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The Lessons of Repealing Glass Steagall

Dennis M. Kelleher | Posted 11.11.2015 | Business
Dennis M. Kelleher

Protecting the American people from another devastating financial crash and the economic wreckage it causes begins with reflecting honestly about the past and trying to learn the right lessons.

"Business Judgment Rule" Protections Come With Requirements

Brad Reid | Posted 09.01.2015 | Business
Brad Reid

While there is a presumption that directors and officers act with due care on an informed basis in a good faith belief that their actions are in the best interest of the corporation, the presumption is not absolute.

3 Things That Will Endear You to Your Family and Friends

Lisa Earle McLeod | Posted 08.06.2015 | GPS for the Soul
Lisa Earle McLeod

I lost my Dad, Jay Earle, last week after a six-month battle with cancer. Regular readers know my father's stories: The skinny 1950s teen who played s...

Bank Runs Are Good, Cato Director Says

Lauren Windsor | Posted 06.04.2015 | Politics
Lauren Windsor

Selgin also thinks deposit insurance should be eliminated, forcing consumers to thoroughly research bank balance sheets -- regardless of the financial savvy it would require for the average American to do so.

Zach Carter

Republicans Torch Top Obama Regulator Over Guns, Payday Loans | Zach Carter | Posted 03.25.2015 | Politics

WASHINGTON -- House Republicans torched FDIC Chairman Martin Gruenberg Tuesday, accusing him of allowing federal regulators to pursue personal vendett...

The Republican Budget Opens Taxpayers' Wallets to Bail Out Wall Street - Again

Dennis M. Kelleher | Posted 05.25.2015 | Politics
Dennis M. Kelleher

The effort to repeal Orderly Liquidation Authority would be such a gift to the biggest Wall Street banks. Without that authority, Wall Street would be assured that no matter how big the risks they take, the American taxpayer could be forced to bail them out.

'Chicken Money' Safety vs. Interest

Terry Savage | Posted 04.19.2015 | Money
Terry Savage

Low rates are a great way to help the government finance its growing deficits. But they sure make it tough for savers and retirees who wanted to live on the interest from their savings. Here are five things you should know about "chicken money."

A New 'Too Big to Fail' Bank for the 1 Percent

Preeti Vissa | Posted 02.08.2015 | Business
Preeti Vissa

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.

$128 Billion In Bank Fines, In 1 Chart

The Huffington Post | Kevin Short and Mark Gongloff | Posted 08.08.2014 | Business

Bank of America's reported $17 billion settlement over bad mortgages would be the biggest in a string of increasingly expensive bank punishments. But ...

Shahien Nasiripour

'Too Big To Fail' Lives | Shahien Nasiripour | Posted 08.06.2014 | Business

Eleven of the nation's largest banks have failed to convince federal regulators they could safely be wound down if they neared failure, government aut...

Zach Carter

Darrell Issa's Latest Circus Has Lawmakers Shocked That DOJ Fights Fraud | Zach Carter | Posted 07.15.2014 | Politics

WASHINGTON -- On Tuesday, Republicans on the House Financial Services Committee took up Rep. Darrell Issa's crusade against the Department of Justice'...

$7 Billion Citigroup Settlement Announcement Expected Monday

Reuters | Karen Freifeld and Aruna Viswanatha | Posted 07.14.2014 | Business

NEW YORK, July 13 (Reuters) - Citigroup agreed to pay $7 billion to resolve a U.S. government investigation into shoddy mortgage-backed securities the...

JPMorgan Chase to Porn Stars: You're Not Welcome

Clay Calvert | Posted 07.05.2014 | Business
Clay Calvert

Regardless of one's personal views about either adult movies or their performers, one must wonder whether JPMorgan Chase, which reportedly paid more than $20 billion in penalties and settlements in 2013 alone, might have more important things to do, like cleaning up its own financial house.

16 Major Banks Slammed With Lawsuit

Reuters | Posted 03.14.2014 | Business

NEW YORK (Reuters) - The Federal Deposit Insurance Corporation sued 16 of the world's largest banks on Friday, accusing them of collusively suppressin...

