Today, one Countrywide exec was named as actively perpetrating fraud, and current owner Bank of America was mildly fined. It begins! Or… maybe it ends.
In case you missed this last night on "All In With Chris Hayes," and you possibly did… Alexis Goldstein totally WENT OFF on JP Morgan and Wall Street and it was delightful. (Also it was set up with the best Alex Pareene clip, which is wonderful.) The poor banker dude tried to get in that like "Oh if we prosecute bankers then the banks won't loan!" Which is hilarious, since… the banks really did give up on a lot of loaning—not just in [...]
I didn't know what I would get paid to write this article. I didn't ask. It doesn't matter. It won't make a tangible dent in paying the rent on my apartment in Brooklyn, or, for that matter, rent on an apartment in any other city. By the time I finish the research, the interviews, the writing, and the editing, whatever small sum—$30, $125, $200—this site pays me will pale in comparison to the effort. It's not "worth it" in a traditional monetary sense. I'm doing it for exposure (maybe hire me?), because I'm interested in the topic, and because it's immediately relevant to my so-called career as a [...]
"Is it any wonder that virtually all Wall Street 'professionals' are habituated sociopaths who lie for a living just to skim a few pennies (metaphorically speaking: make that millions of "other people's" dollars in the real world). And is it any wonder that all banks demand their inner workings never see the light of day so they can operate in absolute secrecy, and exchanges like the above, and 22 more, are never read by the public." —Would you like to be a fixed income trader? Well, that era is ending, but it was a good grift. (via)
Do you remember where you were when MySpace lost its spot as the top social network? Where were you when Plastic died? There are early signs today that Facebook, used by many and loved by few, is beginning its inevitable decline. In Britain, where the drunken populace spends an inordinate amount of time staring at their phones, Facebook lost 600,000 users last month. That's not quite 2% of the U.K. user base, but it's also the opposite of "growth."
The data chimes with speculation that Facebook is reaching saturation point among the web user population in its core markets, and that continued growth is increasingly dependent on the [...]
Congratulations, everybody: Black Friday retail sales topped a billion dollars, which means everybody is rich and happy again. Whether shopping from a laptop in bed with a variety of empty bottles and pie crumbs or "at the actual store" with your fellow shoppers in their sweatpants, you helped make America great again.
How much greater? How about 26% better than Black Friday 2011! That is just a phenomenal amount of spending, for a phenomenal amount of consumer goods, electronics, gifts, and whatever else people buy. Pretty much everything is a Black Friday sales item in 2012. Cars? Oh hell yeah, go buy a car on Black [...]
When [Ken] Feinberg finally came back to him with a plan that dictated, among other things, that AIG slash salaries by 91 percent for its top dozen executives and pay all bonuses in stock, [Bob] Benmosche called him, pissed. “You said you weren’t going to fuck it up,” he yelled. “And you are fucking it up!” PricewaterhouseCoopers, he told him, was threatening to sound alarms over the company’s inability to retain employees, and now four key people were threatening to walk. “He said, ‘Robert! I am not your problem.’ I said, ‘Ken, you are the pay czar.’ And he said, ‘I am telling you I am not your [...]