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Too Big to Fail

Wall Street Reform Gets A Push From The Left

AP | JIM KUHNHENN | Posted 05.25.2011 | Business

WASHINGTON — Liberal Senate Democrats who until now were on the sidelines are complaining that a pending financial overhaul bill backed by Presi...

Too Big To Jail? Executives Unscathed As Regulators Let Banks Report Criminal fraud

Huffington Post Investigative Fund | David Heath | Posted 05.25.2011 | Business

Republished from the Huffington Post Investigative Fund. The financial crisis has spawned hundreds of criminal prosecutions for alleged fraud. Yet ...

Simon Johnson: Why Do Senators Corker And Dodd Really Think We Need Big Banks?

Baseline Scenario | Simon Johnson | Posted 05.25.2011 | Business

On Friday, Senator Bob Corker (R, TN) took to the Senate floor to rebut critics of big banks. His language was not entirely senatorial: "I hope we'll...

Wall Street Reform Bill Means No More Bailouts

Rep. Paul Kanjorski | Posted 05.25.2011 | Politics
Rep. Paul Kanjorski

Those terrifying months in late 2008 convinced me that the federal government needed to play a far more active role in policing the activities of the major financial players in our economy. This finance reform bill will do that.

'13 Bankers': Who's In Charge, The Banks Or The Government?

James Kwak | Posted 05.25.2011 | Books
James Kwak

When push came to shove in late 2008, the banks' ultimate power was not that they were secretly controlling the levers of power, but that their place at the center of the financial system enabled them to hold the real economy hostage.

At Last! Simple New Test Shows if Your Politician's Telling the Truth About "Too Big to Fail"

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

Here's the greatest benefit this new test offers to voters. It lets us say to politicians, once and for all, on one of the most crucial issues of our day, those words every citizen longs to say to a long-winded public servant: Put up or shut up.

Sen. Sherrod Brown: SAFE Act Will Let Us Break Up Big Banks

Sherrod Brown | Sherod Brown | Posted 05.25.2011 | Business

Think about the position we would put some future administration and Congress in if the trends toward concentration remain unchecked. Will Washington ...

Sen. Feingold & Cantwell: Stay Principled and Vote Against Weak Financial Reform Bill -- But Don't Let Republicans Filibuster

Miles Mogulescu | Posted 05.25.2011 | Politics
Miles Mogulescu

The Democrats' financial reform bill is weak tea that doesn't fix the problem of too big to fail megabanks or prevent the next cycle of boom, bust and bailout.

Volcker Rule Could Wait Until 2022

Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

With supporters and opponents of the much-debated financial reform bill emphasizing the urgency of the moment, one crucial component of the legislatio...

Judd Gregg and Ben Nelson: More Socialism Please

Dylan Ratigan | Posted 05.25.2011 | Business
Dylan Ratigan

In their current form, derivatives are basically government insurance for banks where taxpayers pay the claims. And politicians like Gregg and Nelson are fighting to keep the crooked $600 trillion derivatives market unreformed.

Ending Interconnectedness: It's Already in the Bill

SAFER | Posted 05.25.2011 | Business
SAFER

Jane D'Arista University of Massachusetts, Amherst, SAFER www.peri.umass.edu/safer On the eve of the proposed debate on the Restoring Financial Stab...

Goldman Sachs: a Hedge Fund Managed by Traders?

Georges Ugeux | Posted 05.25.2011 | Business
Georges Ugeux

What became completely obvious for all the world to see is that Goldman Sachs is a hedge fund, and that it is only interested in clients as screens for their own proprietary trading activities.

Republicans Filibuster Our Financial Future

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

With two-thirds of the nation supporting reform, any political party that throws in its lot with Wall Street will pay a major price come November. No amount of Wall Street campaign cash can counter voter outrage.

Felix Salmon: Despite Reform Efforts, 'Big Banks Have Enough Lobbying Power To Continue Taking Big Risks' (VIDEO)

Posted 05.25.2011 | Business

Felix Salmon, Reuters' widely influential blogger, sat down with Huffington Post's Ryan McCarthy at the Milken Institute's Global Conference, to talk ...

After Bastille Day: Is There a Future for Big Banking?

Dennis Santiago | Posted 05.25.2011 | Business
Dennis Santiago

As bank reform continues to grind through Congress something sorely lacking so far is concentration on safely managing down "points of risk" from Too Big Too Fail business models.

Goldman Sachs and the Ghost of Sam Erwin

Don McNay | Posted 05.25.2011 | Business
Don McNay

Any stand-up comic knows that a great way to draw attention is to use profanity. Thus, it is truly sad to see a Senator I used to respect like Carl Levin fall for that tactic.

If Republicans Say No to Bailouts, Then They Can't Say No to Breaking Up the Banks

Tiffiniy Cheng | Posted 05.25.2011 | Politics
Tiffiniy Cheng

Senate Republicans say they're against both the bailouts and the Democrats' proposed legislation to end them. They say the Dodd bill would "actually guarantees future bailouts." It's time for the them to put up or shut up.

'13 Bankers': If The Megabanks Are Too Powerful To Regulate, Then They're Too Powerful To Shrink

Noam Scheiber | Posted 05.25.2011 | Books
Noam Scheiber

Anyone can talk tough when markets are calm. But in the middle of a financial crisis it takes a special breed of hard-ass to insist on haircuts, since no one can be sure that squeezing creditors won't shut down the entire bond market.

Larry Summers Is Lying About Big Banks

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Today's megabanks aren't just too-big-to-fail, they're too-big-to-regulate. If Democrats want to salvage their political credibility, they now have no choice now but to push to break up the banks.

Gretchen Morgenson: Leading Financial Reform Proposals Won't Stop 'Bailout Buffet'

New York Times | GRETCHEN MORGENSON | Posted 05.25.2011 | Business

EVERY once in a while, Congress awakens from its lobbyist-induced torpor, realizes that the masses are cranky and sets out to appease them. Such a mom...

The Bank Lobby Gets Desperate on Derivatives

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

As bankers fight to defeat tough new rules on derivatives, all their sloganeers can come up with is that serious rules will send this business overseas. It'd be funny if Congress weren't taking it seriously.

'Chuck Prince' Is Going To Run This Bank (Into The Ground)

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

The following is also posted on Johnson's blog, BaselineScenario.com. "Breaking up big banks would actually increase system risk" is a refrain heard f...

You Can Help Break up Too Big to Fail Mega-Banks: Here's How

Miles Mogulescu | Posted 05.25.2011 | Politics
Miles Mogulescu

Representatives Sherrod Brown and Ted Kaufman have introduced the "Safe Banking Act" which would put a hard cap of 3% of Gross Domestic Product on the assets of all bank holding companies.

'13 Bankers': How Big Are The Biggest Banks? If Derivatives Aren't Counted We Won't Know

James Kwak | Posted 05.25.2011 | Books
James Kwak

We need to have a more accurate grip on just how big our largest financial institutions already are, in order to show how much damage could be caused to the financial system in a crisis.

No More Deceit -- Strictly Regulate Wall Street

Leo W. Gerard | Posted 05.25.2011 | Business
Leo W. Gerard

If McConnell-style deceit about the financial reform bill continues in the Senate, serious regulatory reform won't happen. Half measures won't work. Only robust financial reform will end Wall Street's freedom to deceive.