• Archives

  • Blog Stats

    • 664,865 hits
  • Categories

  • Testimonials

If China Can Fund infrastructure with Its Own Credit, So Can We

Considering what a horrible job the Fed (a private for-profit institution) has done with the money I believe that a public bank could work provided that it is run properly with the right people.

WEB OF DEBT BLOG

May 15th-19th has been designated “National Infrastructure Week” by the US Chambers of Commerce, the American Society of Civil Engineers (ASCE), and over 150 affiliates. Their message: “It’s time to rebuild.” Ever since ASCE began issuing its “National Infrastructure Report Card” in 1998, the nation has gotten a dismal grade of D or D+. In the meantime, the estimated cost of fixing its infrastructure has gone up from $1.3 trillion to $4.6 trillion.

While American politicians debate endlessly over how to finance the needed fixes and which ones to implement, the Chinese have managed to fund massive infrastructure projects all across their country, including 12,000 miles of high-speed rail built just in the last decade. How have they done it, and why can’t we?

View original post 1,830 more words

Amid Divestment Protests, More Cities Explore Public Banks

Justice League

Next City website:

Despite the momentousness of the occasion — CNBC characterized it as serving Wells Fargo its “walking papers” — it was a surprisingly quiet vote, with little fanfare or any more than the usual audience, according to Bass. “We did not get our advocacy community rallied up for this particular vote,” she says. They’re saving that moment for when the city pulls all of its deposits out of Wells Fargo.

“This work will continue,” adds Bass.

Part of that work includes exploring the possibility of setting up a public bank for the city of Philadelphia, which could take over payroll functions and city deposits permanently, among other functions. At-large Council Member Derek Green initiated that exploration by passing a resolution in January 2016 authorizing the council’s Committee on Commerce and Economic Development to hold hearings regarding public banking. The first hearing took place in February 2016.

View original post 330 more words

The ChickenShit Club aka The United States Department of Justice

Livinglies's Weblog

From Pulitzer Prize–winning journalist Jesse Eisinger, a blistering account of corporate greed and impunity, and the reckless, often anemic response from the Department of Justice.  The release date for this book is scheduled July 11, 2017.
Why were no bankers put in prison after the financial crisis of 2008? Why do CEOs seem to commit wrongdoing with impunity? The problem goes beyond banks deemed “Too Big to Fail” to almost every large corporation in America—to pharmaceutical companies and auto manufacturers and beyond.

The Chickenshit Club—an inside reference to prosecutors too scared of failure and too daunted by legal impediments to do their jobs—explains why. A character-driven narrative, the book tells the story from inside the Department of Justice. The complex and richly reported story spans the last decade and a half of prosecutorial fiascos, corporate lobbying, trial losses, and culture shifts that have stripped the government of the will…

View original post 181 more words

David Dayen Repost: Inside the Abortive FBI Investigation of Illegal Foreclosure in Florida

Livinglies's Weblog

Low-wage workers posed as bank presidents and signed bogus documents that kicked people out of their homes. Illustration by Dola Sun
Flashback  to May 2016.
Inside the Abortive FBI Investigation of Illegal Foreclosure in Florida
David Dayen

The massive probe threatened to implicate the biggest banks in America, but sent just one woman to prison.

Six years ago, FBI agents in Jacksonville, Florida, wrote a memo to their bosses in Washington, DC, that could have unraveled the largest consumer fraud in American history. It went to the heart of the shady mortgage industry that precipitated the financial crisis, and the case promised to involve nearly every major bank in the country, honing in on the despicable practice of using bogus documents to illegally kick people out of their homes.

But despite impaneling a grand jury, calling in dozens of agents and forensic examiners, doing 75 interviews…

View original post 3,721 more words

Philadelphia sues Wells Fargo over discriminatory lending

Livinglies's Weblog

Cites recent Supreme Court decision that gave cities right to sue lenders

Scales of justice with gavel

Earlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove.

Now, one city is going to put that standard to the test.

The city of Philadelphia announced Monday that it is suing Wells Fargo for alleged discriminatory lending practices against minority borrowers.

Philadelphia’s announcement specifically cites the recent Supreme Court decision, which stemmed from a lawsuit brought by city of Miami against Bank of AmericaCitigroup, and Wells Fargo in 2013.

In its lawsuit, Miami claimed that the banks engaged in predatory lending to minority borrowers in the city, and accused the lenders of “reverse redlining,” which led to a large number of…

View original post 817 more words

Pennsylvania woman’s lawsuit against her former attorneys’ can proceed

A woman claiming she had to sell her home because of her lawyers’ botched foreclosure work can move forward with her legal malpractice and fraud suit, a federal judge has ruled. Christine Bernstein sued Keaveney Legal Group along with lawyers James P. Keaveney and Joshua Thomas for violations of the Pennsylvania Unfair Trade Practices and […]

via Legal Mal Suit Against Foreclosure Lawyers Proceeds — Livinglies’s Weblog

That is good news that this woman will have her day in Court against the attorney’s that took $8,000.00 from her yet failed to do what they were paid to do.

 

Jon Corzine no longer “Corzined”- Ready to take advantage of “Trump Crash”

Livinglies's Weblog

http://www.zerohedge.com/news/2017-05-18/corzine-tries-launch-hedge-fund-3rd-time-trade-trump-crash

The full NYT interview with Corzine can be found here.

Shortly after Jon Corzine not only destroyed MF Global but “vaporized” $1.6 billion in supposedly segregated client funds which were illegally commingled with operating cash, Jon Corzine had a brief encounter with the legal system including several kangaroo court sessions in Congress, which ultimately led to absolutely nothing for two simple reasons.

Reason #1:

And Reason #2:

In fact, Jon Corzine’s quiet disappearance into the shadows was apparently only punctuated by one new notable entry in the Urban Dictionary for the term “Corzined

… but not before rumors emerged that Corzine, whose dream has always been to run his own capital, would start a hedge fund.

In August 2012 we wrote that “after 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the…

View original post 1,377 more words

%d bloggers like this: