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Below are key excerpts of revealing news articles on financial corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.

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Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.


Banking Run Amok Is Less Likely a Year After Dodd-Frank
2011-07-17, Bloomberg News
http://www.bloomberg.com/news/2011-07-17/banking-run-amok-is-less-likely-a-ye...

With the first anniversary of the Dodd-Frank financial reform law on July 21, ... what has it accomplished? Consumer advocates, many congressional Democrats and some economists say banks are still too big, the derivatives market remains untamed and opaque, and regulators have been slow to write hundreds of rules. Rules forcing most derivatives trades to be processed through clearinghouses, and backed by collateral, should ... be accepted globally to avoid regulatory arbitrage, in which trading firms move to countries with the least intrusive, and lowest cost, oversight. Less than three years ago, the financial system almost buckled under the weight of worthless mortgages, and the country narrowly avoided another Great Depression. Regulators had been blind to the credit boom and bust; banks took huge risks that exploited regulatory gaps. Today, the economy remains weak ... because of the lingering fallout of the financial crisis. Dodd-Frank isn’t perfect, but already its influence on the financial system has been positive, in ways big and small. Accounting is more transparent; off-balance-sheet assets are largely a thing of the past. [Yet] with the top 10 U.S. banks holding 77 percent of the industry’s domestic assets, compared with 55 percent in 2002, too-big-to-fail is an even bigger worry today. Thomas M. Hoenig, the Kansas City Federal Reserve president, has said that the incentives for risk-taking that existed before the crisis all remain in place.

Note: For many of the most informative reports from major media sources on the financial meltdown and government bailout of the biggest banks, click here.


Bernanke's worst nightmare: Ron Paul
2010-11-12, CNN
http://money.cnn.com/2010/11/12/news/economy/Bernanke_Paul/index.htm

Ben Bernanke has had his hands full since his first day on the job as Federal Reserve chairman nearly five years ago. It's about to get even tougher. His harshest critic on Capitol Hill, Rep. Ron Paul of Texas, is about to become one of his overseers. Paul, who would like to abolish the Fed and the nation's current monetary system, will become the chairman of the House Subcommittee on Domestic Monetary Policy. Paul doesn't think he'll be able to move his proposal to eliminate the Fed. But he said he does intend to use his new position as "a mini-bully pulpit" to criticize Fed policy and call more attention to what he sees as its negative consequences. And Paul vows to try again to authorize Congressional audits of the Fed's decisions on the economy, a proposal that passed the House last year but was essentially gutted from the final version of the financial regulatory overhaul legislation. Paul argues the Fed is making a serious mistake by pumping more money into the economy to try to spur more spending and growth. He predicts it will only lead to further declines in value of the dollar, inflation and higher interest rates rather than the lower rates the Fed is shooting for. Paul thinks that will bring about another economic crisis.

Note: To understand why Congressman Ron Paul wants to eliminate the Federal Reserve, click here.


'Run on UK' sees foreign investors pull $1 trillion out of the City
2009-03-07, The Independent (One of the U.K.'s leading newspapers)
http://www.independent.co.uk/news/business/news/run-on-uk-sees=foreign-invest...

A silent $1 trillion "Run on Britain" by foreign investors was revealed yesterday in the latest statistical releases from the Bank of England. The external liabilities of banks operating in the UK – that is monies held in the UK on behalf of foreign investors – fell by $1 trillion (Ł700bn) between the spring and the end of 2008, representing a huge loss of funds and of confidence in the City of London. Some $597.5bn was lost to the banks in the last quarter of last year alone, after a ... massive $682.5bn haemorrhaged in the second quarter of 2008 – a record. About 15 per cent of the monies held by foreigners in the UK were withdrawn over the period. This is by far the largest withdrawal of foreign funds from the UK in recent decades – about 10 times what might flow out during a "normal" quarter. The revelation will fuel fears that the UK's reputation as a safe place to hold funds is being fatally compromised by the acute crisis in the banking system and a general trend to financial protectionism internationally. The slide in sterling – it has shed a quarter of its value since mid-2007 – has been both cause and effect of the run on London, seemingly becoming a self-fulfilling phenomenon. The danger is that the heavy depreciation of the pound could become a rout if confidence completely evaporates. Paranoia that the UK could follow Iceland into effective national insolvency and jibes about "Reykjavik on Thames" will find an unwelcome substantiation in these statistics.

Note: For many deep revelations of the realities of the world financial crisis from reliable sources, click here.


Bair Says Insurance Fund Could Be Insolvent This Year
2009-03-04, Bloomberg News
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=alsJZqIFuN3k

Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency. “Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. “A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions.” The fund, which lost $33.5 billion in 2008, was drained by 25 bank failures last year. Sixteen banks have failed so far this year, further straining the fund. Smaller banks are outraged over the one-time fee ... Camden Fine, president of the Independent Community Bankers of America, said yesterday. The agency, which has released the change for 30 days of public comment, could modify the assessment to shift the burden to the large banks “that caused this train wreck,” Fine said. “Community bankers are feeling like they are paying for the incompetence and greed of Wall Street,” he said. Consumers should watch this issue closely, said Edmund Mierzwinski, consumer program director at U.S. PIRG, a Boston- based consumer-watchdog group. “I wouldn’t take their money out of the bank yet,” Mierzwinski said. “If the FDIC is saying that there is this serious problem, then we should all be concerned. I think there is a chance the FDIC is going to have to ask taxpayers for money in the future.”

Note: For lots more on the financial crisis from reliable sources, click here.


Goldman, JPMorgan Won’t Feel Effects of Executive-Salary Caps
2009-02-05, Bloomberg News
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=azVLk.22AkLI

Executives at Goldman Sachs Group Inc., JPMorgan Chase & Co. and hundreds of financial institutions receiving federal aid aren’t likely to be affected by pay restrictions announced yesterday by President Barack Obama. The rules, created in response to growing public anger about the record bonuses the financial industry doled out last year, will apply only to top executives at companies that need “exceptional” assistance in the future. The limits aren’t retroactive, meaning firms that have already taken government money won’t be subject to the restrictions unless they have to come back for more. Pay caps may provide the political cover the administration needs to deliver additional infusions of capital into the financial sector. Obama ... “is not proposing to go back and get that $18.4 billion in bonuses back,” Laura Thatcher, head of law firm Alston & Bird’s executive compensation practice in Atlanta, said of the cash bonuses New York banks paid last year, the sixth-biggest haul in history. “Right now, we have not clamped down” on pay at banks. In addition, some executives may be compensated for the potential reduced salaries with restricted stock grants, which may result in huge paydays after the bank repays the government assistance with interest. “They’re just allowing companies to defer compensation,” said Graef Crystal, a former compensation consultant. The restrictions are “a joke,” he said, because “if the government is paid pack, you can be sure that the stock will have risen hugely.”

Note: For many revealing reports from reliable sources on the realities behind the Wall Street bailout, click here.


Mukasey Declines to Create a U.S. Task Force to Investigate Mortgage Fraud
2008-06-06, New York Times
http://www.nytimes.com/2008/06/06/business/06justice.html?partner=rssuserland...

Attorney General Michael B. Mukasey rejected ... the idea of creating a national task force to combat the country’s mortgage fraud crisis, calling the problem a localized one akin to “white-collar street crimes.” He gave his most definitive answer ... in a briefing for reporters, saying that he did not think that the kind of national task force created at the Justice Department in 2002 to investigate the collapse of Enron was “the proper response” to the current crisis. Some critics have called for the same sort of broad federal law enforcement response seen in the Enron case and a wave of other corporate scandals earlier this decade, or in the collapse of the savings and loan industry in the 1980s and 1990s. “This is disappointing,” Representative Barney Frank, the Massachusetts Democrat who leads the House financial services committee, said. Calling the mortgage crisis “worse than Enron,” Mr. Frank said “Enron didn’t cause a worldwide recession. This has more innocent victims.” Mr. Frank noted that a $2.4 billion bill to prevent mortgage foreclosure, which has already passed the House, includes a provision backed by Republicans to provide an additional $300 million for law enforcement officials to fight mortgage fraud. He questioned how that money could be spent without a more centralized effort. The Federal Bureau of Investigation is investigating 19 major corporate fraud cases related to the mortgage crisis. The targets of most of those investigations have not been disclosed. In addition, the F.B.I. has 1,380 small mortgage fraud investigations now open in field offices around the country.

Note: For many powerful reports on government corruption, click here.


