Matt Tabbi @ Rolling Stone - The news that a "rogue trader" (I hate that term – more on that in a moment) has soaked the Swiss banking giant UBS for $2 billion has rocked the international financial community and threatened to drive a stake through any chance Europe had of averting economic disaster. There is much hand-wringing in the financial press today as the UBS incident has reminded the whole world that all of the banks were almost certainly lying their asses off over the last three years, when they all pledged to pull back from risky prop trading. Here’s how the WSJ put it: Read more.
Our nation’s prison and jail population had quintupled in 30 years, leaving us with the highest incarceration rate in the world. A third of black men had felony records — due in large part to a racially biased, brutal drug war — and were relegated to a permanent second-class status. Tens of millions of people in the United States had been stripped of basic civil and human rights, including the right to vote, the right to serve on juries and the right to be free of legal discrimination in employment, housing, education and basic public benefits. Read more.