Fitts writes:  We are so financially entangled in the federal government and large corporations and banks that we cannot see our complicity in everything we say we abhor. Our social networks are so interwoven with the institutional leadership — government officials, bankers, lawyers, professors, foundation heads, corporate executives, investors, fellow alumni — that we dare not hold our own families, friends, colleagues and neighbors accountable for our very real financial and operational complicity. While we hate “the system,” we keep honoring and supporting the people and institutions that are implementing the system when we interact and transact with them in our day-to-day lives. Enjoying the financial benefits and other perks that come from that intimate support ensures our continued complicity and contribution to fueling that which we say we hate.

This important book is not available on Amazon, Abe Books or the New York Public LIbrary.  Online Book

Officials at Mizuho Financial Group, Japan’s second-biggest bank, admitted top management knew at least three years ago about loans to criminal groups, highlighting the entrenched position of organized crime in the Japanese business world.

ties between yakuza gangs and the Japanese financial industry six years after the Financial Services Agency punished Mitsubishi UFJ Financial Group Inc. for doing business with the groups for decades. Sato apologized today, saying he bears responsibility even though he was only made aware of the loans in March during the FSA’s probe.   Mizhuo Financial Group Tied to Crime  Reported on Frank-cs.org

The Swiss people are showing that citizens can organize and take action to address growing income inequality by placing restrictions and caps on executive salaries. Since the 2008 global financial crises Swiss citizens have set their sights on excessive corporate pay and rising income inequality.

Already public activism by the Swiss people on executive pay has forced two referendums and efforts are underway to force a third referendum. Under Swiss law citizens are able to organize popular initiatives whereby the Swiss Parliament must hold a referendum on any initiative that has gathered more than 100,000 signatures.  In March 2013 the Swiss voted overwhelmingly to pass some of the strictest controls on executive pay, requiring that public company shareholders vote on compensation for executives.

In November 2013 the Swiss people will get a vote on another proposal to to cap and limit executive pay. The 1:12 initiative will limit executive pay to no more than 12 times the salary of the lowest paid worker. Compare that to the USA which has among the highest levels of income inequality in the world with a CEO to worker pay ratio of 185:1 and in Australia where the CEO to worker pay ratio is 100:1

Unsurprisingly, corporations and business groups oppose the Swiss  1: 12 initiative claiming that it will abolish prosperity  and is an attack on freedom. Global multinational corporations like GlencoreXstrata  threaten to move their headquarters out of Switzerland if the proposal is passed.

Now Swiss citizens are trying to establish a guaranteed basic income for all citizens.

On Friday Swiss citizen activists submitted over 130,000 signatures to the Swiss Parliament- enough to call a vote over whether or not to approve the proposal-  to create a law guaranteeing all Swiss nationals a guaranteed basic income of around $2800 per month.  In a public display of support, advocates of the measure tipped over a truck full of 8 million 5-cent coins (one for each citizen of the country.)

The Reserve Bank is facing allegations it used a front man to liaise with the brother-in-law of Iraqi dictator Suddam Hussein in a bid to sell plastic banknotes to the country at the height of the United Nations-imposed sanctions.  Probe Reserve Bank

Former New York Fed examiner, Carmen Segarra, says she was fired after uncovering problems with Goldman Sachs’ conflict-of-interest policy.  Segarra says her supervisors pressured her to falsify her findings that Goldman’s policies were inadequate, and she refused.  Segarra and New York Fed colleagues recommended Goldman be downgraded because of deficient policies.  Segarra found that Goldman’s efforts to wall off conflicts in a multi-billion dollar energy deal was full of holes.  NY Fed Examiner Fired