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Bank Bailout

Why We Must Break Up the Big Banks

Dean Baker | Posted 05.25.2011 | Business
Dean Baker

Breaking up the banks does not guarantee good regulation. However, a break-up of the big banks will at least give the country some hope that things can change.

Time for a New York Bonus Tax: An Open Letter to Albany

Dan Cantor | Posted 05.25.2011 | New York
Dan Cantor

Can anyone explain why the Legislature shouldn't impose a modest tax on Wall Street bonuses to recover a portion of our money in order to relieve the property tax burden?

Weekly Audit: Congress to take up financial reform, but will it be strong enough?

The Media Consortium | Posted 05.25.2011 | Home
The Media Consortium

by Zach Carter, Media Consortium blogger Next week, the debate over financial reform will begin in earnest when Congress returns from its Easter break...

The Upside of Irrationality and Revenge

Dan Ariely | Posted 05.25.2011 | Business
Dan Ariely

To set the economy right, the world's central banks tried to infuse money into the system, give short-term loans to banks. The public remained livid, because the central issue of rebuilding trust was neglected.

Contradicting Secretary Geithner

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

Geithner is completely wrong if he thinks the financial reform bill now before Congress "has teeth." There is simply nothing there that will rein in our largest financial institutions.

Geithner: Bailouts 'Deeply Unfair,' Financial System Was Run In A 'Crazy Way' (VIDEO)

Posted 05.25.2011 | Business

WASHINGTON (AP) - Treasury Secretary Timothy Geithner said Thursday it's "deeply unfair" that some financial institutions that got taxpayer-paid bailo...

Six Key Fights for Wall Street Reform's Next Phase

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Thursday night's passage of Wall Street reform is an event to be celebrated, but several key issues remain in play as the House and Senate iron out differences between their respective versions of the legislation.

A Referendum on Referendums

B. Jeffrey Madoff | Posted 05.25.2011 | Politics
B. Jeffrey Madoff

A referendum is a direct election, not an indicator of popular opposition. The only referendum Obama has faced was the presidential election.

Government Bank Regulators Got Big Bonuses

AP | MATT APUZZO | Posted 05.25.2011 | Business

WASHINGTON — As banks gambled on the risky mortgages that helped create the worst financial crisis in generations, the U.S. government handed ou...

This is What Democracy Looks Like

George Goehl | Posted 05.25.2011 | Business
George Goehl

Today, thousands of everyday people came to Washington DC for a Shutdown of K Street. The message was simple: Reclaim our democracy and hold Wall Str...

Shahien Nasiripour

Federal Oversight Panel Slams Obama's Small Business Plans, Says Administration Not Doing Enough | Shahien Nasiripour | Posted 05.13.2010 | Business

A federal oversight panel criticized the Obama administration's attempts to boost small business lending, expressing doubts on everything from the pla...

Tom Carper Is Attacking Consumers and Defending Wall Street

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

There are two consumer protection amendments getting serious attention on the Senate floor this week, one of them positive, one of them incredibly destructive -- the kind of amendment that can actually sink the bill if adopted.

Weekly Audit: Wall Street Goes to the Movies

The Media Consortium | Posted 05.25.2011 | Politics
The Media Consortium

by Zach Carter, Media Consortium blogger Last week, the U.S. Senate rejected a plan that would have broken up the nation's six largest banks firms in...

Polly Wanna Bailout

Gregg Easterbrook | Posted 05.25.2011 | Home
Gregg Easterbrook

News item, Wall Street Journal - Bank of America apologized after its local contractor entered the home of a mortgage borrower when she was away, cut ...

Treasury Bailout Records Fail To Include Key Details, Says Watchdog

AP | DANIEL WAGNER | Posted 05.25.2011 | Business

WASHINGTON — The Treasury Department is lax about keeping records of its negotiations with bailed-out banks, including undocumented conversation...

What's Still Worth Fighting for on Wall Street Reform?

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

The most important fight from here on out is protecting the surviving elements of the derivatives bill crafted by Sen. Blanche Lincoln. Lincoln's bill would force big banks who deal derivatives to spin off those operations into separate companies.

Shahien Nasiripour

Fed's Kocherlakota: Financial Reform Bill Can't End Bailouts Or 'Too Big To Fail' | Shahien Nasiripour | Posted 05.25.2011 | Business

Despite declarations from President Obama, his top aides and Democratic leadership that the pending financial reform bill in the Senate will forever e...

Obama Plan Blows Secret Kisses to Wall Street

Ernest Istook | Posted 05.25.2011 | Politics
Ernest Istook

While excoriating Wall Street with his words, Obama is blowing secret kisses to them with his bailout proposal.

Bank Deform: Dodd Doubles Down on a Losing Bet

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

Watching the devolution of the bank reform bill in the U.S. Senate has been painful. Banking Chairman Chris Dodd's original proposal unveiled last ye...

Now Shout It: "I Am an Icelander!"

Phillip Martin | Posted 05.25.2011 | Politics
Phillip Martin

Icelandic rage over the Icesave fiasco differs from the "populism" of the Glenn Beck led right-wing in the U.S in that, while Icelanders are standing up to the banks, they are also standing up for each other.

Weekly Audit: The GOP Hates Jobs

The Media Consortium | Posted 05.25.2011 | Home
The Media Consortium

By Zach Carter, Media Consortium blogger Through inaction and timid legislative negotiations, Congress just keeps letting the U.S. sink deeper and dee...

Wall Street Bankers Are Overpaid, Says Morgan Stanley Chairman John Mack

Bloomberg | Posted 05.25.2011 | Business

Morgan Stanley Chairman John Mack said investment bankers are overpaid and Wall Street compensation won't decrease much because firms don't want to lo...

Growing Number of Candidates Campaign for State-Owned Banks

Ellen Brown | Posted 05.25.2011 | Politics
Ellen Brown

What's so special about North Dakota, a state with a surplus and the only state adding jobs? It's the only state that owns its own bank. It doesn't have to rely on Wall Street for credit.

The Fire Next Time: IRS Plane Assault Hints of Things to Come

Richard M. Benjamin | Posted 05.25.2011 | Politics
Richard M. Benjamin

Deplorable though he might be, Joe Stack is not quite a "random bad apple." We ignore his screed, suicide, and crime at our own risk.

Shahien Nasiripour

Fed President: Great Depression Possible If Federal Reserve Stripped Of Bank Oversight | Shahien Nasiripour | Posted 05.25.2011 | Business

The U.S. risks falling into another "Great Depression" if the Federal Reserve is stripped of its bank oversight powers, a top Fed official warned Tues...