Longreads

On the biggest financial fraud in history:

"For years, traders at Deutsche Bank AG, UBS AG, Barclays, RBS and other banks colluded with colleagues responsible for setting the benchmark and their counterparts at other firms to rig the price of money, according to documents obtained by Bloomberg and interviews with two dozen current and former traders, lawyers and regulators. UBS traders went as far as offering bribes to brokers to persuade others to make favorable submissions on their behalf, regulatory filings show.

"Members of the close-knit group of traders knew each other from working at the same firms or going on trips organized by interdealer brokers, which line up buyers and sellers of securities, to French ski resort Chamonix and the Monaco Grand Prix. The manipulation flourished for years, even after bank supervisors were made aware of the system’s flaws."

From The Daily Beast's David Sessions, a collection of stories on gun violence and policy in the U.S., featuring The Atlantic, Washington Post, Bloomberg Businessweek and Mother Jones.

A minute-by-minute account of the Supreme Court's ruling on the American Care Act, and how some news organizations got it initially wrong:

"Into his conference call, the CNN producer says (correctly) that the Court has held that the individual mandate cannot be sustained under the Commerce Clause, and (incorrectly) that it therefore 'looks like' the mandate has been struck down. The control room asks whether they can 'go with' it, and after a pause, he says yes.

"The Fox producer reads the syllabus exactly the same way, and reports that the mandate has been invalidated. Asked to confirm that the mandate has been struck down, he responds: '100%.'

"The Bloomberg team finishes its review, having read the Commerce Clause holding and then turned the page to see that the Court accepted the government’s alternative argument that the individual mandate is constitutional under Congress’s tax power. At 10:07:32 – 52 seconds after the Chief Justice began speaking – Bloomberg issues an alert: 'OBAMA’S HEALTH-CARE OVERHAUL UPHELD BY U.S.SUPREME COURT.' Bloomberg is first, and it is right."

The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

A Bloomberg Markets investigation has found that Koch Industries — in addition to being involved in improper payments to win business in Africa, India and the Middle East — has sold millions of dollars of petrochemical equipment to Iran, a country the U.S. identifies as a sponsor of global terrorism. Internal company documents show that the company made those sales through foreign subsidiaries, thwarting a U.S. trade ban. Koch Industries units have also rigged prices with competitors, lied to regulators and repeatedly run afoul of environmental regulations, resulting in five criminal convictions since 1999 in the U.S. and Canada.

We had four options: join Ready Willing and Able’s program, which prepared men to become street sweepers and janitors; sign up for a Bloomberg administration program which presents participants with a one-way ticket out of town, so long as the applicants could provide a contact person in the destination city who would agree to host them; enter the city’s shelter system, which the liaison accurately portrayed as a horror show, with gang-and-drug-infested death traps like Wards Island (Said one of my brethren, “Yo, I was at Wards Island one night, woke up and a dude was laying there dead, all cut the fuck up.”); or hop in the van with him to tour Brooklyn’s three-quarter sober houses, which were private residences that sounded a lot more promising than a shelter.

Mike Bloomberg has become important because he represents a great American dream, not the one about owning a home or becoming more successful than your father but the one beneath all of those, the foundational American dream — the dream of freedom from politics. Bloomberg is the ultimate independent, the calm modern technocrat rooted in metrics and cleansed of ideology, come to drain the swamps of government with his amazing modern business-management techniques ... unless he's actually just an old-fashioned autocrat looking down on us from above and tinkering with our lives like a science experiment, stripping our noisy polis of all its native poetry.

"We continue to listen to the same people whose errors in judgment were central to the problem," said John Reed, 71, a former co-chief executive officer of Citigroup Inc., who estimated only 25 percent of needed changes have been enacted. "I’m astounded because we basically dropped the world’s biggest economy because of an error in bank management."