The House Democratic Party leadership made a remarkable step forward last week in putting out a proposal for a financial transactions tax (FTT). There has long been interest in financial transactions taxes among progressive Democrats. The list of people who have proposed financial transactions taxes over the years includes Representatives Peter DeFazio and Keith Ellison, along with Senators Tom Harkin and Bernie Sanders. But the proposal last week came from Representative Chris Van Hollen, who is part of the party's leadership. And Minority Leader Nancy Pelosi indicated that she also supports the proposal. This means that financial transactions taxes are now part of the national debate on tax and financial policy. And there should be no mistake; this is a really big deal for the financial industry.
Of all the places you keep your money, your checking account is the foundation. It's the one of the most popular financial products in the country, used by roughly 200 million Americans, according to the Consumer Financial Protection Bureau.
The market reaction was brutal, punishing the Euro and every foreign exchange and options trader on the wrong side of this trade. Some forex trading firms will go under. Foreign exchange trading desks within banks are, of course, part of ongoing unwilling taxpayer largesse.
These elaborate illegal acts over many years show a deliberate willingness by Credit Suisse AG officials to knowingly engage in profitable activities that defrauded the U.S. Treasury and burdened honest taxpayers. But the Credit Suisse story does not end there.
I agree with some of the new federal initiatives to prevent identity theft and protect consumers' privacy. But they can only do so much. The pressure is now on financial institutions to provide the most secure technology available.
It's all about how millions of Americans who may have been thrown out of their homes, or at least forced to stress about the possibility, were denied access to information that might have revealed how widespread the foreclosure problem was.
A nasty strain of austerity capitalism has taken over Europe, leaving broken lives in its wake. Researchers Servaas Storm and C.W.M. Naastepad consider how things got so bad, what role economists and misguided policy-makers have played, and how to change course.
Well, 2014 is coming to a close. It's that time when MyBankTracker reflects on the banking trends that we predicted would take focus in the past year....
Here are 10 ways in which we should be looking to change the structure of the market in 2015 so that all the money doesn't flow to the 1 percent. This list should provide a useful set of market-friendly policies that will lead to both more equality and more growth.
The Hollywood Christmas classic was once accused of hiding a subversive Communist message. A number of years ago, I was telling a longtime city dweller friend of mine yet another story about the small, upstate New York town in which I grew up.
Since many traditional Democratic constituencies strongly oppose these deals it is reasonable to ask why the Obama administration is so intent on pushing them. The answer is simple: money.
"I can't breathe" speaks from the grave and describes the circumstances faced by many who are being choked by a system that treats different races and classes of people unequally.
Payday loan companies have managed to fly beneath the radar of public scrutiny for far too long. I suspect it's because their victims are the weakest among us who don't have a voice.
Two myths that caused great confusion over the last several years are now headed to the trash bin of history. Unfortunately, many of our great national myths have survived 2014.
The Federal Reserve should reject the CIT/OneWest merger application. At the very least, regulators should stop the clock, hold public hearings and get some real community input before allowing this dangerous deal to proceed.
Owning a home is a primary value of the middle class. The mortgage regulations that went into effect earlier this year are making it harder for many to get approved for home loans.