Citigroup alumn and current U.S. Treasury Secretary Jack Lew has claimed that if the ever looming threat of banking institutions that are so big their failure would bring down the economy is not eliminated by year’s end further actions will be needed.
|By: DSWright Thursday July 18, 2013 6:30 am|
|By: DSWright Friday June 14, 2013 8:55 am|
Freedom isn’t free. The National Security Agency along with the CIA, FBI and other intelligence agencies of the U.S. government has been swapping information with private companies. In exchange for private companies giving the intelligence agencies information on their users, the private companies receive access to classified intelligence.
|By: DSWright 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.
|By: DSWright 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.
|By: DSWright 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.
|By: DSWright 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.
|By: DSWright 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.
|By: DSWright 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.
|By: David Dayen 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?
|By: David Dayen 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.