Zach Carter

Key Republican Rips Income Inequality, Calls For New Stimulus | Zach Carter | Posted 01.25.2014 | Politics

WASHINGTON -- Former FDIC Chair Sheila Bair sharply criticized Congress for failing to approve economic stimulus measures, saying elected lawmakers wh...

JPMorgan Goes After Feds For More Than $1 Billion

Reuters | Posted 02.17.2014 | Business

By Bernard Vaughan NEW YORK, Dec 17 (Reuters) - JPMorgan Chase & Co sued the Federal Deposit Insurance Corporation in federal court ...

Zach Carter

Progressives Rally To Representatives' Call For Tougher Bank Rules | Zach Carter | Posted 11.07.2013 | Politics

WASHINGTON -- Three members of Congress this week sent a letter to top federal regulators urging them to adopt tougher capital requirements for big ba...

When Banks Swallow Each Other, You Deserve a Voice

Preeti Vissa | Posted 01.23.2014 | Business
Preeti Vissa

The massive wave of bank megamergers that took off in the 1990s had plenty of unfortunate results, including the invention of the phrase "too big to fail." Fewer mergers are happening now, but the ones that do happen can have a huge impact on communities.

JPMorgan's Possible $11 Billion Settlement Just Got More Complicated

Reuters | Karen Freifeld and Emily Flitter | Posted 10.01.2013 | Business

NEW YORK (Reuters) - JPMorgan Chase & Co's possible $11 billion settlement of government mortgage probes has been complicated by a dispute with the Fe...

Feds Call For Help With Private Student Loans

The Huffington Post | Tyler Kingkade | Posted 07.29.2013 | Business

Three federal regulatory agencies are calling on banks that issue private student loans to assist struggling borrowers, as recent college graduates ac...

After Costing Americans Billions, Federal Reserve Reexamines Banks' Commodity Speculation

Raymond J. Learsy | Posted 09.23.2013 | Business
Raymond J. Learsy

It is one of the grossest miscarriages of Wall Street power and government obeisance resulting in billions of consumer dollars going into the pockets of banks, hedge funds and traders producing and adding nothing to the economic wellbeing of the nation, other than lining their own pockets.

Breaking the Glass Ceiling at the Federal Reserve

Robert Kuttner | Posted 09.20.2013 | Politics
Robert Kuttner

Larry Summers is running hard to succeed Ben Bernanke as chairman of the Federal Reserve. This is a terrible idea. Once appointed chief of economic policy, Summers with Tim Geithner was a prime architect of propping up and bailing out the biggest banks, rather than cleaning them out and altering the conflicts of interest at the core of Wall Street's business model. Today, the banks are more highly concentrated, more profitable, and less in the business of financing the real economy than ever. This is Larry Summers' legacy. The prime alternative to Summers is Fed Vice Chair Janet Yellen, who is very much like Bernanke, only better. She has gone even further in expressing concern for the economy's persistent unemployment and in criticizing the bipartisan obsession with deficit reduction. Yellen deserves to be Fed chair purely on the merits. It pains me to write that if she gets the job, one other major contrast with Summers will weigh in her favor. She is female.

Directors Serving as Officers May Not Have Business Judgment Rule Protection

Brad Reid | Posted 09.10.2013 | Business
Brad Reid

Directors need to be informed concerning not only the law of the state in which they act but also the law of the state of incorporation.

Regulators Push For Big Move Against Too Big To Fail

Reuters | Posted 08.21.2013 | Business

By Douwe Miedema WASHINGTON, June 21 (Reuters) - Two top U.S. bank regulators are pushing to double capital requirements for the count...

Zach Carter

House Dems Embrace Wall Street Deregulation | Zach Carter | Posted 05.08.2013 | Politics

WASHINGTON -- Just one day after Treasury Secretary Jack Lew wrote a letter urging lawmakers to reject a slate of Wall Street deregulation measures, n...