Financial Media Articles

Excerpts of Key Financial Media Articles in Major Media

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Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.

The secretive Bilderberg Group ... is bringing together the world's financial and political elite this week. Conspiracy theories abound. It's only recently that the media has picked up on the Bilderbergers. Meetings are closed to the public and the media, and no press releases are issued. In the manner of a James Bond plot, up to 150 leading politicians and business people are to gather in a ski resort in Switzerland for four days of discussion about the future of the world. Meetings often feature future political leaders shortly before they become household names. Under the group's leadership of former US Secretary of State Henry Kissinger and one-time EU vice president, Viscount Davignon, the aim is purportedly to allow Western elites to share ideas. But conspiracy theorists have accused it of everything from deliberately engineering the credit crunch to planning to kill 80% of the world population. Denis Healey, co-founder of the group, told the journalist Jon Ronson in his book Them that ... "The confidentiality enabled people to speak honestly without fear of repercussions." Secret cabals extend beyond the Bilderberg Group. The Illuminati ... is alleged to be an all powerful secret society. The Freemasons [is another] secret fraternity society. The conspiracy theorists may get overexcited, but they have a point, says Prof Andrew Kakabadse. The group has genuine power that far outranks the World Economic Forum, which meets in Davos, he argues. And with no transparency, it is easy to see why people are worried about its influence. The theme at Bilderberg is to bolster a consensus around free market Western capitalism and its interests around the globe, he says. "There's a very strong move to have a One World government in the mould of free market Western capitalism."

Note: Why is there so little reporting on this influential group in the major media? Thankfully, the alternative media has had some good articles. And a Google search can be highly informative. For many other revealing news articles from major media sources on powerful secret societies, click here. And for reliable information covering the big picture of how and why these secret societies are using government-sponsored mind control programs to achieve their agenda, click here.

Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle. So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff's deputies who had a judge's permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88. "The branch manager was visibly shaken," attorney Todd Allen said Monday, recalling the visit to the bank last week. "At that point I was willing to take the desk and the chair he was sitting in." After the moving company and sheriff's deputies get their share, the Nyerges should receive the rest of the money this week, ending a bizarre saga that started when they paid Bank of America $165,000 cash for a 2,700-square-foot (250 meter) foreclosed home in Naples in 2009. About four months later, a process server knocked on their door and handed Warren Nyerges a notice of foreclosure. That started 18 months of frustrating phone calls, paperwork and court hearings. Whenever Nyerges called the bank, representatives told him to "come up to date" with his payments. When he called 25 different law firms, no attorney would take the case. When he went to court, the lawyers for the bank filed incorrect motions and were woefully unprepared for the hearings.

Note: For a great two-minute video on this most unusual happening, click here.

The more aggressively a bank lobbied before the financial crisis, the worse its loans performed during the economic downturn -- and the more bailout dollars it received, according to a study published by the National Bureau of Economic Research this week. The report, titled "A Fistful of Dollars: Lobbying and the Financial Crisis," said that banks' lobbying efforts may be motivated by short-term profit gains, which can have devastating effects on the economy. "Overall, our findings suggest that the political influence of the financial industry played a role in the accumulation of risks, and hence, contributed to the financial crisis," said the report, written by three economists from the International Monetary Fund. Data collected by the three authors -- Deniz Igan, Prachi Mishra and Thierry Tressel -- show that the most aggressive lobbiers in the financial industry from 2000 to 2007 also made the most toxic mortgage loans. They securitized a greater portion of debt to pass the home loans onto investors and their stock prices correlated more closely to the downturn and ensuing bailout. The banks' loans also suffered from higher delinquencies during the downturn.

Note: If the above link fails, click here. For lots more from reliable sources on corruption in the government bailouts of the biggest banks, click here.

In November 2009, Attorney General Eric Holder vowed before television cameras to prosecute those responsible for the market collapse a year earlier, saying the U.S. would be “relentless” in pursuing corporate criminals. In the 18 months since, no senior Wall Street executive has been criminally charged. Prosecutions of three categories of crime that could be linked to the causes of the crisis -- corporate, securities and bank fraud -- declined last fiscal year by 39 percent from 2003, the period after the accounting scandals at Enron Corp. and WorldCom Inc., Justice Department records show. “You need a massive prosecutorial effort,” said Solomon Wisenberg, a white-collar defense attorney at Barnes & Thornburg LLP in Washington and a former federal prosecutor. “I don't see evidence that it's happening." The seizing up of credit markets led to the collapse of Bear Stearns and Lehman Brothers Holdings Inc. and sparked the worst economic slump in the U.S. since the Great Depression. Much of the blame belongs to banks that profited from selling products that imploded with the housing market.

