's a $500,000 obligation. If default or declare bankruptcy, it's unforgiven. Bondage is permanent.

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grand theft

Obama Authorizes Greater Wall Street Theft

by Stephen Lendman

On April 5, as expected, Obama signed the Jumpstart Our Business Startups Act (the JOBS Act).

Again, America's 99% was betrayed. Overwhelming bipartisan House and Senate support backed the measure. The bill does nothing to create jobs. It facilitates greater fraud. America's race to the bottom continues.

Wall Street's again celebrating, and why not. Only bankers could love this type bill. They had to. They wrote it. It opens greater avenues for grand theft.

The SEC long ago abandoned its regulatory mandate. Under financial industry insider Mary Schapiro, it's in safe hands. Her job just got easier. The bill eliminates SEC reporting requirements for enterprises with annual revenues up to $1 billion.

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grand theft

Legislating Greater Wall Street Theft

by Stephen Lendman

Political Washington is Wall Street's best friend. Whatever crooked bankers want they get. Their business model features grand theft. Wealth’s amassed through fraudulent double-dealing.

Lawmakers facilitate their racketeering. They're rewarded in kind. Only fleeced households, investors, communities and nations lose out.

Their dirty game continues unobstructed. New legislation enhances what's on the books. Another bill will become law when Obama signs it. Wall Street's again celebrating, and why not. Business is better than ever, courtesy of complicit lawmakers.

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grand theft

Goldman Sachs: Making Money by Stealing It

by Stephen Lendman

Money power in private hands and democracy can't co-exist. Wall Street crooks transformed America into an unprecedented money making racket.

Goldman symbolizes master of the universe manipulative fraud. It's been involved in nearly all financial scandals since the 19th century.

It makes money the old-fashioned way. It steals it through fraud, grand theft, market manipulation, front-running them, scamming investors, bribing political Washington, having its executives in top administration posts, and getting open-ended low or no interest rate bailouts when needed.

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grand theft

MF Global Looted Customer Accounts - by Stephen Lendman

Wall Street's business model is grand theft. Jon Corzine was MF Global's CEO. Earlier he headed Goldman Sachs, America's premiere racketeering organization.

He also was one of legions of corrupt politicians as US senator and New Jersey governor. His extreme, longstanding criminality warrants putting him in prison for life. No restitution can reverse his harm. It's true also for many others like him.

Before its collapse, MF Global (MFG) faced a run on its holdings. On October 31, it filed for Chapter 11 bankruptcy protection.

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the looting of America

Obama's Latest No Banker Left Behind Scheme - by Stephen Lendman

On Wall Street, that is. So hyped by advance fanfare, Timothy Geithner unveiled his Public-Private Investment Program (PPIP) on March 23, the latest in a growing alphabet soup of handouts topping $12.5 trillion and counting - so much in so many forms, in "gov-speak" language, with so many changing and moving parts, it's hard for experts to keep up let alone the public, except to sense something is very wrong. They're being fleeced by a finance Ponzi scheme, sheer flimflam, and here's how from what we know:

-- $400 billion in taking over Fannie and Freddie;

-- $42 billion for the auto giants; billions more coming for their suppliers;

-- approaching $200 billion for AIG with more coming on request;

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