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Glass Steagall

Will the Real Obama Please Stand Up for Reform? Six Ways to Know if the Financial Reforms Are for Real

Les Leopold | Posted 05.25.2011 | Politics
Les Leopold

Obama's working from a flawed theory: "There is no dividing line between Main Street and Wall Street. We are all in this together as one nation." Really? The entire story of this crisis is about how we are not in this together.

How to Fix the Wall Street Reform Bill

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Washington has tied itself in knots trying to find a way to thwart "too big to fail" without cutting megabanks down to size. It can't be done. When something is too big, the solution is to make it smaller.

Priorities of Volcanic Proportions (PHOTOS)

Iris Erlingsdottir | Posted 05.25.2011 | World
Iris Erlingsdottir

2010-04-20-Icelandvolcano.jpg It was inevitable. The airlines -- caught between safety and profits -- have chosen profits.

Goldman and the SEC

Robert Teitelman | Posted 05.25.2011 | Business
Robert Teitelman

The Securities and Exchange Commission's civil suit against Goldman, Sachs & Co. (NYSE:GS) seems to have surprised everyone, not least Goldman itself....

Rampant Fraud and Financial Collapse

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Criminal charges are likely to be filed against some of WaMu's former executives. But WaMu isn't the only bad actor from the financial crisis. This is basically how the entire U.S. mortgage market operated.

Is there a Global War Between Financial Theocracy and Democracy?

Les Leopold | Posted 05.25.2011 | Business
Les Leopold

The financial reform bill is virtually designed to institutionalize "too big to fail." And when it's reconciled we'll lose another battle in the ongoing war between global financial markets and democratic nation-states.

Shahien Nasiripour

Top Hawk On Fed Supports Restricting Banks' Derivatives Bets, Goes FURTHER Than Obama | Shahien Nasiripour | Posted 06.10.2010 | Business

The top fiscal hawk and longest-serving policy maker in the Federal Reserve supports limiting banks' derivatives activities, a potential blow to Wall ...

The Banking Showdown

Robert Kuttner | Posted 05.25.2011 | Business
Robert Kuttner

Later this week, members of both houses of Congress will meet in the final legislative push for financial reform. Much of the conference will be in public session but backroom deals are likely to determine the final outcome.

Shahien Nasiripour

Top Fed Official Wants To Break Up Megabanks, Stop The Fed From Guaranteeing Wall Street's Profits [EXCLUSIVE] | Shahien Nasiripour | Posted 05.25.2011 | Business

Click on the next page and scroll down for audio of the interview The U.S. should bust up its megabanks and impose strict laws curbing the size and c...

Glass-Steagall Fans Are Not Fools

David Serchuk | Posted 05.25.2011 | Business
David Serchuk

When people think of the financial reforms of the New Deal, often the creation of the FDIC is what comes to mind. In reality the FDIC came last. The first thing FDR signed into law was Glass-Steagall.

Paul Krugman: Why We DON'T Need To Break Up The Big Banks | PAUL KRUGMAN | Posted 05.25.2011 | Business

Breaking up big banks wouldn't really solve our problems, because it's perfectly possible to have a financial crisis that mainly takes the form of a r...

Following "Da Money" Trail in Congress

Pearl Korn | Posted 05.25.2011 | Politics
Pearl Korn

Corporate America and its lobbyists continue to hold sway over Congress, and the results are obvious: partisan gridlock and watered-down bills that amount to little more than sell-outs.

3,000 Pages Of Financial Reform Still Not Enough

New York Times | GRETCHEN MORGENSON | Posted 05.25.2011 | Business

For decades, until Congress did away with it 11 years ago, a [34-page] Depression-era law known as Glass-Steagall ably protected bank customers, indiv...

Next, Banking Reform

Robert Kuttner | Posted 05.25.2011 | Business
Robert Kuttner

It was a pleasure to see President Obama exercise some leadership and muscle towards health reform. Now, we need to see a similar display of presidential leadership on financial reform.

Scaling Back Our Bloated Financial Sector

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Individual oversized banks are not the only problem Big Finance poses to the economy -- the overall sector is much too large.

Friday Talking Points [124] -- How's That Libertarian Thingie Workin' Out For Ya?

Chris Weigant | Posted 05.25.2011 | Politics
Chris Weigant

We certainly have a lot of ground to cover this week, so let's dig right in. I'd like to start with a declaration, though: Bristol Palin is now fair g...

Ryan Grim

Attempt To Cap ATM Fees At 50 Cents Blocked In Senate | Ryan Grim | Posted 05.25.2011 | Politics

Tom Harkin was stifled in his effort Tuesday evening to bring a measure to the Senate floor that would cap ATM fees at 50 cents. Harkin (D-Iowa) first...

In Defense of the Volcker Rule

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Some version of Wall Street reform is going to pass the Senate this week, but before it does, there are still three crucial battles to be waged, all of which would significantly change the way Wall Street does business.

American Women to Dodd: Size Matters

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

As women and as taxpayers, we are writing to tell Senator Dodd that size matters. As he gets ready to take up bank reform in committee next week, we need to talk.

Celebrating Sen. Ted Kaufman, Accidental Leader

Arianna Huffington | Posted 05.25.2011 | Politics
Arianna Huffington

Sen. Ted Kaufman has emerged as one of the Senate's fiercest critics of Wall Street and a champion of the need to push for a serious rebooting of our financial system.

The Vitter Amendment Breaches the Banking/Commerce Barrier

SAFER | Posted 05.25.2011 | Business

Jane D'Arista SAFER (Economists' Committee for Stable, Accountable, Fair and Efficient Financial Reform) & Political Economy Research Institute, Unive...

Shahien Nasiripour

Senator Calls For Aggressive Financial Reform, Deplores Current 'Incremental' Steps | Shahien Nasiripour | Posted 05.25.2011 | Business

A senator is calling for the break-up of megabanks and a firmer separation between Main Street banking and Wall Street trading, joining the ranks of l...

Sunday Roundup

Arianna Huffington | Posted 05.25.2011 | Business
Arianna Huffington

Friday night on Real Time, Bill Maher, Andrew Ross Sorkin, and I discussed Move Your Money. Andrew liked the idea, but worried that it might cause a run on the too-big-to-fail banks. It won't. But it's clear from what's happening in Washington that we need a citizens' intervention to reform our financial institutions. Creating a de facto Glass-Steagall by separating our government-guaranteed deposits from the casino/investment side of the banking industry is a great start. More people are reaching the same conclusion. A new poll found that 9 percent of Americans have already moved their money out of a big bank as a protest. And the Los Angeles City Council voted unanimously to require any bank doing business with the city to reinvest in the community. It's about time citizens and local governments inject some much-needed competition into our increasingly oligarchic banking system.

Shahien Nasiripour

Wall Street Vet Involved In 1998 Long-Term Capital Management Bailout Says Nothing Has Changed | Shahien Nasiripour | Posted 05.25.2011 | Business

Ten years before this latest crisis, the U.S. government engineered the bailout of a financial firm that had borrowed billions of dollars to make big ...

Reid Cramer: Financial Reform In Five Steps

Mother Jones | Reid Cramer | Posted 05.25.2011 | Business

The big banks and their lobbyists are vigorously resisting a rewrite of their operating rules and working hard to insert loopholes and exclusions that...