Detroit Is Broke: Could Bankruptcy Lie Ahead?

The first report by Detroit’s emergency manager declares that the city is broke and at risk of running completely out of money.

Associated Press
By Associated Press

The first report by Detroit's emergency manager declares that the city is broke and at risk of running completely out of money — a financial meltdown that could mean employees don't get paid, retirees lose their pensions and residents endure even deeper cuts in municipal services. If Detroit cannot avert disaster by reducing its debt payments,

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Big Banks Are Victims Of Their Own Success

The biggest banks have successfully — perhaps too successfully — staved off meaningful financial reforms.

Jesse Eisinger
By Jesse Eisinger

The biggest banks have done an excellent job of delaying and undermining the Dodd-Frank financial overhaul law and staving off criminal investigations into wrongdoing. Maybe, just maybe, they’ve been too successful. Senators Sherrod Brown, Democrat from Ohio, and David Vitter, Republican from Louisiana, introduced a bill last week that

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SimCity Company Beats Out Bank of America For Worst Company Title?

Trisha Marczak A recent consumer poll reveals what bothers Americans most — and it has nothing to do with a corrupt banking industry that has cost taxpayers billions of dollars. Instead, it seems consumers are more focused on the company responsible for the flawed release of the video game, Sim City. Bank of America has […]

Trisha Marczak
By Trisha Marczak

Trisha MarczakA recent consumer poll reveals what bothers Americans most — and it has nothing to do with a corrupt banking industry that has cost taxpayers billions of dollars. Instead, it seems consumers are more focused on the company responsible for the flawed release of the video game, Sim City. Bank of America has notoriously been dubbed

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Fiscal Fallout: Bank Of America Settles With Regulators For $165 Million

Bank of America, the second-largest bank by assets held and the fifth-largest company in America, has agreed to settle charges by the National Credit Union Administration (NCUA) for $165 million involving the sales of mortgage-backed securities that caused corporate credit unions to fail. Bank of America disclosed in February that it has reached a preliminary agreement […]

Frederick Reese
By Frederick Reese

Bank of America, the second-largest bank by assets held and the fifth-largest company in America, has agreed to settle charges by the National Credit Union Administration (NCUA) for $165 million involving the sales of mortgage-backed securities that caused corporate credit unions to fail. Bank of America disclosed in February that it has reached a

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Homeowner Bill Of Rights Blocked By Banks, Minnesota State Representatives

(MintPress) – The United States is in the midst of a homelessness epidemic, with nearly 3.5 million Americans living on the streets every year. Exacerbating the problem is the more than 3.4 million foreclosures that have taken place since the financial crisis of 2008, the largest economic meltdown since the Great Depression. State legislators have an opportunity […]

Martin Michaels
By Martin Michaels

(MintPress) - The United States is in the midst of a homelessness epidemic, with nearly 3.5 million Americans living on the streets every year. Exacerbating the problem is the more than 3.4 million foreclosures that have taken place since the financial crisis of 2008, the largest economic meltdown since the Great Depression. State legislators

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Corporate Earnings Up As Average Americans Get Slammed In Wages, Jobs And Budget Cuts

(MintPress) – As average Americans brace for $85 billion in budget cuts and the loss of more than 700,000 jobs in the face of Congress-forced sequester, America’s corporations are celebrating a job well done, reeling in profit levels not seen since the booming days of the 1950s. Corporate earnings have increased on average by 20 […]

Trisha Marczak
By Trisha Marczak

(MintPress) - As average Americans brace for $85 billion in budget cuts and the loss of more than 700,000 jobs in the face of Congress-forced sequester, America’s corporations are celebrating a job well done, reeling in profit levels not seen since the booming days of the 1950s. Corporate earnings have increased on average by 20 percent each

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