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Wall Street

Trump Conned Voters Says Hedge Funder: Wall Street In Power

By Max Abelson for Bloomberg - Hedge fund manager Whitney Tilson was feeling happy Wednesday morning. After Donald Trump ridiculed Wall Street on the campaign trail, the President-elect tapped former Goldman Sachs Group Inc. executive Steven Mnuchin to be his Treasury secretary and billionaire investor Wilbur Ross to lead the Commerce Department. Trump even met with Goldman Sachs President Gary Cohn inside Trump Tower. It would suit Tilson just fine if voters who backed Trump because he promised to rein in Wall Street are furious now that he’s surrounding himself with bankers and billionaires.

Let’s Rebuild Infrastructure, Not Provide Tax Breaks To Big Corporations

By Bernie Sanders for Medium - Our infrastructure is collapsing, and the American people know it. Every day, they drive on roads with unforgiving potholes and over bridges that are in disrepair. They wait in traffic jams and ride in overcrowded subways. They see airports bursting at the seams. They see the need for a modern rail system. They worry that a local levee or dam could fail in a storm. During the presidential campaign, Donald Trump correctly talked about rebuilding our country’s infrastructure.

Wall Street Sets Political Outlay Record

By Jim Lardner for Inequality.org - Wall Street will set still another record for political spending this election cycle. So far in 2015 and 2016, banks and financial interests have put more than $1.4 billion into efforts to elect and influence holders of national political office, according to Wall Street Money in Washington, a new report by Americans for Financial Reform based on data compiled by the Center for Responsive Politics.

Wall Street Firms Make Money From Teachers’ Pensions

BY David Sirota, Avi Asher-Schapiro And Andrew Perez for IBT - When Massachusetts public school teachers pay into their pension fund each month, they may not realize where the money goes. Wall Street titans are using some of the profits from managing that money to finance an education ballot initiative that many teachers say will harm traditional public schools. An International Business Times/MapLight investigation has found that executives at eight financial firms with contracts to manage Massachusetts state pension assets have bypassed anti-corruption rules and funneled at least $778,000 to groups backing Question 2, which would expand the number of charter schools in the state.

Big Banking Scandal Wall Street Is Hiding From You

By Zach Cartwright for U.S. Uncut - Your community’s tax dollars are getting quietly pilfered by Wall Street banks, and the banks are doing an excellent job of keeping the how away from you. The amount of public money spent on just bank fees and interest every year numbers anywhere from the hundreds of billions to the tens of trillions. The exact amount is available through Comprehensive Annual Financial Reports

Here’s Why Americans Are Mad As Hell At Wall Street And Washington

By Pam Martens and Russ Martens for Walls Street On Parade - Yesterday we published our 1,007th article here at Wall Street On Parade on the insidiously corrupt financial system in the United States known as Wall Street. It’s a system that now operates as an institutionalized wealth transfer mechanism that is hollowing out the middle class, leaving one of every five children in our nation living in poverty, while funneling the plunder to the top one-tenth of one percent. Tens of millions of Americans clearly understand that an entrenched system of corruption such as this, perpetuated through a revolving door between Wall Street and Washington

Financial Transaction Tax: Make Wall Street Work For Main St.

By Josh Bivens and Hunter Blair for EPI - What this report finds: A well-designed financial transaction tax (FTT)—a small levy placed on the sale of stocks, bonds, derivatives, and other investments—would be an efficient and progressive way to generate tax revenues. Gross revenues from a well-designed FTT would likely range from $110 billion to $403 billion. And net revenues (including offsets from reduced income, payroll and capital gains taxes, and increased borrowing costs) would likely be substantially higher than some other recent estimates indicate.

Wall Street Profits From Public Education While Students Drown In Debt

By Mnar Muhawesh for Mint Press News - MINNEAPOLIS — An education crisis largely orchestrated by neoconservatives in both the Republican and Democratic Parties, has left some of the country’s oldest and most prestigious public universities struggling under deep cuts and severe budget shortfalls. Although these cuts are driven mostly by conservative think tanks, the changing face of education isn’t just about austerity.

