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Stories by Michael Hudson

Caribbean go-between provided shelter for far-away frauds

The tangled trail of the Magnitsky Affair, a case that’s strained U.S.-Russian relations and blocked American adoptions of Russian orphans, snakes through an offshore haven in the Caribbean.... Read more»0

Whistleblowers ignored, punished by lenders

Sixty-three former employees at 20 financial institutions say they were fired or demoted for reporting fraud or refusing to commit fraud. Their stories were disclosed in whistleblower claims with the U.S. Department of Labor, court documents or interviews with iWatch News.... Read more»0

FBI touts mortgage fraud effort, big banks left untouched

In a new report , the FBI pats itself on the back for using “sophisticated investigative techniques” to target mortgage fraudsters. Not everyone is impressed. Consumer advocates say the FBI is turning a blind eye to misconduct by big banks. ... Read more»0


Mortgage servicers spend millions on political contributions

As the financial markets roil, one of the critical factors weighing down the U.S. economy is the flood of home foreclosures. Thursday's crash underscores how difficult it will be for the economy to make significant strides while the housing market is still in tatters. ... Read more»0

Banks try to scuttle IDing foreign tax evaders

Two House members who collected large campaign donations from the financial industry are pushing legislation to block an IRS plan to discourage foreign tax evaders and money launderers from stashing money in U.S. banks. ... Read more»0

Red tape, old guard slow whistleblowing on corporate tax cheats

For years, the Internal Revenue Service had a reputation as an unwelcoming place for whistleblowers who offered tips about corporate tax dodgers. ... Read more»0

SEC rules offer generous bounties to whistleblowers

In setback for corporate lobbyists, whistleblowers can take tips to government investigators first.... Read more»0

Corporate lobbysts set back by new whistleblower rules

Top securities regulators Wednesday said financial whistleblowers can bypass internal corporate procedures and report suspected fraud first to government investigators, a setback for big U.S. companies that lobbied hard for the agency to take the opposite approach.... Read more»0

Tax haven America

U.S. and its banks called world's 'biggest tax haven'

Even as the U.S. Internal Revenue Service crusades against Americans using offshore banks to hide money, these tax experts say, the United States itself serves as a massive haven for international tax cheats.... Read more»0

Debt deception: Fights over tribal payday lenders

In the battle to shield themselves from lawsuits and oversight, some high-interest payday lenders have found unlikely allies: Native American tribes. Some lenders claim tribal sovereignty allows them to operate outside state laws — even when they’re making loans to non-Native Americans living far from Indian lands.... Read more»0

Obama's new chief of staff sought to loosen post-Enron reforms

William M. Daley, President Barack Obama's new chief of staff, is a major Wall Street player who sought to loosen corporate reform laws and protect big accounting firms from investor lawsuits and criminal prosecution.... Read more»0