Note: For undeniable evidence of fraud at the highest levels of Wall Street, click here.

The New York Attorney General's office has been requesting information from Bank of America, Goldman Sachs and Morgan Stanley on how they created and structured mortgage bonds at the height of the credit boom. That investigation has reignited questions about why, nearly three years after the financial crisis, no Wall Streeter has yet to face criminal charges directly related to the mortgage bonds and other toxic deals that lead to the financial crisis. No one really knows the answer, but there are a number of theories out there. Here are the best ones: Theory No. 1: Prosecutors have been told to back off. In mid-April, the New York Times did a large investigative piece that found a number of instances where prosecutors were told not to pursue Wall Street. Theory No. 2: Wall Street is innocent. It may seem like the most bizarre answer, but it is getting some traction. No one is really saying that Wall Street didn't do anything wrong. It's clear that setting up risky mortgage bonds to sell to investors and then betting against them yourself is wrong. But is it illegal? It's not quite clear. Theory No. 3: The cases are still in the works. There seems to be some evidence that prosecutors are starting to be more aggressive in pursuing cases. It's not clear what part of the mortgage process, or what potential wrong doing, the NY AG Eric Schneiderman is investigating. The truth is that Wall Streeters rarely go to jail. Yes, other bubbles and financial crises have resulted in numerous convictions, but generally not of Wall Streeters.

Note: Remember that Elliot Spitzer probably got taken down for going after Wall Street. Now his successor, Eric Schneiderman, is doing the same thing. For an excellent article on this brave man, click here.

A French writer who claims Dominique Strauss-Kahn sexually assaulted her nine years ago is to file an official complaint, her lawyer has announced. Tristane Banon previously described the attack, which happened when she was in her early 20s, in a television programme in 2007. The 62-year-old head of the International Monetary Fund – who was widely tipped to be France's next president – was refused bail by the judge, Melissa Jackson, who ruled he might attempt to flee the US. Across France, after the shock of Strauss-Kahn's arrest, came speculation ... and conspiracy theories. For some ... the story was so extraordinary it smacked of a set-up. Only three weeks ago, Strauss-Kahn evoked such a possibility in an interview with French newspaper Libération when he said he thought he was under surveillance and named the three principal difficulties he foresaw if he was to stand for the presidential elections. "Money, women and the fact I am Jewish." He said he could see himself becoming the victim of a honey trap: "a woman raped in a car park and who's been promised 500,000 or a million euros to invent such a story ...".

Note: For further reasons to suspect that the charges against Strauss-Kahn are politically-motivated, whether true or not, click here.

The past three years have been a disaster for most Western economies. The United States has mass long-term unemployment for the first time since the 1930s. Meanwhile, Europe’s single currency is coming apart at the seams. How did it all go so wrong? The fact is that what we’re experiencing right now is a top-down disaster. The policies that got us into this mess ... were, with few exceptions, policies championed by small groups of influential people — in many cases, the same people now lecturing the rest of us on the need to get serious. And by trying to shift the blame to the general populace, elites are ducking some much-needed reflection on their own catastrophic mistakes. What happened to the budget surplus the federal government had in 2000? First, there were the Bush tax cuts, which added roughly $2 trillion to the national debt over the last decade. Second, there were the wars in Iraq and Afghanistan, which added an additional $1.1 trillion or so. And third was the Great Recession, which led both to a collapse in revenue and to a sharp rise in spending on unemployment insurance and other safety-net programs. So who was responsible for these budget busters? It wasn’t the man in the street. We need to place the blame where it belongs, to chasten our policy elites. Otherwise, they’ll do even more damage in the years ahead.

Note: For highly revealing major articles exposing secret gatherings of the global elite and their activities, click here.

