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Banking Crisis

Groundhogs Day on Wall Street

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

On the day that Punxsutawney Phil emerged to predict a long hard winter, Americans picked up the newspaper to read that AIG, the bankrupt insurance ...

Knife Military Spending: Kill the Deficit

Diane Francis | Posted 05.25.2011 | Business
Diane Francis

If the U.S. had not waged two wars -- Afghanistan and Iraq -- and continued to keep unnecessary military commitments, the deficit and debt situation would not be an issue.

"Golden Throne" Award for Securities and Bank Lobbyist

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

This year's award goes to SIFMA (the lobbying group for banks like Citigroup and B of A) who created a multinational "cashroots" campaign to portray its clients as "part of the solution" to the financial crisis.

This Week in Banking: Root Canals, Rhetoric or Real Reform?

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

The debate over banks and banking came front and center this week. In his toughest language yet, President Barack Obama vowed to veto financial reform...

Millions to Lose Unemployment Insurance

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

In one month, one million Americans are slated to lose their unemployment insurance. Millions more will follow. According to Judy Conti, Federal Adv...

Big Bank, Little Woman

Jennifer Ketcham | Posted 05.25.2011 | Los Angeles
Jennifer Ketcham

My identity and savings have been stolen, and Chase will not right what has been wronged. Do we give a big bank a second chance as we would an adulterous partner? I will take my money elsewhere.

Stricter Regulations Will Keep Reckless Banks From Killing American Jobs

James P. Hoffa | Posted 05.25.2011 | Business
James P. Hoffa

How can we create new jobs in America if we don't get rid of practices that let irresponsible banks destroy them?

Five Popular Delusions Castrating America

Michael B. Laskoff | Posted 05.25.2011 | Politics
Michael B. Laskoff

The following is purely bi-partisan in its vitriol, but the crystallizing moment occurred on Tuesday when a former nude model with a truck beat a bori...

An Alternative to Payday Lenders

Gavin Newsom | Posted 05.25.2011 | Business
Gavin Newsom

Payday loans trap mostly low-income borrowers in a cycle of debt. That's why San Francisco convened the City's credit unions and developed Payday Plus SF, an alternative small dollar loan with a maximum interest rate of 18% APR.

Obama's Plan Finally Attacks "Too Big to Fail"

Neil K. Shenai | Posted 05.25.2011 | Business
Neil K. Shenai

On Thursday, President Obama announced his most sweeping financial reform proposal to date, calling for a limit on the size of the nation's financial ...

While Larry Summers Dreams, You Can Act

Robert Lenzner | Posted 05.25.2011 | Business
Robert Lenzner

What can an investor do? For advice, I sat down with Marc Harris of RBC, one of the few large banks that maneuvered a clear course through the economic turmoil.

Wall Street Treasury Complex is the Problem

Diane Francis | Posted 05.25.2011 | Business
Diane Francis

An examination of the causes of the financial meltdown and proposals for reform to prevent new catastrophic bubbles from forming and bursting.

Moving Your Money? Then Try a Credit Union

Fred R. Becker, Jr. | Posted 05.25.2011 | Business
Fred R. Becker, Jr.

Credit unions -- not-for-profit, member-owned financial institutions -- have been widely recognized for their prudent business practices and great service, where "profits" are returned to the members, not the CEO.

Goldman Sachs: Let Me Count the Ways You Offend Us

Marcella Mroczkowski | Posted 05.25.2011 | Business
Marcella Mroczkowski

How do you offend us, Goldman Sachs? Let me count the ways: nstead of investing that money to grow the economy you foster predatory lending to our more vulnerable citizens, to feed your derivative gambling.

Financial Oversight: There Is No Change (Again)

Stanley Kutler | Posted 05.25.2011 | Politics
Stanley Kutler

The buccaneers of the financial community remain free to restore the disaster from which they were rescued with taxpayers' money.

Paul Krugman: Washington's Gentle Treatment Of Wall Street Crippled Likelihood Of Economic Recovery

PAUL KRUGMAN | Posted 05.25.2011 | Business

Earlier this week, the inspector general for the Troubled Asset Relief Program, a k a, the bank bailout fund, released his report on the 2008 rescue o...

A Systemic Risk Regulator and a Compensation Tsar? Larry Summers and Ben Bernanke Must Be Kidding

David Paul | Posted 05.25.2011 | Business
David Paul

With the announcement of record Wall Street bonus pools and rising credit card fees, it is time to sit back and see where we go from here.

A New Crossover Hit: "Break Up the Big Banks"

George Goehl | Posted 05.25.2011 | Business
George Goehl

We've reached an incredible moment when Alan Greenspan, Michael Moore, FDIC head Sheila Bair and Elizabeth Warren are all singing the same tune: calling for breaking up the big banks.

The Housing Bubble Has Popped, but if We Don't Pop the Denial Bubble Another Financial Crisis Awaits

John Taylor | Posted 05.25.2011 | Politics
John Taylor

Reform the financial system. Let's pop the bubble of denial, face reality, and create a financial system that is safe, accountable and treats all Americans fairly.

A Clear Agenda for Reform in 2010

Gordon Brown | Posted 05.25.2011 | World
Gordon Brown

As the balance of economic power changes over the next two decades, new and stronger power-brokers may be less willing to embrace change. We must avoid this race to the bottom. Here is how.

Looking in the Rear View Mirror: Eight Factors Causing the Housing Crisis and Economic Meltdown

Bill Donius | Posted 05.25.2011 | Business
Bill Donius

These eight factors caused the current financial debacle: greed, quest for yield, failure of rating agencies, rising housing price expectations, 'pulse and pen' lending, excessive leverage, derivatives and a 'holy alliance' turned unholy.

Dubai Completes 110 Story Middle Finger!

Tom Gregory | Posted 05.25.2011 | Comedy
Tom Gregory

Visible from space, Dubai has completed construction of the World's largest structure, the 110 story "Burj Dubai Middle Finger Tower."

Senator Dodd's Reform Bill: Federal Reserve Stripped Of Too Much Power, Say Critics

McClatchy | Kevin G. Hall | Posted 05.25.2011 | Business

WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd's sweeping new financial overhaul legislation, which proposes to strip the Federal Re...

AIG's Misguided TARP-Funded Bonuses

Rep. Edolphus Towns | Posted 05.25.2011 | Business
Rep. Edolphus Towns

The American people have been eager to understand how the government failed to prevent bonus payments from going out the door -- payments that were paid out with their taxpayer dollars.

The Recovery: Can You Feel It Yet?

Dean Baker | Posted 05.25.2011 | Business
Dean Baker

We all know that the economy is recovering. The stock market is up by more than 50 percent from its March lows and banks are reporting strong profits. Everything is bright and sunny again, unless you have to work for a living.