Bill Black: LIBOR – History’s Largest Financial Crime that the WSJ and NYT Would Like You to Forget
Reporting on the Libor criminal trial in the UK ranges from lame to non-existent.
Read more...Category Archives: Banking industry
Wolf Richter: Microsoft Tallies the True Costs of the M&A Boom: Layoffs, Write-Offs, Shut-Downs, and Economic Decline
Microsoft illustrates the real-world fallout of letting corporate executives, either out of desperation or out of finding deal making more fun than the grind of making businesses perform better, follow the siren song of M&A mavens.
Read more...Why Growth in Finance is a Drag on the Real Economy
New evidence shows that when the financial sector grows more quickly, productivity tends to grow disproportionately slower in industries with either lower asset tangibility or in industries with higher research and development intensity. It turns out that financial booms are not, in general, growth-enhancing.
Read more...GREECE’D: We Voted ‘No’ to Slavery, but ‘Yes’ to Our Chains
Greek journalist Michael Nevradakis and US investigative journalist Greg Palast have a different take on the Greek ‘No’ vote against Europe’s cruel austerity demands.
Read more...Will the ECB Continue Its “Sherman’s March to the Sea” with the Greek Economy?
If the ECB does not give Greek banks more funds under the ELA today, the Greek economy is going to start to suffer lasting damage.
Read more...Why the Greek Government Rejects a Grexit
Why the Greek government and Greek citizens recognize that a Grexit is a terrible idea for them.
Read more...The Card System, Demystified, and Implications for Re-Introducing Drachma
A detailed explainer on how card systems work and what the impact of a drachma re-introduction would be for them.
Read more...Don Quijones: Wikileaks Exposes How TISA Will Gut Financial Regulations All Over the World
Describes the many ways that the Trade in Services Agreement would make it virtually impossible to implement and strengthen financial regulations.
Read more...My Big Fat Greek Bank Black Hole: No Deposit Insurance
It’s hard to find an official who is comporting himself very well in the wake of the Tsipras surprise announcement of a referendum on July 5 for a then-defunct bailout offer.
Read more...BBC: ECB to Stop Emergency Support of Greek Banks on Monday; Bank Holiday Likely
The ECB has decided to lower the boom on Greece.
Read more...Tsipras’ Bailout Referendum Sham
At 1:00 AM in Athens on Saturday morning, Greek prime minister Alex Tsipras announced that Greece would hold a referendum on July 5 on whether to accept the terms provided by the creditors in order for Greece to obtain €7.2 billion in “bailout” funds as the final part of a loan package provided to Greece in 2012.
The bailout in fact expires on June 30. It is too late for Greek voters to have any say on the Greek government’s posture in the negotiations. So what was this ploy meant to achieve?
Read more...Who was Alexander Hamilton? Militarism, High Finance and Checking the Democracy.
Alexander Hamilton, often held up by liberals as the most admirable Founding Father, was not the man you probably thought he was.
Read more...The Bankruptcy of America’s Elites
Why America’s elites have failed.
Read more...Caymans Exposed: Tax Havens Lucrative for Big Finance, Leave Only Crumbs for Locals
Being a tax haven isn’t all it is cracked up to be.
Read more...Greece Bailout Deal Looks Even More Remote
Greece’s creditors made a remarkably harsh proposal after the ruling coalition crossed some of its red lines. Is this a plot to break the government?
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