Bankster Blog
Banking on a Lighter Note
Submitted by Mary Bottari on September 1, 2010 - 14:15Look left and check out the amusing video produced by the Main Street Brigade to promote Elizabeth Warren's candidacy for the head of the Consumer Financial Protection Bureau. If you have not had time to sign our petition or leave a comment, do so today. We will be sending it on to the White House next week.
The Washington Post reports that Warren has been spotted meeting with bankers. No, I don't believe she has gone to the dark side, however I do believe that this indicates the administration is serious about her nomination and has asked her to build some bridges.
Wouldn't you like to be a fly on the wall when she meets with Goldman Sachs CEO Lloyd Blankfein: "so Lloyd, are you still selling securities that are designed to fail?" Or with Wells Fargo CEO John Stumpf: "have you stopped juggling customer late fees to maximize the pain for consumers?" These are just some of the big bank tricks featured in our last column.
Will Perpetrators of Financial Crimes Ever Face Justice?
Submitted by Mary Bottari on August 25, 2010 - 21:29Like mushrooms popping up in a damp basement, a slew of court settlements have been registered recently involving the big banks and their role in the financial crisis. An informal review of settlements over the last two years reveals about 16 multi-million dollar payouts from the big banks amounting to some $1.6 billion in fines and restitution and $13 billion in buybacks of auction-rate securities that were represented to be as safe as cash.
Sounds impressive, doesn’t it? But when fines are stacked up against an elite white-collar crime spree worth trillions, it is a little less impressive.
President Obama, Give Liz a Job!
Submitted by Mary Bottari on August 15, 2010 - 23:27Elizabeth Warren is one of the most educated, clear thinking, ethical advocates for the consumer that I have ever had the pleasure of seeing and hearing. As a consumer, I would feel it was a true measure of this administrations faith in me, and my place in this country, if Elizabeth Warren were confirmed as the head of the Consumer Financial Protection Bureau -- Judith Safley.
With news reports that Government Sachs is trying to prevent Harvard Law Professor Elizabeth Warren from being nominated by President Obama to head to the newly created Consumer Financial Protection Bureau, there is one crowd she clearly has in her camp, the American people.
Simon Johnson Coming to Madison!
Submitted by Mary Bottari on August 6, 2010 - 08:43On Monday, August 9th, MIT Professor Simon Johnson will be coming to Madison, Wisconsin to discuss "The Financial Crisis: Where We've Been and Where We Need to Go." Johnson is the editor of Baseline Scenario, the most respected blog on the financial crisis.
Conservatives are Clueless on Jobs
Submitted by Mary Bottari on August 4, 2010 - 11:36Guest blog by Zack Carter, Campaign for America's Future
Rep. Paul Ryan, R-Wis., is the Republican Party's latest effort at putting forward a credible economic ideologist. His recent interview with Ezra Klein reveals this effort to be a complete failure. Ryan's views about the financial sector completely contradict his statements about the federal budget deficit, making his policy prescriptions as an incoherent mess of meaningless talking points.
Bankster Scorecard
Submitted by Mary Bottari on August 1, 2010 - 15:39I asked subscribers to the Bankster list to rate the bank reform bill that just passed Congress. I appreciate the fact that some folks took the time to rank the three parts of the bill, which include: 1) the Consumer Financial Protection Bureau; 2) the derivatives chapter, and; 3) our favorite "too big to fail" section.
Tell President Obama to Put Warren to Work!
Submitted by Mary Bottari on July 28, 2010 - 08:46One of the strongest parts of the Wall Street reform bill that just passed Congress is the Consumer Financial Protection Bureau (CFPB). But whether the new bureau delivers on its promise to protect consumers depends in large part on who runs it. The agency was the brain-child of Harvard Professor Elizabeth Warren who has championed consumers and taxpayers for decades.
Taxpayers Owed Big Bucks in the Bailout, Homeowners Get No Help From TARP
Submitted by Mary Bottari on July 21, 2010 - 07:58The June update of federal government expenditures in the Wall Street bailout by the Center for Media and Democracy shows that the multi-trillion dollar legacy of the financial crisis largely remains on the government's balance sheet. Our calculations put the total bailout expenditure at $4.74 trillion and the total outstanding balance at $2 trillion.
These numbers are much higher than what is reported in the media because CMD's Wall Street Bailout Cost Table takes into account all 35 government programs, not just the Troubled Asset Relief Program (TARP) managed by the U.S. Treasury Department. Still unpaid: $568 billion in TARP money and $1.4 trillion in Federal Reserve loans and investments.
Wall St. Reform Passes! Reformers Celebrate Rare Victory Over Entrenched Special Interest
Submitted by Mary Bottari on July 16, 2010 - 01:34After a classic David and Goliath showdown between Wall Street might and a small band of reformers, a 2,000 page Wall Street reform bill passed the U.S. Senate Thursday afternoon 60-39. The bill is now final and is headed to the President Obama’s desk for signature.
“We were outmatched 300-1, but the bill became stronger as it worked its way through the process,” said Heather Booth, director of the national coalition Americans for Financial Reform (AFR). This shows that “with organized people and committed leadership, things can move in the right direction,” said Booth.
Senate Bank Reform Bill One Vote Short
Submitted by Mary Bottari on July 9, 2010 - 07:32The fate of the Wall Street reform bill is up in the air after the death of Senator Robert Byrd of West Virginia. The bill is a single confirmed vote short of the 60 votes needed to get past a threatened filibuster by Senate Republicans. From day one, the Bankster team has supported the Consumer Financial Protection Bureau and that is still one of the strongest pieces of the bill. It is a great time to send off the last emails to Senators telling them to put a new cop on the block in the form of a CFPB.
Tell Us What You Think of the Bill
We want to hear from you about what you think of the bill and what grade you would give it if you were a kindergarten teacher grading Congress on its performance. Conceptually, the bill breaks down into three main parts.
Follow Us
