John Gelles explains how Visa and Mastercard’s new credit card chips won’t live up to their billing as protecting against fraud. Here’s the crucial bit (emphasis added), but I recommend following the link and reading the entire article:

The Merchant Advisory Group, a coalition of companies reliant on plastic payments, had long urged Visa and MasterCard to adopt the chip cards as an anti-fraud tool – and to require PINs with them, as are used almost everywhere else.

Why did it fail? Mark Horwedel, the group’s CEO, says a key reason is that different rules cover different kinds of fraud – and that, once again, Visa, MasterCard, and the big banks are chiefly taking care of themselves.

(snip)

Studies show that PINs cut fraud losses by as much as 85 percent or more–one reason their use is also urged by such advocates as U.S. PIRG’s Ed Mierzwinski, who says consumers ultimately pay the costs of fraud either indirectly or as its victims.

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Graphic with caption:  Jeff in Missouri is found guilty of selling pot.--21 years into a life sentence without parole.  Big Wall Street Banks plead guilty to felony rigging of markets to enrich themselves--pay a fine, no one goes to jail, get special waivers to keep doing business despite the felony conviction.

Via Bad Tux.

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27 July 2015 · Comments Off on Coming Soon: Career Choices · Categories: Masters of the Universe

A new Dickensian tale, in which Artful Dodger gives up the streets and the gangs, gets a three-piece suit, and becomes a banker.

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Robert Reich explains how Goldman Sach helped Greece the skids, while filling its sacks. A snippet:

The crisis was exacerbated years ago by a deal with Goldman Sachs, engineered by Goldman’s current CEO, Lloyd Blankfein. Blankfein and his Goldman team helped Greece hide the true extent of its debt, and in the process almost doubled it. And just as with the American subprime crisis, and the current plight of many American cities, Wall Street’s predatory lending played an important although little-recognized role.

Follow the link, where Reich explains the mechanics of the con worked.

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08 July 2015 · Comments Off on Greece, Reprise · Categories: Masters of the Universe

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I don’t pretend to understand the nuts and bolts of what’s going on with the EU, Germany, and Greece, and I’ve been busy studying BSD because it’s fun.

Bad Tux, though, has studied up on it and thinks it’s not just about the money.

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ROI

04 July 2015 · Comments Off on ROI · Categories: Masters of the Universe

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17 June 2015 · Comments Off on The Snaring Economy · Categories: Masters of the Universe

The California labor commissioner sees through the con:

The California labor commissioner has ruled that an Uber driver is an employee of the company, not a contract worker as Uber has insisted all its drivers are, setting up another battle between state regulators and the ride-hailing giant.

Uber, natch, will fight back, because where’s the fun in treating workers fairly? Remember, in the “sharing” economy, “sharing” goes in only one direction.

Much more at the link.

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14 June 2015 · Comments Off on On the Lam · Categories: Masters of the Universe

Escaped New York criminals:  Matt and Sweat, from prison;  Wall Street bankers, from prosecution.

Via Job’s Anger.

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01 June 2015 · Comments Off on Granting Banket Immunity · Categories: Masters of the Universe

The Charlotte Observer’s Eric Frazier has a question for you:

A justice system pop quiz:

Defendant A – A young con artist who cooks up a luxury home-buying scheme that helps him steal more than $75 million from investors and banks over seven years. It prompts one of the largest mortgage fraud investigations in U.S. history.Get out of Jail

Defendant B – The CEO of what was once the nation’s fourth-largest bank. His aggressive pursuit of subprime mortgage assets helps precipitate the 2008 banking meltdown and the Great Recession. During the crisis, he conveys ownership of a $13.75 million Florida mansion to his wife and the firm manipulates its balance sheet to hide $50 billion worth of risky assets.

Follow the link for the answer.

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28 May 2015 · Comments Off on A Header. Why Not a Bank Shot? · Categories: Masters of the Universe, The Sporting Life

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14 May 2015 · Comments Off on All the News That Fits · Categories: Masters of the Universe

Eric Alterman wonders about what’s left unsaid:

Take, for example, a recent story by Neil Irwin that appeared in The New York Times’s “Upshot” section, purported to be the paper’s most thoughtful and knowledgeable organ of political analysis. Irwin argues that Americans’ alleged disinclination to “soak the rich” is reflected in “the actual policies espoused by candidates for office and enacted by Congress.” When he notes that taxes on the wealthy have fallen in the past decade, he offers both a “liberal” and a “conservative” explanation for why this happened. Irwin and his editors don’t appear to think it worth mentioning that fewer than 1 percent of Americans contribute more than 80 percent of the campaign funding for the politicians who write these laws.

Read the rest.

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10 May 2015 · Comments Off on How Stuff Works, Bankster Dept. · Categories: Masters of the Universe

How to steal a house.

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03 May 2015 · Comments Off on The Rich Are Different from You and Me · Categories: Masters of the Universe

Looters arrested in Baltimore.  Wall Street Banker still roaming the streets.

Via Job’s Anger.

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25 April 2015 · Comments Off on Trickle On Economics · Categories: Masters of the Universe

A Moment of Clarity:  Plutocrat looking out window of corner office says to other plutocrat:  I hear their wages are stagnating.  Poor devils will never be able to afford our products.  Second plutocrat:  Wait!  What?

Via the Bob and Chez Show Blog.

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02 April 2015 · Comments Off on The Bank of Sergeant Schultz · Categories: Masters of the Universe

Bank of America: it saw nothink, it heard nothink, it knows nothink.

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27 March 2015 · Comments Off on Support the Troops, GOP Style · Categories: Masters of the Universe

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22 March 2015 · Comments Off on U and the BS · Categories: Masters of the Universe

Many years ago, Martin Mull hosted a parody late night talk show called Fernwood 2Night, purportedly the UBS network, “the network that puts you before the BS.” (It turned me into a confirmed Martin Mull fan.)

Now comes UBS bank, the bank that puts the BS before you.

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19 March 2015 · Comments Off on How Stuff Works: Trickle-on Economics · Categories: Masters of the Universe

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14 March 2015 · Comments Off on Too Big To Jail · Categories: Masters of the Universe

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