Only in the warped, distorted, Alice-in-Wonderland world of Wall Street would one think "Washington went to war against big Wall Street banks" or that "Washington won [the war] in a blowout," as said today in a Politico article.
As an anti-corruption advocate, I don't have a position on derivatives trading. What I do have a position on is corruption, and H.R. 992 is a textbook case of the way corruption has turned the People's House into an auction house.
Third Way has a legal right to keep their donations secret, and we have a legal right to give Third Way zero credibility until they disclose their donations.
We have a bill that would roll back protections put in place after the financial crisis that was literally written by lobbyists for one of the major players in that same financial crisis.
Too many of the nation's major institutional investors -- who manage the life savings of working Americans and who are major shareholders in the big banks -- have been silent and passive in the wake of the crisis.
Obama's choice of Summers as chair of the Fed would deal a devastating blow to what little is left of the public's faith that the government will serve the common good and not the ultra-rich. For Summers is the perfect symbol of the insider's game that now dominates Washington.
Banks are corporations, which are legal entities established under rules written by people. Their existence should advance America and Americans. Not the other way around. Many in Congress need to be reminded of that.
Even Sandy Weil, former CEO of Citigroup who led the charge against the remnants of Glass-Steagall in the 1990s, concedes that this was a regrettable mistake -- and argues for all of the biggest banks to be broken up.
Reasonable people would agree that a bank having a history of involvement with fraud and mismanagement (and a recipient of one of the largest bank bailouts) shouldn't be writing bank legislation. Unless, of course, you are the U.S. Congress doing business as usual.
Not content with having swindled tens of millions of Americans out of their homes and life savings, the very bankers who caused the biggest economic catastrophe since the Great Depression are now subverting government regulations designed to prevent comparable disasters in the future.
Inequality in America is now at the greatest level in modern history and shows no signs of abating. Corporate profits are at record highs. But have those companies invested that in new jobs? No. Did they at least give their workers a bump in pay? Hardly.
WalMart really did, this time, finally get its bank. But will it work for them as a business? Should they be in the banking business at all?
Whether operating in retail, banking, grocery or other industries, the health of today's companies relies more than ever before on creating a reciprocating network of shared value for all stakeholders.
Jack Lew is, by all accounts, a decent guy and dedicated public servant, but like so many of our recent treasury secretaries is so deeply immersed in the old boy nexus of Wall Street and government as to have little comprehension of how, in the midst of a soaring Dow Jones, so many millions struggle to make ends meet.
I suppose that he can't be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary.
In reality, the Volcker Rule will mean no change, no closure of business divisions, no costs from foregone financial activity, for more than 99.9 percent of banks.