Secretly, tiny nations hold much wealth
2005-04-25, Christian Science Monitor
http://www.csmonitor.com/2005/0425/p17s01-cogn.html

They're tax havens: 70 mostly tiny nations that offer no-tax or low-tax status to the wealthy so they can stash their money. Usually, the process is so secret that it draws little attention. But the sums - and lost tax revenues - are growing so large that the havens are getting new and unaccustomed scrutiny. There are about 3 million shell companies (set up largely to duck taxes) in offshore tax havens, Komisar reckons. These tiny tax havens hold 31 percent of total world assets and 26 percent of the stock of US multinationals.


End Is Seen to Free Checking
2010-06-16, Wall Street Journal
http://online.wsj.com/article/SB10001424052748703513604575311093932315142.html

Bank of America Corp. and other banks are preparing new fees on basic banking services as they try to replace revenue lost to regulatory rules, in a push that is expected to spell an end to free checking accounts for many Americans. Free checking accounts, which have been widely available for more than a decade, have been a boon to middle-class consumers and attracted low-income customers to the banking system for the first time. Customers will likely be required to pay new monthly maintenance fees on the most basic accounts that don't generate a lot of activity. To avoid a fee, customers will have to maintain certain account balances or frequently use other banking services, such as credit and debit cards, automated teller machines and online accounts. Some consumer advocates warn the new fees will whack consumers who now manage their bank accounts to avoid such charges. The transformation of checking accounts comes at a time when banks are bouncing back from the steepest financial losses in a generation and are facing new regulations. To accelerate that recovery and recoup losses from new banking rules, financial institutions are increasingly leaning on customers who don't now generate enough revenue for the bank.

Note: Why hasn't the federal government protected consumers from this sort of response by the banking industry to new regulations imposed after the massive taxpayer bailout of these failing corporations?


Face-Off: Elizabeth Warren Vs. Trump's Consumer Watchdog, Mick Mulvaney
2018-04-12, NPR
https://www.npr.org/sections/thetwo-way/2018/04/12/601795946/face-off-warren-...

An epic throw-down happened Thursday on Capitol Hill. The topic: the Consumer Financial Protection Bureau, the agency created in the wake of the 2007-08 financial crisis. The Trump administration's acting director, Mick Mulvaney ... believes the bureau's powers are excessive. Sen. Elizabeth Warren ... led the creation of the bureau to protect consumers from abuses by everything from big banks to student loan providers to fly-by-night loan sharks. Mulvaney ... calls the bureau Warren's "baby." But Democrats say that over the past five months, he has done a terrible job of taking care of it. Back when he was a Republican congressman, Mulvaney sponsored legislation that would have abolished the bureau. Since its creation, the bureau has returned a total of $12 billion to consumers by clawing back money from companies that cheated them. Thursday's hearing was part of Mulvaney's mandated semiannual report to Congress on the activities of the CFPB. In a hearing ... New York Democrat Carolyn Maloney said the bureau used to bring several enforcement actions a month against financial companies. She pressed Mulvaney: "So let me ask you how many enforcement actions has the bureau initiated since you took over?" Mulvaney: "We have initiated none since I've been there." Mulvaney ... is asking lawmakers to put the bureau's budget under the control of Congress. The bureau ... is funded by the Federal Reserve instead of by Congress, a move designed to shield it from political influence.

Note: In 2016, Wells Fargo paid a $100 million fine to the Consumer Financial Protection Bureau after getting caught ripping off millions of customers. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.


AT&T, Verizon to Target Visa, MasterCard With Smartphones
2010-08-02, Bloomberg News
http://www.bloomberg.com/news/2010-08-02/at-t-verizon-said-to-target-visa-mas...

AT&T Inc. and Verizon Wireless, the biggest U.S. mobile carriers, are planning a venture to displace credit and debit cards with smartphones, posing a new threat to Visa Inc. and MasterCard Inc., three people with direct knowledge of the plan said. The trial would be the carriers’ biggest effort to spur mobile payments in the U.S. and supplant more than 1 billion plastic cards in American wallets. Smartphones have encroached on tasks ranging from Web browsing to street navigation and now may help the phone companies compete with San Francisco-based Visa and MasterCard, the world’s biggest payments networks. The service, similar to those already available in Japan, Turkey and the U.K., would use contactless technology to complete purchases in stores. They’d be processed through Discover’s payments network, currently the fourth-biggest behind Visa, MasterCard and American Express Co. Barclays would be the bank helping to manage the accounts, said the people, who requested anonymity because of confidentiality agreements. Retailers may be eager to help another network after years of fighting over transaction fees set by Visa and MasterCard.


