Astounding! Or so states the editorial board of the Wall Street Journal. Author and journalist William D. Cohan notes in a recent article that the WSJ op-ed asserted that bankers and traders didn’t go to jail for their bad behavior in the years leading up to the financial crisis “because they haven’t committed any crimes.” Mr. Cohan,… [Read More]
Wells Fargo, Fried Again!
Well, it looks as if Wells Fargo, the self-proclaimed “community-based financial services company” is once again on the hot seat.The bank had been forcing unneeded collision insurance on customers who financed their car purchases through the bank. That practice, first disclosed by The New York Times, affected 800,000 customers according to an analysis commissioned by the bank. The bank… [Read More]
It’s the Payouts, Stupid!
Well, that’s not quite what Federal Deposit Insurance Corporation‘s (FDIC) Vice Chair Thomas Hoenig said; however, there was no question about his position. A recent Reuter’s article, “Payouts, not capital requirements, are to blame for fewer bank loans: FDIC Chairman,” explains that Hoenig, in a recent letter, cautioned Senate Banking Committee Chairman Mike Crapo (R… [Read More]
Don’t Pop Open the Bubbly Just Yet! This Market Buying Activity Used to be illegal.
The stock market is up and we should all be celebrating. However before you pop open the champagne, let’s look at the real story. The stock buybacks driving the market used to be illegal because they manipulated the market. The stock market has been on a tear since 2009, rising to record levels, and optimism… [Read More]
Did We Learn Anything From the 2008 Financial Crisis?
Last year, fellow Bank Whistleblowers United colleague, Michael Winston, the Countrywide Whistleblower, and I, along with C.R. “Rusty” Cloutier, MidSouth Bankcorp. Inc, Founding President and CEO, and Rashad Abdel –Khalik, PhD. Professor of International Accounting at the University of Illinois, joined Dennis McCuistion; the host of the McCuistion Program for an insightful look at “What… [Read More]
If You Check the Box …You’ve Given Away Your Rights! But CFPB is Coming to the Rescue!
Every day, we sign up for programs, install smart phone apps, shop online and check the box that says we’ve read and agreed to the merchant’s terms. Yet, have you read them? And if you don’t check the box, you can’t “buy” the product so what choice is there? In that fine print though you… [Read More]
Is Wall Street a National Threat?
A sentence in a recent NY Times editorial captured my immediate attention: “But the American Public Is short of memory and naively susceptible to the siren song of snake oil.” In its first system-wide “all clear” since our last financial crisis, “the Federal Reserve announced last week that all of the nations’ big banks are… [Read More]
Respected Business Leaders Call Out for Ethics and Accountability!
And it’s about time…principles matter; in business and in our personal lives. For some time you’ve heard me rant on the lack of principles exhibited by many companies and the TBTF banks that endangered our economy in 2008; the lack of principles that eroded our financial systems and the fraud that resulted because of the lack of ethics and… [Read More]
Are Clawbacks and Shareholder Proposals Essential to Corporate Governance?
The recent Wells Fargo financial misdoings situation has focused much-needed attention once again on clawbacks, the forced return of pay and stock grants, and shareholders involvement in corporate guidance policies. The Wells Fargo’s board voted to claw back an additional $75 million in compensation from the bank’s former chief executive, John G. Stumpf, and its former head of community… [Read More]
FED UP… An Insider’s Take On Why The Federal Reserve Is Bad For America
Danielle DiMartino Booth’s book FED Up is an insider’s take on why our Federal Reserve System is deeply flawed and requires major change. It is an interesting and disturbing read into the working of the Fed by one who’s been there and understands the system. I was deeply disturbed by some of her observations, most especially on… [Read More]
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