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Maybe Rents Will Go Down?

There are indications of a coming stock market crash. The timing is, of course, unknown, but the historical data might point to this October.
posted by wendyfairy on May 14, 2014 - 65 comments

"[O]ne of the more egregious failures of the criminal justice system..."

U.S. District Court Judge Jed Rakoff on "Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis?" Judge Rakoff, a federal trial judge who sits in the Southern District of New York, writes: "[M]y point is that the Department of Justice has never taken the position that all the top executives involved in the events leading up to the financial crisis were innocent, but rather has offered one or another excuse for not criminally prosecuting them – excuses that, on inspection, appear unconvincing."
posted by jayder on Dec 5, 2013 - 28 comments

Money, Power and Politics

In last night's episode of Independent Lens on PBS, filmmaker Alex Gibney presented the case that America's richest citizens have "rigged the game in their favor," and created unprecedented inequality in the United States. "Park Avenue: Money, Power and the American Dream" [video, website]
posted by nowhere man on Nov 13, 2012 - 51 comments

Pick your side. Pick your history.

"Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks." [Five years on, the Great Recession is turning into a life sentence]
posted by vidur on Aug 13, 2012 - 101 comments

"I had little anxiety about buying things because I simply couldn’t afford anything."

"A Harvard MBA Pays Down $101K Of Debt." Two years after he graduated from Harvard with an MBA, Joe Mihalic, now manager of strategic alliances and business development at Dell, vowed to do “everything in my power–short of lying, cheating, and stealing–to pay down" his student loan debt, (then totaling 90K,) "in the next ten months.” After applying for a weekend delivery job, he also decided to chronicle the steps he was taking on a blog: "No More Harvard Debt." First page of posts is here. Penultimate post explains his process: "Mission Accomplished." [more inside]
posted by zarq on May 16, 2012 - 194 comments

In OTC market segments, plan to collateralize subprime CDOs

Financial Advice Generator.
posted by vidur on Jan 19, 2012 - 30 comments

Hollywood occupied with financial crisis

Ranked: Films about the Ongoing Financial Crisis
posted by telstar on Oct 21, 2011 - 13 comments

Wotan Represents The Bundesbank

JP Morgan explains the euro crisis with Lego [Full PDF version]
posted by chavenet on Sep 7, 2011 - 22 comments

Paging cstross to the white courtesy phone

Bitcoin is growing up: early adopters lost money due to bad backups; the US Senate wants to crack down due to possible illegal drug purchases with the digital coins; it had its Black Friday, losing 30% of its value in one day (after a 5,600% increase in the first year); the Economist weighs in; and now an alledged heist of 25k bitcoins (original forum post), valued between $250k and $750k on the Mt. Gox exchange. Currently 154 petaflops of CPU and GPUs are computing SHA256 hashes in tight loops, easily beating the #1 on the top500, the Tiahne-1A with 2.56 petaflops. (Previously and more previously)
posted by autopilot on Jun 15, 2011 - 113 comments

Top US orchestra faces bankruptcy

One of the US's world-class orchestras ... has decided it must re-organize to survive. 'A big orchestra has never done this before.' Led by Stokowski, the Philadelphia Orchestra recorded the music for Disney's groundbreaking 1940 animated feature Fantasia.

The 111-year-old ensemble acquired a top-notch reputation while under the baton of Eugene Ormandy between 1936-1980. There's been "a 'tremendous decline' in audiences over the past five years." And $33M in revenue won't cover $46M in expenses.
posted by Twang on Apr 16, 2011 - 48 comments

The State Budget Apocalypse

CBS investigates the next financial meltdown: The coming crisis with U.S. state budget shortfalls. [more inside]
posted by 2bucksplus on Dec 20, 2010 - 124 comments

Phantom Debts, Real Anguish

Debt buyers have become a multi-billion dollar industry. They buy old debts and then litigate in an effort to collect with little or no evidence. [more inside]
posted by reenum on Jul 2, 2010 - 18 comments

