Gretchen Morgenson on Bill Moyers: Why Too Big to Fail Still Lives
This Bill Moyers segment gives a welcome view of Gretchen Morgenson recapping the sorry state of the “too big to fail” problem.
Read more...Category Archives: Banking industry
The Fed Has Painted Itself in a Corner
I welcome readers telling me I’ve missed something, but looking at the Fed’s problem from 50,000 feet, it appears that the the monetary authority appears to have set boundary conditions for its QE exit that it can’t meet.
Read more...Is Jamie Dimon Really Out of the Woods With Shareholder Thumbs Down on Splitting CEO/Chairman Roles? (Updated)
There’s a surprising degree of blogosphere acceptance of JP Morgan’s messaging on the shareholder vote today regarding whether to split the CEO and Chairman roles, that this result was a vote of confidence in his prowess as CEO. Huh?
Read more...Catholic Church Voicing Opposition to Eurozone Austerity
It’s been slow in coming, but religious leaders are starting to speak out against the mechanisms and high social cost of austerity.
Read more...Josh Rosner on How Dodd Frank Institutionalizes Too Big to Fail
Josh Rosner of Graham Fisher testifies before a subcommittee of the House Financial Services committee today on why Dodd Frank has not ended too big to fail, but also has managed to entrench the megafirms’ advantaged position.
Read more...Mel Watt, Nominee to Head FHFA, Opposes Administration by Voting to Deregulate Derivatives
Good progressives like MoveOn, New Bottom Line, the Alliance of Californians for Community Empowerment, AFR, Elizabeth Warren, and Richard Trumka, head of the AFL-CIO have all fallen in line with Obama’s nomination of Mel Watt, Representative from Bank of America North Carolina.
It might help if they looked harder at Watt. If they were honest about it, there’s not much to like.
Read more...Bill Black: Brown-Vitter Will Not and Cannot Work but it is Criminogenic
Yves here. Like Black, I see Brown-Vitter as well-intended but seriously flawed.
Read more...Jon Stewart Disses OCC and Independent Foreclosure Review
Jon Stewart piled on to the widespread criticism of the Independent Foreclosure Review fiasco.
Read more...Wall Street Hiring More Ex-Government Prostitutes Officials to Assure it Gets its Way
The infamous James Carville quote, “Drag a hundred-dollar bill through a trailer park, you never know what you’ll find,” seems more applicable to official Washington than the much-maligned Paula Jones.
Read more...California Attorney General Sues JP Morgan Over Debt Collection Abuses, Including Sewer Service, Robosigning
California Attorney General Kamala Harris is on a roll.
Read more...Feel Good, Naked Capitalism
Here’s what you helped us to do. Hoisted from comments:
Read more...More Foreclosure Settlement Fiascoes: Rust Consulting Underpays Some Harmed Borrowers
Rust Consulting, which handled the borrower mailings during the Independent Foreclosure Review and is now acting as paying agent, continues to screw up in every way imaginable.
Read more...JP Morgan: A New Type of Dirty Energy
By Jen Alic, a geopolitical analyst, co-founder of ISA Intel (www.isaintel.com) in Sarajevo and the former editor-in-chief of ISN Security Watch in Zurich. Cross posted from OilPrice
As US power plants lose money, a bit of market manipulation goes a long way … ask JPMorgan Chase.
Read more...Quelle Surprise! Banks Whining About Cost of Breaking New California Homeowner Bill of Rights
During the protracted negotiations over what was to become the 49 state/Federal mortgage settlement, New York attorney general Eric Schneiderman was hailed as a progressive leader and California’s Kamala Harris was characterized as an opportunist.
Turns out the opportunist cut a much better deal for her constituents than the supposed true believer.
Read more...Jack Lew’s Nose is Getting So Long He Needs a Hacksaw
Jack Lew really needs to get better at lying in public. So far, he’s making a hash of it.
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