How Big Banks Fleece You
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
While the government bails out big banks, the big banks squeeze the little guy. The Daily Beast's Nomi Prins calculates how individual banking fees funds their risky activity.
Pay Cut Backfire
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
By putting compensation caps on some bailed-out firms, pay czar Kenneth Feinberg sent a message, writes Nomi Prins. But he also strengthened the hands of the rest, including Goldman Sachs.
5 Things to Watch for at the G-20
As the world's leaders discuss the world's problems in Pittsburgh tomorrow, Steven R. Weisman breaks down what's at stake-climate change, economic recovery, banking reform.
Obama's Pittsburgh Checklist
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
Avoiding another meltdown will consume tomorrow's G20 meetings. The Daily Beast's Nomi Prins on the enormous stakes-and how it will play out.
Stop The Bailouts
Charles Gasparino is CNBC's on-air editor and appears as a daily member of CNBC's ensemble. He is a columnist for The Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His new book about the financial crisis, The Sellout, was published by HarperBusiness.
A year ago today, the government rescued AIG, beginning a process that has given Wall Street every reason to double down on bad bets. We deserve to know when it's going to end.
The Meltdown's 10 Biggest Losers
Allan Dodds Frank is a business investigative correspondent who specializes in white collar crime. He also is President of the Overseas Press Club of America, one of the many journalism organizations that protests the arrests of journalists abroad and repression of freedom of speech.
The whole country lost out when the U.S. economy fell off a cliff a year ago, but who are the 10 with the most egg on their faces or blood on their hands? VIEW OUR ROGUES GALLERY.
The Next Meltdown
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
Obama came to Wall Street today to chide it for ignoring lessons, but it's Washington that's embracing the current system, reinflating the bubble-with taxpayer dollars, writes Nomi Prins.
The Unnecessary Meltdown
William D. Cohan, a former senior-level M&A banker on Wall Street, is the author of The Last Tycoons: The Secret History of Lazard Freres & Co, and his new best seller House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.
A year ago Monday, Wall Street imploded. But as William Cohan reports, a little-known meeting two years earlier started the runaway snowball-and also could have prevented the catastrophe.
Sonia Scores a KO
Scott Horton is a law professor and writer on legal and national security affairs for Harper's Magazine and The American Lawyer, among other publications.
Not even the roughest-and most leading-questions from the GOP peanut gallery could derail Obama's Supreme Court nominee Tuesday. As Scott Horton argues, she's cruising toward confirmation.
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Martin Jacques is the cofounder of the UK think tank Demos, writes a regular column for The Guardian, and is a visiting research fellow at the London School of Economics Asia Research Centre. His new book, When China Rules the World, is available now.
Christopher Buckley's books include Supreme Courtship, The White House Mess, Thank You for Smoking, Little Green Men, and Florence of Arabia. He was chief speechwriter for Vice President George H.W. Bush, and is editor-at-large of ForbesLife magazine. His new book is Losing Mum and Pup, a memoir. Buckley's Daily Beast column is the winner of an Online Journalism Award in the category of Online Commentary.
The Daily Beast is dedicated to news and commentary, culture, and entertainment. We carefully curate the web’s most essential stories and bring you original must-reads from our talented contributors.
Peter Beinart, senior political writer for The Daily Beast, is a professor of journalism and political science at City University of New York and a senior fellow at the New America Foundation.
Jeffrey Koterba is an acclaimed syndicated political cartoonist. Since joining the Omaha World-Herald in 1989, he has been a finalist for Editorial Cartoonist of the Year from the National Cartoonists Society and has placed second in the National Headliner Awards. His work is distributed through King Features Syndicate to 400 newspapers nationwide, and has appeared in such publications as the New York Times, the Chicago Tribune, and the Washington Post, among others.
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