This is a long post but it’s about something pretty interesting so I hope you’ll indulge …
Like many folks, Occupy Wall Street has been some doing good work in the aftermath of Hurricane Sandy, helping people on the ground.
Now OWS is launching the ROLLING JUBILEE, a program that has been in…
Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT.
Oh, great. But there is somewhere in town to go without having to go crawling to Potter.
(Reuters) - U.S. regulators directed five of the country’s biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help. The two-year-old program, which has been largely secret until now, is in addition to the “living wills” the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress. (via Exclusive: U.S. banks told to make plans for preventing collapse | Reuters)
The US Securities and Exchange Commission is quickly running out of time to file charges against financial firms and high-level executives involved in fraud and other crimes leading up to the 2008 financial crisis.
Federal laws require the SEC to file official charges within five years of the alleged crimes due to a statute of limitations. Officials at SEC, according to the Wall Street Journal, are now scrambling to file lawsuits before the five-year time limit runs out.
In one example, experts believe that the SEC should file a civil lawsuit against bankers involved in the high profile ‘Delphinus deal’ no later than next Thursday. Delphinus, a $1.6 billion deal, was a subprime mortgage scam which collapsed within months during 2007 and was a major player in the widespread financial collapse.
A criminal investigation into that deal began months ago; however, prosecutors have yet to file charges. (via As ‘Statute of Limitations’ Approaches, Wall Street Crimes of 2008 Go Unpunished | Common Dreams)
The Occupy Wall Street movement is not just demanding change. It is also transforming how we, the 99%, see ourselves. The shame many of us felt when we couldn’t find a job, pay down our debts, or keep our home is being replaced by a political awakening. Millions now recognize that we are not to blame for a weak economy, for a subprime mortgage meltdown, or for a tax system that favors the wealthy but bankrupts the government. The 99% are coming to see that we are collateral damage in an all-out effort by the super-rich to get even richer.
My students read this piece for today. We are considering the origins of social movements. I think this quote is particularly pithy, because it links private troubles with the public issues, and is therefore an exercise of the sociological imagination.
My social movements course is looking for a few good students.This course focuses on ways in which non-elite groups and individuals can gain control over important aspects of economic and social development. These aspects include decisions about such matters as industrial location, work conditions, community services and environmental protection; and the status of women, ethnic/racial minorities and other disadvantaged groups. Special attention is paid to the dynamics and potential impact of grass-roots social movements.
(via Social Movements)
As Peter Dreier points out in Common Dreams, Walker spent 88 percent of the money in yesterday’s recall to get 53 percent of the vote. In 2010, when Walker faced the same opponent for the same office, his campaign spending was a small fraction of what it was this year. In Wisconsin, as in many other parts of the world, austerity may require much more convincing than it did two years ago. In spite of the recall results, Wisconsin may represent less an end than a beginning.
Chicago, IL — After holding NATO protesters for up to 48 hours, and releasing 6 out of 9 arrestees without any charges, the City of Chicago filed state charges last night against 3 Occupy activists from Florida, including possession of explosives or incendiary devices, material support for terrorism, and conspiracy. On Wednesday night at approximately 11:30pm, police raided a house in the Bridgeport neighborhood, detained several people in multiple apartments, and arrested 9 activists. Police broke down doors with guns drawn and searched residences without a warrant or consent.
It’s unbelievable that this should happen in the USA, in the President’s own hometown. The whole world’s watching’.