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Tag: Too Big To Fail


Radu Bercan / Shutterstock.com

Citigroup: The Original Gangsta

The prototypical too-big-to-fail bank will pay $7 billion in fines, a move that will avoid a humiliating trial dealing with its role in the financial meltdown.

Posted on Jul 14, 2014 READ MORE



Wall Street Greed: Not Too Big for a California Jury

Sixteen of the world’s largest banks have been caught colluding to rig global interest rates. Why are we doing business with a corrupt global banking cartel?

Posted on Apr 25, 2014 READ MORE



Bankers Win Both Ways: Now They Can Take Both Taxpayer and Depositor Money

On March 20, European Union officials reached a historic deal to save failing banks by tapping both taxpayer and depositor funds. It may be illegal under EU Parliament, but is being rushed through to lock taxpayer and depositor liability into place before the dire state of eurozone banks is exposed.

Posted on Mar 29, 2014 READ MORE



Composite image: Handout / Mary Altaffer, AP

Truthdigger of the Week: Judge Jed Rakoff

In The New York Review of Books last week, Judge Jed Rakoff stepped off the judicial bench and blamed the Justice Department for enabling “too big to jail” banks.

Posted on Dec 22, 2013 READ MORE



AP/Bernd Kammerer

Volcker Rule Made Meaningless by Abundant Exemptions

The Volcker Rule has finally been approved by regulators, but with hundreds of pages of exemptions, too-big-to-fail banks have little to fear.

Posted on Dec 18, 2013 READ MORE


Can the FDIC Protect Your Money From Another Crash?

The first of a planned three-part series on the dangers of private banking highlights government documents describing plans to confiscate the deposits of individuals as well as cities, universities, counties and pension funds when another banking crash occurs.

Posted on Aug 31, 2013 READ MORE



WarmSleepy (CC BY 2.0)

Not Too Big to Jail: Eliot Spitzer Is Wall Street’s Worst Nightmare

Before his infamous resignation as governor of New York in March 2008, Eliot Spitzer was one of our fiercest champions against Wall Street corruption in a state that had some of the toughest legislation for controlling the banks—and by extension, an advocate for women.

Posted on Aug 19, 2013 READ MORE



DonkeyHotey (CC BY 2.0)

Four Questions for Fed Chair Candidates

In our view, the president’s nominee for Fed chair must be committed to improving the lives of working Americans who are still struggling through the worst economic crisis since the Great Depression. To that end, we have four questions.

Posted on Aug 12, 2013 READ MORE



Fortune Live Media (CC BY-ND 2.0)

JPMorgan Chase Examined for Mortgage Wrongdoing

In a quarterly regulatory filing Wednesday, the nation’s biggest bank revealed that it faces a criminal and civil investigation into “whether it sold shoddy mortgage securities to investors in the run-up to the financial crisis” between 2005 and 2007.

Posted on Aug 8, 2013 READ MORE


Watch: Sen. Warren Grills Jack Lew on Too Big to Fail Banks

At a Senate Banking Committee hearing Tuesday, the Massachusetts senator got the best of the Treasury secretary as she pressed him on whether the government should cap the size of big banks or break them up.

Posted on May 22, 2013 READ MORE



peasap (CC BY 2.0)

More Than $100 Billion in Subsidies for Too Big to Fail Banks

A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—$102 billion since 2009.

Posted on May 10, 2013 READ MORE



peasap (CC BY 2.0)

Bail-Out Is Out, Bail-In Is In

The new rules for keeping the too-big-to-fail banks alive allow for the use of creditor funds, including uninsured deposits, to recapitalize failing banks. In the event of another crisis, access to your money would depend on the security of the FDIC. The question, then, is how reliable is the FDIC?

Posted on Apr 30, 2013 READ MORE



ShironekoEuro (CC BY 2.0)

Is the Press Too Big to Fail?

When you think about the crisis of journalism, including the loss of advertising and the shriveled newsrooms—there were fewer newsroom employees in 2010 than in 1978, when records were first kept—also think of anesthetized watchdogs snoring on Wall Street while the Arctic ice cap melts.

