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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What unites the midterm election results, the Federal Reserve’s decision to spend another $600 billion to keep interest rates down, the failure to address the foreclosure crisis, and America’s worsening relations with its G-20 partners? And, more generally, what explains the Obama Administration’s toothless response to the financial crisis, in particular its reversion to status […]

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Critics of the Obama administration’s remarkably friendly policies towards Wall Street have recently been encouraged by the appointment of Elizabeth Warren and the announced departure of Larry Summers. Unfortunately, these two developments do not solve our problems, or even indicate that President Obama is interested in solving them. As usual with this administration, Elizabeth Warren’s semi-appointment was […]

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Five years after the Bush administration destroyed most of Iraqi society, Iraq has finally begun to stabilize. Violence has declined sharply, and some semblance of normal daily life is returning to Baghdad and other Iraqi cities. John McCain, the Bush administration, and a number of neoconservative analysts argue that this heralds the beginning of an […]

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Making No End In Sight, my first film, was unquestionably one of the most rewarding experiences of my life. I first had the idea in 2004, and asked some senior people in the media what they thought. Almost unanimously, they said: don’t do it, because you’ll be competing with many other people, backed by large organizations. […]

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As the Bush administration tells us that more troops will finally yield victory, the parallels between Vietnam and Iraq seem ever clearer: the mismanaged occupation of a profoundly different nation; the vast lies; the increasing desperation when reality can no longer be denied. There are, however, two important differences. The first is that for all […]

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