One Per Cent Privilege · The 1% · Wall Street "Banksters"

The Year of the Great Redistribution

Robert Reich

The stock market closed out a record year at an all-time high [at the end of the year] giving stockholders in 2013 their biggest annual gains in almost two decades.

But the real news here, that went completely unreported, is that the 2013 bull market widened inequality because

(1) the richest 1 percent of Americans own 35 percent of the value of all shares of stock, and the richest 10 percent own over 80 percent,

(2) the corporate profits on which these gains were based came largely from keeping the wages of ordinary workers low,

(3) the capital gains and dividends these gains generated are taxed at a lower rate than most of the income of the middle class, and

(4) the biggest winners are the top executives and Wall Street traders whose year-end bonuses are tied to the stock market, and the hedge-fund and private-equity managers whose “carried interest” loophole allows them to cash in big-time. When will we stop measuring the health of the economy by the Dow Jones Industrial average? —

Uh, America, are we listening to this man?

Elliott Spitzer · Wall Street

Maddow explains how Wall Street firms defrauded investors

When I saw The Rachel Maddow Show last night, I knew I had to post this particular segment.  It’s thorough, easy to comprehend and as usual, Rachel gives an awesome delivery…

The Raw Story

On her show Thursday night, MSNBC host Rachel Maddow explained how dishonesty and fraud in Wall Street tanked the U.S. economy. Internal emails show that Wall Street firms told their investors to purchase stocks in certain companies, but not because those stocks had good potential. The stocks were owned by companies that were paying the firms giving the advice.

Watch video, courtesy of MSNBC, below:

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U.S. Politics

Debt Ceiling Talks Collapse

In the comments section of Huffington Post under Debt Ceiling Talks Collapse, the following comment stands out in the Community Pundits section:

squeezed   02:17 PM on 7/24/2011

For two and a half years, this country has been trying to dig itself out of a recession while Republicans block everything and any attempt to right the wrongs.

If you’re in a union, they’ve been trying to destroy you.

If you’re a woman, they’ve been attempting to control you.

If you’re unemployed, they’ve mocked you.

If you’re uninsured, they’ve taunted you.

If you’re a _Hispanic, they’ve blamed you.

If you’re a _Muslim, they’ve fear mongered about you.

If you’re gay, they’ve bible bashed you.

If you’re a teacher, they fire you.

If you’ve lost your home, they’ve laughed at you.

If you’re a kind, compassionate, decent person, they h@te you.

But if you’re a hedge fund manager, or a banker, or an oil tycoon, the Right has served you and you alone.

Wall Street Insider Trading

Report: Feds Preparing Massive Sweep Of Insider Trading In Financial Sector

It’s about damn time!  I’m hoping that the aftermath will weed out a few crooked Congressmen and Senators on both sides of the aisle, as well. 

This is the sort of thing that allows me to maintain a little faith in the Obama administration.  Just when you think those guys have muddled so many things in the name of “bi-partisanship”, they surprise us with this bit of news.  I’m thinking, masterful chess move by the Feds and Obama.

The mortgage and foreclosure bankster scams should be next! 

It goes back to John Kenneth Gailbraith and Jack Clark’s words…


The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
John Kenneth Galbraith


The Rational Radical

Everything the right-wing does is designed to accomplish one of two things, either:
(a) transfer wealth from everyone else to the rich, or,
(b) distract everyone else from the fact that (a) is occurring.

Wall Street Journal

Federal authorities, capping a three-year investigation, are preparing insider-trading charges that could ensnare consultants, investment bankers, hedge-fund and mutual-fund traders and analysts across the nation, according to people familiar with the matter.

The criminal and civil probes, which authorities say could eclipse the impact on the financial industry of any previous such investigation, are examining whether multiple insider-trading rings reaped illegal profits totaling tens of millions of dollars, the people say. Some charges could be brought before year-end, they say.

The investigations, if they bear fruit, have the potential to expose a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific industries or companies, federal authorities say.

Read the whole story: Wall Street Journal

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