2. priceofliberty:

    Sens. Carl Levin and John McCain, respectively the chairman and ranking Republican of the Senate Permanent Subcommittee on Investigations, released a 93-page report detailing the sale and use of so-called basket options ahead of a hearing with company executives on Tuesday.

    The report covers sales of options to more than a dozen hedge funds but focuses on what it calls two of the largest users of the product, Renaissance and George Weiss Associates. The banks and hedge funds also evaded federal leverage limits through the transactions, the report said.

    Briefing reporters on Monday, Levin said the subcommittee is not alleging illegal behavior by the banks or hedge funds. “We never reach those kind of judgments,” he said. Levin said the subcommittee presents facts and leaves it up to regulators and prosecutors to determine if any laws have been broken.

    But Levin and McCain both said the use of so-called basket options deprived the Treasury and was unfair to U.S. taxpayers.

    “These banks and hedge funds used dubious structured financial products in a giant game of ‘let’s pretend,’ costing the Treasury billions and bypassing safeguards that protect the economy from excessive bank lending for stock speculation,” Levin said.

    McCain said hedge funds “cannot be allowed to have an unfair tax advantage over ordinary citizens.”

    The report said the banks and hedge funds used the basket option structure to open trading accounts in the banks’ names, creating the “fiction” that banks owned the account assets. But in fact the hedge funds exercised total control over the assets and executed all the trades. The funds often exercised the options shortly after the one-year mark and claimed profits were eligible for the lower income tax rate.

  3. (Source: endlesscanvases, via pokec0re)


  4. Homelessness is now a crime in cities throughout the U.S.




    Eighteen percent of cities now ban sleeping in public, and 42% of cities ban sleeping in vehicles.

    Learn more.

    (via browngurlwfro)

  5. (Source: ourtimeorg)

  6. mymodernmet:

    From 1906 to the 1930s, photographer Edward S. Curtis documented the culture and traditions of North American Indian tribes in his multi-volume work The North American Indian.

  7. (Source: dondianda, via wonderous-world)


    (Source: -rockyraccoon)

  9. hardcoregurlz:



    CNN African Voices: Part 1, Part 2, Part 3

    (via blackisthemovement)

  10. veganlocs:

    Source: LocsofPoetry
    What a beauty

    (via blackamoorgirl)

  11. kemetically-afrolatino:

    People in U.S. Killed by Cops Now Outnumber U.S. Soldiers Killed in Iraq War

    The increase in police brutality in this country is a frightening reality. In the last decade alone the number of  people murdered by police has reached 5,000.

    The number of soldiers killed since the inception of the Iraq war, 4489.

    Watch this short film on police brutality

    (Source: fewfar.wordpress.com, via blackafricanandbeautiful)