Big Banks | timiacono.com

FinTech

CBS makes you sit through two commercials, but the prospect of Big Banks being the next sector to be overtaken by technology advances in the U.S. is worth the wait…

It couldn’t happen to a nicer sector…

They probably got at a little chuckle in the Russia Today newsroom when preparing this piece about how officials at UC Davis (one of the most liberal institutions of higher learning in the land) spent upwards of $175,000 to lessen the internet presence of their infamous “pepper spray” incident that resulted from the Occupy UC Davis demonstration in 2011.

I imagine they already have special instructions in place about the possible use of pepper spray here in 2016 now that the University of California Student Association and some lawmakers are calling for the resignation or firing of UC Davis Chancellor Linda P.B. Katehi who, as of this morning, has rebuffed their demands.

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Money Monster

This looks interesting … just in time (May 13th release date) for the 2016 election to heat up and for voters to start thinking intently about how their pocket books have fared.

There’s more on this in Hollywood and Bernie Sanders Take Over Reforming Wall Street over at Wall Street on Parade where it is learned that yet another Wall Street movie will be offered up later this election year – Equity – this one starring Anna Gunn of Breaking Bad Fame.

Still, Just the Cost of Doing Business

It’s hard to think of the many billions of dollars in fines that big banks have paid over the last few years or so as anything other than the cost of doing business. Here’s Matt Taibbi with Nermeen Shaikh and Amy Goodman of DemocracyNow to explain why.

Taibbi notes:

What’s humorous about this is that virtually all of these so-called too-big-to-fail banks have been embroiled in scandals of varying degrees of extreme seriousness since 2008. So for them to say, “Oh, it’s just a few bad apples in this one instance,” is increasingly absurd. They have been dinged for everything from bribery to money laundering, to rigging Libor, to mass fraud in subprime mortgages and now the forex markets. It’s one mass crime over—you know, after another, and there’s no consequence.

See also Banks Will Keep Doing FX Stuff That Got Them in Trouble at Bloomberg if you feel you’ve not been sufficiently disappointed by the above.

Why Warren Will Run

From this item at The Hill comes a pretty interesting take on the 2016 Presidential election cycle in general and a potential Elizabeth Warren (D-MA) run in particular…

Why Warren will run against Clinton in 2016

By John LeBoutillier, contributor

State of the 2016 Race
A weekly column for The Hill analyzing the current state of the 2016 presidential race.

The Democratic race: Why Sen. Elizabeth Warren (D-Mass.) will run in 2016 against former Secretary of State Hillary Clinton.

1. Warren is the only national politician today from either party who conveys a sense of outrage over our current — deteriorating — national situation. Her passion is her signature calling card in a time when all the other candidates for president seem to have passion only for themselves and their candidacies.

2. At a recent 12-person in-depth focus group in Denver conducted by Peter Hart and reported in The Washington Post by Dan Balz, the only national politician who was viewed favorably was Warren — even by some of the Republican voters in the focus group.

3. Why? Because she is the only politician who is even talking about the powerlessness of the average person — and the seemingly too powerful corporate and Wall Street entities.

4. This issue cuts across all political lines. It is the issue that catapulted President Teddy Roosevelt into the political hall of fame. His trust busting led to today’s anti-trust regulations and the belief that the federal government’s role is to act as a neutral referee to ensure a fair playing field. But no one today believes the feds are neutral — or fair. Instead, big government is seen as corrupt and as “rigged” as big business.

5. Indeed, there isn’t that much that separates Occupy Wall Street from the Tea Party. One blames big business while the other blames big government for our problems. But more and more, people see the two as in bed with each other in a cynical game to line their own pockets and to preserve their power — all at the expense of the average American.

6. This underlying fear is the hidden issue in the 2016 race — and so far, only Warren is even talking about it.

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