Wall Street

Proving ‘A Different World Is Possible,’ Exxon Dropped From Dow Jones After 92-Year Run

Climate campaigners on Tuesday marked a major milestone in the fight to eliminate the use of fossil fuels and transition to a green energy economy as ExxonMobil was dropped from the S&P Dow Jones Industrial Average after nearly a century. The oil giant, the oldest member of the Dow, was replaced on the index by software …

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‘What Stage of Capitalism Is This?’ Hedge Fund $3 Billion Richer Thanks to Wager on Wildfire Insurance Claims

The social and environmental toll of the unfolding fire catastrophe in California—where over 100,000 people have been displaced, seven have died, and approximately 1.2 million acres have burned since August 15—is incalculable, but hedge fund Baupost Group has found a way to turn the state’s devastating wildfire epidemic over recent years into profits for investors.   …

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Warnings of DeJoy Scheme to ‘Kill Postal Banking’ as USPS Reportedly Considering Plan to Let Wall St Set Up ATMs in Post Offices

JPMorgan Chase, the largest financial institution in the United States, is reportedly in talks with the U.S. Postal Service about a proposal to set up ATMs in post offices in several states across the country—a plan critics warned is an effort to eliminate the possibility of a public postal banking system. Capitol Forum reported Wednesday …

Warnings of DeJoy Scheme to ‘Kill Postal Banking’ as USPS Reportedly Considering Plan to Let Wall St Set Up ATMs in Post Offices Read More »

Sanders Rips Trump for ‘Obscene’ Boasting Over Stock Market as 30 Million Americans Face Financial Doom

Sen. Bernie Sanders on Monday slammed President Donald Trump for bragging on Twitter about the booming stock market just days after Republican inaction allowed the $600-per-week boost in unemployment benefits to expire, slashing the incomes of nearly 30 million Americans as the economy remains mired in deep recession. “Tweeting this during the worst economic downturn …

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After Sexist Attack by GOP Colleague, AOC Says on House Floor That Her Parents ‘Did Not Raise Me to Accept Abuse From Men’

In a fiery speech on the House floor Thursday, Rep. Alexandria Ocasio-Cortez condemned Republican Rep. Ted Yoho’s sexist attack on her in front of the U.S. Capitol Building earlier this week as the product of a culture and “entire power structure” that excuses and enables dehumanizing abuse of women. “I am here because I have …

After Sexist Attack by GOP Colleague, AOC Says on House Floor That Her Parents ‘Did Not Raise Me to Accept Abuse From Men’ Read More »

‘Big Banks Couldn’t Be Happier’: Stocks Surge as Trump Regulators Gut Restrictions on Risky Wall St Gambling

Bank stocks jumped and lobbyists rejoiced Thursday after U.S. regulators voted to gut the so-called Volcker Rule, a set of regulations imposed in the wake of the 2008 Wall Street collapse limiting the ability of financial institutions to engage in high-risk behavior that threatens the systemic health of the economy. “This is no longer the …

‘Big Banks Couldn’t Be Happier’: Stocks Surge as Trump Regulators Gut Restrictions on Risky Wall St Gambling Read More »

‘Money Couldn’t Buy a Movement’: AOC Trounces Wall Street-Backed Democratic Primary Opponent

Rep. Alexandria Ocasio-Cortez handily defeated CNBC contributor and Wall Street-backed challenger Michelle Caruso-Cabrera in the Democratic primary for New York’s 14th Congressional District on Tuesday, a victory that the progressive congresswoman celebrated as evidence that “money couldn’t buy a movement.” “Wall Street CEOs, from Goldman Sachs to Blackstone, poured in millions to defeat our grassroots …

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Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows ‘Reserves of Oil and Gas Increasingly Worthless’

Fossil fuel giant BP announced Monday it will write down nearly $18 billion in existing assets, a move that climate advocates say is more evidence that the industry is undergoing a massive shift that will leave oil and gas reserves less and less valuable as the world pivots to more planet-friendly and financially-viable sources of …

Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows ‘Reserves of Oil and Gas Increasingly Worthless’ Read More »

In Tense Exchange Over Bailouts, Warren Accuses Mnuchin of Putting ‘Wall Street Buddies’ Before US Workers

