Prime Time Crime

Global Meltdown


Greed and Corruption  

Corporate Scandals

Global meltdown-pensions

Global meltdown-wealth

Global Trade

Largest financial services companies

BBC: credit crunch 

Telegraph: recession

Great Recession

Economic crisis of 2008




NEW YORK - Moody's has agreed to pay nearly $864M to settle with US federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis.   (Reuters)   PREVIOUS:   DoJ press release   Another questionable settlement   Standard & Poor's  S&P mislead investors   Credit rating agency   Court ordered   ABN AMRO


World addicted to debt

$27 trillion. That's the amount global public debt has grown by since the financial crisis gripped the world 8 years ago, according to the McKinsey Global Institute.   (Telegraph UK)   


Fallout from economic crisis

PARIS - Young people continue to bear the brunt of job losses since the global financial crisis, according to the OECD.  Almost 1 in 10 jobs held by workers under 30 in the developed world were destroyed between 2007 and 2014.   REPORT:   Society at a glance 2016   Living with their parents   


Currency wars fool few

Currency wars are back on for many countries around the world. The theory is that by significantly weakening its currency, a country can spur economic activity, making its products and services attractive for export, thus stoking growth and jump-starting employment.  (Asia Sentinel)


Legal extortion by regulation

WASHINGTON - The formula is simple: find a large company that may (or may not) have done something wrong; threaten its managers with commercial ruin, preferably with criminal charges; force them to use their shareholders' money to pay an enormous fine to drop the charges in a secret settlement (so nobody can check the details). Then repeat with another large company.   (Economist)    


Too big to fail

NEW YORK - In 1970, America’s 5 largest banks held 17% of America’s banking assets.  By 2010, the top 5 banks, JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., and Goldman Sachs Group Inc., held 52% of US banking assets.  COMMENT:   Faustian bargain between States and Banks


Half a dollar a day 'adequate'

DELHI - The Planning Commission has told India's Supreme Court that an individual income of 25 rupees (52 cents) a day would help provide for adequate "private expenditure on food, education and health" in the villages.  In the cities, it said, individual earnings of 32 rupees a day (66 cents) were adequate.   (BBC) 


NEW YORK - Barclays has agreed to pay $2B to settle a US civil action related to the mis-selling of residential mortgage-backed securities (RMBS) in the run-up to the financial crisis.  (Independent UK)   MORE:   DoJ news release


Meltdown part 2

WASHINGTON - Baby Boomers have incurred nearly $100B in student loans so that little Johnny and/or Susie could get that degree they always wanted.  Parent Plus, created by Congress in 1980, allows parents to borrow to cover tuition and living expenses.  40% of student loans originated in 2009 - 2013 going to subprime borrowers, more than double the subprime mix of the mortgage market in 2005.    (Zero Hedge) 


Corporate credit crunch looms

Emerging market companies have 'over-borrowed' by $3 trillion in the last decade, reflecting a quadrupling of private sector debt between 2004 and 2014, found the IMF's Global Financial Stability Report.   (Telegraph UK)   MORE:   IMF warns of stagnation threat to G7 economies   Why economists can't get it right



NEW YORK - Morgan Stanley agreed to pay $2.6B to settle probes into its creation and sale of residential mortgage-backed securities, as the US Department of Justice holds another large Wall Street firm to account for the 2008 financial crisis.  PREVIOUS:   US bank failures 2008-2014  Bank writedowns due to subprime crisis 


Recession linked deaths

The study published in the British Journal of Psychiatry, showed that suicides in Canada rose 4.5% between 2007 and 2010, while the US rate increased by 4.8% over the same period.  In Europe, the suicide rate rose by 6.5% by 2009 and remained elevated until 2011.  (CTV)   


Regulated Canada tops US in economic freedom

When it comes to economic freedom, Canada has now edged ahead of the land of the free, the Fraser Institute said in a report.  (National Post)   IRS targets   Taxation in the US   Tax deduction   


US family's wealth plunged

WASHINGTON - The median family’s net worth dropped 38.8% during the three-year period, the Fed said in its latest report on changes in US Family Finances, derived from a survey of consumer finances.  (Reuters)   REPORT:  Changes in US family finances from 2007 to 2010   .pdf    Cost of the US Senate banking committee 