Goldman Sachs is bracing itself for what may be the most contentious annual meeting in the embattled investment bank's 142-year history. Angry shareholders, including a coalition of religious groups, are planning to call on Goldman's executives to justify the combined $69.6m (Ł42.4m) payday its top five executives received in 2010 and to answer questions about allegations that the bank misled clients and lied to Congress. The meeting comes amid mounting pressure on the bank. Earlier this week Eric Holder, the US attorney-general, confirmed that the justice department was investigating Goldman's role in the financial crisis following a withering report on the bank's role led by senators Carl Levin and Tom Coburn. The 650-page report "Wall Street and the Financial Crisis: Anatomy of a Financial Collapse," gave Goldman its own section titled "Failing to Manage Conflicts of Interest: A Case Study of Goldman Sachs." In July the bank paid $500m to settle charges brought by financial regulator the Securities and Exchange Commission (SEC) that it misled customers over complex sub-prime mortgage products it sold in 2007. The spotlight on executive pay could not come at a more sensitive moment for the bank. The bank's top five executives received cash and stock last year that was 13 times greater than the year before. Goldman's 2010 net revenues fell 13% and profits fell 37%. Goldman paid Blankfein close to $19m in compensation for 2010, almost double his award for the previous year.

Note: For lots more on the financial chicanery of Goldman Sachs and other major financial corporations that led to the global economic crisis and massive taxpayer bailouts of the firms, click here.

A Senate panel has concluded that Goldman Sachs Group Inc. profited from the financial crisis by betting billions against the subprime mortgage market, then deceived investors and Congress about the firm's conduct. Some of the findings in the report by the Senate's Permanent Subcommittee on Investigations will be referred to the Justice Department and the Securities and Exchange Commission for possible criminal or civil action, said Sen. Carl Levin (D-Mich.), the panel's chairman. The giant investment bank was just one focus of the subcommittee's probe into Wall Street's role in the financial crisis. The 639-page report — based on internal memos, emails and interviews with employees of financial firms and regulators — casts broad blame, saying the crisis was caused by "conflicts of interest, heedless risk-taking and failures of federal oversight." Among the culprits cited by the panel are Washington Mutual, a major mortgage lender that failed in 2008, as well as the Office of Thrift Supervision, a federal bank regulator, and credit rating firms. Asked if he was disappointed that no Wall Street figures had gone to jail in connection with the crisis, Levin responded, "There's still time."

Note: For many key reports from major media sources illuminating how major financial corporations knowingly brought about the global financial crisis and profited from it, click here.

Analysts who reviewed complex mortgage bonds that ultimately collapsed and ruined the U.S. housing market were threatened with firing if they lost lucrative business, prompting faulty ratings on trillions of dollars worth of junk mortgage bonds, a Senate report said [on April 13]. The 639-page report by the Senate Permanent Subcommittee on Investigations confirms much of what McClatchy Newspapers first reported about mismanagement by credit ratings agencies in 2009. Credit rating agencies are supposed to provide independent assessments on the quality of debt being issued by companies or governments. Traditionally, investments rated AAA had a probability of failure of less than 1 percent. But in collusion with Wall Street investment banks, the Senate report concludes, the top two ratings agencies - Moody's Investors Service and Standard & Poor's - effectively cashed in on the housing boom by ignoring mounting evidence of problems in the housing market. Profits at both companies soared, with revenues at market leader Moody's more than tripling in five years. Then the bottom fell out of the housing market, and Moody's stock lost 70 percent of its value; it has yet to fully recover. More than 90 percent of AAA ratings given in 2006 and 2007 to pools of mortgage-backed securities were downgraded to junk status.

Note: For many key reports from major media sources illuminating how major financial corporations knowingly brought about the global financial crisis and profited from it, click here.

Christy Mack, the wife of Morgan Stanley Chairman John Mack, and Susan Karches, the widow of the company's former investment-banking division president, Peter Karches, are among the chief investors in a company that received $220 million in low-interest loans. The funds came from a federal bailout program that "virtually guaranteed them millions in risk-free income," according to the article ... "The Real Housewives of Wall Street," which appears in [Rolling Stone]. In 2009, Christy Mack and Susan Karches launched Waterfall TALF Opportunity, a company with a Cayman Islands address, although the two women did not seem "to have any experience whatsoever in finance." TALF stands for "Term Asset-Backed Securities Loan Facility." The federal aid they received "falls under a broader category of bailout initiatives designed" by Federal Reserve chief Ben Bernanke and Treasury Secretary Timothy Geithner. With an initial upfront investment of $15 million, Waterfall TALF received $220 million in cash from the Fed, most of which it used to purchase "student loans and commercial mortgages." The loans were set up so that the investors "would keep 100% of any gains on the deal while the Fed and the Treasury (read: the taxpayer) would eat 90% of the losses."

