One of the tasks I least enjoy is attending financial services social media conferences. How odd, you might ask? Isn't that her job? Yes, but th...
Apparently, the DOJ and the banking industry are not willing or able to enter into the types of pro-consumer agreements which might benefit the wealthy by requiring them to have a smaller share of a larger, more regulated stabile economy that grows at a healthier rate.
Only by winning elections at the local level, the state level, and the congressional level can we redistribute the wealth that the ruling class have unjustly stolen from those who worked to create it.
Some in the media are crying out as if the big bankers were being persecuted within an inch of their lives. As much as they complain, not a single banker has gone to jail as a result of the mortgage debacle. But I did.
Regarding the #AskJPM blowup, one article began by asking the right question: "What were they thinking?" The answer is, they weren't thinking; they were all talking to themselves and like-minded executives.
JPMorgan Chase stands accused of essentially funneling funds to Wen Jiabao's only daughter to win business in China, bringing a federal probe. Yet the takeaway here merely reinforces a truth that has long been evident to those paying attention to the pungent interplay of money and power in China: Despite the prattling of global business leaders that their presence in China is a wholesome boon to justice and right, they have frequently enriched themselves by engaging in the very dirty doings they claim to disdain.
The news of the eye-popping $13.5 billion settlement between the Justice Department and other government entities was followed by the announcement that part of that settlement would be with the Federal Housing Finance Agency for roughly $5 billion alone.
The upcoming JPMorgan Chase settlement is expected to be the largest corporate settlement in Justice Department history. Unless the Justice Department prevents it, JPMorgan could heap billions of dollars right back onto the shoulders of taxpayers.
A plea to the banks: Do "give back" in philanthropy. But also, please: Give us back a financial system that we can trust. Less penance after the fact, more virtue before. It will make for better business and for honest philanthropy.
Wall Street doesn't want a new director of FHFA. They like things the way they are, and don't want a new sheriff in town. That is why Republicans are so willing to buck history and tradition, are so willing to stop the first African-American appointee to run FHFA to be confirmed.
JPMorgan Chase will reportedly pay $13 billion to settle civil charges around its alleged manipulation of mortgage securities -- a series of shady business deals that five years ago crippled homeowners and helped trigger the meltdown that threatened the world's economy. And that's just the tip of a REALLY big iceberg.
Fox News is its ministry of misinformation, the fake jewel of the News Corp. crown, a 24/7 purveyor of flimflam and the occasional selective truth. Look at the pounding they've given Obama's healthcare reform right from the very start.
No matter how much you think that someone, anyone, must pay up, isn't this an example of not only government intimidation, but also of bad faith on the part of the same government that pushed these deals to fruition?