UK outlines cuts to public spending

LONDON - Britain's coalition government has laid out a series of sweeping spending cuts meant to help reduce the country's growing debt and bring the country "back from the brink."   (CBC)  MORE:  UK spending cuts   Spending review 2010

US debt tops $14T

WASHINGTON - The US Treasury website today reported that as of the last day of 2010, the National Debt stood at $14,025,215,218,708.52.  It took just 7 months for the National Debt to increase from $13T on June 1, 2010 to $14T on Dec. 31.  (CBS)

Rich to get richer

TOKYO - Global income inequality has worsened over the past four decades, a report finds, with the wealthiest 1% of the world's population capturing twice as much income growth as the bottom half.   (AP)

World inequality report 2018  

World inequality lab

US Federal and State spending 2015

Tax plan hits stumbling block

Tax cuts not working

Canada's infrastructure

Canada's CEO elite 100

Tax breaks don't work

Mowat Centre for Policy Innovation 

Income inequality in West  .pdf   

Failed bank plan

LONDON - Banking authorities in the UK and US have outlined their plans for limiting the damage if banks get into trouble.  Under the plans (pdf), one national regulator would be responsible for overseeing the insolvency of a big international bank instead of bodies from different countries dealing with subsidiaries.   (BBC) 


EU banks fail stress tests

EU wide stress test results 2014

Vulnerable EU banks identified

Majority of banks passed ECB stress test  

Banks fail stress tests

Italy approves austerity budget

Looming reality of US decline

Banks begin rising mortgage rates

20% struggle with mortgages
BC HST home pricing  

If it exists, it can be taxed

Behold the taxman cometh.  Even as taxpayers are struggling to make ends meet in a crumbling, tumbling economy, your friendly neighborhood (and state and federal) government is having a hard time making do with the meager trillions you're throwing its way, so it's relying on an old maxim:  If it exists, it can be taxed. (Fox)   

Don't forget who saved your bacon

MONTREAL - Governments won't allow the world's bankers to return to their irresponsible ways, Bank of Canada governor Mark Carney warned, adding financiers had better get ready for major changes to the way they do business.   (CTV)   MORE:  Mend your ways    US clamps down on Wall Street pay   20% of Large Canadian Companies present serious risk  

Canadian nobody wanted to hear

William R. White predicted the approaching financial crisis years before 2007's subprime meltdown. But central bankers preferred to listen to his great rival Alan Greenspan instead, with devastating consequences for the global economy.  (Spiegel) 

Drug money saved banks

VIENNA - Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the UN's drugs and crime tsar has told the Observer.   (Guardian UK) 

Banker arrested

NEW YORK - Mark Johnson, HSBC's global head of foreign exchange cash trading in London, and Stuart Scott, the bank's former head of currency trading in Europe, making them the first individuals to be charged.   

DOJ:  HSBC's foreign exchange arrested   

Fined for secret deal



FCA fines Barclays

Elephant deal with Qataris 

Libor scandal

Forex scandal  

US regulator sues banks



RBC accused

Biggest financial scandal yet


Libor fine

Inquiry into fees

3 banks seen central to rigging

RBS faces LIBOR scandal fine    

Banks fined

Bank fraud whistleblower 

Regulator orders Barclays to pay fine

Foreign exchange trading investigation


FERC Docket No: IN08-8-000  .pdf 

SFO investigates price rigging

Forex rigging probe    

No CEOs paid for meltdown

Financial crisis of 2008  

Interest rate rigging

Rate rigging fines

Commission fines bank cartel  

Interbank rates at record 


Fines for currency market fix

Silver price rigging

DOJ announced

Bailout fund rigging 

Barclays to fight fine

Serious Fraud Office

Foreign exchange markets


Competition bureau probe

US building criminal case

'Other banks to face revelations'

Latest bank scandal

Mortgage endowment 

Legal loopholes

Barclays fined

Bank fined for rigging

Guardian loses


Barclays Bank documents

Payment protection insurance


$1.5B fine


Case uncovers bank-broker relations  

Libor emails released  


Barclays singled out

Barclay execs cut and run

Real inquiry would expose a sector

Manipulated borrowing rate

Barclays trying to stave off bailout

Barclays' injunction

Canada launches lending rate review 

Financial lobby machine

UK banks get government windfall 

Lies & LIBOR  

Rate-fixing affair rocks EU banking

Inquiry in disarray  

SFO to launch criminal investigation

What if Barclays hadn't lowered?