Emails Show How Wall Street Execs And Alums Crafted Trade Bill

By Kathy Kiely for Moyers and Company - Foreign corporations could sue to undermine US protections for consumers’ health, safety and financial security under a provision added to the proposed Trans-Pacific Partnership trade deal (TPP) after executives of big banks pressed the nation’s chief trade negotiator, himself a former big-bank executive, to include it. A series of emails, obtained under the Freedom of Information Act and released last week byRootstrikers, an organization that opposes the trade deal now pending before Congress...

Wall Street Should Pay A Sales Tax, Too

By Sarah Anderson for Other Worlds - In case there was any doubt, the presidential election fight has confirmed that blasting Wall Street, even eight years after the financial crisis, is still a vote-getter. Hillary Clinton has said she’d like to jail more bankers. Donald Trump has skewered the hedge fund managers who are “getting away with murder.” And Bernie Sanders has made Wall Street accountability a centerpiece of his campaign.

Washington & Wall Street Fight BRICS Challenge In Brazil

By Eric Draitser for Mint Press News - NEW YORK — (Analysis) The last decade has seen a remarkable coalescing of non-Western nations in both economic and political partnerships. These multilateral institutions have been championed as alternatives to Western organs of political and economic power such as NATO, the International Monetary Fund, and the World Bank. From the growth of the Shanghai Cooperation Organization to the establishment of the Eurasian Economic Union, China’s “One Belt, One Road” strategy to link much of the Eurasian landmass...

Newsletter: Justice Takes A Lifetime

By Kevin Zeese and Margaret Flowers for Popular Resistance. The #BlackLivesMatter movement continues to grow its power and have notable victories, but 600 hundred years of racial oppression, older than the nation itself, will not be rooted out quickly. The movement had a series of electoral and other victories this week. These victories for #BLM and their supporters are notable but problems still persist and the movement must continue to grow and get stronger. There are no quick fixes to a country that is crippled by its history of racism. We must all recognize that the work we are doing for racial, economic and environmental justice requires us to be persistent and uncompromising. achieve the transformational justice we seek will last our lifetimes – a marathon and not a sprint.

Wall Street’s Savage Reckoning: Clouds Gather Over G-20 Summit

By Mike Whitney for Counter Punch - Finance ministers and central bankers from the world’s biggest economies met in Shanghai, China over the weekend to discuss many of the problems for which they alone are responsible. Leading the list of issues, was the steady deceleration in global growth which, to great extent, is the result of experimental monetary policies central banks implemented following the recession in 2009. Surprisingly, the group admitted that their “easing strategies” had failed to produce the durable recovery that they sought, but at the same time, they made virtually no effort to correct their mistake by making the changes necessary...

Wall Street Fees Are Bleeding Our Cities Dry

By Zach Cartwright for US Uncut. United States - Cities, counties, and states are all hemorrhaging hundreds of billions, and possibly even trillions of dollars a year in banking fees. The root cause of this extortion has been ignored, until now. The Public Banking Institute’s (PBI) What Wall Street Costs America project is shining light on the fact that fees paid to private Wall Street banks simply for managing accounts for state and local tax dollars is bankrupting communities across the country. The combined total for all 50 states may be as high as $4 trillion. United States - Cities, counties, and states are all hemorrhaging hundreds of billions, and possibly even trillions of dollars a year in banking fees. The root cause of this extortion has been ignored, until now. The Public Banking Institute’s (PBI) What Wall Street Costs America project is shining light on the fact that fees paid to private Wall Street banks simply for managing accounts for state and local tax dollars is bankrupting communities across the country. The combined total for all 50 states may be as high as $4 trillion. PBI has launched a crowdfunding campaign to find the true cost of what private Wall Street banks really cost in major cities in all 50 states: 1pbi “The latest banking collapse cost people their lives, their homes, their educations, their futures. What we have been seeing is that Wall Street extracts hundreds of billions of dollars of our taxpayer money used for our public needs. That’s not necessary,” PBI board chair Walt McRee told US Uncut. “We don’t need to borrow their money for public needs.”

Wall Street Won First Round, We Might Win Next

By Walden Bello for Occupy - When the ground from under Wall Street opened up in autumn 2008, there was much talk of letting the banks get their just desserts, jailing the “banksters,” and imposing draconian regulation. The newly elected Barack Obama came to power promising banking reform, warning Wall Street, “My administration is the only thing that stands between you and the pitchforks.” Yet nearly eight years after the outbreak of the global financial crisis, it is evident that those who were responsible for bringing it about have managed to go completely scot-free.
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