Category Archives: Banking & Lending Issues

Global Offshore Corporate Networks Exposed in Massive Data Leak

By Dan Feldt. Published 12-3-2019 by Unicorn Riot

Hundreds of thousands of documents from inside Formations House, a posh British finance firm located in central London, have been released online tonight. Formations House created thousands of companies for ultra-wealthy business-people for offshore banking and international transactions. The transparency collective ‘Distributed Denial of Secrets‘ obtained these documents from a source dubbed “Babylon” and is publishing them online. More than 100,000 recorded phone calls between Formations House, its customers, and related figures, are included. Full archives of the phone calls are expected to be released in coming days.

This new data release is named ‘#29Leaks’ after 29 Harley Street, the original location in London of Formations House (it moved to a new address after 2016 – the records in this release were generated out of that original location); it’s a prestigious address about a thirty-minute walk from Parliament. Continue reading

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How Mike Pence’s Office Meddled in Foreign Aid to Reroute Money to Favored Christian Group

Officials at USAID warned that favoring Christian groups in Iraq could be unconstitutional and inflame religious tensions. When one colleague lost her job, they said she had been “Penced.”

By Yeganeh Torbati Published 11-7-2019 by ProPublica

Vice President Mike Pence presiding over the Senate on Capitol Hill in Washington, Tuesday, Feb. 7, 2017, during the Senate’s vote on Education Secretary-designate Betsy DeVos. On Tuesday night, Pence returned to the chamber again to a break another tie. This time it was to make sure it’s easier in the future for financial service companies and other Wall Street darlies to make it easier to rip-off consumers. (Photo: Senate Television)

 

Last November, a top Trump appointee at the U.S. Agency for International Development wrote a candid email to colleagues about pressure from the White House to reroute Middle East aid to religious minorities, particularly Christian groups.

“Sometimes this decision will be made for us by the White House (see… Iraq! And, increasingly, Syria),” said Hallam Ferguson, a senior official in USAID’s Middle East bureau, in an email seen by ProPublica. “We need to stay ahead of this curve everywhere lest our interventions be dictated to us.” Continue reading

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‘What Is the Fed Not Telling Us?’: Fears of Economic Instability After Central Bank Intervention Spikes

“A financial system that requires over $100B of liquidity injections every day, temporary, permanent or otherwise, has major issues.”

By Eoin Higgins, staff writer for Common Dreams. Published 8-27-2019

Is the Fed reacting to market volatility or preparing for recession? (Public domain)

A number of financial experts and investors are sounding the alarm over the Federal Reserve’s recent infusion of cash into the market and warning that the actions by the central bank could be the precursor to economic crisis.

On October 22, the Fed pumped $99.9 billion in temporary liquidity into the market to ease stresses brought on by a tightening credit market. Two days later, on October 24, the bank upped that to $134 billion. Continue reading

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Bolstering Call to Expand Social Security, New Reporting Reveals How Corporations Are Offloading Pensions

Not only are pensions being offered less, existing pensions are being transferred to insurers, with employees suffering consequences

By Andrea Germanos, staff writer for Common Dreams. Published 8-7-2019

Economists “warn that rarely, if ever, can people replicate the security of a pension,” said Karen Friedman, executive vice president and policy director of the Pension Rights Center. (Photo: 401kcalculator.org)

New reporting showing companies’ scrapping of pension plans has gone into overdrive means that Social Security must be expanded, an advocacy group said Wednesday.

“Expanding Social Security is important for today’s retirees,” Social Security Works said in a tweet, “but even more important for tomorrow’s.

The shift from traditional pensions to 401(k) or similar retirement plans—a change panned as an inequality-fueling disaster—isn’t new. “But lately,” reported Axios, “those changes are happening even faster.” Continue reading

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The US Just Seized a Ship Owned by JP Morgan That Had $1.3 Billion in Cocaine on It

A container ship owned by JP Morgan has been seized after authorities discovered over $1 billion dollars worth of cocaine on the vessel.

By S.M. Gibson. Published 7-10-2019 by The Mind Unleashed

A container ship owned by JP Morgan has been seized by U.S. Customs and Border Protection (CBP) in Philadelphia weeks after authorities discovered over $1 billion dollars worth of cocaine on the vessel.