Freaking out about banking scandal

UK orders bank review

UK banks admit to mis-selling 

Why we cheat

'Shocking indictment of banks'

Plan a success

The Occupy movement is still making a huge difference in thousands of lives.  The group's Rolling Jubilee "Strike Debt" initiative has quietly forgiven millions in medical and student loans since 2012 after buying the debt on the secondary market.  16,000 people have been relieved of nearly $32M in debt, according to the effort's website.

1% to own more

Working for the few

Where 1%ers live    

Central banks keep making the rich richer

Occupy movement  

Occupy Canada  

Violent clashes are not inevitable  

Occupy Oakland clashes

Mistake of '08     

Glass-Steagall Act   

Repeal of the Glass-Steagall act

Twitter hands over tweets

Occupy Wall Street

1st anniversary marked with arrests

The Wall Street disconnect  

How the Occupy threw it away  

'Transfer day'  

Occupy Atlanta camp cleared

Occupy Vancouver disrupts debate

Don't just bash the bankers 

Protests held in 951 cities worldwide

Power elite  

Occupy Wall Street  

Tea Party movement

Occupy Wall St? Damn right

'Zombies' keep protest alive  


Blame Canada  

Did Soros fund Occupy Wall Street?

George Soros 


NEW YORK - Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5B to resolve US investigations into sales of the toxic debt that fueled the financial crisis.  Their announcements came hours after Barclays Plc, which is being probed in a related case, was sued for fraud Thursday by the Justice Department after it balked at paying the amount the government sought in negotiations.  (Bloomberg)


Subprime mortgage crisis  

How banks pay for protection

Senate Committee on Finance

Bank secrecy masks a world of crime

Offshore shenanigans

Tax havens  

Potential future scandals  

Fed   loans


US DoJ press release

Bank mortgages settlement

Federal Reserve press release

Bank of America   Bank of New York Mellon

JPMorgan Chase   State Street

Wells Fargo     


CFPB orders Citibank to pay $700M


OCC assesses penalty against Citibank


CITI $7B to settle

Citigroup pays $7bn in settlement

BoA settlement 

Depression has already started

Federal Reserve shocker

Usage of Federal Reserve facilities

Fed reveals where money went

Barclays defiance of US fines has merit

Asset grab 'brazen'

Secretive world of printing money

Government sponsored enterprise  (GSE)

'Monarchs of money'

Bernanke   Carney   Draghi 

BoA settlement

Hinges on banks re-establishing trust

US regulator sues banks

JP Morgan agrees to pay

Another settlement

JPMorgan Chase


Goldman Sachs will not face charges

'Serious money' to be made   

SEC accuses Goldman Sachs

Carmaker gets Goldman cash

Geely Automobile  

Goldman Sachs gets $3B bailout  

5 US banks settle

Foreclosure crisis

US tax code issues

Federal Reserve study .pdf. 

Price of Offshore Revisited .pdf  


Wall Street crimes  

US debt-ceiling crisis  

Federal Housing Finance Agency


Richard Syron   Daniel Mudd

US credit rating lowered  

End of empire  

Whistleblower says SEC covering up

Fraud lawsuit

Ken Lewis

Merrill Lynch

Bank of America’s latest bailout

Bank of America

Settlement is barely a wrist slap 

Political games over US debt ceiling  

US GDP growth weaker than thought  

Fed played fast and loose with rules

Bank probe expands

Bailouts created more risk  

How the US budget works in Congress

111th US Congress

Feds ignored warnings

Congress still hides earmarks

Non-profit clout for sale

Return of crony capitalism

Support for $$s

TARP: 20 probes for starters

Oversight of TARP


Henry Paulson  

Ben Bernanke

Feds shut down more banks

US doesn't have the resources

Raises part of spending bill


US toxic asset plan stirs fears

Bailout profit not adding up   

Shh, it's a secret

GAO investigation  .pdf   

Lawrence Summers  

DE Shaw

'Serious money' to be made


FDIC failed bank list

SEC accuses Goldman of fraud

Paulson & Co  

Paulson not targeted in lawsuit

Cash for clunkers

Flagstar Bancorp

Use of rating agencies under scrutiny

New estimates for bank bailout cost 

Raj Rajaratnam

Meltdown wasn't a mistake

Morgan Stanley

JPMorgan Chase  

Bank of America

Wells Fargo  



10% of US in mortgage trouble

10 banks get OK to repay

Wells Fargo expects record profit 

Bailout recipients lobbying

The rise of the 'empty creditor'