Money money money must be funny in the rich man's world

Who would have thought it? The UK has withdrawn the 500 Euro note after an investigation by SOCA discovered that 90% of the notes in circulation were linked to crime. Nicknames the ‘Bin Laden’ (you know its out there somewhere) the purple note worth $630 is a favourite of the criminally minded due to its ultra-portability and acceptance throughout mainland Europe. Drug investigations in Latin America time and time again turn up large amounts of currency in this form. According to Columbian financial regulators 234K Euros was legally imported and declared into the country but trails of 600M Euros being exported were discovered. Whilst money laundering and fraud relating to the Euro is nothing new the decision to put into circulation such a high note must now be being questioned at the highest levels.
posted by numberstation on May 13, 2010 - 95 comments

Credit CARDs

"I Stopped Denying People." Former Bank of America employee Jackie Ramos appears on the Daily Show last night in a segment covering the sweeping credit card reform the went into effect last week.
posted by lunit on Mar 3, 2010 - 188 comments

A magical card worth thousands until you buy it

Canopy Financial: A classic investor fraud story (civil suit by the SEC) combined with the most modern in misappropriation of health care savings. CFO Jeremy Blackburn, already on the hook for investment fraud, was charged today (*pdf) along with chief tech officer Anthony Banas with misappropriating millions from individual clients health care accounts. On ripoffreport, Vladimir Makarov says he found out about it when his HSA debit card stopped working. [more inside]
posted by Smedleyman on Mar 1, 2010 - 10 comments

Portfolios of the Poor

Portfolios of the Poor: How the World's Poor Live on $2 a Day A new book by Daryl Collins of Bankable Frontier Associates; Jonathan Morduch of NYU's Financial Access Initiative; Stuart Rutherford, author of The Poor and Their Money and founder of SafeSave; and Orlanda Ruthven of Impactt investigates the question of how over a billion people make ends meet on only $2 a day. "The authors report on the yearlong "financial diaries" of villagers and slum dwellers in Bangladesh, India, and South Africa--records that track penny by penny how specific households manage their money." The strategies adopted by the households of Hamed & Khadeja (pdf) from Bangladesh, Thembi (pdf) from South Africa, Feizal (pdf) from India and others may surprise you.
posted by HE Amb. T. S. L. DuVal on Feb 27, 2010 - 10 comments

The Wrekin Ruby

When Wrekin Construction went into administration last week, it blamed the Royal Bank of Scotland for demanding repayment of an overdraft. However, the 2007 accounts show that among the assets of the company is a ruby it called the "Gem of Tanzania". Wrekin had bought the stone off one of its shareholders for £11m worth of shares - more than four times the record for a single ruby at auction. [more inside]
posted by Electric Dragon on Mar 16, 2009 - 20 comments

Follow the flowcharts

Vizualizations and infographics to help you understand the financial crisis
posted by desjardins on Mar 14, 2009 - 14 comments

Robots ruined the Economy

Robots ruined the economy. But even robots are affected by bad financial times. Nonetheless, robots help relieve the stress of financial worries. There are worse things than a financial crisis.
posted by twoleftfeet on Mar 14, 2009 - 20 comments

Do They Know It's Christmastime At All?

Bleed The World
posted by fearfulsymmetry on Dec 11, 2008 - 20 comments

Credit Crunchy Granola Sweet

How will the financial mess affect you? Will you still have a job? Will your mortgage go up or down? Will your bank account pay more or less? What if you want to buy a house? Or a car? Or have a child? College? Insurance? What if you are dying?What about Religion? And what if you want to get a credit card? First time things get hard? If it is tough, there is always bartering. So, who is winning? [more inside]
posted by bystander on Oct 12, 2008 - 54 comments

Fannie and Freddie under conservatorship.

