Cops say they've crippled a Mexican drug cartel, but they're still coming to grips with how much help the drug lords are getting from American bankers and billionaires. Allen Stanford isn't the only one being scrutinized for possible links to the cartels:
- Wachovia is only one of many banks to be investigated for laundering drug cartel profits.
- Union Bank of California suspected of drug money ... read more
Stocks sliding again today. Investors still apparently betting against President Obama's "budget for a new era."
TOP SHELF on Happy Hour:
It was White House Chief of Staff Rahm Emanuel, the tough guy, who said, “never let a serious crisis go to waste.”
President Obama is taking huge risks, running up huge deficits, with a budget and a vision intended to remake America. He hopes it will get ... read more
While President Obama takes on the banks, the rich are fighting back against his Justice Department. A group of wealthy Americans are suing UBS in hopes of keeping their names from the IRS.
Free Lunch author and champion for tax reform David Cay Johnston joined me today in The Diamond Districtread more
Stocks tumbled today on lousy housing data and another tongue-lashing from President Obama.
TOP SHELF on Happy Hour:
That Northern Trust party video couldn't have been more poorly timed for Wall Street. The president came out last night and surprised even his critics in the investing community, with a speech that clearly targeted Wall Street. He's doing more of the same today, talking tough on ... read more
Owning a home is part of the American dream, right? One man in Seattle was pre-qualified for a $1.5 million mortgage on just $20,000 of annual income! The problem came when he lost $75,000 in earnest money. He says JPMorgan's lending terms made it possible to prequalify but not actually qualify for the loan, leading to the loss of his money. Now he's suing.
Jim Robinson is the buyers' attorney ... read more
Stocks took off after hitting 12-year lows… They're now back to 5-year lows.
TOP SHELF on Happy Hour:
The president tonight can shift his tone from catastrophe to better days ahead, as his press secretary seems to be doing. Ben Bernanke can predict recovery in the middle of next year. And stocks can bounce back strong today. But planning your finances is still a crap shoot, to paraphrase a ... read more
FOX Business Alert: Opponents call this the cram down. It would give bankruptcy judges the power to modify mortgage terms and reduce mortgage values. And the House plans to vote on it this week. It’s highly controversial. To talk about the cram down proposal and an alarming build-up in jumbo mortgages, Dani Babb, author of The Accidental Landlord joined me again in The Diamond District.
read more
There was more tough talk from President Obama, this time on spending. But Wall Street still isn't buying it. The DOW hit nearly 12-year lows as the president calls for fiscal restraint.
The DOW finished the day at its lowest close since May 1997, the S&P 500 closing at its lowest close since April 1997.
TOP SHELF on Happy Hour:
The president sends his first budget to congress this Thursday and ... read more
February 26, 2009 07:04 PM EST
ARE DRUG TRAFFICKERS BAILING OUT BANKS?
Cops say they've crippled a Mexican drug cartel, but they're still coming to grips with how much help the drug lords are getting from American bankers and billionaires. Allen Stanford isn't the only one being scrutinized for possible links to the cartels: - Wachovia is only one of many banks to be investigated for laundering drug cartel profits. - Union Bank of California suspected of drug money ... read more
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