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Too Big to Fail

Will the Senate Clear the Financial Market Minefield?

SAFER | Posted 05.25.2011 | Home

Jennifer Taub As early as next week, we will learn whether the United States Senate has the courage to clear the financial market minefield. If so, o...

Breaking up Citi and Other Mega-Banks: the Missing Blueprints

Charlie Cray | Posted 05.25.2011 | Business
Charlie Cray

We asked a group of industry experts and watchdogs to tell us if they thought the government should leverage its stake in Citi to break up the bank -- and if so, how? Our new report provides some interesting answers to these fundamental questions.

WaMu Employees Rapped, 'I Like Big Bucks And I Cannot Lie' Before Bank Failed

Huffington Post | Grace Kiser | Posted 05.25.2011 | Business

Testifying before a Senate subcommittee yesterday, former Washington Mutual chief executive Kerry Killinger suggested that WaMu was "allowed" to colla...

Greek Bailout, Lehman Deceit And Tim Geithner

Baseline Scenario | Simon Johnson | Posted 05.25.2011 | Business

We live in an age of unprecedented bailouts. The Greek package of support from the eurozone this weekend marks a high tide for the principle that com...

Ryan McCarthy

'The Fourteenth Banker,' Anonymous Bank Insider, Describes His Moral Crisis: 'The System Is Built To Be Gamed' | Ryan McCarthy | Posted 05.25.2011 | Business

"The system is built to be gamed." "The voices of dissent are not being heard." These are the words of an anonymous executive at one of Americ...

Timothy Geithner: How To Prevent America's Next Financial Crisis

Timothy Geithner | Timothy Geithner | Posted 05.25.2011 | Business

The Senate bill is strong. It would create an independent agency to better protect American families across the financial marketplace. It would protec...

Weekly Audit: Congress Must Get Tough On Wall Street

The Media Consortium | Posted 05.25.2011 | Home
The Media Consortium

by Zach Carter, Media Consortium blogger Congress returns from its April recess this week with financial reform at the top of its to-do list. With mil...

Credit Unions Begin To Promote Their Strengths

New York Times | ANDREW MARTIN and RON LIEBER | Posted 05.25.2011 | Business

Credit unions have a reputation for being rather dull and conservative, and for decades, America's First Federal Credit Union in Birmingham, Ala., was...

Citigroup: Still A Member Of The 'Too Big To Fail' Club, Says Moody's

Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

Citigroup still maintains full membership in the 'Too Big To Fail' club, according to a report released today by Moody's. (Hat tip to WSJ's Real Time ...

Does Size Matter? Simon Johnson vs. Paul Krugman on Whether to Break Up "Too Big to Fail" Banks

Miles Mogulescu | Posted 05.25.2011 | Business
Miles Mogulescu

Paul Krugman and Simon Johnson are two of my favorite economic commentators, but when it comes to the issue of breaking up mega-banks, they take dramatically opposing positions.

New York Times Does Not Understand Main Street

Don McNay | Posted 05.25.2011 | Media
Don McNay

Reporting that Main Street was complicit in the financial meltdown is like blaming a murder victim for being in the wrong place at the wrong time.

Shahien Nasiripour

ANOTHER Fed Official Says Senate Bill Doesn't End 'Too Big To Fail' | Shahien Nasiripour | Posted 05.25.2011 | Business

The Senate financial reform bill serving as the base text for Congressional negotiations doesn't end the perception that the nation's largest financia...

Shahien Nasiripour

Regional Fed Chiefs Lining Up To Support Tough Derivatives Provision, Obama Admin. Still Opposed | Shahien Nasiripour | Posted 05.25.2011 | Business

Another top Federal Reserve official offered his support this week to a Senate provision that would force megabanks to spin off their lucrative and ri...

Big Banks Make Desperate Last Ditch Effort to Weaken Wall Street Reform

Robert Creamer | Posted 05.25.2011 | Politics
Robert Creamer

Big Bank lobbyists would love to stick a shiv in important provisions of the financial bill as quietly as possible. Unfortunately for them, the Democratic leadership has done everything it can to make quiet back room dealing difficult.

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 ...

A Tax Day Protest We Can All Get Behind

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

Big bankers know how to dodge taxes on their earnings and bonuses leaving middle class Americans holding the bag. The solution? It's time to take it back.

An Economy Not Worth Saving

Dale Pendell | Posted 05.25.2011 | Business
Dale Pendell

Let the recession come. The earth needs a recession, badly, globally.

Why We Must Break Up the Big Banks

Dean Baker | Posted 05.25.2011 | Business
Dean Baker

Breaking up the banks does not guarantee good regulation. However, a break-up of the big banks will at least give the country some hope that things can change.

Senior Fed Official: White House Is Dead Wrong

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

If the legislation currently being debated by the legislature is not real financial reform (and it is not, according to Fisher), then our current policy trajectory amounts to facilitating further rounds of financial dementia.

Weekly Audit: Congress to take up financial reform, but will it be strong enough?

The Media Consortium | Posted 05.25.2011 | Home
The Media Consortium

by Zach Carter, Media Consortium blogger Next week, the debate over financial reform will begin in earnest when Congress returns from its Easter break...

In The Public Interest: A Stroll Down Main Street Finds Fans of Financial Reform

Shannon Nelson | Posted 05.25.2011 | Politics
Shannon Nelson

Main Street in Wisconsin is just like Main Street everywhere else, and we're wondering if the U.S. Senate back East will stand up for us this spring. ...

Shahien Nasiripour

Big Banks Dominate U.S. Banking System: Study | Shahien Nasiripour | Posted 05.25.2011 | Business

Just 16 banks account for more than half of the assets in the nation's banking system, new data show. The banks -- all of which have more than $100 b...

Greenspan's Testimony: Will the 'Maestro' Face the Music?

Richard (RJ) Eskow | Posted 05.25.2011 | Politics
Richard (RJ) Eskow

Greenspan will attempt to obfuscate. He will condescend, lecture, and distract. For the sake of the country, and to understand how we arrived here, the Angelides Commission must not allow that to happen.

Larry Summers: 'Senator Kaufman Is Exactly Right'

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

The coming legislative debate will clearly divide people into "for" and "against" our massive global banks that have so manifestly gone bad. For the last time: Which side does the president really want to be on?