Tag: Goldman Sachs
In case you missed them, here are our most popular posts from the past week plus an awesome GIF:
- Greece gets set to Occupy Wall Street. Greece prime minister George Papandreou’s plan to hold a referendum on the latest Greek bail-out hit like a tornado at a garden party.
- U.S. Postal Service saved by new foreclosure initiative. Looks like the Feds are getting into the junk mail business. Or what else could you call the new Independent Foreclosure Review process?
- Taxes are for suckers. Presenting: How to avoid paying taxes like a (corporate) boss.
- Don’t celebrate U.S. banks just yet. While there have been no major convulsions yet, isn’t it a bit too early to sound the all clear on U.S. banks?
- Goldman’s good citizenship fail. I got a right good chuckle out of the ol’ Vampire Squid after reading an odd little article in this weekend’s Financial Times.
GIF of the Week: Everyone needs a little push now and then
I got a good chuckle out of the ol’ Vampire Squid after reading an odd little article in this weekend’s Financial Times. “Goldman proud to bring yuppies to Harlem“, it proclaimed, and went on to chronicle Goldman Sachs’ successful and not-so-successful efforts to comply with Community Reinvestment Act.
For those who may not know, the CRA is a 1977 U.S. law that’s meant to provide low-income neighborhoods with greater access to combat loan discrimination that had been documented up until that point. It’s not without its controversies and criticisms, including questions of whether it encouraged the kind of unsound lending that lead to the subprime mortgage crisis (the answer seems to be no, it did not.) Continue Reading
Let me say this: I am not for the outright abolition of the Fed. I’ve yet to be convinced by the arguments made by those who think that ending the Fed is a good idea. Conversely I do think there’s great good in having a body to oversee a banking system as complex and an economy as globally interconnected as that of the United States.
But reading Senator Bernie Sanders’ take on the Government Accountability Office’s second Fed audit, and then reading the GAO’s own report, made me want to tear up the Federal Reserve Act and toss it like so much confetti onto the steps of the Eccles Building.
Never before have I read of a system so perfectly designed to nurture, well, there’s really no other word for it–corruption. And I do not use this word lightly. Continue Reading