In the aftermath of the exposure of the Federal Reserve collaborating with Goldman Sachs to prevent the bank from being accountable for breaking the law, Fed officials warned Wall Street that if banks did not cut back on reckless and criminal behavior they might finally face penalties including being broken up. The warnings were issued by Federal Reserve Governor Daniel Tarullo and Federal Reserve Bank of New York President William Dudley in speeches behind closed doors. The prepared remarks were published and appear to indicate an attempt to change the corrupt culture at the Federal Reserve.
|By: DSWright Tuesday October 21, 2014 11:20 am|
|By: Kevin Gosztola Thursday February 20, 2014 4:58 pm|
The Securities and Exchange Commission has gotten involved in a whistleblower lawsuit against Siemens by a former employee. The lawsuit is being brought under the anti-retaliation provision of the Dodd-Frank Act.
|By: DSWright Monday December 30, 2013 6:52 am|
Academia is supposed to be a place of scholarship, an environment free of conflicting interests and only dedicated to the search for knowledge. But according to a report by The New York Times Wall Street has weaseled their way into the ivory tower to slant the scholarship in their favor. Those academics who play ball and support the views Wall Street likes are handsomely rewarded.
|By: DSWright Tuesday December 10, 2013 11:05 am|
The Volcker Rule has been formally approved by the FDIC, Federal Reserve and SEC. The Volcker Rule, named after former Fed Chairman and advocate Paul Volcker, was passed as part of the Dodd-Frank reform act in 2010 and is meant to prevent or limit large Wall Street banks from proprietary trading – trading on their own account.
|By: DSWright Friday November 1, 2013 7:00 am|
A mere five years after the 2008 financial crisis the United States House of Representatives has voted to virtually guarantee another one. With bipartisan support, the House voted to rollback provisions of the Dodd-Frank bill and allow Too Big To Fail banks to trade derivatives in units that are guaranteed by the federal government – not only promoting risky behavior but putting the government on the hook for backstopping such risky trades.
|By: DSWright Tuesday October 29, 2013 12:50 pm|
House members who plan to vote for these bills have no fear whatsoever of being so obviously in Wall Street’s pocket. The bill is exposed as being written by Wall Street lobbyists and no one cares? Then again, perhaps Wall Street writing the bills is so commonplace in DC that such a revelation is in no way surprising or worth further consideration by members of Congress.
|By: DSWright Monday October 14, 2013 12:46 pm|
Under the Dodd-Frank Act banks that are “systemic threats” to the financial system or Too Big To Fail are supposed to be dismantled to avoid the necessity for taxpayer bailouts and subsidies. So far the power has not been used which many are claiming is due to the incredible sophistication of the megabanks not a lack of will by public officials. But now US and UK regulators are saying that’s not true and that the Too Big To Fail banks can be broken up.
|By: DSWright Thursday September 19, 2013 11:20 am|
After lying to regulators, manipulating the market, and putting out fraudulent documents JPMorgan will pay a relatively small fine and move on. Because when the powerful repeatedly break the law the consequences are never very severe. If we stopped these Wall Street banksters from making criminal profits they might stop making criminal profits – then where would our economy be?
|By: DSWright Thursday June 6, 2013 1:40 pm|
Yet another reason not to do the bailouts without conditions.
|By: DSWright Monday May 27, 2013 12:10 pm|
I try to be cynical, but I can’t keep up.