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Tag: Banks


Photo illustration from White House photo by Pete Souza

Regulators Made Sure Goldman Sachs Got All of Its Bailout Money

A devastating report in The New York Times documents how Timothy Geithner’s New York Fed worked tirelessly to make sure that AIG was forced to pay banks such as Goldman Sachs 100 percent on dubious contracts that might otherwise have been slashed or subjected to lawsuits. (continued)

Posted on Jun 29, 2010 READ MORE



AP / Richard Drew

Bank Shares Zoom in Wake of Regulation Deal

Bank stocks had a surprisingly good day Friday, outperforming the rest of the market after it became clear that financial reform legislation hammered out in Congress would not meddle with precious bank profits.

Posted on Jun 26, 2010 READ MORE



AP / Richard Drew

Wall Street Reform Bill Nailed Down

After a marathon final negotiating session, Congress has cobbled together a historic overhaul of financial regulations for Wall Street. The bill is expected to win final approval next week and land on President Obama’s desk.

Posted on Jun 25, 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


It Takes Power to Control Power

Discredited as the financial powers are, their wealth alone continues to provide them with wildly disproportionate influence over the political process.

Posted on Apr 28, 2010 READ MORE


Why Financial Reform Will Be Easier Than Health Care

For the first time in Obama’s presidency, Republicans are uncertain as to whether resolute opposition to a Democratic idea is in their political interest.

Posted on Apr 21, 2010 READ MORE


All the King’s Horses and All the King’s Men

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Posted on Mar 14, 2010 READ MORE    



Flickr / The Photique

Robin Hood Hacker

A hacker using the alias “Neo” has attained almost cult status in Latvia after releasing through Twitter the confidential financial data of allegedly corrupt banks and state-owned companies that profited from the global recession.

Posted on Feb 26, 2010 READ MORE


‘Rescuing’ Iceland

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Posted on Feb 26, 2010 READ MORE


Bernanke
Wikimedia Commons / United States Federal Reserve

Fed to Raise Interest Rate

The Federal Reserve announced Thursday it would increase the interest rate for temporary bank loans. The New York Times reports that many on Wall Street see this as signaling an end to big bank profits. But some economists say the move was purely technical, with no real effect on how much money is made.

Posted on Feb 19, 2010 READ MORE



AP / Petros Giannakouris

It’s Greek to Goldman Sachs

“What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world.

Posted on Feb 17, 2010 READ MORE


Why Obama Must Take On Wall Street

It has been more than a year since all hell broke loose on Wall Street, and even after the State of the Union, almost nothing has been done to prevent all hell from breaking loose again.

Posted on Jan 28, 2010 READ MORE


Banks’ Lame Apology Isn’t Enough

WheresOurMoney.org’s Harvey Rosenfield on the Financial Crisis Inquiry Commission hearings chaired by Phil Angelides: “If symbolism is what this is all about, I say we’ve moved beyond the ‘apology’ stage. How about sending some of these people to jail for twenty years?”

Posted on Jan 19, 2010 READ MORE


Bull Mechanics

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Posted on Jan 14, 2010 READ MORE    



Flickr / respres

Homeowners Say Banks Not Following Rules for Loan Modifications

The administration set a goal of helping up to 4 million homeowners through the $75 billion mortgage modification program, but banks appear to have created unnecessary hurdles that, in some instances, violate the loan program’s rules.

Posted on Jan 14, 2010 READ MORE



White House / Pete Souza

The End of Wall Street Liberalism

If you held a contest to pick the worst thing a politician could be called at this moment, my nominee would be Wall Street Liberal—which is why President Obama’s new fees on the biggest banks comes just in time.

Posted on Jan 13, 2010 READ MORE


Early Review of the Angelides Commission: All Puff, No Punch

Martin Berg from Where’s Our Money writes: “The bankers, beleaguered as they may like to appear, have little to fear if the questioning continues as it began. So far, this is no Pecora Commission, the Depression-era investigation into the cause of the financial crash that led to landmark reforms. ...”

Posted on Jan 13, 2010 READ MORE


First Infidels

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Posted on Jan 11, 2010 READ MORE    



AP / Richard Drew

Wall Street Will Be Back for More

When the bailout trillions run out, Wall Street’s maladjusted gamblers will come back for more until our currency becomes junk. Not that any of these people, who exhibit the same traits as psychopaths, have thought this through.