Fannie and Freddie have now been placed under conservatorship. [more inside]
posted by SeizeTheDay on Sep 5, 2008 - 93 comments

It's the end of the world as we know it... lalala

Upclose and personal on the man, Nouriel Roubini, who predicted the subprime crisis. Apparently we're in for a long long haul out of this mess. Oh, and it may be the end of America (reg req'd) as we know it. [more inside]
posted by blahblah on Aug 16, 2008 - 99 comments

Bringing Down Bear Stearns

Bringing Down Bear Stearns, from Vanity Fair's August issue.
posted by SeizeTheDay on Jul 1, 2008 - 17 comments

Soros: Financial crisis as bad as the Great Depression

The Financial Crisis: An Interview with George Soros. "We are in the midst of a financial crisis the likes of which we haven't seen since the Great Depression." (video, April 4)
posted by stbalbach on Apr 28, 2008 - 56 comments

Where's my parachute?

Fasten your seatbelts. Late Sunday Evening, JPMorgan announced it would be buying Bear Stearns for $2 per share, less than 1/10th the traded value on Friday. The move was backed by the Fed, which assumed most of the risk, and simultaneously cut the rate for borrowing by a quarter percent. According to Alan Greenspan, the US now faces the worst financial crisis since WWII. Monday looks like a wild ride.
posted by unSane on Mar 16, 2008 - 321 comments

Ha Ha Ha Ha *gulp*

Humor so dry, at times you might not be entirely sure. The Long Johns mull over the sub-prime mortgage mess. [more inside]
posted by From Bklyn on Nov 29, 2007 - 34 comments

Forecasting financial disaster Olympics 2012

Government error in contemporary British history is the stuff of legend and when it comes to the 2012 Olympics can I be on my own in forecasting financial disaster? This morning's announcement that "little can be built until the site's 50 electric pylons are removed" in 2008 comes hot on the heels of an understated Olympics budget which, four days ago, is revealed to be 'short by £2bn.' I am v.fortunate to live in the UK and there is no doubt this government is v.good at bookkeeping; but grandstanding a world event? Not a chance. Discussed in these parts last year, Britain is not good at world class marketing or brand .. management; Britain is not good at capital projects, and Politicians, bureaucrats ... milking the Olympic Games, says London's mayor. I understand but two Olypics have seen modest profit and Britain badly needs Hollywood or Coca-Cola® to make a success of this.
posted by Schroder on Apr 6, 2006 - 28 comments

240,000 Bank Records Released

The Worcester Telegram & Gazette, a Mass. newspaper which shares a computer system with the Boston Globe (both of whom are owned by the New York Times), has inadvertently released close to 240,000 Globe and T&G subscriber credit card and bank routing records. The records, accidently printed by employees on two separate occasions, were apparently placed into the recycling bin at the T&R, which then used that paper to bundle the Sunday edition prior to distribution.
posted by NotMyselfRightNow on Feb 1, 2006 - 49 comments

Estonian trader hack nets 7.8 million

Oh, the tangled webs we weave when we practice to deceive... Two traders with Estonias most prestigious financial firm spider the Business Wire website and manage to read headlines of impending news stories effectively enabling them to time the market to the tune of 7.8 million in profit...
posted by Muirwylde on Nov 3, 2005 - 9 comments

UAL reported an industry record $2.1 billion net loss in 2001 and a net loss of $510 million ...

UAL reported an industry record $2.1 billion net loss in 2001 and a net loss of $510 million ... Come on, $15 billion to 'bail out' the airlines? I know this subject has been hashed over before, but it seems every other week I read stories about how hard the airlines are struggling for business after 9/11. I fly on business every week - every flight is full, every airport is packed. I'm starting to think we're all being suckered...
posted by matty on Jun 15, 2002 - 20 comments

London Stock Exchange left in lurch

London Stock Exchange left in lurch Here in the UK, it's the final day of the financial year (tax year), so isn't it a coincidence that the London Stock Exchange computer system went down for seven hours?
posted by williamtry on Apr 5, 2000 - 2 comments

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