Facing foreclosure? Don't leave. Squat
2009-02-04, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/04/EDK215MNA0.DTL

Marcy Kaptur of Ohio is the longest-serving Democratic congresswoman in U.S. history. Her district, stretching along the shore of Lake Erie from west of Cleveland to Toledo, faces an epidemic of home foreclosures and 11.5 percent unemployment. Now, she is recommending a radical foreclosure solution from the floor of the U.S. Congress: "So I say to the American people, you be squatters in your own homes. Don't you leave." She criticizes the bailout's failure to protect homeowners facing foreclosure. These mortgages were made, then bundled into securities and sold and resold repeatedly, by the very Wall Street banks that are now benefiting from [a government bailout]. The banks foreclosing on families very often can't locate the actual loan note that binds the homeowner to the bad loan. "Produce the note," Kaptur recommends [to] those facing foreclosure demands of the banks. "[P]ossession is nine-tenths of the law," Rep. Kaptur [said]. "Therefore, stay in your property. Get proper legal representation ... [if] Wall Street cannot produce the deed nor the mortgage audit trail ... you should stay in your home. It is your castle. It's more than a piece of property. ... If you look at the bad paper, if you look at where there's trouble, 95 to 98 percent of the paper really has moved to five institutions: JPMorgan Chase, Bank of America, Wachovia, Citigroup and HSBC. They have this country held by the neck."

Note: Why is it that with the trillions of dollars given by the U.S. government to prop up banks who used shady loan practices, so few homeowners facing foreclosure have received any assistance? For many revealing reports on the realities of the Wall Street bailout, click here.


US and EU agree 'single market'
2007-04-30, BBC News
http://news.bbc.co.uk/2/hi/europe/6607757.stm

The United States and the European Union have signed up to a new transatlantic economic partnership at a summit in Washington. The pact is designed to boost trade and investment by harmonising regulatory standards, laying the basis for a US-EU single market. The two sides agreed to set up an "economic council" to push ahead with regulatory convergence in nearly 40 areas, including intellectual property, financial services, business takeovers and the motor industry. The aim is to increase trade and lower costs. Some reports suggest that incompatible regulations in the world's two richest regions add 10% to the cost of developing and producing new cars.

Note: Why is this important news getting such minimal press coverage?


Congressional Testimony of DOD Inspector General - Report No. D-2001-120
2001-05-08, Department of Defense Inspector General's Website
http://www.dodig.osd.mil/Audit/reports/fy01/01-120.pdf

Statement of Robert J Lieberman, Deputy Inspector General, Department of Defense, Before the Subcommittee on Governmental Efficiency, Financial Management and Intergovernmental Relations, House Committee on Government Reform of Defense Financial Management. The extensive DoD efforts to compile and audit the FY 2000 financial statements, for the Department as a whole and for the 10 subsidiary reporting entities like the Army, Navy and Air Force General Funds, could not overcome the impediments caused by poor systems and unreliable documentation of transactions and assets. Some examples of the problems in these year-end statements follow. Department-level accounting adjustment entries used to compile the financial statements were $4.4 trillion, with $1.1 trillion of those unsupported by reliable explanatory information and audit trails. This is an improvement from FY 1999, when $7.6 trillion of adjustments were made with $2.3 trillion unsupported, but remains a good indication of the need for wholesale changes to the financial data reporting systems. Accurate reporting of inventory and property remains a continuing challenge for each of the Military Departments and Defense Logistics Agency because of problems in logistics and other feeder systems. Although the DoD has put a full decade of effort into improving its financial reporting, it seems that everyone involved-—the Congress, the Office of Management and Budget, the audit community, and DoD managers—-have been unable to determine or clearly articulate exactly how much progress has been made.


Big banks saved $3.6B in taxes last quarter under new law
2018-04-20, ABC News/Associated Press
http://abcnews.go.com/Business/wireStory/big-banks-saved-36b-taxes-quarter-la...

