[CAF Note: Looks like the Ango-American alliance is moving closer to doing bail-ins!]
By BBC News
The cross-party Parliamentary Commission on Banking Standards’ fifth report said bankers should in future be accountable for their actions.
It also said some bonuses should be withheld for up to 10 years.
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By Brian Chappatta, Chris Christoff & Mark Niquette
Detroit (9845MF) is suspending payments on $2 billion of unsecured debt, marketing parking garages and telling retirees to rely on President Barack Obama’s health-care law to avoid a record municipal bankruptcy.
By Bill O’Boyle
All Natalie Gunshannon wanted was to be paid a fair wage for her work, she said.
Gunshannon, 27, of Dallas Township, worked at McDonald’s Restaurant on the Dallas Highway from April 24 to May 15. When she received her first paycheck, enclosed was a Chase Bank debit card with instructions on how to use it and the fees attached.
Dear Friend and Reader:
Today’s article is from the “too scary to think about” file. One problem with this particular genre is that it leads most people into shutdown or mindless diversion mode just when what’s most necessary is to stay awake and pay attention. These days, it’s a thick file. Everything we hear about of any relevance tends to be so overwhelming that one’s nervous system goes into overload.
By John P. Hussman, Ph.D.
The central issue in the current financial markets, in my estimation, is distortion. Because monetary distortion dominates the financial markets here (helped by fiscal distortions that have temporarily elevated profit margins about 70% above their historical norms), the only certainty is that short-term market fluctuations will be dominated by the vagaries of the near-criminal mind that dictates how far those distortions will be pushed. Investors cannot control that decision. Still, I don’t have a single doubt that over the full course of the present market cycle, investors will be better served by adhering to informed discipline than by tying their destiny to predictions about what the Fed will or will not do next.
By Organic Seed Growers and Trade Association
A three-judge panel at the Court of Appeals for the Federal Circuit has ruled that a group of organic and otherwise non-GMO farmer and seed company plaintiffs are not entitled to bring a lawsuit to protect themselves from Monsanto’s transgenic seed patents “because Monsanto has made binding assurances that it will not ‘take legal action against growers whose crops might inadvertently contain traces of Monsanto biotech genes (because, for example, some transgenic seed or pollen blew onto the grower’s land).’”
Photo Credit: Perian Flaherty
By Robert Reich
There are two great centers of unaccountable power in the American political-economic system today – places where decisions that significantly affect large numbers of Americans are made in secret, and are unchecked either by effective democratic oversight or by market competition.