The National Consumer Law Center just released a report on something that’s been a pet peeve of mine for some years: states’ increasing reliance on pre-paid cards to distribute unemployment compensation, rather than checks. (h/t Susie) As the report explains, issuing funds via a card is much cheaper for the states. But what’s really happening [...]

It’s a corporate fairy tale: working class boy joins the military, goes into banking, brings the joys of mineral exploitation to exotic locales. From Congo to Colombia, from Iraq to Sierra Leone, [Ian] Hannam [the JP Morgan banker overseeing the development of a gold mine in Afghanistan] and his small team of soldiers-turned-bankers and advisers [...]

After a drawn out battle to liberate the records of the Fed’s discount window lending, they’ve finally been released. Bloomberg (who led the legal fight to liberate them) has made the records available here. While it’s going to take a while for those who understand this stuff to collate the data–the Fed released individual PDFs–thus [...]

Obama has declared that he has the authority under the 2001 AUMF to indefinitely hold anyone “if it is necessary to protect against a significant threat to the security of the United States.” He doesn’t say that person has to be a terrorist, much less part of al Qaeda. He doesn’t say that person has [...]

Jamie Dimon says they’re going to have to chase 5% of their customers away in response to limits Dodd-Frank put on the usurious rates banks charge merchants for each debit card transaction. Federal limits on debit card processing fees will force banks to charge customers more for services, making accounts too expensive for as many [...]

The list of statements of support for the Korea Trade Agreement the White House sent out last night tells you a lot about what you need to know about the trade agreement. Among others on the list are Tom Donohue, whose laundering of foreign money into election coffers had a significant role in the shellacking Democrats took in November. Then there’s the CEOs of credit card nation, Vikram Pandit and Jamie Dimon. But to me, the most telling endorser of this agreement is Dick DeVos, the CEO of Amway and perennially one of the biggest single funders of the Republican Party.

In addition to dropping MERS today, JP Morgan Chase had an earnings call at which Jamie Dimon was asked questions about JPMC’s foreclosure fraud. Calculated Risk has a transcription (both the AP and WSJ attribute these comments to Dimon, though CFO Douglas Braunstein made comments about the foreclosure fraud as well). But I just wanted [...]

The NY Post reports that some are suggesting Jamie Dimon to replace Tim Geithner.

The UAW was willing to negotiate, but the banksters weren’t. So Chrysler will now enter bankruptcy.

The Obama administration will announce at noon today that it will take Chrysler LLC into a historic bankruptcy to force a cut in debt key to a partnership with Fiat S.p.A. after three firms refused a sweetened offer.

With the UAW late Wednesday ratifying cost cuts in its contract and cuts in the money due its retiree