Wall Street wants you to believe AI is to blame for the incipient credit crisis. But the crappy software loans spooking investors are the products of old-economy greed and brazen collusion.
financial industry
Posted inMoney, Politics, and Power
With Millions in Donations From the Industry, Ramaswamy Backs Ohio Crypto Gamble
Ohio’s Republican gubernatorial candidate Vivek Ramaswamy wants to invest taxpayer funds in crypto despite big losses in this sector and for his own company.
Posted inEconomic Policy
Private Equity’s Great Escape
The industry bought companies for too much money and made a bunch of bad loans. Now they’re scrambling to avoid the reckoning.
Posted inEconomic Policy
The Looming Chaos of Tariff Refunds
Companies, consumers, and hedge funds all want a piece of the revenue from the tariffs the Supreme Court invalidated. That will create unnecessary economic damage.
Posted inHealth and Social Policy
The Bank of Big Medicine
Health insurers and providers are using industrial loan companies and other tactics to make money from financial engineering rather than patient care.
Posted inEconomic Policy
The Next Financial Collapse
In the coming crisis, the Fed is not likely to be in good hands.
Posted inSports
Circling Sharks
A look inside the athlete-finance industry, which resembles predatory lending—and worse
Posted inSports
The Roots of the Youth Sports Gold Rush
Steve Griffin got in on the ground floor with the John D. Rockefeller of youth sports. The climb out of the basement taught him that finance and kids’ sports are a toxic mix.
Posted inEconomic Policy
Private Equity Saks Another Retail Outlet
It’s the old story: Load up companies with debt, pull out all the value, and leave them as a dead shell.