Geothermal: The clean energy powerhouse you’ve never heard of

Everyone knows about renewable energy sources like solar panels and wind turbines, but few know the details about one of the most abundant clean energy resources available: geothermal power. Geothermal electricity is generated by extracting heat from up to 2 miles below the surface and converting it into useable power. The United States produced 3,086 megawatts (MW) of geothermal electricity […]

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Chase and Wells Fargo: giving you more reasons to break up

This week, megabanks gave their customers yet more reasons to break up with them and support community investing institutions instead. JP Morgan Chase CEO Jamie Dimon answered questions in front of the Senate Banking Committee yesterday, and admitted that his bank made mistakes regarding billions of dollars of losses from trades.  Dimon has even admitted that some of the activity involved may have been illegal.  The Senate Banking Committee unfortunately went pretty light on Mr. Dimon.  That’s a shame, because as Richard Eskow points out in the Huffington Post, Dimon’s action raises a number of troubling issues, including: 1) why is Mr. Dimon on the Board of Governors of the Federal Reserve Bank of New York, when his firm is benefitting greatly from this entity?  Isn’t that a major conflict of interest?; 2) Doesn’t Mr. Dimon owe his shareholders an apology for going along with risky practices when he has a duty under Sarbanes Oxley to ensure that the bank’s risk mitigation strategies are sound?; and  3) since Chase has been implicated in foreclosure fraud, shouldn’t they be making a commitment to helping America’s many homeowners who are underwater? In addition, JP Morgan Chase’s recent losses raise the significant question of why is Chase (as well as other megabanks) gambling with FDIC-insured dollars?  As William Greider points out in The Nation, banking reform should have ended the practice of banks gambling with FDIC-insured funds.  But, banks and their regulators have […]

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