The seduction of complexity: Wall Street convinced themselves that toxic debt was innovation
Fabrice Tourre called himself “Fabulous Fab” in emails to his girlfriend. He was 28 years old, a vice president at Goldman Sachs, and he was building something he genuinely believed was brilliant. “The whole building is about to collapse anytime now,” he wrote in January 2007, referring to the subprime mortgage market. “Only potential survivor,…
Weeks before election, suspicious packages received by Members of Congress
Federal authorities are investigating more than 100 suspicious letters sent nationwide to members of Congress and state election offices. Many of the envelopes—processed through a North Texas mail processing center and marked “Thinking of You”—contain an unknown white, powdery substance. The FBI, Capitol Police, and the U.S. Postal Inspection Service are leading the nationwide probe,…
Climate scientists’ warnings were buried by the industries they once advised
In 1982, Roger Cohen, head of theoretical sciences at Exxon Corporate Research Laboratories, wrote a status report with a blunt conclusion: “Over the past several years a clear scientific consensus has emerged.” A doubling of atmospheric carbon dioxide would produce average global warming of 3 degrees Celsius, he wrote. “There is unanimous agreement in the…
Trump supporters are about to get a nasty surprise
The Trump administration is preparing to garnish wages and seize tax refunds from millions of federal student loan borrowers in default, but officials are delaying a public announcement until after the midterm elections, according to five sources who spoke to the Washington Sun. Nearly 10 million borrowers are currently in default on federal student loans.…
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