Posted on Jan 10, 2010 READ MORE



Your Bailout Bill: $10,000 (and Counting)

The total price tag for each American for the financial bailout is about $10,000. Could be worse: Brits are paying more than $47,000 apiece. The unemployed bear the brunt of the meltdown, but we all carry a debt for saving Citi, AIG and the rest.

Posted on Jan 7, 2010 READ MORE



Flickr / saebaryo

Goldman Sachs Duped Investors, Investigation Finds

McClatchy reporters have been digging into the shady offshore dealings of Goldman Sachs and what they found in the records of the financial-meltdown villain is as maddening as you’d expect. (continued)

Posted on Dec 30, 2009 READ MORE


Move Your Money

The filmmaker who gave us “Why We Fight” has crafted this powerful call to action out of scenes from “It’s a Wonderful Life” and documentary footage.

Posted on Dec 30, 2009 READ MORE


Matt Taibbi

Matt Taibbi: Obama’s Wall Street 180 Started on Election Day

Rolling Stone’s Matt Taibbi walks through Barack Obama’s banking sellout, beginning with the president’s transition team. According to Taibbi, Obama’s transformation from populist to Wall Street’s best friend started on day one.

Posted on Dec 9, 2009 READ MORE



White House / Pete Souza

Financial Oversight: We’re Still Waiting, Mr. President

We have a “regulation czar,” but no new regulations. It seems we can expect little from those with a track record of enabling bad policies.

Posted on Dec 8, 2009 READ MORE


Is It Time for Financial Institutions to Give Back?

It seems plausible that payback time has arrived for the international financial community. The principal obstacle here is, at the moment, the Obama administration.

Posted on Dec 1, 2009 READ MORE


DemocracyNow

Throw the Money Changers Out of the Temple

Wall Street profits are an obscene affront to Scripture, as Robert Scheer details in an interview with Amy Goodman on “Democracy Now!”

Posted on Nov 19, 2009 READ MORE



Flickr / eflon

Bernanke Signals Possible End to ‘Too Big to Fail’ Era

Those financial institutions that viewed last year’s bailout as an object lesson that they can carry on as they wish so long as they’re “too big to fail” may have to adopt another approach. At least, that was the message Monday from Federal Reserve Chairman Ben Bernanke, if he makes good on words of warning to big banks.

Posted on Nov 16, 2009 READ MORE



stltoday.com

Fed Restricts Overdraft Fees

Thank the regulatory heavens. The Federal Reserve is moving to prohibit banks from charging overdraft fees on ATM and debit card transactions unless the customer has opted into a program agreeing to pay the extra charges. Banks raked in $37 billion in fees last year, largely through unexplained programs and extraordinarily high levies.

Posted on Nov 12, 2009 READ MORE



White House / Pete Souza

TARP on Steroids

The former financial executives inside the Obama administration have labeled their bill the “Financial Stability Improvement Act,” but it’s more like the 9/11 of bailouts.

Posted on Oct 29, 2009 READ MORE



White House / Pete Souza

Geithner’s Fed Made AIG Pay Banks to the Max

That Timothy Geithner must love the big banks he spends all day talking to. Back when he was in charge of things, the Federal Reserve Bank of New York forced AIG to pay off Wall Street tycoons for all those toxic bets, even though the mega-insurer was busy trying to negotiate a better deal.

Posted on Oct 28, 2009 READ MORE



about.com

TARP Turns Its Attention to Small Banks

The government-run TARP program is preparing to shift its focus from large banks—such as Citigroup, JPMorgan Chase and Bank of America—to smaller banks, noting that small businesses are still struggling to get access to credit.

Posted on Oct 23, 2009 READ MORE


Wall Street ‘Crimes’ Need Better Policing

Slashing bonuses at bailed-out companies is like arresting jaywalkers while ignoring the bank robbery that’s happening in broad daylight down the block.

Posted on Oct 22, 2009 READ MORE



blogspot.com

Obama Orders Salary Cuts

In a move to quell public outrage, President Obama has ordered the government’s “pay czar” to cut by 90 percent the multimillion-dollar salaries that executives of seven bank and auto companies are receiving, citing the fact that these firms are entirely dependent on U.S. taxpayer money for financial survival.

Posted on Oct 22, 2009 READ MORE


Night of the Living Deadbeats

Zombies have made a pop culture comeback. It might have something to do with all the undead banks and the bankers whose careers live on after the economic apocalypse they caused.

Posted on Oct 8, 2009 READ MORE



White House / Pete Souza

Why Obama Must Spend More

If the president and Congress don’t come to the aid of workers, the political consequences will be severe, and deservedly so.

