A Florida family man who not only made his mortgage payments on time but made payments early faces foreclosure by Wells Fargo. The explanation for initiating the foreclosure proceedings by Wells Fargo is nothing short of amazing and offers a sad commentary on how little has changed despite the 2008 financial crisis and supposed reforms like Dodd-Frank.
|By: DSWright Wednesday May 22, 2013 4:45 pm|
|By: DSWright Friday May 17, 2013 8:45 am|
Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market.
|By: DSWright Tuesday May 7, 2013 2:55 pm|
Noted Wall Street ski buddy and House Financial Services Chairman Jeb Hensarling is moving to re-deregulate derivatives by gutting the Dodd-Frank Act. Apparently one financial crisis this century is not enough for Hensarling and friends as the House today is marking up a slew of bills to help Wall Street avoid derivatives oversight.
The Committee on Financial Services will meet in open session to mark up the following measures:
|By: DSWright Thursday April 11, 2013 9:25 am|
Life, liberty, and property. These were in theory the founding principles of the republic. But as President Obama meets today with the the Big Banksters to plot his latest attacks on Social Security and Medicare, it seems property rights still only exist for roughly the same percentage they did in days of America under the British Empire, 1%. Or so one could reasonably deduce from the fraudclosure settlement.
|By: joanneleon Tuesday March 12, 2013 6:40 am|
Within one week Republicans are going to grab the national spotlight on two huge issues that should be the realm of the party who stands up for the little guy. That party used to be the Democratic party. How can they let this happen?
On Friday, at the CPAC convention, Federal Reserve Bank of Dallas President Richard Fisher is going to call for breaking up the big banks in the wake of a failed Dodd-Frank bill.
|By: DSWright Tuesday January 15, 2013 2:50 pm|
In her role as CFO at Morgan Stanley Porat has been one of the leaders in killing the Dodd-Frank regulations behind closed doors.
|By: DSWright Thursday January 10, 2013 6:45 am|
Despite new regulations and outright promises from CEO Lloyd Blankfein, Goldman Sachs is once again engaging in proprietary trading. A practice that lead to a $550 million fine from the SEC when Goldman Sachs mislead clients in order to promote its own accounts. The solution under Dodd-Frank to this behavior was the Volker Rule but now it seems Goldman Sachs is prop trading anyway.
|By: DSWright Friday January 4, 2013 1:38 pm|
In what is becoming a trend, the Wall Street banks have been able to once again dodge Dodd-Frank, at least for now.
|By: DSWright Thursday December 27, 2012 11:25 am|
Step right up and Spin the Revolving Door – and what is your prize? Why, a nice job on Wall Street working for the people you used to regulate – you wrote in the loopholes, now you get the cash for exploiting them!
|By: David Dayen Wednesday December 19, 2012 1:38 pm|
The Securities and Exchange Commission released a report on the method for how credit rating agencies get their business, something mandated by the Dodd-Frank financial reform law. And just as expected, it showed a serious conflict of interest in the current business model, where rating agencies are paid by the issuer of securities, and have to compete for their business, adding all sorts of distortions into the kinds of ratings they give. A better model, envisioned by Dodd-Frank at first but then put into this study, would allow an oversight board to dole out to qualified ratings agencies the securities that would get rated, removing the conflict of interest entirely.