Submitted by Anne Landman on
U.S. prosecutors charged two former executives of a "faith-based" bank with conspiracy, bribery, bank fraud and securities fraud. The case involved $80 million in fraudulently-obtained loans that helped sink Integrity Bank of Alpharetta, Georgia.
Last week's "flash crash," which sent stocks plummeting 1,000 points in an afternoon, was just the latest indicator that the U.S. financial system is still spinning out of control and desperately in need of new rules.
When I visit London, I can drop into a corner kiosk and bet on anything I want. I can put down a million dollars on whether or not Angelina Jolie's next baby will be a boy or a girl, but these bets are regulated for what they are -- gambling. In America, the big banks can spend billions in a far more destructive type of speculation, but this speculation in the so-called "swaps" or derivatives market is completely unregulated.
Submitted by Anne Landman on
Republicans, who have long denounced government spending and employed the rallying cry of "too much government intervention" to stir up public anger against the federal government, are changing their tune in the wake of the Deepwater Horizon oil spill disaster.
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