Moral Outrage
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Posts Tagged ‘banks

Corruption of American Democracy

February 15, 2012

As a not particularly credible trader once infamously (but correctly) claimed live on the BBC: “The governments don’t rule the world; Goldman Sachs rules the world”. And not only Goldman Sachs, but also the other top banks and financial institutions, big corporations and certain billionaires. The Democrat versus Republican narrative is utterly out of touch […]

Occupy protesters targeting foreclosed homes

December 8, 2011

Occupy protesters across the US are reclaiming foreclosed homes and boarded-up properties, signaling a tactical shift for the movement against wealth inequality. On Tuesday, groups in more than 25 cities held protests on behalf of homeowners facing evictions. “It’s pretty clear that the fight is against the banks, and the Occupy movement is about occupying […]

International banks aid Mexican drug gangs

December 8, 2011

Money launderers for ruthless Mexican drug gangs have long had a formidable ally: international banks. Last year, banking powerhouse Wachovia Corp. agreed to pay $160 million in forfeitures and fines after U.S. federal prosecutors accused it of “willfully” overlooking the suspicious character of more than $420 billion in transactions between the bank and Mexican currency-exchange […]

5 Misconceptions about the US Economy

November 23, 2011

MYTH #1: The congressional Super Committee failed because both sides refuse to compromise. REALITY: The Super Committee failed because Republicans’ number one, non-negotiable priority is to protect millionaires and billionaires from paying even one more penny in taxes.1 Democrats repeatedly offered to make deep spending cuts—far deeper than most progressives would like—in exchange for raising […]

Lessons From Iceland for the Occupy Movement

November 17, 2011

Excerpt of a Guardian article by Birgitta Jónsdóttir, a Member of Parliament of Iceland: If the 99% want to reclaim our power, our societies, we have to start somewhere. An important first step is to sever the ties between the corporations and the state by making the process of lawmaking more transparent and accessible for […]

Same Big Banks which got bailout skipped out on taxes

November 7, 2011

Five banks that received federal bailout funds during the financial crisis didn’t pay income taxes for one or more years between 2008 and 2010, according to an iWatch News analysis of a new study of tax dodgers. All five financial institutions named were profitable, but still received funds in the form of stock purchases from […]

Add your voice through Move Your Money Pledge

November 1, 2011

The big Wall Street banks crashed our economy, refused to clean up the mess, and still haven’t been held accountable. Now the Occupy movement has inspired people everywhere to take action in protest and a lot of us have realized there’s something we can do to fight back: close our accounts and move our money […]

A small victory against big banks

October 31, 2011

“Score one for a customer rebellion!” — that’s how Diane Sawyer announced on ABC Nightly News Friday night that big banks are backing off debit card fees after 300,000 people signed Molly Katchpole’s petition against Bank of America’s $5 debit card fee. Not only is Bank of America revising its $5 debit card fee, […]

Bankers warn market crash could hit within weeks

August 26, 2011

Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group’s implosion nearly three years ago. Credit default swaps on the bonds of Royal Bank of Scotland, BNP Paribas, Deutsche Bank and Intesa Sanpaolo, among others, flashed warning […]

What is in store for the US economy?

August 12, 2011

Between 2001 and 2005 an estimated $2.4 trillion in wealth was created from the refinancing of mortgages and home equity loans. This money was only available because of artificially escalating housing prices. And when this easy money spigot was shut off, a private debt crisis was created. Meanwhile, the Fed does everything it can to […]