Mitt Romney has a credibility problem. He changes his beliefs like laundry (abortion, medical insurance, whether Bin Laden was worth killing, attacking Iran), refuses to disclose his tax returns, and won’t explain how he could possibly pay for the tax cuts he proposes. But there is another scandal in Romney’s campaign — namely Glenn Hubbard, […]

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Consider just this month’s news in financial services. First, Barclay’s has been manipulating the Libor, the main interest rate upon which most other interest rates and financial transactions are based, since 2005. Moreover, Barclay’s traders were colluding with traders in many other banks to assist them in manipulating the Libor too, so that they could all profit […]

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It is no exaggeration to say that since the 1980s, much of the American (and global) financial sector has become criminalized, creating an industry culture that tolerates or even encourages systematic fraud. The behavior that caused the mortgage bubble and financial crisis was a natural outcome and continuation of this pattern, rather than some kind […]

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Re-printed from Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America; Copyright © 2012 by Charles Ferguson. Published by Crown Business, a division of Random House, Inc. ____________________________ Many people who saw my documentary film about the 2008 economic crisis, Inside Job, found that the most surprising, and disturbing, portion of the film was its […]

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Re-printed from Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America; Copyright © 2012 by Charles Ferguson. Published by Crown Business, a division of Random House, Inc. ____________________________ One fascinating question about the financial crisis is how and why the CEOs of major banks could have tolerated behavior that destroyed their own companies. In […]

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In his State of the Union speech, President Obama said and proposed many reasonable-sounding things. One of them was this: We’ll also establish a Financial Crimes Unit of highly trained investigators to crack down on large-scale fraud… financial firms violate major anti-fraud laws because there’s no real penalty for being a repeat offender… So pass […]

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