Note: We don't usually quote the New York Daily News, but as they were the only major media to report this important story, we've included it here. Why are the major media silent on this powerful information uncovered by U.S. Senator Bernie Sanders? For the full story on this, click here. For lots more from reliable sources on corruption in the government bailouts of the biggest banks, click here.

Do you know who really owns your mortgage? That question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country. And they're still causing problems. As it turns out, Wall Street cut corners when it bundled homeowners' mortgages into securities that were traded from investor to investor. Now that banks are foreclosing on people, they're finding that the legal documents behind many mortgages are missing. So, what do the banks do? Some companies appear to be resorting to forgery and phony paperwork in what looks like a nationwide epidemic. Even if you're not at risk of foreclosure, there could be legal ramifications for a homeowner if the chain of title has been lost.

Note: Don't miss at the link above the most excellent, six-minute CBS video explaining more on this blatant deception and manipulation by many banks. You have to put up with a one-minute commercial shortly after the video starts. For lots more from reliable sources on the criminal practices of mortgage lenders, click here.

During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others [beginning in 2006], it emerged [that drug cartels had laundered huge sums of money] through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo. In March 2010, Wachovia settled the biggest action brought under the US bank secrecy act, through the US district court in Miami. Now that the year's "deferred prosecution" has expired, the bank is in effect in the clear. The bank was sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4bn – a sum equivalent to one-third of Mexico's gross national product – into dollar accounts from ... currency exchange houses with which the bank did business. [The case demonstrates] the role of the "legal" banking sector in swilling hundreds of billions of dollars – the blood money from the murderous drug trade in Mexico and other places in the world – around their global operations, now bailed out by the taxpayer. At the height of the 2008 banking crisis, Antonio Maria Costa, then head of the United Nations office on drugs and crime, said he had evidence to suggest the proceeds from drugs and crime were "the only liquid investment capital" available to banks on the brink of collapse. "Inter-bank loans were funded by money that originated from the drugs trade," he said. "There were signs that some banks were rescued that way."

Note: For lots more from reliable sources on the illegal activities routinely engaged in by the largest banks and financial corporations, click here.

It's bizarre but, it turns out, Wall Street cut corners when it created those mortgage-backed investments that triggered the financial collapse. Now that banks want to evict people, they're unwinding these exotic investments to find, that often, the legal documents behind the mortgages aren't there. Caught in a jam of their own making, some companies appear to be resorting to forgery and phony paperwork to throw people - down on their luck - out of their homes. This past January in Los Angeles, 37,000 homeowners facing foreclosure showed up to an event to beg their bank for lower payments on their mortgage. In February in Miami, 12,000 people showed up to a similar event. For many that's when the real surprise comes in: these same banks have fouled up all of their own paperwork to a historic degree. There were a million foreclosures last year. And there will be another million this year - those lawsuits are forcing open those bundled, mortgage-backed securities that Wall Street cooked up in the mid 2000s, and exposing a lack of ownership documents all across the country. Banks are defensive because all 50 state attorneys general want to punish them: the states are seeking about $20 billion in damages for what they say is the irresponsible, perhaps criminal way, that some mortgage companies handled what is, for most folks, the most important investment of their lives.

Note: To watch the amazing 14-minute video of this article, click here. Learn how banks paid a company which hired people off the streets to pretend they were bank vice presidents and sign thousands of documents fraudulently. For lots more from reliable sources on the criminal practices of mortgage lenders, click here.

Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request. Dublin-based Depfa Bank Plc, taken over in 2007 by a German real-estate lender later seized by the German government, drew $24.5 billion. The biggest borrowers from the ... discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets. Separate data disclosed in December on temporary emergency-lending programs set up by the Fed also showed big foreign banks as borrowers. Six European banks were among the top 11 companies that sold the most debt overall -- a combined $274.1 billion -- to the Commercial Paper Funding Facility. Those programs also loaned hundreds of billions of dollars to the biggest U.S. banks, including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Morgan Stanley.

Note: For a treasure trove of reports from reliable sources on the bailout of banks worldwide by the US taxpayer, click here.

