Bankster Blog
Reality TV Star Pushes Financial Reform
Submitted by Mary Bottari on March 9, 2010 - 13:06Today the Funny or Die crew took the fight for financial reform to a knew level, tapping the talents of reality TV star Heidi Montag who delivers the message that "with hidden fees and standard interest rate increases, that $11,000 jaw line can end up costing $50,000 dollars!" Montag is famous for her multiple plastic surgeries featured recently on the cover of People magazine.
Senator Dodd Doubles Down on a Losing Bet
Submitted by Mary Bottari on March 8, 2010 - 09:06Watching the devolution of the bank reform bill in the U.S. Senate has been painful. Banking Chairman Chris Dodd’s original proposal unveiled last year had numerous strengths, most significantly the removal of bank supervisory authority from the Federal Reserve. Dodd had decided that the Fed had done such a lousy job ignoring the housing bubble and failing to crack down on predatory lending in the mortgage market that it shouldn’t be given a second chance.
How Goldman Wins No Matter What
Submitted by Mary Bottari on March 2, 2010 - 20:53The steady stream of revelations regarding the role Goldman Sachs has played in the fleecing of Europe should reinvigorate efforts in Congress to rein in the reckless trading that could send the global economy into another tailspin.
Urgent Action Needed on Unemployment
Submitted by Mary Bottari on March 2, 2010 - 19:09One Man's Temper Tantrum Cuts Unemployment Benefits for 200,000 People!
One Senator, Jim Bunning (R-KY), was able to stall Senate action so that the federal extended Unemployment Insurance program expired on February 28. Watch the video, of Bunning running from reporters asking him why he is objecting to renewing this lifeline for American workers and the communities where they live. More than 200,000 long-term unemployed people this week alone are losing benefits they should be getting. If Congress delays further, up to 1.2 million will lose desperately needed benefits by the end of March. Take action today by going to BanksterUSA and sending a message to your member of Congress to save Unemployment Insurance!
A Week of Action on Financial Reform
Submitted by Mary Bottari on February 28, 2010 - 16:39The reckless behavior of big Wall Street banks, credit card companies, and mortgage lenders caused a financial crisis that cost us millions of lost homes and jobs, billions in tax-payer funded bailouts and trillions in lost college and retirement savings.
This week, the Senate will take up financial reform legislation that will set the shape of economy for the next 50 years. This is a critical time to call your Senator and tell them America can no longer afford a "boom and bail" economy and its past time that they cracked down on the abuses that caused the financial crisis.
From March 1-4, you can call the Senate toll free at 1-866-544-7573 between the hours of 9 a.m.-5 p.m. EST. The toll-free number, provided by our friends at SEIU, will ask you to dial-in your zip code. You will automatically be connected to your Senators' office. Or you can go to www.BanksterUSA.org to contact your Senator by email.
Bankster Petition Delivered to Senator Dodd
Submitted by Mary Bottari on February 25, 2010 - 14:04Today, our petition in support of a strong, independent Consumer Financial Protection Committee (CFPA) was delivered to the office of U.S. Senator Chris Dodd. BanksterUSA thanks our partners at Public Citizen, Americans for Financial Reform, Consumerwatchdog.org and CREDO for the combined effort which generated some 45,000 signatures. Dodd is the Chairman of the Senate Banking Committee, which is about to start committee work on the Senate version of the bank reform bill. Dodd supports a strong CFPA, but has not been able to get one Senate Republican to agree with him. Reform advocates are very concerned that this agency might be watered down to a corner desk in one of the existing federal agencies that failed to take any action to protect consumers in the run-up to the Wall Steet meltdown.
New Credit Card Act - And New Ways Around It
Submitted by Mary Bottari on February 24, 2010 - 18:18Guest post: Dave Johnson, Seeing the Forrest
This week as the new credit card act takes effect to much fanfare, Jon Stewart and The Daily Show nail it again. Watch:
National Day of Action on Unemployment
Submitted by Mary Bottari on February 23, 2010 - 08:34According to a brand new Gallup poll, nearly 20 percent of the U.S. workforce lacked adequate employment in January. This is a much higher number than indicated by official Department of Labor statistics, which put the number of underemployed at 16.5 percent. The Gallup numbers show that some 30 million Americans are underemployed and struggling to make ends meet for the long term with reduced resources and bleak job prospects.
Deceptive Big Bank Ads Will be Key to Election 2010
Submitted by Mary Bottari on February 17, 2010 - 21:44Even before a recent U.S. Supreme Court decision blew the lid off corporate campaign spending, it was clear that the big banks would be key players in the 2010 election cycle.
Unemployment will remain high and so will resentment against the banks, a volatile combination that will encourage savvy Members of Congress to continue to fight for meaningful reform of the financial sector. While a major reform bill is winding its way though Congress right now, it only addresses aspects of the problem, leaving loose ends for reformers to pick up and pursue in 2011.
Citigroup Offers New "Pick Pocket" Derivative
Submitted by Mary Bottari on February 17, 2010 - 14:00According to trade magazine RiskNet, "specialists" at Citigroup are considering launching the first derivatives intended to pay out in the event of a financial crisis. These types of derivatives function like an insurance policy, allowing parties to hedge against risk. "I believe it will reduce the systemic risk in the industry, akin to how the advent of swaps means people don't worry about interest-rate exposures any more -- they just pay a fee to hedge it," said a Citi spokesperson.
Blogs and Resources
RSS feed
