Bank scandals news

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Gar Alperovitz: Is Public Ownership the Solution? Paul Jay, The Real News Network: “During the crisis there was a lot of discussion about the importance or need for nationalizing banks and such. But now, two years after the crisis – supposedly after the crisis – the issue of public ownership seems to be back off into the margins of the discussion. Well, we think it should be back up front and center. And now joining us is someone who’s done some work on this issue of public ownership, Gar Alperovitz.”

From Penn State to JPMorgan Chase and Barclays: Destroying Higher Education, Savaging Children and Extinguishing Democracy. Henry A. Giroux, Truthout in the USA: “Rather than representing a society’s dreams and hope for the future, young people, especially poor white and minority children, have become a commodity to be mined for profit and/or pleasure and disposable after they have served those purposes in the age of casino capitalism and big money.” Read the Article here.

Banksters Take Us to the Brink. Bill Moyers and Michael Winship, Moyers & Company: “Every day brings more reminders of the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone…. And you wonder why the banksters still roam free, like gunslingers in a Wild West town without a sheriff.” Read the Article here.

Barclays Whistleblower: Diamond Knew About Libor Fixings: here.

Beyond Barclays: Laying Out the LIBOR Investigations. Cora Currier, ProPublica: “Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate…. Barclays‘ traders attempted to steer rates up or down in order to benefit trades they had made to profit off of those rates. Separately, the filings show that during the financial crisis, Barclays tried to counter reports that it had financial troubles by changing the interest rate it reported.” Read the Article here.

New York Fed Knew of False Barclays Reports on Rates: here.

Documents released Friday by the Federal Reserve Bank of New York implicate Treasury Secretary Timothy Geithner in a cover-up of the rigging of the global interest rate, Libor, by major US and international banks: here.

Will the Obama Administration Prosecute the Big Banks for LIBOR Manipulation? Paul Jay, The Real News Network: “[I]s this a criminal conspiracy? Well, let’s take the word criminal first. There’s no dispute this is a criminal problem. How do we know that? Because the United States Department of Justice entered into an agreement with Barclays and agreed that Barclays would not be prosecuted for criminal conduct if Barclays would pay $160 million to the United States and agree to a set of facts which clearly lays out criminal conduct”: here.

Ripping Off the Public of Billions of Dollars Should Land You in Jail, Not the Forbes Wealthiest Persons List. Mark Karlin, BuzzFlash at Truthout: “This is not just proof that we have two systems of justice: one for the 99% of Americans and none for the 1%, in terms of financial law breaking. It is also a ruinous model that pervades the business climate and financial structure of our entire society. Ripping off the public to the tune of billions and trillions of dollars does not make you an irreplaceable master of the universe; it makes you someone who should be in jail”: here.

Iceland Has Hired an Ex-Cop to Hunt Down the Bankers That Wrecked Its Economy: here.

Angela Davis and Tim Wise: Capitalism, Privatization and Hope. Rose Aguilar, National Radio Project: “Renowned anti-racist author Tim Wise examines how society is being divided and conquered on the basis of race and class. But legendary activist Angela Davis says we must not give up hope. On this edition, we hear Davis and Wise discuss privatization, the economy, and other critical issues of our times.” Here.

Religious and Free-Market Fundamentalism Have More in Common Than Their Fans in the Tea Party. Mugambi Jouet, Truthout: “Because fundamentalists are ideologically driven, they tend to reject basic facts that do not comport with their ideology. Religious fundamentalists have unyielding faith in the literal veracity of the Bible and consequently dispute all conflicting science, such as the theory of evolution. By the same token, free-market fundamentalists dispute basic facts that call into question the efficiency and fairness of strict laissez-faire economics”: here.

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