Banking Industry
Financial Regulators Crush Small Fry and Feed Big Whales
The Securities and Exchange Commission has taken the decades-old, stereotypical criticism of useless federal government regulators and owned it. Time and time again the agency has chosen not to enforce rules against the most powerful institutions, has turned a blind eye as the institutions continue fraudulent behavior and has codified the injustice of an economically-elite […]
Press Release by Invertebrate Schneiderman on Law Day
UPDATE: As I covered in a previous post, Schneiderman penned an Op-Ed article in which he used phrases like “attacking the foreclosure crisis” and “working aggressively to provide accountability”, in describing the mortgage fraud task force. Below, in another post, I suggested that any new press releases for this ‘force-to-be-reckoned-with’ should include indictments. Unfortunately, another […]
JP Morgan Chase Investors Are Our Representatives
In addition to receiving campaign contributions from JP Morgan Chase, at least 38 members of Congress own shares in the bank. According to OpenSecrets.org data, 15 Democrats and 23 Republicans owned shares in JPMorgan Chase worth a total of between $2.1 million and $3.8 million in 2010. Two Senators and four House members owned at least […]
JPMorgan Chase Political Donations for April 2012
Yesterday the political action committee for JPMorgan Chase filed the required report with the Federal Election Commission listing its campaign contributions to members of Congress during April. The PAC handed out $21,500 in April to 12 members of the U.S. House and Senate, according to the FEC report. The table above lists the recipients of […]
Dodd-Frank Compliance = Building Panama Canal Every Year
The quantity and complexity of financial reform into the Dodd-Frank bill simply is not necessary. Two years after the bill was signed into law, regulators have written only 185 of 400 new rules totaling 5,320 pages. The subcommittee on financial institutions and consumer credit predicts it will take the private sector some 24 million hours […]
Other 99% vs. 1%: All Banks vs. Wall St’s Biggest Banks
Guest post by Better Markets Originally published at Better Markets It’s always amazing how the 99% of banks put up with the 1% of biggest banks, their oligopoly, their subsidies, and their favored treatment. It’s clear and visible everywhere and it directly hurts the other 99% of banks, yet the 99% just takes it. For […]
The Wall Street-Washington Financial Complex
Guest post by Jeff Harding. Originally published at The Daily Capitalist Larry Summers worked for hedge fund D. E. Shaw for one day a week for a year and received $5,200,000. Assuming they gave him a couple weeks off, that’s 50 days of work. $104,000 per day is pretty good work if you can get […]
