Protesters Rip Manhattan Foreclosure Auction

It's been a bumper year for BS from the big banks, writes Nomi Prins

(NEWSER) - As Wall Street happily trots off into 2009's sunset, same old bad habits in tow, things aren't looking so hot on Main Street—no matter the crocks the bankers sold us, writes Nomi Prins at AlterNet . Here's some of Wall Street's finest whoppers of the year.

• The economy has improved. "Sure—if you work at Goldman Sachs or had an affair with Tiger Woods," writes Prins. For the rest of us, unemployment is in double digits and next year is looking bleak.

Mayor rolls out plans to hike taxes, cut services and ax 20,000 city jobs

(NEWSER) - All American cities are facing budget shortfalls because of the recession, but Wall Street's meltdown has decimated New York City's tax base, Michael Bloomberg said yesterday in announcing plans to slash 20,000 city jobs, cut services and raise taxes. The aim is to reduce an expected $4 billion deficit, reports the New York Post. More»

Bought Maryland home in 2006; made no payments

(NEWSER) - After buying their million-dollar house in 2006, a Maryland couple never made a single mortgage payment; now they've been evicted after a long struggle, reports the Washington Post . Keith and Janet Ritter made a fortune, temporarily, buying and flipping homes during the housing bubble, and they bought their $1.3 million home with no money down, according to a previous article in the Post . Then they lost much of their wealth when the bubble burst and have been fighting eviction ever since. More»

Matt Taibbi says bankers are still overpaid

(NEWSER) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle horreur!" Taibbi quips in Rolling Stone , before shredding the argument. Actually, bank compensation is falling because of the European debt crisis. Bankers he knows are saying things like, "If the ECB doesn't come up with a Greek bailout package, I'm going to have to sell my children for dog food." And at some banks (like Goldman Sachs), bonuses are actually up relative to earnings. More»

Financial giants refuse to die, Steven Davidoff explains

(NEWSER) - You might remember Lehman Brothers from its starring role in kicking off 2008's financial crisis by declaring bankruptcy, and hence, you might think it is dead and buried. But you'd be wrong, writes Steven Davidoff in the New York Times : Lehman is actually still shambling around, zombie-like, and what's more, it's trying to get bigger. Courts are still trying to work through Lehman's bankruptcy, the biggest in history, and in the meantime Lehman's estate is trying to buy apartment firm Archstone-Smith. More»