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Sep 13, 2012 Greed and Debt: The True Story of Mitt Romney and Bain Capital

QUOTE: the hypocrisy at the heart of Mitt Romney. Everyone knows that he is fantastically rich, having scored great success, the legend goes, as a "turnaround specialist," a shrewd financial operator who revived moribund companies as a high-priced consultant for a storied Wall Street private equity firm. But what most voters don't know is the way Mitt Romney actually made his fortune: by borrowing vast sums of money that other people were forced to pay back.... Romney has piled more debt onto more unsuspecting companies, written more gigantic checks that other people have to cover, than perhaps all but a handful of people on planet Earth.

Rolling Stone
Feb 29, 2012 Is It Really My Fault if You Don’t Pay Me? (Boss Blog)

QUOTE: It is certainly true that when you extend credit, you take some risk that you will not get paid. But Mr. Benjamin seems to be saying that it is all the creditor’s fault and the debtor bears no responsibility. That just might be the grand daddy of entitlements. Is he saying that if you go into business, you are entitled to stick your creditors if they are stupid enough to continue to give you credit even when you might be in trouble?

New York Times
Feb 17, 2010 Wall Street's Bailout Hustle: Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy - they're re-creating the conditions for another crash

QUOTE: there's still a widespread misunderstanding of how exactly Wall Street "earns" its money, with emphasis on the quotation marks around "earns." The question everyone should be asking, as one bailout recipient after another posts massive profits — Goldman reported $13.4 billion in profits last year, after paying out that $16.2 billion in bonuses and compensation — is this: In an economy as horrible as ours, with every factory town between New York and Los Angeles looking like those hollowed-out ghost ships we see on History Channel documentaries like Shipwrecks of the Great Lakes, where in the hell did Wall Street's eye-popping profits come from, exactly?

Rolling Stone
Dec 25, 2009 Doing Good by Paying Forward (Your Money)

QUOTE: Perhaps the fastest-growing way to act on these altruistic instincts is participating in microfinancing. You take a relatively small amount of money and, through an online marketplace of sorts, give or lend it to a specific person or project whose story moves you. (Not all microfinancing organizations are nonprofits, however, so be aware of the differences.)

New York Times
Oct 05, 2009 Prepaid, but Not Prepared for Debit Card Fees (The Card Game)

QUOTE: For many people who do not have bank accounts, or cannot get a credit card, the appeal [of a prepaid debit card] is irresistible... But their convenience comes with a catch: fees, often hidden in the fine print.

New York Times
Sep 16, 2009 Citing Risks, U.S. Seeks New Rules for Niche Banks (Back to Business)

QUOTE: While they [niche banks that give loans to business] have brought billions of dollars in deposits, thousands of jobs and millions in charitable donations to Salt Lake City, the banks have also drawn fire from Washington.

New York Times
Aug 10, 2009 I Love a Mark in Uniform: Kidnapping. Falsified documents. Hooters nights. Meet the sleazebucket car dealers who prey on our troops.

QUOTE: authorities ranging from local prosecutors to state regulatory boards to the Federal Trade Commission (FTC) to the military itself have done relatively little to address the proliferation of dubious auto sales-and-credit tactics [used on military enlistees].

Mother Jones
Jul 15, 2009 Federal Inquiry Looks at Derivatives Data Providers

QUOTE: Federal antitrust officials have opened a broad inquiry into the practices of the companies that serve as clearinghouses for trades of derivative instruments and are looking in particular at whether any companies have improperly used inside information about trades to profit...

New York Times
Jul 06, 2009 When a parent steals your identity

QUOTE: This crime is not as rare as you might think. And the betrayal (and damage) goes beyond the financial. Here's how it can happen -- and how to tell if it already has.

MSN (Microsoft Network)
Jun 30, 2009 It's Like eBay Meets Does peer-to-peer lending work?

QUOTE: Economists have been studying these peer-to-peer lending programs from the beginning, and their findings are now starting to show up on the Web. They've discovered that while the sites may be useful for some high-risk borrowers... these credit markets also result in loan decisions tainted by human frailty and bias.

