The letter to Eric Holder from Senators Brown (D) and Grassley (R) asking why the big banks appear to be “too big to jail” in the eyes of the DOJ.

The HSBC money laundering settlement is a classic example of this. The LIBOR scandal is probably another great example.

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“We will never know the amounts of money involved, but it has to be the biggest financial fraud of all time,”

The LIBOR rigging scandal is very deep, and it affected millions and millions of people. This was not just a few traders getting together and manipulating the second most important interest rate benchmark in the world. It wasn’t even just a few banks. It was pervasive, and it appears even condoned by regulators.

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How No Equity and Low Equity Homeowners Still Challenge the Market

Much has been made of an uptick in housing.  It seems that after 4 long years many people are just ready to move. Real estate may be thawing, but 40% of homeowners are still holding back the market and likely will remain a drag for a good while. They are the low and no equity homeowners.

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The Political Reality of Too Big to Fail

“In short, TBTF is FUBAR.”

How does one deal with too these giant banks? It is believed widely that if one of the big banks were to implode the whole world might also collapse into a debt chain reaction ending in a monetary singularity.

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Crony Capitalist Conduit? Obama’s New (Tax Free) Group, Organizing for Action, has “Closely affiliated itself” with Mega Corporations and George Soros

The crony capitalist conduit has been established. If your corporation wants to influence the direction of policy, this is the place to do it, anonymously.  If you want to be a part of the President’s effort, just drop a check into this designated box. Tax free of course.

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How the Fed Learned to Stop Worrying and Love 0% Rates (I’m still worried)

In the attached article Caroline Baum at Bloomberg tries to come to terms with the Federal Reserve’s unprecedented period of ultra-low interest rates. This is the way it’s going to be she says, and we had better get used to it. The Fed has.

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CEO of JPMorgan says you don’t need to know how banking works, it’s like an airliner engine, too complex to explain, just shut up and pay us.

Jamie Dimon in Davos Switzerland today explaining why people don’t need to know what’s going on in the banking world. It’s too “complex.” Just know that their fee comes from managing this ball of financial confusion. And that’s all you need to know.

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Missouri Congresswoman Gets Reelected, Then Immediately Quits to Take a High Paying Lobbying Position, Special Election for Her Seat Will Cost Taxpayers $1 Million

In this excellent report from Drew Griffin at CNN, we learn of Jo Anne Emerson’s plan to leave her position as a Congresswoman to take a promotion as head of The National Rural Electrical Cooperative Association. There it is estimated she will make 10 times what she made as a member of Congress.

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