On Monday, a state and federal working group led by New York Attorney General Eric Schneiderman announced a $5 billion settlement with Goldman Sachs in connection with practices that contributed to the financial crisis. Of the $5 billion, $670 million will be allocated to New York state.
Neel Kashkari, the at-the-time little-known Goldman Sachs banker who was put in charge (by Treasury Secretary and former Goldman Sachs CEO Hank Paulson) of the Troubled Asset Relief Program (that is, the bank bailouts) in 2008, has been named the new president of the Minneapolis Federal Reserve Bank.
Tourists snap a selfie as demonstrators burn a trash container during a May Day rally in Barcelona on Thursday. Image via Manu Fernandez/AP.
In order to salvage a tanking economy, Greece is expected to pass a package of severe budget cuts — and many citizens are not taking it well. As Parliament prepared to vote on the new plan, which would cut 3.3 billion euro from people's wages and pensions, protesters began rising up, starting a series of fires using…
Here's a salacious bombshell: Former Treasury Secretary and ex-Citigroup executive chairman Bob Rubin bragged about cushy corporate jets and how easy his job was during sexy romps with an alleged mistress. During the middle of the financial meltdown, no less.
Maybe you can somehow forgive bankers for destroying our economy. But the lyrics of this rap, performed at a 2006 Washington Mutual "President's Club Dinner" in Hawaii, are unforgivable. They were revealed at a very awkward Senate hearing today.
This is fun: Paul Kedrosky has assembled a list of books about the financial crisis which contain the most instances of the word "fuck." Surprisingly less than we expected, given the topic. Full list, after the jump:
A few weeks ago there was an op-ed in the New York Times saying that the key to unravelling any skulduggery that went on during the bailout of AIG is their emails and records. Now they'll get opened!
It turns out the banks our government helped save are now bigger, stronger and more greedy than ever. And that means we're all doomed to live under an oligarchy. Russia, here we come!
Did you hear about the financial crisis? Popular Canadian songsmith Neil Young did! Let us take a quick look at his reaction to this unprecedented economic situation: a song called "Cough Up the Bucks."
An Andy Warhol painting that Sotheby's hoped would auction for over $10 million netted just $7.6 million at auction over the weekend, and the work of several high profile artists including Jeff Koons, Jean-Michel Basquiat and Gerhard Richter went unsold at London's Frieze Art Fair. Auction houses are making brave…
The collapse of capitalism is actually too damn overwhelming for most journalists — much less their readers — to grasp. So how to approach? With a tried-and-true socio-anthropological take on What It Really Means In America As Told To Some Narrow Niche Of Society. Let's start with strippers!
An editorial comment from an unknown Bear Stearns employee on the venerable securities firm's $2/share buyout by JPMorgan. [Dealbreaker]
