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This week, after four years of litigation, investors in Citigroup had their day in court, winning a settlement of $730 million in their class action suit brought in federal court in Manhattan. The investors claimed they had been “misled” by the big bank’s disclosures during the years 2006-2008, that is, the period leading up to the financial crisis. (These were the years in which Jack Lew, now Treasury Secretary, was a top exec...
“Make believe voodoo magic ‘composite hedge,’” is what regulators examining massive bets by JPMorgan Chase are calling it, financial gambits that led to losses of $6 billion last year. As top bankers from JPMorgan Chase appear before the Senate Permanent Subcommittee on Investigations, scrutiny of the bank’s dealings by the FBI and Subcommittee investigators is revealing a chain of deception, misstatement and omissions surrounding its...
Millions of Americans are paying interest rates approaching 20 percent on credit cards, although banks are borrowing money from the Federal Reserve at close to 0 percent. Consumer loans, student loans and other forms of borrowing combine to guarantee rich returns for the shareholders of the nation’s financial institutions, as many borrowers pay at or near double-digit interest rates.
Sky-high interest rates are a sure way to keep...
Andrea Germanos, staff writer at Common Dreams
Why should ordinary taxpayers have to sacrifice while highly profitable corporations are using accounting acrobatics and tax havens to avoid paying their fair share?
At a time of record corporate profits, U.S. "corporate tax dodgers" are parking more of their profits offshore, taking advantage of...