Jun 05, 2009 Report finds 'bias in arbitration'

QUOTE: A study says credit card issuers and other businesses are favored over consumers.

News & Observer (Raleigh, North Carolina)
Mar 02, 2009 Instant tax 'refunds' come under fire: States crack down on high-interest tax loans.

QUOTE: For years, consumer advocacy groups have warned against so-called "instant" or "same-day" [tax] refunds. The reason: these refunds are actually bank loans, and they often bring exorbitant fees.

Christian Science Monitor
Dec 20, 2008 Some Say UAW's Sacrifices Look More Like Surrender

QUOTE: But with the announcement of the federal loan deal yesterday, the union found itself being forced into concessions that some described as tantamount to surrender....But with the announcement of the federal loan deal yesterday, the union found itself being forced into concessions that some described as tantamount to surrender....

Washington Post
Dec 09, 2008 Workers Pay for Debacle at Tribune

QUOTE: Mr. Zell financed much of his [Tribune Company-Ed.] deal’s $13 billion of debt by borrowing against part of the future of his employees’ pension plan and taking a huge tax advantage. Tribune employees ended up with equity, and now they will probably be left with very little.

New York Times
Nov 26, 2008 Dumb And Dumber--And Dumbest

QUOTE: the inexplicably callous, clueless and trust-destructing behavior we have recently seen from so many big businesses that have been central players in this unprecedented economic meltdown.

Jul 29, 2008 Inside The Semgroup Bust

QUOTE: What is known for sure, gleaned largely from an affidavit written by Interim Chief Executive Terence Ronan is that Semgroup buckled under margin calls against losses of $2.4 billion in the company's trading accounts on the New York Mercantile Exchange (NYMEX). Incredibly, $290 million of those losses are owed the company by Kivisto for losses from personal trades using capital fronted him by Semgroup.

Jan 26, 2008 Reviewer of Subprime Loans Agrees to Aid Inquiry

QUOTE: A company that analyzed the quality of thousands of home loans for investment banks has agreed to provide evidence to New York state prosecutors that the banks had detailed information about the risks posed by ill-fated subprime mortgages. Investigators are looking at whether that information...was deliberately withheld from investors.

New York Times
Jan 22, 2008 If Everyone’s Finger-Pointing, Who’s to Blame?

QUOTE: Two questions lie at the heart of many...[recent mortgage market] cases. The first is whether lenders and investment banks alerted borrowers and investors to the risks posed by subprime loans or securities backed by them. The second is how much they were legally obliged to disclose.

New York Times
Nov 27, 2007 Atlanta Hospital Moves to Unburden Itself of Debt

QUOTE: Advocates for patients have warned that the hospital would become less responsive to community needs if it was operated by a less political board. But with few other options and Grady’s fiscal condition worsening, the authority felt it had little choice.

New York Times
Jun 30, 2006 12 things you never knew about your credit report

QUOTE: here's a look at 12 common credit report myths and what the truth really is.
Jun 02, 2005 Rule Requires Destruction of Consumer Data: Federal Law on Disposal of Sensitive Information Aims to Hinder Identity Theft

QUOTE: "A new federal rule that took effect yesterday requires all businesses and individuals to destroy private consumer information obtained from credit bureaus and other information providers in determining whether to grant credit, hire employees or rent an apartment."

Washington Post
Dec 01, 2004 High Court Puts Limit On Lender Liability

QUOTE: The Supreme Court yesterday overturned a five-figure damage award to an Alexandria man for a local auto dealer's alleged loan scam...

Washington Post
Dec 04, 2003 Should You Know Your Banker?

QUOTE: Financing based on reputation quickly turns into financing based on connections, a closed system where what matters isn't what you know but whom.

New York Times
May 01, 2003 Leave Home Without It: Credit card companies cancel on Muslim New Yorkers.

QUOTE: City Limits has found 12 cases in which Muslims, nearly all Pakistani-Americans, with good credit, all of whom claim they made no unusual or exorbitant charges or late payments, had their American Express credit cards cancelled.