General Electric, the nation’s largest corporation, had a very good year in 2010. The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States. Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion. That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies. Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm. Indeed, the company’s slogan “Imagination at Work” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress. While General Electric is one of the most skilled at reducing its tax burden, many other companies have become better at this as well.

Note: For key reports from major media sources on corporate and government corruption, click here and here.

The Federal Reserve will disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view. The justices ... left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News' parent company, Bloomberg. The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. "I can't recall that the Fed was ever sued and forced to release information" in its 98-year history, said Allan H. Meltzer, the author of three books on the U.S central bank and a professor at Carnegie Mellon University in Pittsburgh. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed's unprecedented $3.5 trillion effort to stem the 2008 financial panic. Under the trial judge's order, the Fed must reveal 231 pages of documents related to borrowers in April and May 2008, along with loan amounts. News Corp.'s Fox News is pressing a bid for 6,186 pages of similar information on loans made from August 2007 to November 2008.

Note: For a treasure trove of reports from major media sources on the hidden activities of the Fed and the biggest Wall Street and international banks, click here.

Anonymous, an online hacker group, released a string of e-mails last week that purportedly show mortgage document fraud at Bank of America. Many people yawned. After all, there have been well-documented cases of mortgage fraud and illegal foreclosures, and little has been done to punish Bank of America or any of the banks for their behavior. But just because the federal government has been slow to act on the mortgage crisis doesn't mean that these e-mails are any less valuable. The e-mails are a chain showing requests for Balboa Insurance employees to remove document tracking numbers from the system of record. Balboa Insurance became a division of Bank of America after the bank bought the bankrupt home loan company Countrywide Financial. The idea suggested in the e-mails was to misplace individual documents away from matching loans. This would make it harder for federal auditors to investigate individual loans. It would also make it far more difficult for individual homeowners to dispute or question bank action on their loans - and therefore obtain mortgage modifications or a stay on bank foreclosure. The Anonymous e-mails are serious indeed. They're a snapshot into why the mortgage mess spiraled out of control. While they don't tell the whole story, they point to the need for further investigation and possible action on behalf of the federal government. When people are losing their homes, the banks shouldn't be allowed to get away with deception.

Note: For a treasure trove of reports by major media sources on the collusion between government and banks against the public interest, click here.

"The facts in the report speak for themselves, but the principles it describes could apply to funds throughout the United States and overseas." That's attorney Philip Khinda, talking about the 75-page report he delivered last week to the California Public Employees' Retirement System on dealings involving former senior executives and board members with so-called placement agents, and how the latter got tens of millions of dollars in questionable fees for their services. The report is the culmination of a 17-month investigation headed by Khinda, a partner at the Washington law firm Steptoe & Johnson, which was hired by CalPERS for the job. Citing the $800 million a year CalPERS was paying out in fees, the report concludes that "the excessive nature created an environment in which external managers were willing and able to pay fees at a level that bore little or no relationship to the services apparently provided by the placement agents ... Many of the abuses relating to placement agent arrangements were, in a sense, a symptom of a larger problem." That larger problem applies, in part, to funds throughout the United States and overseas, ranging from other public pension funds to sovereign wealth funds investing in the United States. With the amount of money at stake, the fat fees involved, and the various middlemen looking for a piece, events similar to what transpired at CalPERS could just as easily appear elsewhere.

Note: For a treasure trove of reports by major media sources on the collusion between government and financial corporations against the public interest, click here.

This week, the Michigan legislature passed – and the governor signed into law – a bill that would permit Governor Rick Snyder to push aside elected city officials and replace them with emergency financial managers in any municipality or school district facing financial difficulties. The law would include virtually every town and city in the state as those cities that aren’t bankrupt already soon will be once the governor’s proposed budget – which cuts billions in aid to municipalities and school districts – is approved by the legislature. One of the most shocking, Draconian, democracy-destroying measures in the history of this country has became law – and the nation has seemingly slept through it. The new law, described by one of the GOP legislators sponsoring the bill as “financial martial law”, empowers the governor’s appointees [referred to as ‘Emergency Financial Managers’] to fire duly elected local officials, cancel labor contracts and even dissolve entire communities and school districts. This is about so much more than collective bargaining agreements and unions. This law gives an appointee of the governor – which, by the way, may be a corporation – the authority to dismiss any or all of a municipality’s elected government officials.

Note: For a treasure trove of reports by major media sources on the collusion between government and financial powers against the public interest, click here.

Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.