Economic Glance
As the bottom fell out of the housing market and complex mortgage-backed securities began tanking in 2007, a strange thing happened at Moody's Investors Service, one of the largest firms that rate bonds for the risks they pose to investors.
Moody's blue-ribbon board of directors stopped receiving key information from an internal committee that was supposed to keep the board informed of risks to the company, a McClatchy investigation has found.
Instead, the ad hoc risk-management committee suddenly disappeared, precisely at the time when the board and management should have been shifting to higher alert as the financial world began quaking.
Where was Moody's board when top-rated bonds blew up?
Congressman McFadden on the Federal Reserve Corporation Remarks in Congress, 1934 AN ASTOUNDING EXPOSURE
"Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over.
JPMorgan, Lehman, UBS Named as Conspirators in Muni Bid-Rigging
JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.
Germany's central bank has admitted in writing that banks create credit out of thin air.
Most people think that banks lend solely from their base of deposits. Some also know that with fractional reserve banking, they can loan out many times more than they actually have in reserves.
Workers' share of health care costs spiked 70% in 10 years, study finds
While Congress argues over how to extend health insurance to the growing number of people without it, most Maine businesses and workers struggle with a different problem: how to afford the insurance they have.
Excellus board voted itself a 37 percent pay raise
The raises for the 17 outside directors came at the same time the nonprofit insurer lost money on its operations and cut the pay of its top executives.
The same year, Excellus increased health insurance rates on average 8 percent. For 2010, the insurer raised its rates an average of 8.8 percent. Both years, some customers saw substantially higher rate increases.
The Federal Reserve: The Greatest Scam in History
When the bill for the Federal Reserve was being considered, some brave politicians spoke out against its creation calling it “the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed” and Congressman Victor Murdock said, “I do not blind myself to the fact that this measure will not be effectual as a remedy for a great national evil – the concentrated control of credit.”
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