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Fit to Serve

Fit to Serve

By James C. Hormel and Erin Martin

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Tag: Banking Industry


Gamma Man (CC BY 2.0)

Want a New Law? If You’re the Banking Industry, Just Write It Yourself

A banking regulatory bill moving through the House of Representatives this week was largely written by banking lobbyists, and steered under the guidance of politicians raking in campaign contributions from the people who would benefit from the legislation. Yes, this is the best democracy money can buy.

Posted on Oct 30, 2013 READ MORE



wiredforlego (CC BY-SA 2.0)

Big Banks Trying to Kill Off Credit Unions

In an effort to gain even more control of Americans’ banking assets, the banking industry is trying to stamp out member-owned credit unions—which began amid the banking failures of the Great Depression—by stripping them of their nonprofit status.

Posted on Sep 19, 2013 READ MORE



Randy Le'Moine Photography (CC BY-ND 2.0)

2012: Bonuses for the Bull

While profits tripled and layoffs commenced in the banking industry last year, Wall Street divided at least $20 billion in gifts made of cash and stock among its employees.

Posted on Feb 26, 2013 READ MORE



Todd Ehlers (CC BY-ND 2.0)

Banks Rake In Highest Quarterly Profits Since 2007

The American banking industry enjoyed profits of $35.3 billion in the first quarter of 2012, the industry’s best performance since 2007, according to the Federal Deposit Insurance Corp. But it did so largely because banks put aside less money to cover bad loans, while keeping a lid on new lending.

Posted on May 24, 2012 READ MORE


Muppets 1, Fox News 0

Bet you never thought you’d watch a press conference involving Kermit the Frog and Miss Piggy holding forth about Fox News, but here’s your chance to see just that. And when it comes to defending their latest movie and their honor from politicized attacks by certain Murdochian operatives, these felty friends don’t play.

Posted on Jan 30, 2012 READ MORE



zoer (CC-BY)

Cover-Up at the Cathedral

Critics of the financial industry and some clergy members are upset over suppression by St. Paul’s Cathedral of a report that would appear to reveal a shared denial of responsibility for the financial crisis within the London banking community. (more)

Posted on Oct 30, 2011 READ MORE



Wikimedia Commons

Anonymous and LulzSec Join Forces

Two groups of cyber-rabble-rousers whose members already may share a synergistic relationship are teaming up to do their hacktivism in tandem, and on Monday LulzSec and Anonymous kicked off their “AntiSec” campaign with an auspicious first target.

Posted on Jun 20, 2011 READ MORE



AP / Pablo Martinez Monsivais

In Money-Changers We Trust

Two years into the Obama presidency and the economic data is still looking grim. Don’t be fooled by the gyrations of the stock market, where optimism is mostly a reflection of the ability of financial corporations—thanks to massive government largesse—to survive the mess they created.

Posted on Dec 29, 2010 READ MORE



Flickr / PetroleumJelliffe

WikiLeaks Going After Big U.S. Bank

Having made its indelible mark on U.S. foreign relations of late, WikiLeaks is taking on another considerable force for its next act, targeting an as-yet-unnamed major U.S. bank with a big reveal planned for early next year.

Posted on Nov 29, 2010 READ MORE



Flickr / soathevy

Retail Debit Fees May Be Capped

The beleaguered banking industry suffered yet another blow Thursday evening after the Senate voted to impose price controls on debit transactions, a move that follows years of begging by retailers for governmental limits on the high charges demanded by banks every time a consumer swipes a debit card. The amendment is in a bill that still must win Senate approval.

Posted on May 15, 2010 READ MORE


Obama
bbc.co.uk

Obama Talks Tough on Banking Reform

In case you hadn’t noticed, not a heck of a lot has changed on Wall Street in the last year, despite various banking behemoths’ successful pleas for federal aid to float them out of the recession they were instrumental in creating. Well, that’s about to change—or so President Barack Obama says, at least. 

Posted on Jan 21, 2010 READ MORE


banking protest
AP / Mark Lennihan

Reich Urges Obama to ‘Take On Wall Street’

He’s not the only one saying this, but considering his background, Robert Reich is a pretty significant voice pointing out how, over a year since things went seriously south on Wall Street, “almost nothing has been done to prevent all hell from breaking loose again.”

Posted on Jan 13, 2010 READ MORE


Obama and banking leaders
AP / Susan Walsh

Obama to Banks: It’s Payback Time

On Monday at the White House, President Barack Obama reminded a group of big banking honchos (or “fat cats,” as he called them Sunday) about last year’s bailout and advised them to get busy helping the taxpayers who helped with their recovery. Well, good luck with that one.

Posted on Dec 14, 2009 READ MORE


Timothy Geithner
Wikimedia Commons / Presidencia de la Nación Argentina

Geithner Gives TARP an Extension

The Troubled Asset Relief Program, otherwise known as TARP, was scheduled to expire at the end of this year, but Treasury Secretary Timothy Geithner told Congress on Wednesday that it’ll stick around until October 2010, partly as a precautionary measure in case of economic emergency and partly to help struggling homeowners, banks and small businesses.

Posted on Dec 9, 2009 READ MORE


Bank of America Set to Repay TARP Debt

Bank of America has been cleared by the U.S. government to repay the $45 billion in TARP funds it received last year at the height of the banking crisis, and BofA may be preparing to do so before 2009 comes to a close. That said, it’s not a foregone conclusion that the transaction will take place this month, even though the company has some built-in motivation to quickly make good on its payback promise.

Posted on Dec 2, 2009 READ MORE


Gramm
AP / Dean Cox

UBS Money Laundering: What Did Phil Gramm Know?

In recent days yet another wealthy private customer of the Swiss-based banking conglomerate UBS admitted to criminal fraud in a growing parade of perp walks that could extend into the thousands. It is a case that threatens to ensnare former Sen. Phil Gramm, the Texas Republican who is vice chairman of UBS’ investment banking business.

Posted on Aug 18, 2009 READ MORE


Castro photo
AP / Franklin Reyes

Castro Issues Critique of U.S. Economic Policy

Just in time for his 83rd birthday, former Cuban President Fidel Castro made his presence known once again, by signaling his displeasure with the United States’ handling of the recent financial catastrophe. He spoke out in an Op-Ed article published Thursday in Cuba’s government-run newspapers.

Posted on Aug 13, 2009 READ MORE


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