FASB summary of board decision

Fair price  

Paying for lobbyists - pays off

OIG report to Congress 2011   .pdf

Tax lobbying provides 22,000% return

The quiet coup

26% of failed lawmakers lobbyists

'Rewarding incompetence'

Trillions now, worry later

25 people to blame

Advocate not enforcer

What's the bailout tab?

Bailout acronym soup

'Too big to fail' policy must end  

Tax revolt a recipe for tea parties

Great Depression

Bond credit rating  

Credit rating agencies

Subprime mortgage crisis

Credit default swap

Adam Applegarth

Stan O'Neal  

Charles Prince  

Angelo Mozilo

Court order springs leaks

Julius Baer vs. WikiLeaks

Countrywide Financial

Senate Budget Committee

Bailout overpaid banks     

Big Government is back - big time

Investment banks

Bailout spawns lobbying scramble

International Monetary Fund


China Investment Corporation

Bank of China

Regulators seize IndyMac


Fannie Mae  

Freddie Mac

Fannie Mae dismisses executives

Whistle-blower feels vindicated

$11 Billion-dollar bailout


EU tries to end too big to fail

BRUSSELS - Europe has called an end to the era of mass bank bail-outs as new rules to stop taxpayers from footing the cost of financial rescues come into force.   (Telegraph UK)

ECB plan


Banks 'forgave' loans to MPs

Turning the EU debt myth upside-down

Why Cyprus matters


ECB issues ultimatum to Cyprus

ECB says plan in Cyprus was 'not smart'



Heist begins

Alchemy of central bank money printing

Vows end to 'humiliation and pain'

Left-wing Syriza finds right-wing ally

Tsipras sworn in as new PM

Bank deposit insurance

Germany 'the biggest debt transgressor'

Greek government-debt crisis

How the EU dream is dying state by state

EU capital controls 

EU contradicts Rajoy

General strike clashes  

EU-IMF 'troika' to monitor rescue

UK won't take part in banking union

Greek privatization scandal    

Banks reopen

Damage has been done

Police search home of IMF boss  

Bureaucratic 'toxic policy error'

