Elizabeth Warren Wants Students to Have Same Privileges as Wall Street

By: Friday May 10, 2013 12:25 pm

As a recent study indicates that college and universities are giving financial aid to rich students at the expense of poor ones Senator Elizabeth Warren is offering a bill to bring student debt relief. Warren says students should get the same rates as Wall Street.

 

Brown-Vitter Bill to Break Up Too Big to Fail Banks Begins Roll Out

By: Tuesday April 9, 2013 7:35 am

Believe it or not, there is a bill in Washington to break up the Too Big To Fail banks. Sponsored by Senator Sherrod Brown (D-Ohio) and Senator David Vitter (R-Louisiana) the Brown-Vitter bill would break up the Megabanks by requiring higher capital reserves. Not surprisingly Wall Street is not pleased.

Lew Claims Too Big to Fail Problem Solved at Confirmation Hearing

By: Thursday February 14, 2013 9:11 am

Treasury Secretary nominee Jack Lew made a stunning and fantastic claim at his confirmation hearing, namely that the Too Big To Fail or systemic risk threat from the mega banks no longer existed. That the problem had been solved by the Dodd-Frank legislation.

Seriously.

At Confirmation Hearing Lew Faces Questions Over Citigroup Bonuses, Tax Shelters

By: Wednesday February 13, 2013 12:10 pm

Treasury Secretary nominee Jack Lew went before the Senate Finance Committee today for his confirmation hearing. The hearing was mostly deferential with Lew finding considerable agreement with the Republicans on the committee, particularly on trade and corporate tax policy, but Lew did face questions over his bonuses at Citigroup and tax shelters in the Cayman Islands.

British Might End Too Big To Fail Banking

By: Monday February 4, 2013 7:38 am

After a global financial crisis, an epic price fixing scandal, and embarrassing criminal conduct British regulators are considering ending Too Big To Fail Banking. British Finance Minister George Osborne has proposed legislation that if banks do not shield their riskier investment activities from day to day banking they will face restructuring.

Elizabeth Warren Demands Mortgage Settlement Documents From Regulators

By: Thursday January 31, 2013 10:28 am

Elizabeth Warren is not wasting any time trying to get answers from Wall Street’s regulators. Warren asked for documents relating to the recent mortgage settlement.

Republicans and Democrats Speak Out Against “Too Big to Jail” HSBC Case

By: Monday December 17, 2012 9:05 am

Where is Patrick Leahy on this? He has made no public statement on the HSBC case, despite being the co-author of the Fraud Enforcement and Recovery Act, which was supposed to deliver funds toward prosecuting fraudulent big bank activity (it never actually did). Grassley, a co-author, has spoken out. Why not Leahy?

The HSBC Money Laundering Case as a Perfect Symbol of Too Big to Fail

By: Thursday December 13, 2012 6:41 am

Maybe I was too blasé about the federal government letting HSBC off the hook; certainly the story has effectively shown how Too Big to Fail continues to be the watchword of the financial regulatory community. My pet theory here is actually that, because practically every mega-bank engaged in this same type of money laundering for drug cartels and countries under sanction – all of the big four in the US, including Wells Fargo (who admitted it in court), Bank of America, Citi and JPMorgan Chase – if they threw the book at HSBC, they would have to do the same to everyone else. So we’ve migrated from Too Big to Fail to Too Caught Up In The Same Criminality to Fail.

US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 9:55 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know. (It’s on the calendar.) First, the Treasury Department and other federal regulators – the US Attorney’s Office for DC, two divisions of the main Justice Department and even “orders involving the Board of Governors with the cooperation of the UK’s Financial Services Authority” – settled with Standard Chartered Bank for $327 million over various money laundering of funds from Iran and other countries under US sanctions.

Obama vs. Taibbi: Obama’s Defense of Dodd-Frank Falls Short

By: Monday October 29, 2012 12:40 pm

Taibbi is pretty polite about it, but Obama’s defense involves a lot of misdirection. It assumes that Lehman Brothers, by virtue of having failed, was the only financial institution out there responsible for the collapse, rather than an example of industry-wide behavior.

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