The Federal Housing Finance Agency and DOJ have obtained more than $36 billion in fines from 18 major financial institutions, including banks like JP Morgan and Bank of America. However, stunningly, not one individual has been indicted or charged civilly for the conduct that resulted in these massive fines.
Pragmatism can be a legitimate reason to compromise, to accept incremental progress that falls short of an unachievable ideal. It can also be a pretext to defeat achievable reforms without an honest debate.
The movie The Big Short tells a compelling version of the greatest economic tragedy to hit the country since the Great Depression -- the 2008 financial crash. It also may tell a nightmarish vision of the future.
"The first thing I would do is break up the banks so that they are much smaller and they could all fail."
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.
In today's America, bankers are often seen as uncaring, and media portrayals reflect a view that banks put hardworking people on the streets. Our industry, which should be a key part of helping people achieve their economic and financial goals, has lost consumer trust.
Millions of low-income Americans depend on check cashing institutions, pawn shops, and payday loans to fulfill much of their banking needs. These places are notorious for ripping people off and serves as one of the countless barriers that keep poor people impoverished.
In the United States, one in five households are underbanked, meaning that while they may have a checking account, they also rely on a network of predatory financial service providers (such as check cashers, payday lenders, auto title lenders, etc) to make ends meet.
Fat Cats, Members of the 1 Percent, the Filthy Rich: Just kidding..... I come in peace and I come with a proposal -- an investment proposal and a course correction -- to restore and secure this great country going forward. You, America's wealthy class, are key to the American Renaissance.
We need to make sure those who do the people's work in Washington are actually doing it -- not worrying about former or future bosses at the public's expense.
Reuters' Charles Levinson has written a must-read investigative report on Wall Street's latest scheme to avoid critically important financial reforms: change a few words in their derivatives contracts and pretend that they are not guaranteeing their overseas affiliates.
The EU must and can settle internal deficits and surpluses, as long as these remain within the euro zone. Therefore, a better integration of economic and fiscal policies and a significant increase in economic transfers within the euro zone are needed.
Have you ever wanted to to know what's going on in Wall Street in a 10 minute article? This is my story about how I got introduced to Wall Street and what I think we need to do.
On this fifth anniversary of the Dodd-Frank Act, I wish I was writing a congratulatory letter to all the regulatory agencies in Washington, D.C. for its successful implementation. Instead, I'm expressing the frustration of millions of working families who believe there is a lot of work still to be to done to rein in Wall Street excess.
Clinton didn't show at this year's Netroots. Frankly, her campaign might not have survived the spectacle of her inevitable lukewarm reception. But her decision not to attend speaks volumes about what she knows about how progressives feel about her. She knows, and she is running scared.
Despite the financial crisis in Greece, there are many aspects of Greece that are not in crisis such as the beauty of its environment, food, history, culture and the hospitality of its people.