Cyprus told it can amend bailout

Bank run

Bailout levy on savers

Bailout terms prompt run on banks

Call for EU powers to veto national budgets

Anti-austerity strikes

Greece brought to standstill  

Financial transactions tax

Protesters take to the streets

Southern EU strike

Clashes erupt 

New bailout

Goldman Sachs conquers Europe 

The old EU doesn’t work

Goldman to the rescue    

Schengen area

Record high unemployment   

Now clearly 2 Europes

Euro doomed from the start  

Bond fizzles in Germany  

Example of why Greece is in trouble

Eurozone back on the brink

UK holds out

Cameron blocks treaty change  

Central banks move to pump money

EU curbs credit rating agencies  

Eurozone in recession

Greece gears up for tough reforms

Suicide sparks outrage

Banks suspend evictions after public outrage

Spanish financial crisis  

Bond slaves    

European Commission  

Greece faces death by a thousand cut

EU curbs credit rating agencies  

Don't say Greek default

Banker named as new PM

Bailout leads to personal bankruptcy

Sean Quinn   Anglo Irish Bank

Irish financial crisis   

Mario Monti

EU bailout buys its own debt

Wall St cashes in

Borrowing costs hits 7%   Rule of 70

Greece likely to default no matter what

EU domino effect

Masters of the tax dodge

Greece payout likely to go ahead

Proton Bank 

EU's attention shifts to ailing banks

Crisis is killing Greeks  

Bond fund warns Greece will default  

Developed nations must curb deficits

German privatization a poor model

Danger to Canada from debt crisis

Italy and Spain debt downgraded  

Lucas Papademos

Euro 'empire' plot by Brussels

Greece cuts to the bone

Greece must implement EU demands  

Sovereign default  

George Papandreou

Italy borrowing rates hit euro-era high

EU sovereign debt crisis  

EU domino effect

Debt rollover is default  


California greater risk than Greece

Italy pensioners worried  

Taxpayers face pensions liability

You win, we retire 

Budget cuts pass

UK banks abandon eurozone   

Warming of social unrest

Financial oligarchy wins again

Ugly secrets waiting to be exposed

Kaupthing leak exposes loans

Banks reopen global casino

UK debt auction fails

A handy guide to really big numbers

Global recession

Meltdown to cost billions in aid

Meltdown and world's poor

Recession hammers UK

Countries can go bankrupt

Debt 'generated by mortgage frauds'

UK's debt is unsustainable

ECB risks its reputation

EU adopts bigger budget for 2010

No point in saving  

Anglo Irish bank scandal

'Fat cat' row

RBS spends to promotes its brand

UK risks 'debt spiral'

IMF: World growth 'worst for 60 years'

UK admits no cap on taxpayer risk

Icelanders reject paying for mistakes  

Icesave dispute

President blocks deal

Iceland plans vote on bank payout

Icelandic Modern Media Initiative


Judge challenges bankruptcy

DETROIT - A Michigan court judge has challenged Detroit's bankruptcy filing, saying it contravenes the state's constitution.    (AP)

Feds unlike to rescue Detroit 

Decline of Detroit

GM out of bankruptcy protection

End of the road for lawsuits

Can 'Government Motors' succeed

Penske to buy Saturn from GM 

Canadian municipalities take note of Detroit

General Motors

Roger Penske

Detroit-Windsor tunnel files for bankruptcy

GM to tackle pension deficit: CAW

Detroit a Ponzi scheme

Detroit files

Tip of a pensions iceberg

Neglect, corruption, exodus

Bankruptcy exposes dirty politics

Union, Big 3 negotiated their demise

Conditional pledge

Ontario a 'have not’ province

Taxpayers face ballooning bill

Ontario unveils $165M fund


From General to Government Motors

1,100 dealers will be shut down

Taxpayers to fork out billions

Cdn to own 12%

Chrysler's sale to Fiat approved

Chrysler to close 25% of dealers

Auto industry crisis

More auto aid likely: Premier

Auto sector wants in on bailout money

$4B Canadian auto bailout

McGuinty wants Ottawa's aid

McGunity sees new auto plant

GM cuts 900 jobs in Oshawa

Sold out  .pdf  

WEF meeting in Davos

DAVOS - The Global Risks Report published by the WEF last week showed that many see a heightened risk of political and economic confrontations between major powers this year.  (Reuters)

Global risks 2018  

An economy for the 99%

Fair or foul

2 richest Canadians as wealthy as 30%

China will champion free trade

What we learned

Capitalism needs reform 

World wealth report

Credit Suisse

Global wealth in 2015  

World Economic Forum

Global risks report 2017

WEF Davos 2017  

WEF Davos 2016 

WEF Davos 2015

Gap between rich and poor

Osfam 2015 report

New sense of dread 

WEF Davos 2014

Realty check for elite   

More money wanted

Christine Lagarde

IMF issues warning

Paying taxes   

'Canada is hip'

Trudeau at Davos 

Why health care costs so much


Chain collapses

BEIJING - Recycling has become a global industry and China is the largest importer of the world's waste materials, taking in as much as a third of Britain's recyclables for example.  Then came the slump, decimating the Chinese recycling industry and leaving Britain, the US and others grappling with growing volumes of recycled waste and nowhere to send it.    (Guardian UK)

Mess for cities

Recycling goes to the dump

Piling up

Recycling means more taxes

Good thing we have carbon taxes

Toronto bin program a mess

Fix green bin mess

Province steps in

A wasted effort?

Bag ban's a sham

Wastepaper in the dumps

Standardized recycling program

Super-size packaging tough to shrink

Blue Box Recycling

Blue-box leftovers


Across the great divide 


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