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Journalist Joris Luyendijk After Interviewing 70+ Investment Bankers: “The problem really is exactly as bad as the ‘banker bashers’ believe”

Joris Luyendijk, a journalist for the Guardian, has been running a banking blog since summer 2011. As part of the project, he’s interviewed over 70 people in the financial sector. Before he started interviewing financiers, he knew almost nothing about the

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Posted in Break Up the Banks, Wall Street Reform

Geithner’s Kickbacks, Bank of America’s Twitter Bot, and More About the Foreclosure Fiasco

Note: We haven’t been posting as much recently because we’ve been creating an ebook that will explain exactly why too big has failed. It’ll be an awesome exposé of Wall Street. Look for a release by the end of July. In

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Posted in Scandals

Jon Corzine Guilty: Former Goldman Sachs CEO Is “Legally Responsible” for Misusing Customer Money

Photo credit: Flickr Court documents released today by the CFTC declare Jon Corzine guilty in 2011′s MF Global scandal. It’s been a while since the scandal occurred, so here’s a quick recap: After Jon Corzine left his role as governor of New

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Posted in Scandals

Californian Jeff Olson Faces 13 Years In Jail For Writing Anti-Wall Street Messages In Chalk

  Huffington Post has the headline, and an ABC station in San Diego has the story: Jeff Olson, a California man, wrote sidewalk messages last year that derided Bank of America, and he’s currently in trial, facing 13 years of

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Posted in Inequality, Scandals

Exposing Corruption on Wall Street: Lawrence Lessig, Matt Taibbi, The Daily Show, and Netroots Nation

Lawrence Lessig exposes the roots of corruption on Wall Street in his recent article in the Daily Beast. Specifically, Lessig shows how when Dodd-Frank was first signed into law in 2010, politicians were boasting that it would put Wall Street

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Posted in Scandals, Too Big To Fail

Bank of America Gave Bonuses, Gift Cards To Foreclose On Homeowners

Bloomberg News and ProPublica have the story: Bank of America gave bonuses and gift cards to employees who met quotas for putting homeowners into foreclosure, incentivizing employees to figure out inventive and illegal ways to closed accounts. It’s a story

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Posted in Scandals

Index Funds vs Managed Funds: Don’t Give Wall Street Any More Money In Hidden Fees.

This page is an addendum to our article explaining why people should invest in index funds to save themselves from Wall Street fees. It offers additional proof on why index funds are a better choice than actively managed mutual funds. The

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Posted in How Wall Street Screws You

Wall Street Will Eat Your Retirement (Unless You Know How To Avoid Their Hidden Fees Through Index Funds)

“Whether you know it or not, Wall Street wants to steal your future.” - William Bernstein, author of The Four Pillars of Investing — PBS Frontline recently aired “The Retirement Gamble,” a biting documentary that exposes the ways in which Wall Street

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Posted in How Wall Street Screws You

Index Funds vs Actively Managed Mutual Funds: The Choice Is Clear

Index Funds vs Actively Managed Mutual Funds Last week we linked to a PBS Frontline documentary showing how Wall Street siphons tens of thousands of dollars in fees—$155,000 in many cases—from clients’ retirement funds. We also created a meme showing that last year 10 hedge

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Posted in How Wall Street Screws You

Jeffrey Sachs Says What All Of Us Have Been Thinking About Wall Street, Only Bolder

In a recent speech at a Philadelphia Fed conference, Columbia economist Jeffrey Sachs waxed bold about Wall Street. The quality of the speech makes up for the poor video quality: Here are some more excerpts: The amount of what I would regard as

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Posted in Scandals, Wall Street Reform

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