The nation's six big Wall Street banks posted record, or near record, profits in the first quarter. While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost ... came from the billions of dollars they saved in taxes under the tax law Trump signed in December. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank's tax rates going back to 2015. Before the change in tax law, the maximum U.S. corporate income tax rate was 35 percent, not including what companies paid in state income taxes. Banks historically paid some of the highest taxes among the major industries, due to their U.S.-centric business models. Before the Trump tax cuts, these banks paid between 28 to 31 percent of their income each year in corporate taxes. The results released over the past week show how sharply those rates have dropped. JPMorgan Chase said it had a first-quarter tax rate of 18.3 percent, Goldman Sachs paid just 17.2 percent in taxes, and ... Citigroup, had a tax rate of 23.7 percent. This is just one quarter's results. Bank executives at the big six firms have estimated that their full-year tax rates will be something closer to 20 percent to 22 percent. The AP's calculations are roughly in line with what Wall Street analysts predicted. Bank industry analyst Mike Mayo ... estimated that that the big U.S. banks combined would save roughly $19 billion in taxes for the full year.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.


Mr. Trump Goes After the Inspectors
2017-06-12, New York Times
https://www.nytimes.com/2017/06/12/opinion/mr-trump-goes-after-the-inspectors...

Michael Horowitz, chairman of the Council of the Inspectors General on Integrity and Efficiency, was at a hockey game when he began getting calls from other inspectors general in federal agencies. The inspectors ... were furious. Trump aides had let them know they might be replaced; for the first time ever, a president might fire them en masse. The administration later backed down. But it has continued to undermine the inspectors’ role by failing to hire for open positions and planning to slash the offices’ budgets. Every major federal agency and program has an inspector general ... whose staff investigates cases of wasteful spending, criminal activity, employee misconduct and plain bad management. These are watchdogs with real teeth. Today nearly one-quarter of inspector general offices have either an acting director or no director at all, including the offices at the C.I.A., the National Security Agency, the Department of Defense and the Social Security Administration. Acting directors can be reluctant to make extensive changes ... particularly if they hope to be nominated for a permanent appointment. The inspectors’ offices are deeply affected by the current federal hiring freeze and would be further harmed by the administration’s proposed budget cuts. The budget takes unexplained specific aim at the Office of the Special Inspector General for the Troubled Asset Relief Program, created in part to monitor the $700 billion taxpayer bailout for big banks.

Note: A New York Times article from 2015 states that, "at least 20 investigations across the government that have been slowed, stymied or sometimes closed because of a long-simmering dispute between the Obama administration and its own watchdogs." For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.


To deal with climate change we need a new financial system
2016-11-05, The Guardian (One of the UK's leading newspapers)
https://www.theguardian.com/global-development-professionals-network/2016/nov...

When it comes to global warming, we know that the real problem is not just fossil fuels – it is the logic of endless growth. If we don’t keep the global economy growing by at least 3% per year, it plunges into crisis. This ... makes little sense given the limits of our finite planet. Climate change is the most obvious symptom of this contradiction, but we’re also seeing it in the form of deforestation, desertification and mass extinction. Our economic system is incompatible with life on this planet. Debt is the reason the economy has to grow in the first place. Because debt always comes with interest, it grows exponentially. Without growth, debt piles up and eventually triggers an economic crisis. The global economic system runs on money that is itself debt. Instead of letting commercial banks create money by lending it into existence, we could have the state create the money and then spend it into existence. [In] the 1930s ... a group of economists in Chicago proposed [this] as a way of curbing the reckless lending that led to the Great Depression. The Chicago Plan, as it was called, made headlines again in 2012 when progressive IMF economists put it forward as a strategy for preventing the global financial crisis from recurring. This idea is already beginning to gain traction: in the UK, the campaigning group Positive Money has generated momentum around it. The idea has its enemies, of course. If we shift to a positive money system, big banks will no longer have the power to literally make money out of nothing.

Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and global warming.


Fed Policies 'Probably' Increased Inequality, Former Official Says
2016-05-12, US News & World Report
http://www.usnews.com/news/articles/2016-05-12/fed-policies-probably-increase...

The Federal Reserve's monetary policies "probably" fueled wealth inequality in the U.S. during the aftermath of the Great Recession, according to a former regional Fed bank president. Narayana Kocherlakota, who until this year headed the Federal Reserve Bank of Minneapolis ... wrote in a candid op-ed Wednesday that "it's not surprising that poorer American families got the impression that the Fed did more to help banks during the financial crisis and associated recession than it did to help them. The wealth of the typical family in the bottom three-quarters of the distribution declined by a lot more than that of the typical family in the top 10th [between 2007 and 2010]," Kocherlakota wrote. "This was partly the result of leverage: The poorer families tended to have more debt for each dollar in assets, so any decline in assets translated into a much larger percentage decrease in net worth." So as housing prices collapsed in the late 2000s, poorer families were left with large pools of debt and significantly diminished assets, while more wealthy families suffered less drastic blows even though they largely had greater exposure to high-value assets. The Fed's policies, then, appeared to more dramatically affect the fortunes of lower-income Americans than the nation's richest households. Kocherlakota thinks the Fed could have done more. Suggesting that the Fed's moves inherently contributed to rising income inequality in the U.S., though, is a surprising stance for a former regional bank president to take.

Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


Cities and states paying millions in secret fees to Wall Street
2015-04-23, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/opinion/article/Cities-and-states-paying-millions-in-se...

Currently, about 9 percent — or $270 billion — of America’s $3 trillion public pension fund assets are invested in private equity firms. With the financial industry’s standard 2 percent management fee, that quarter-trillion dollars generates roughly $5.4 billion in annual management fees for the private equity industry — and that’s not including additional “performance” fees paid on investment returns. Public officials are overseeing this enormous payout to Wall Street at the very moment many of those same officials are demanding big cuts to retirees’ promised pension benefits. “With billions of public worker and taxpayer dollars put at risk in the highest-cost, most opaque investment schemes ever devised by Wall Street for a decade now, investigations that hold Wall Street profiteers accountable are long, long overdue,” said former Securities and Exchange Commission attorney Ted Siedle. In a 2014 speech, the SEC’s top examiner, Andrew Bowden, sounded the alarm about undisclosed fees in the private equity industry, saying the agency had discovered “violations of law or material weaknesses in controls over 50 percent of the time” at firms it had evaluated. To date, however, the SEC has taken few actions to crack down on the practices, but some states are starting to step up their oversight.

Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.


Hillary Clinton Made More in 12 Speeches to Big Banks Than Most of Us Earn in a Lifetime
2015-01-08, The Intercept
https://theintercept.com/2016/01/08/hillary-clinton-earned-more-from-12-speec...

According to public disclosures, by giving just 12 speeches to Wall Street banks, private equity firms, and other financial corporations, [Hillary] Clinton made $2,935,000 from 2013 to 2015. Clinton’s most lucrative year was 2013, right after stepping down as secretary of state. That year, she made $2.3 million for three speeches to Goldman Sachs and individual speeches to Deutsche Bank, Morgan Stanley, Fidelity Investments, Apollo Management Holdings, UBS, Bank of America, and Golden Tree Asset Managers. To put these numbers into perspective, compare them to lifetime earnings of the median American worker. In 2011, the Census Bureau estimated, that across all majors, a “bachelor’s degree holder can expect to earn about $2.4 million over his or her work life.” A Pew Research analysis published the same year estimated that a “typical high school graduate” can expect to make just $770,000 over the course of his or her lifetime. This means that in one year - 2013 - Hillary Clinton earned almost as much from 10 lectures to financial firms as most bachelor’s degree-holding Americans earn in their lifetimes — and nearly four times what someone who holds only a high school diploma could expect to make. The Associated Press notes that during Hillary Clinton’s time as secretary of state, Bill Clinton earned $17 million in talks to ... financial firms.

Note: For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.


Elizabeth Warren: The market is broken
2014-09-05, CNN
http://money.cnn.com/2014/09/05/news/economy/elizabeth-warren-market-broken/i...

Senator Elizabeth Warren ... believes the most important [problem] to solve is how to get the American economy working for someone other than billionaires. It's a message she's been taking all over the country, and she isn't afraid to call banks, credit card companies and some employers cheats and tricksters. "The biggest financial institutions figured out they could make a lot of money by cheating people on mortgages, credit cards and payday loans," she told a packed auditorium at the Graduate Center of the City University of New York, where she spoke alongside New York Times columnist Paul Krugman. The biggest applause of the night was on three issues that come up frequently in Warren's speeches. 1) Financial regulation: Warren was the driving force behind the creation of the Consumer Financial Protection Bureau after the 2008 financial crisis. The agency has returned billions of dollars to Americans who were wronged. 2) Reducing student loans: Last summer Warren made headlines for arguing that student loans should have the same interest rates that banks get when they borrow money from the Federal Reserve. As she likes to remind people, "Student loans issued from 2007 to 2012 are on target to produce $66 billion in profit for the United States government." 3) Raising the minimum wage: "No one should work full time and still live in poverty," Warren said. Her other big push is for basic worker rights.

Note: For more on this, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


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