Posted on Apr 25, 2013 READ MORE



AP/Rich Pedroncelli

Sanders, Sherman Introduce Legislation to Break Up ‘Too Big to Fail’ Banks

Wall Street sees no need for more regulations of course, but unfortunately for Main Street Americans still reeling from the last financial crisis, President Obama may turn out to be the banking industry’s biggest ally.

Posted on Apr 10, 2013 READ MORE



mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.

Posted on Apr 10, 2013 READ MORE


Time to Break Up the Big Banks, Sen. Sanders Says

Expressing concerns that “too big too fail” banks have also become “too big to jail,” Sen. Bernie Sanders, I-Vt., said Wednesday that he will introduce legislation to break up the nation’s biggest financial institutions.

Posted on Mar 28, 2013 READ MORE



AP/Alex Brandon

Fed Chairman Bernanke: ‘I Agree With Elizabeth Warren 100 Percent’ on Big Banks

If Bernanke’s stance is any indication, Sen. Warren, who was just sworn in this January, is already having a positive impact on Washington.

Posted on Mar 21, 2013 READ MORE


Eric Holder

Holder on Prosecuting Big Banks, Nation’s Strictest Abortion Ban Enacted, and More

A look at the day’s political happenings, including the House votes to avoid a government shutdown and Gabrielle Giffords makes a plea for gun control at the place where she was shot two years ago.

Posted on Mar 6, 2013 READ MORE


Elizabeth Warren Grills Fed Chairman Over ‘Too Big to Fail’ Banks

Sen. Elizabeth Warren, D-Mass., a two-time Truthdigger of the Week, demonstrated once again why big banks and Wall Street want to keep their distance from her when she took on Ben Bernanke during his semiannual appearance before the Senate Banking Committee on Tuesday.

Posted on Feb 26, 2013 READ MORE



david_shankbone (CC BY 2.0)

Pinch Me: What Did Sandy Weill Just Say?

Sanford Weill—the former Citigroup CEO who led the charge to repeal Glass–Steagall and bring about the era of “too-big-to-fail” banks—is stunning critics by calling for the breakup of behemoth financial institutions.

Posted on Jul 25, 2012 READ MORE



jpellgen

Fallout From the Bungled Bank Bailout

The financial meltdown and subsequent bailout have dampened Americans’ faith in government and stirred widespread outrage. Neil Barofsky, who once served as special inspector general in charge of oversight of the Troubled Asset Relief Program, says that anger may point the way toward reform.

Posted on Jul 23, 2012 READ MORE



Sasha Y. Kimel (CC-BY)

Time to Move Your Money

Saturday is the day 80,000 people have pledged to punish “too big to fail” banks by moving their money to credit unions and local community institutions. How does it work? Will banks feel the hurt? How can it be done quickly and conveniently? Josh Harkinson at Mother Jones answers these questions and more.

Posted on Nov 5, 2011 READ MORE



Flickr / Wonderlane (CC-BY)

Moody’s Downgrades Big Banks

Moody’s downgraded the credit ratings of three major U.S. banks Wednesday, and so far it appears that Bank of America was the hardest hit by the move.

Posted on Sep 21, 2011 READ MORE



Flickr / stevendamron

A Look at the ‘Bush-Obama’ Presidency

Essayist, Yale English professor and TomDispatch contributor David Bromwich takes a careful accounting of the “sacked” and “saved” members of the Obama administration in an attempt to reveal the similarities between his presidency and George W. Bush’s. (more)

Posted on Aug 22, 2011 READ MORE


Barbarians at the Gate

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Posted on Aug 14, 2011 READ MORE



imdb.com

Access Journalism: The Movie

It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading. 

Posted on May 24, 2011 READ MORE



Flickr / eflon

Regulating Too Big to Fail

Coming only a year too late to the party, Fed Chair Ben Bernanke has asserted that regulators must be “significantly tougher” on the large financial firms, arguing that the perception of those institutions as “too big to fail” threatens competition in the financial markets.

Posted on Mar 20, 2010 READ MORE


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