Obama: “Yes, I’m in a Can”

Let’s look a little further at what ails Obama—and us. It’s about the pretty small part of the One Percent that really calls the shots, and keeps a president from doing what he surely knows he must.

Obama’s Only Friend Left?

Obama’s circle of friends shrinks. But “interesting” banker Robert Wolf remains. 99 percent, meet the One Percent, and their man with the president.

Taking Robert Wolf on Vacation – That Takes Balls!

Robert Wolf and his bank are extreme examples of the gaming of the system at the expense of the rest of us. Despite the bad signals it sends, President Obama has golfed with Wolf on his two previous Martha’s Vineyard vacations. Will he go for three?

Giving Chase: Egypt, OK – But What About America’s Oligarchs?

With all the attention on crowds of ordinary people rising up and asserting themselves against corruption and self-dealing by an oligarchy, we’re missing what the oligarchs are doing right at home. Take, for example, the activities of one of our biggest banks, JPMorgan Chase. Newly released documents show...

UBS or Just Plain BS?

The Obama Justice Department has just floated a trial balloon to see if it can drop a legal effort to force the Swiss Bank UBS to disclose the names of 52,000 rich Americans suspected of using the bank to evade US taxes. Back in February, the Justice Department sued the bank in an effort to force it to name...

Derivatives and Debauchery

The UK Independent recently published fascinating reminiscences by former UBS trader Philipp Meyer about his debauched life as an investment banker. The grotesque extravagance he describes seems straight out of Petronius’s Satyricon. I put on 45 pounds in my first year at the bank, and, as you might...