On June 17, U.S. Customs and Homeland Security led a multi-agency effort which detected inconsistencies in seven shipping containers and confiscated 39,525 pounds of cocaine. The cocaine has a street value of approximately $1.3 billion. Continue reading

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‘A Burning Indictment of Our Higher Ed System’: Commencement Speaker Pays Off $40 Million in Student Debt

Billionaire’s gift to nearly 400 graduating seniors of Morehouse College earned him praise—but also sparked criticism of the cost of education

By Jessica Corbett, staff writer for Common Dreams. Published 5-19-2019

Morehouse College commencement speaker and billionaire Robert F. Smith announced Sunday he is wiping out an estimated $40 million in student debt for nearly 400 graduates. (Photo: Morehouse College/Twitter)

Commencement speaker Robert F. Smith garnered widespread praise Sunday when the billionaire investor announced he will wipe out an estimated $40 million in student debt for Morehouse College’s nearly 400 graduating seniors—but the move also sparked intense criticism of the cost of higher education in the United States.

“Two things are simultaneously true about this story: 1. This is a very cool thing to do,” tweeted Current Affairs editor Sparky Abraham. “2. That this is so cool and necessary and has such a huge impact on the students’ lives is a burning indictment of our higher ed system.” Continue reading

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‘Like Nominating Dr. Phil to Run CDC’: Alarm Bells as Trump Nominates Right-Wing Sycophant Stephen Moore to Federal Reserve

Concerned economic and political commentators decried Moore as “a famous idiot” who “has proved deeply impervious to facts.”

By Jessica Corbett, staff writer for Common Dreams. Published 3-22-2019

President Donald Trump said Friday he will nominate right-wing commentator Stephen Moore to the Federal Reserve board. (Photo: CBN)

Economists and progressive experts responded with exasperation and unease on Friday after President Donald Trump said he will nominate right-wing commentator Stephen Moore to the Federal Reserve, the gatekeeper of the nation’s economy.

“I will be nominating Mr. Moore for the Fed. You know who I’m talking about,” Trump told reporters while arriving in Florida for the weekend. “He’s going to be great on the Fed.” Continue reading

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Mitch ‘Nuclear Option’ McConnell Poised to Turn Steady Stream of Trump’s Right-Wing Judges Into a Flood

Critics warn that even if Democrats regain control of White House and Senate, the flood of judges could mean there will be no more vacancies to fill post-2020

By Jessica Corbett, staff writer for Common Dreams. Published 3-6-2019

Senate Majority Leader Mitch McConnell (R-Ky.) is reportedly planning to change the chamber’s rules to make it easier to confirm right-wing judicial nominees to lifetime appointments. (Photo: Gage Skidmore/cc/flickr)

Senate Majority Leader Mitch McConnell (R-Ky.) is reportedly pursuing a “nuclear option” rule change to make it easier to push through a flood of President Donald Trump’s right-wing judges.

Under the new rules, nominees for lifetime appointments on lower courts would only require a simple majority of votes rather than the current 67. Critics condemned the move as “hijacking” the federal judiciary and pointed out that even if Democrats regain control of the Senate and White House in the next election, they may not have any more spots to fill post-2020. Continue reading

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Siding With ‘Loan Sharks’ Over Consumers, Trump CFPB Moves to Gut Payday Lender Regulations

“This administration has moved the CFPB away from protecting consumers to protecting the very companies abusing them.”

By Jake Johnson, staff writer for Common Dreams. Published 2-6-2019

Consumer Financial Protection Bureau director Kathy Kraninger testifies during a confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs. Photo: C-SPAN screenshot

In what progressive lawmakers and advocacy groups decried as the Trump administration’s latest “shameful” attack on vulnerable families, the Consumer Financial Protection Bureau (CFPB) unveiled a plan on Wednesday that would gut regulations protecting consumers from predatory payday lenders.

Vanita Gupta, president and CEO of the Leadership Conference on Civil and Human Rights, denounced the CFPB’s plan as “a slap in the face to consumers—especially people of color—who have been victims of predatory business practices and abusive lenders.” Continue reading

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With Trump Seen as ‘Symptom Not a Cause,’ US Rank Plummets on Global Corruption Index

“The U.S. is experiencing threats to its system of checks and balances, as well as an erosion of ethical norms at the highest levels of power.”

By Jessica Corbett, staff writer for Common Dreams. Published 1-29-2019

People gathered in the streets of London to protest U.S. President Donald Trump’s visit to the United Kingdom in July of 2018. (Photo: Alisdare Hickson/Flickr/cc)

An analysis out Tuesday from Transparency International “reveals the United States as a key country to watch in a global pattern of stagnating anti-corruption efforts and a worldwide crisis of democracy,” according to the group, with the U.S. rank on a global index plummeting by four points in just the past year under President Donald Trump.

The United States earned a score of 71 out of 100 on the watchdog’s 2018 Corruption Perceptions Index (CPI), knocking it out of the top 20 countries for the first time since 2011. Continue reading

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