Oct 192013
INFOGRAPHIC: The LIBOR Scandal Explained

From Business Insider: The LIBOR scandal is being called the “Wall Street scandal of all scandals” and the “rotten heart of finance,” but the massive fraud can be hard to fathom for anyone who doesn’t follow the markets. The London Interbank Offered Rate (LIBOR) is a benchmark interest rate used broadly all over the world and […]

 October 19, 2013  Posted by at 7:34 pm Uncategorized Tagged with:  No Responses »
Oct 192013

How Does This Impact Me? In addition to having municipalities receive lower returns on their loans around the time of the financial crisis, it appears that US home buyers may have been scammed out of nearly a half-trillion Dollars on overpriced mortgage payments:

 October 19, 2013  Posted by at 10:15 am Uncategorized Tagged with: ,  No Responses »
Oct 192013
 Activists demand: ‘Stop the banks’ looting of Detroit’

By Kris Hamel, Workers World, October 18, 2013 Oct. 18 — The ongoing struggle against the racist, undemocratic emergency manager regime in Detroit and its filing of Chapter 9 municipal bankruptcy is intensifying. City employees, retirees, residents and activists are coming together to say “No” to the looting of their city by the big banks […]

 October 19, 2013  Posted by at 10:00 am Uncategorized Tagged with: , , , ,  No Responses »
Oct 192013
How Barclays Made Money On LIBOR Manipulation

By Simone Foxman, Business Insider, July 10, 2012 The scandal over manipulation of the LIBOR and EURIBOR rates—benchmark lending rates for global banks—is complex, as it involves derivatives that most people have never even heard of. On June 27, the U.K.’s Financial Services Authority published detailing some of Barclays’ infractions in manipulating LIBOR.

 October 19, 2013  Posted by at 9:26 am Uncategorized Tagged with: , ,  No Responses »
Oct 132013
‘EM appointee demeans women, makes racist remarks’

UPDATE: Racist CFO Bonsall resigns.  Details at ‘Can I shoot someone in a hoodie?’ Michigan Citizen, Oct. 10, 2013 DETROIT – Detroiters are outraged at comments made by City of Detroit Chief Financial Officer Jim Bonsall. According to a Detroit Free Press report, Bonsall has demeaned Black city workers and asked in jest if he could “shoot […]

 October 13, 2013  Posted by at 5:15 am Uncategorized Tagged with:  No Responses »