Posted on Oct 7, 2009 READ MORE


Too Big to Jail

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Posted on Sep 25, 2009 READ MORE


Wall Street Is Still Playing the Odds

I’m as pleased as anyone else to see a rising Dow, but somebody needs to slap the incipient grin off Wall Street’s face.

Posted on Sep 14, 2009 READ MORE



Flickr / respres

Not Really a Lifeline for Homeowners?

John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”

Posted on Sep 1, 2009 READ MORE



Flickr / respres

A Lifeline for Homeowners? Not Really

John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”

Posted on Sep 1, 2009 READ MORE


Who Is Obama Playing Ball With?

It looked like it was business as usual for President Barack Obama on the first day of his vacation, as he spent five hours golfing with a top executive from UBS, a bank that sheltered wealthy tax dodgers while hardworking U.S. taxpayers were bailing it out.

Posted on Aug 25, 2009 READ MORE


UBS
bloomberg.com

Swiss Bank to Hand Over Account Info

Swiss bank accounts aren’t what they used to be. Switzerland recently agreed to fork over information on 4,450 UBS AG bank accounts to the IRS as an investigation into suspected tax evasion threatens the good name that Swiss banking has provided to money launderers and tax evaders for centuries.

Posted on Aug 19, 2009 READ MORE


Dennis Kucinich
AP / Charlie Neibergall

Dennis vs. Goliath

Rep. Dennis Kucinich talks about winning a big victory for health care reform, grilling Hank Paulson over the Bank of America-Merrill Lynch merger, and the battle against crony capitalism.

Posted on Jul 17, 2009 READ MORE


Dennis Kucinich
AP / Charlie Neibergall

Dennis vs. Goliath

Rep. Dennis Kucinich talks about winning a big victory for health care reform, grilling Hank Paulson over the Bank of America-Merrill Lynch merger, and the battle against crony capitalism.

Posted on Jul 17, 2009 READ MORE


Left, Right & Center

LRC: Iran on the Brink, Financial Regs, Health Care Snag

This week’s episode of “Left, Right & Center” takes a look at the doings in Iran and U.S. involvement there, with Truthdig Editor Robert Scheer recalling his interview of a CIA agent who said he organized the 1953 coup in that country. Other topics include two hot issues on the domestic side—U.S. regulatory proposals and health care.

Posted on Jun 19, 2009 READ MORE


Daring to Dream

Most of the great American advances, from the airplane to the Constitution, were born from reinvention, not tinkering. For all the positive, even admirable steps Obama’s America seems poised to take, the aspirations still seem too small, too unimaginative, too confined by old conceptions of how things must work.

Posted on Jun 18, 2009 READ MORE



White House / Pete Souza

Obama’s Financial Plan Fails to Impress

President Obama compares his “sweeping overhaul of the financial regulatory system” to FDR’s crackdown on Wall Street, but New York Times business columnist Joe Nocera isn’t buying it. “Everywhere you look in the plan, you see the same thing,” he writes. “Additional regulation on the margin, but nothing that amounts to a true overhaul.”

Posted on Jun 18, 2009 READ MORE



AP photo / Charles Dharapak

Obama’s Economic Misfits Finally Get It

On Monday, two men with considerable responsibility for enabling the banking meltdown confronted the error of their ways. Hopefully Timothy Geithner and Lawrence Summers’ sudden conversion to common sense indicates the seriousness of the banking regulation plan that their boss, President Obama, will present to Congress today.

Posted on Jun 17, 2009 READ MORE


Bill Maher Is Hoping for a Little More Audacity

The “Real Time” host has some harsh words for the president, who, he says, is caving to insurance companies, banks and polluters: “This is not getting the job done. And this is not what I voted for.”

Posted on Jun 13, 2009 READ MORE


Left, Right & Center

LRC: Iran, Big Bank Payback, Reregulation and Health Care

This week on “Left, Right and Center” the gang tackles three big questions: What do today’s Iranian elections mean in the polarized theocracy? What’s going on in the banking world and with the alleged TARP paybacks? And finally, given the partisan divide, will public health care ever become a viable option in the U.S.? Tune in to find out.

Posted on Jun 12, 2009 READ MORE



Flickr / The TruthAbout...

Some Banks to Repay Bailout Funds

Some of the country’s major banks are prepared to pay back money they borrowed under the TARP program, but don’t get too excited. The initial repayment is expected to be a meager $50 billion, which Timothy Geithner wants to inject right back into other troubled banks.

Posted on Jun 9, 2009 READ MORE


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