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Tag Archives: banks

Restoring American Financial Stability – Discussion Draft

Senate Banking Committee Chairman Christopher Dodd released his version of legislation to reform the financial system today. Here are the summary and full draft. Dodd bill summary link HIGHLIGHTS OF THE DISCUSSION DRAFT Consumer Financial Protection Agency: Creates an independent watchdog to ensure American consumers get the clear, accurate information they need to shop for […]

British bank busts

From Bloomberg on the Royal Bank of Scotland and Lloyds breakups… ~~~ “…It all smells to me a bit of politics and the start of election campaigning,” said Lothar Mentel, chief investment officer at Octopus Investments Ltd., which oversees $2 billion, including a stake in Lloyds. “The government wants to be seen as punishing the banks, whereas […]

Praise be to state regulators

It is imperative that state regulators remain unleashed to protect the citizens of their states from predatory behavior of national firms. The New York Times has an excellent article today about the willingness of states Attorney Generals to litigate against the national banks over mortgage fraud. I say “get out the subpoenas boys“… The residents of every state […]

Message to central bankers

/// Bob (Janjuah) Is Back… And He Is Pissed,   Hattip ZeroHedge /// ~~~ “… Let’s see, but the one thing that I’d say to Bernanke and King – the modern day Volckers (it would be unfair to expect, but great, if the real deal himself stood up and did it again, but I fear he is too […]

Local banking…

From the New York Times.. ~~~ “The Texas banker Edward Speed wants his fellow Texans to think small. Sensing an opportunity to capitalize on public outrage over big national banks rescued by taxpayer bailouts, Mr. Speed has started acampaign urging Texans to take their cash out of banks like Wells Fargo and turn it over to […]

Some new panhandlers in Harvard Square

From Jesse’s Cafe Amercain… ~~~ This was the very moment of Obama’s failure, when he allowed Summers, Geithner and Bernanke to establish the principle of “Too Big To Fail” and set up a financial oligarchy at the expense of taxpayers. We would have expected this out of the Treasury under Hank Paulson, but to see […]

Reposted with one comment

The financial system must be substantially reformed and put on a more stable basis. Who will do this? From the Huffington Post… ~~~ “One reason — which has never been directly addressed by Obama — may be that many of his chief financial advisers have pocketed extraordinary amount of money from banks and Wall Street, […]

‘Too big to fail’ is too dumb to keep

An excellent opinion piece by John Kay, an economist, in the Financial Times … he begins by naming the litany of institutions that were brought down in the “Credit Crisis of 2007-2009″… He then describes the difficulty of regulating large, complex institutions with these words… “The variety of institutions is matched by the variety of […]

Heating up…

Seems like it’s “heating up” around financial reform in Washington… and Chicago… Bloomberg News has a discussion with Republican Representative of California Darrell Issa in which he says a House panel wants to know if members of Congress received sweetheart loans from Countrywide. The Oversight Committee also issued a subpoena to Bank of America which […]

25 times levered, 30 days liquidity, living wills and the Iowa Citizens for Community Improvement

Chicago is a good place for the “people’s protest” Showdown in Chicago against the big banks… since it’s the heartland…  labor groups have organized this protest at the time of the American Bankers Association annual meeting… There is a lot of anger in America about the financial crisis, the practices of the banks, the bailout […]