Remarkably, Goldman Sachs, one of the richest, most powerful, politically connected (aka Government Sachs) too-big-to-fail Wall Street banks, has demonstrated a Teflon-like ability to bounce back from egregious misdeeds, if not outright illegal conduct, and horrible publicity.
The Boston Globe about Wall Street's secretly purchased influence in Washington, D.C. was somewhat mistitled as being about the "struggle for the Democratic Party's Soul." It's also about how Wall Street's virtually unlimited cash secretly influences the key debates as well as the policy outcomes in the nation's capital.
Perhaps the mere threat that local and state governments might get serious about using eminent domain to seize underwater mortgages might be enough to get banks to do something they have been loathe to do from the beginning: write down principal and right-size mortgages to align them with current property values.
We recognize that jails are not known as good places for rehabilitation and reform. We are not talking about that here, however. What we are talking about is a matter of fairness and equitable treatment.
Barack Obama's Justice Department on Monday announced that Citigroup would pay $7 billion in fines, a move that will avoid a humiliating trial dealing with the seamy financial products the bank had marketed to an unsuspecting public, causing vast damage to the economy.
Since time memorial, man has been motivated by an easy buck and short skirts. The recent frenzy of mortgage lenders to repeat the mistakes of history may be upon us again, as some lenders are experiencing 'greed creep' all over again.
Here's a story that resonates with so many layers of bitter irony that it's hard to know where to begin. So we'll start with the headline: "Citi Foundation to Help Teens Find 'Pathways to Progress.'"
Rain. That's what pelted Marco Pereira's boyhood brain, drop by drop by drop time after time, until it finally sank in.
Reputation, brand and image are very important priorities for corporations, organizations and institutions. These characteristics and the products and...
The recent spat between the Federal Reserve and Citigroup underscores the complexity of today's banking balance sheets. The episode is a warning shot across the bows of regulators.
Long term unemployment affects people of all ages and backgrounds; it does not discriminate. Through a holistic approach, workforce development initiatives like Platform to Employment have helped crack the code. But we still have a long way to go -- much more can and needs to be done.
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.