Sen. Elizabeth Warren on Tuesday accused Treasury Secretary Steve Mnuchin of looking out for his friends on Wall Street instead of U.S. workers after the former Goldman Sachs banker repeatedly refused to say whether he would require companies that receive coronavirus bailout funds to keep their employees on payroll. “Giant companies with ready access to …

In Tense Exchange Over Bailouts, Warren Accuses Mnuchin of Putting ‘Wall Street Buddies’ Before US Workers Read More »

‘150,000 Americans Sacrificed for the Stock Market’: Kushner Reportedly Advised Less Covid-19 Testing to Calm Wall Street

President Donald Trump’s son-in-law and special advisor Jared Kushner reportedly urged his father-in-law in the early stages of the coronavirus pandemic not to prioritize testing or ordering potentially life-saving equipment like ventilators because of fears it might drive down stock prices. Kushner’s efforts to convince the president not to take decisive action were first reported …

‘150,000 Americans Sacrificed for the Stock Market’: Kushner Reportedly Advised Less Covid-19 Testing to Calm Wall Street Read More »

‘What a Rigged Economy Looks Like,’ Says Sanders, as Stock Market Enjoys Best Month in 33 Years Despite 20%+ Unemployment

While a record 20.5 million Americans lost their jobs and one-third of people were unable to pay their rent or mortgage by the end of last month, the stock market in April enjoyed its strongest month since 1987—again supporting the common critique that Wall Street wealth is not the same as economic health.  The stock market …

‘What a Rigged Economy Looks Like,’ Says Sanders, as Stock Market Enjoys Best Month in 33 Years Despite 20%+ Unemployment Read More »

‘Milestone Moment’ as JPMorgan Chase Announces Former Exxon CEO to No Longer Be Lead Director of Bank’s Board

Author and climate activist Bill McKibben welcomed Friday evening what he called “a milestone moment in the history of climate action” after JPMorgan Chase announced it was ousting former Exxon Mobil CEO Lee Raymond from his longtime leadership position on the bank’s board of directors. “A truly huge win today,” McKibben said in an earlier …

‘Milestone Moment’ as JPMorgan Chase Announces Former Exxon CEO to No Longer Be Lead Director of Bank’s Board Read More »

‘Victory’: After Outrage Over Seizure of Coronavirus Relief Payments From Veterans, USAA Reverses Course

Update… Hours after David Dayen reported Thursday at The American Prospect that USAA was seizing coronavirus stimulus money from veterans with accounts at the financial institution, the bank reversed course, telling Dayen in a statement that the money seized would returned. “For members with negative deposit account balances, USAA will pause the collection of a negative account balance existing …

‘Victory’: After Outrage Over Seizure of Coronavirus Relief Payments From Veterans, USAA Reverses Course Read More »

‘Beyond Predatory’: Trump Treasury Department Gives Banks Green Light to Seize $1,200 Stimulus Checks to Pay Off Debts

President Donald Trump’s Treasury Department has given U.S. banks a green light to seize a portion or all of the one-time $1,200 coronavirus relief payments meant to help Americans cope with financial hardship and instead use the money to pay off individuals’ outstanding debts—a move consumer advocates decried as cruel and unacceptable. “These payments are …

‘Beyond Predatory’: Trump Treasury Department Gives Banks Green Light to Seize $1,200 Stimulus Checks to Pay Off Debts Read More »

‘Unacceptable’: Dems Fume After Trump Announces Plan to Refuse Congressional Oversight of Corporate Bailout Funds

Progressive lawmakers on Friday evening denounced President Donald Trump’s intention to disregard provisions in the just-passed coronavirus relief bill that would provide crucial oversight of $500 billion in taxpayer money already poised to be a “Wall Street slush fund.” “This is unacceptable,” Rep. Katie Porter (D-Calif.) said on Twitter Friday.   The $2 trillion relief package— …

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The Senate Corporate Bailout Package Is a ‘Robbery in Progress,’ Warn Critics

As details of the Senate’s coronavirus stimulus plan slowly trickled in Wednesday, progressive critics characterized the sprawling legislative package as a brazen attempt by both political parties to use trillions of dollars in taxpayer money to bail out and further enrich large corporations while tossing mere crumbs to the most vulnerable. “This is a robbery …

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