Archive for the ‘Odds and Ends’ Category

We all know by now that the investment banking system was a rigged casino, where small-time investors, borrowers and taxpayers ended up footing the bill for fat-cat Wall Street types in a game of heads-I-win, tails-you-lose.

Now that the SEC has filed a civil case against Goldman Sachs charging “fraudulent misconduct” in relation to $1 billion of worthless sub-prime mortgage securities Goldman palmed off to its clients in 2007, and Congress is weighing real reform of the industry, it’s important to know exactly how bad the shenanigans really were.

Watch this cartoon that explains it all better than any Justice Department indictment:

Today is April Fool’s Day and once again we’ve been treated to a host of pranks big and small. Corporate America now takes part in the shenanigans on a regular basis, like Google changing its name to “Topeka” for the day. Unfortunately, financial services firms treat every other day like an opportunity to make fools of their customers with bait-and-switch rates and fees that do a lot more damage than a cream pie to the face.

The best A1 scams are those that seem to be obvious with any level of scrutiny, so you feel sorry for the poor saps who didn’t pause to think for ten seconds and as a result become the butt of the joke.

The same goes for financial deals that seem too good to be true. Like zero-down, adjustable rate mortgages with balloon payments. Did people actually believe that London’s Big Ben was going digital or that spaghetti grew on trees? (They did. Google, or “Topeka” for classic April Fool’s scams.)

And they’re probably the same folks who thought that their zero-interest credit card with no annual fee would stay that way forever.

Continue Reading A Fool and His Money

Getting out of debt is stressful enough, and reading about debt management all the time can be depressing (even if you’re reading a lighthearted and exceptionally well-written blog like Debtbeat.)

So while we offer up our suggestions on the best credit management books in our Required Reading section, today we’ve got something new and exciting for you.  If you can believe it, we’ve gone into our pop music archives and put together our collection of the hottest tunes to get your fiscal funk on.

These are money-themed records that actually don’t suck.

We’re sorry that Eddie Money and Johnny Cash didn’t make the cut, but check out these albums and let us know who we missed in the comments.

• To kick it off, how about Get It on Credit by Toronto? Isn’t that how most of our money troubles begin?
• And once you’ve charged it all, then come the Bills Bills Bills. (Thanks, Destiny’s Child.)
• There’s Life & Debt, a reggae compilation featuring the Ziggy Marley.  Because only Haiti knows more about being broke than Jamaica.
• Of course a lot of our problems have been caused by the housing bubble, driving many people into Foreclosure. Which is also a hot album to listen to while driving.
• You don’t want to go Bankrupt, but you do want to get that album. This Dr. Hook masterpiece is more old-school than saving for a rainy day.
• Need to cut spending, try a budget.  Or if you’re a fan of the Kinks, a Low Budget.
• From 50 Cent we have Get Rich or Die Tryin’.  Unlike other rappers (I’m talking to you, Hammer) Fiddy isn’t hurting for cash after making $400 million on a deal with Vitaminwater.
• Young Jeezy gives us The Recession, which features very explicit lyrics.  Fitting, since this economy has a lot of people swearing and threatening violence.
• Ask Tiger Woods about Love vs Money. The loverboy of the links has now lost millions in sponsorships and tour winnings.
• Remember that slow and steady wins the race. Earn more, spend less and take control of your credit. In no time at all your debt will be Paid in Full!