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Glass Steagall

Wall Street Bank Lobby Faces 'Live Ammo' As Lawmakers Ponder Breaking Up Big Banks | Alison Vekshin and Robert Schmidt | Posted 05.25.2011 | Business

Nov. 12 (Bloomberg) -- Seven Wall Street lobbyists trooped to Capitol Hill on Nov. 9, hoping to convince Representative Paul Kanjorski's staff that hi...

Absolute Corruption Is the Rule in America

David A. Love | Posted 05.25.2011 | Politics
David A. Love

Often, people will look at a high-profile example of corruption, and conclude that the egregious act is an exception to the rule. In reality, it might be the tip of the iceberg.

Obama Administration Determined to Usher in New Great Depression

Allison Kilkenny | Posted 05.25.2011 | Business
Allison Kilkenny

Whatever one thinks of Paul Volcker, any amateur historian can see that he's right to want to keep investment banking separate from commercial banking.

Ride the Populist Wave: Restore Glass-Steagall!

Chris Weigant | Posted 05.25.2011 | Politics
Chris Weigant

Populism is not so much a political stance (as "conservatism" is, for instance) as it is a political tactic. Meaning it can be used equally well by either side of our current American political divide.

John Thain, Ex-Merrill Lynch CEO: Too-Big-To-Fail Banks Could Face Fees

Posted 05.25.2011 | Business

Ex-Merrill Lynch CEO John Thain today suggested that large Wall Street firms, not unlike the one he used to run, should be subject to new fees. Ah...

Glass-Steagall and Insider Trading

Reese Schonfeld | Posted 05.25.2011 | Business
Reese Schonfeld

I wish to make clear that this is purely hypothetical. If anything like this actually happened, I was not in the room. Therefore, I ask you to consider it as purely a supposition.

Shahien Nasiripour

Congressmen To Call For Break-Up Of Biggest Banks | Shahien Nasiripour | Posted 05.25.2011 | Business

Five House Democrats will call this week for a return to a Depression-era law that separated Wall Street investment banking from Main Street commercia...

My Financial Plan

Sen. Byron Dorgan | Posted 05.25.2011 | Politics
Sen. Byron Dorgan

Ten years ago, our country made the fateful decision to repeal Glass-Steagall. I predicted then what is happening now in the economy. But unfortunately, only seven other Senators stood with me.

Nouriel Roubini: 'Too Big To Fail' Revisited | Nouriel Roubini | Posted 05.25.2011 | Business

Although the G-20 finance ministers pledged stronger prudential regulation and financial oversight of systemically important firms at their September ...

Wall Street Follies: The Next Act

New York Times | GRETCHEN MORGENSON | Posted 05.25.2011 | Politics

It certainly sounded good. Hoping, perhaps, to persuade a dubious public that curbing reckless business practices is indeed a Washington priority, t...

Bring Back Glass-Steagall

Thomas Frank | Posted 05.25.2011 | Business
Thomas Frank

Having government forbid everyday commercial banks to take gambles on high-risk schemes, why, that just didn't make sense to the enlightened minds of 1999. We had learned by then to trust the market. Besides, what could go wrong?

Sandy Weill, Former Citi CEO, Has Trophy That Reads 'Glass-Steagall 'Shatterer'

Huffington Post | Grace Kiser | Posted 05.25.2011 | Business

Don't confuse Sandy Weill for those Wall Street execs who fret over "optics." In a melancholy NYT profile of Sandy Weill over the weekend, the for...

Bring Back the Glass-Steagall Act to Break Up the MegaBanks that Caused the Crisis

Rep. Maurice Hinchey | Posted 05.25.2011 | Business
Rep. Maurice Hinchey

The financial system in this country has been rigged and my new bill to re-establish Glass-Steagall will help undo the circumstances that led to this most recent collapse while helping to prevent future ones.

Shahien Nasiripour

Wall Street Journal Supports Break-Up Of Big Banks | Shahien Nasiripour | Posted 05.25.2011 | Business

Add the Wall Street Journal editorial board -- of all people -- to the growing ranks of those calling for a restoration of barriers between commercial...

Restoring Trust in Our Economic System and the Institutions of Our Democracy

Bruce Judson | Posted 05.25.2011 | Business
Bruce Judson

America is becoming an angry nation, with diminished faith in its institutions. There is a growing sense among all but the wealthiest Americans that "the game is rigged" against them.

The Continuing Disaster of Wall Street, One Year Later

Robert Reich | Posted 05.25.2011 | Business
Robert Reich

Let's be clear: Wall Street today is up to the same tricks it was playing before its near-death experience. The only difference now is that its biggest banks know for sure they'll be bailed out if their bets turn sour.

'Government Sachs' Strikes Gold ... Again

Robert Scheer | Posted 05.25.2011 | Business
Robert Scheer

The federal government works for Goldman and not for us. Indeed, when it comes to the banking bailout, Goldman Sachs is the government.

Madoff Inquiries "Pale" In Comparison To Financial Crisis

Reuters | Matthew Goldstein | Posted 05.25.2011 | Business

Even as Ponzi king Bernard Madoff goes away to prison for the rest of his life and then some, there are still so many unanswered questions -- both big...

The Good, the Bad, the Ugly: Financial Sector Regulation

Robert Weissman | Posted 05.25.2011 | Business
Robert Weissman

There's no question that Wall Street is going to mobilize -- is already mobilized -- to defeat the administration's positive proposals.

The Babble Over Regulatory Reform, Cont'd

Robert Teitelman | Posted 05.25.2011 | Business
Robert Teitelman

Nobody just announces anything anymore. Before anyone in Washington can get lunch, it has to be leaked, briefed, previewed in speeches, summarized in ...

Sex, Spitzer, Derivatives: Using Our Outrage

Ari Melber | Posted 05.25.2011 | Politics
Ari Melber

In a galling demonstration of Washington's tangled priorities, leaders in both parties still refuse to tap Eliot Spitzer's expertise for policymaking and enforcement in the current crisis.

Larry Summers: Brilliant Mind, Toxic Ideas

Arianna Huffington | Posted 05.25.2011 | Politics
Arianna Huffington

It was on Summers' watch that the credit-default swaps warhead that has blown up our economy was launched. It would be hard to make assumptions that turned out to be more wrong than his were.

Lessons from AIG

Robert Weissman | Posted 05.25.2011 | Business
Robert Weissman

What is vital now is that the public's righteous anger is not expressed only as "no." There are a lot of things to which We The People do need to say "no." But we need a lot of "yes's," too.

Forgetting the Past

Wayne Rogers | Posted 05.25.2011 | Business
Wayne Rogers

No one seems to have commented that just a few years ago we had legislation called the Glass/Steagall Act which separated the commercial banks from the investment banks.

$1 Trillion Bailout and The Medal of Freedom

Michael B. Laskoff | Posted 05.25.2011 | Business
Michael B. Laskoff

It's important not to be imbibing the proverbial Kool-Aid when digesting the edge of The Great Depression, Part II.