From Economic Policy Journal:
BuzzFeed has obtained the “Golden Pitchbook” used by top brokers at John Thomas Financial. In its pages: How cold-calling brokers pressure prospects to buy stocks from the troubled firm…
John Thomas Financial Inc. is a brokerage house straight out of the movie Boiler Room, with brokers fueled by vending machines stocked with nothing but energy drinks and music from Rocky films blaring from speakers. Its founder, Anastasios “Tommy” [...]
Let Them Eat Money
by ROB URIE
One of the businesses of Wall Street in the 1980s was the “bucket shop;” firms with networks of stockbrokers who defrauded senior citizens with phony stories about the businesses and prospects of the companies whose stocks they were selling. The companies for the most part existed only on paper, but they were legally registered with the SEC (Securities and Exchange Commission) leaving gullible and / [...]
by The Economic Collapse
December 23rd, 2011
2012 is going to be a much more difficult year for the U.S. economy and the global financial system than 2011 has been. Despite unprecedented efforts by the European Central Bank, the yield on 10 year Italian bonds is nearly up to 7 percent again.
Keep an eye on the yield on 10 year Italian bonds. That is going to be one of the most important financial numbers in the [...]
(LA Times) A new paper to be published next year in the Journal of Business Ethics finds that people are more likely to lie via text compared to face-to-face communications, video conferencing or audio chat.
The paper is based on a study of 140 students that were grouped into pairs and asked to engage in a role-playing game. One student took on the role of a stockbroker, the other student played [...]
For 13 days, hundreds of demonstrators have encamped themselves on Wall Street in New York City, hoping to call attention to the financial sector’s greed and inequities in the American economic system.
This morning, while on local radio host John Gambling’s show, New York City mayor Michael Bloomberg was asked about the demonstrations on Wall Street. Bloomberg condemned the protests, claiming that the protesters are targeting people who making “$40-50,000 [...]
Glencore controls more half the global copper market and almost ten per cent of the planet’s wheat trade [Reuters]
The rapid rise in prices for food, fuel and commodities has been disastrous for the world’s poor, including Indonesian market vendor Lia Romi. But it’s a bonanza for multinational trading firms such as Glencore.
While Romi has trouble feeding her family, Glencore – the world’s largest diversified commodities trader – is planning [...]