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Too Big to Fail

Bye-Bye to Bernanke's 'Insidious Banks': End 'Too Big to Fail' in Two Easy Steps

L. Randall Wray | Posted 05.25.2011 | Business
L. Randall Wray

If government had allowed markets to operate as Bear and Lehman went down, all of the big financial institutions would also have collapsed. As Bernanke now apparently realizes, that would have been a good thing.

How The Dodd Bill Could Affect Big Banks

Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

The Dodd bill raced out of the Senate Banking Committee last night but, even in its current incarnation, it's a bit unclear how it might affect large ...

Sunday Roundup

Arianna Huffington | Posted 05.25.2011 | Politics
Arianna Huffington

This week, after months of intense lobbying from corporate interests, the Senate passed a financial reform bill that is that D.C. specialty: "reform" that's been watered down within an inch of its life. Yes, it will create a much-needed Consumer Financial Protection Agency and requires an audit of the Fed. But it doesn't end "too big to fail" banks, doesn't create a 21st century Glass-Steagall firewall, and leaves open dangerous loopholes in the regulation of derivatives. And we can expect more loopholes to be inserted as the bill heads to conference committee. In public, the big banks groused. In private, they counted their record profits, watched their stocks go up after the Senate vote, and agreed that the $1.4 million a day the finance industry spent lobbying Congress -- including putting 70 former members of Congress and 940 former federal employees on its lobbying payroll -- was money well spent.

Too Big to Fail? Amidst Fiscal Crisis, Governments Must Take Dramatic Actions

Steve Rohleder | Posted 05.25.2011 | Business
Steve Rohleder

When recovery does come lawmakers must avoid the temptation to slip back into the old ways of doing business. They must focus on building an operation that can be sustained in any economic environment.

Six Key Fights for Wall Street Reform's Next Phase

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

Thursday night's passage of Wall Street reform is an event to be celebrated, but several key issues remain in play as the House and Senate iron out differences between their respective versions of the legislation.

Confronting the Politics of Rage

Bob Burnett | Posted 05.25.2011 | Politics
Bob Burnett

The Tea Party movement has emerged as a "party" of platitudes rather than of policies, a group united by fury rather than a unifying philosophy. So how should Liberals communicate with them?

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.

Wall Street Reform Ends 'Too Big to Fail'

Sen. Jon Tester | Posted 05.25.2011 | Business
Sen. Jon Tester

Our entire economy almost collapsed a year-and-a-half ago because there were no referees on Wall Street. And sadly, hardworking, honest taxpayers paid the price. Our bill will prevent that from happening again.

In The Public Interest: Wall Street reform ain't over 'til it's over

Ed Mierzwinski | Posted 05.25.2011 | Politics
Ed Mierzwinski

The baseball philosopher Yogi Berra said "it ain't over 'til it's over." Anyone watching the Senate battle over Wall Street reform knows that. And d...

Shahien Nasiripour

Volcker: Regulators Can't Be Trusted To Act

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Former Federal Reserve Chairman Paul A. Volcker criticized bank regulators Wednesday, saying Congress needs to specifically act to rein in Wall Street...

SEC Snags the Understudy But Ignores the Big Players

Dan Solin | Posted 05.25.2011 | Business
Dan Solin

Given a self-styled stock market "psychic"'s track record, shouldn't the SEC place some constraints on members of the securities industry who purport to be able to predict the future?

Dodd's Wall Street Reform: READ THE BILL

Huffington Post | Adam Clark Estes | Posted 05.25.2011 | Business

Today, Sen. Christopher Dodd will unveil his financial regulatory reform legislation to the Senate Banking Committee. Based on some predictions, the b...

Jason Linkins

Byron Dorgan Slams Fellow Dems On FinReg Reform (VIDEO)

HuffingtonPost.com | Jason Linkins | Posted 05.25.2011 | Politics

Yesterday, Senator Byron Dorgan (D-N.D.) took to the well of the Senate to introduce his amendment banning naked credit-default swaps. Along the way...

Banksters (A Poem)

Patricia O'Connor | Posted 05.25.2011 | Business
Patricia O'Connor

Where are the emails from Fed and Treasury/ To Goldman, Lehman and AIG?/ Until we know who knew what and when/ How can we trust a single one of them?

The Big Bank Lobby: Too Big to Bear?

Robert L. Borosage | Posted 05.25.2011 | Politics
Robert L. Borosage

Bailed out by taxpayers, the big banks are emerging from the financial crisis larger and more concentrated than ever. Their very size offends market competition. Entities that are too big to fail cannot be disciplined by the market. Worse, their size and wealth also undermine democratic accountability. That's why changing the industry's business model and breaking up the banks that are too big to fail are vital steps towards the new economy that we build out of the ruins of the old. This fight must go on.

Arthur Delaney

Big Bank Takeover: Report Blames Revolving Door For 'Too Big To Fail'

HuffingtonPost.com | Arthur Delaney | Posted 05.25.2011 | Business

How have big banks preserved their "Too Big To Fail" status? With giant bags of money and an army of lobbyists who used to work in government, says a ...

Shahien Nasiripour

Senator Calls For Aggressive Financial Reform, Deplores Current 'Incremental' Steps

HuffingtonPost.com | 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...

What's Still Worth Fighting for on Wall Street Reform?

Zach Carter | Posted 05.25.2011 | Business
Zach Carter

The most important fight from here on out is protecting the surviving elements of the derivatives bill crafted by Sen. Blanche Lincoln. Lincoln's bill would force big banks who deal derivatives to spin off those operations into separate companies.

Shahien Nasiripour

Fed's Kocherlakota: Financial Reform Bill Can't End Bailouts Or 'Too Big To Fail'

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Despite declarations from President Obama, his top aides and Democratic leadership that the pending financial reform bill in the Senate will forever e...

The White House Should Stop Pandering to the Street and Support Three Critical Banking Reforms

Robert Reich | Posted 05.25.2011 | Business
Robert Reich

The White House is dismissing the three financial regulatory reform amendments that are necessary to restore trust in our financial system. Will there be a course correct before it's too late?

Stopping Too Big to Fail is Vital to a Healthy Economy

Sam Zamarripa | Posted 05.25.2011 | Business
Sam Zamarripa

Despite assurances from federal regulators and lawmakers large financial institutions with concentrated positions in risky assets continue to pose a significant threat to our still fragile financial markets.

Move Our Money: Why Universities Should Join the Movement

Dan Apfel | Posted 05.25.2011 | College
Dan Apfel

You know where you keep your money, but where do the institutions where you go to school, work and live keep their money? Most of them have accounts with one or more of the major banks.

Way Too Big to Save

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

Big banks have a funding advantage -- the implicit government guarantee makes it easier for them to raise capital and cheaper for them to borrow money. They will always only become larger.

Maryland Legislature Considers Move Your Money Approach To State Business

Baltimore Sun | Eileen Ambrose Personal Finance | Posted 05.25.2011 | Business

The Maryland General Assembly is considering legislation that would essentially give state-chartered banks an edge when bidding to serve state agencie...

Shahien Nasiripour

Wall Street Vet Involved In 1998 Long-Term Capital Management Bailout Says Nothing Has Changed

HuffingtonPost.com | 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 ...