In my last post: New DOJ Policy to Prosecute…Real or Smokescreen?, I commented that the DOJ’s new policy to go after individuals who commit financial crimes — not just settle for fines, was a step in the right direction. I also expressed some cynicism, given their track record so far. While it’s my belief that… [Read More]
New DOJ Policy to Prosecute … Real or Smokescreen?
Perhaps, finally the hue and cry to prosecute those responsible for the 2008 financial crisis is having an impact. It looks as if the Department of Justice is changing its tune. This last Wednesday, the DOJ announced a new policy to go after the individuals who have committed financial crimes. Deputy Attorney General Sally Yates… [Read More]
All This Misbehavior, and No One Is Guilty!
In last week’s post, I shared the op-ed that I co-authored with Allen West, President and CEO of the National Center for Policy Analysis (NCPA), We Must Learn From the 2008 Crash or Repeat It …Soon. In the op-ed we pointed out that several recent indicators were somewhat alarming: the recent stock market roller coaster,… [Read More]
What Were the Major Causes of the 2008 Financial Crisis?
The National Center for Policy Analysis (NCPA) Financial Crisis Initiative is accumulating talent from scholars and practitioners nationwide to research and come to consensus on two central questions of 2008: What were the major causes of the financial crisis? What policies can and should be implemented to prevent a reoccurrence? To answer these questions, the NCPA… [Read More]
How Bankers Avoid the Slammer
In a recent Atlantic article, “How Wall Street’s Bankers Stayed Out of Jail,” William D. Cohan asks, “the probes into bank fraud, leading to the financial industry’s crash have been quietly closed. Is this justice?” It appears that the legal window for punishing Wall Street bankers for fraudulent actions that contributed to the 2008 crash has… [Read More]
Customers Can Hold Banks Accountable! Santa Cruz says NO! to TBTF Banks
A recent Nation of Change op-ed piece featured Robert Reich (political economist, professor, author, and political commentator. Reich also served in Presidents Gerald Ford and Jimmy Carter’s administrations and was Secretary of Labor under President Bill Clinton from 1993 to 1997). After asking, “What exactly does it mean for a big bank to plead guilty to… [Read More]
What Caused the 2008 Financial Crisis? Interview by NCPA
The National Center for Policy Analysis Financial Crisis Initiative has honored Richard by inviting him to be part of their task force investigating the events which led up to the 2008 financial debacle. The NCPA interviews with Richard are included below. Richard comments, “I’m deeply honored and humbled to be part of this initiative. NCPA… [Read More]
The D.O.J gets ready for the next round….lets see if the banks get away…again!
Looks as if the new U.S. Attorney General, Loretta Lynch, is taking over the so called pursuing of bank settlements along the same lines her predecessor Eric Holder did. Let’s hope that this time around the banks are held accountable and investors are finally compensated. The settlements relate to securities backed by residential mortgages that plunged… [Read More]
What Would You Do?
The room filled with almost 300 bankers plus was very quiet. The 60 Minute interview with Steve Kroft, which told about what I had experienced at Citi, had just finished playing. There was a collective sigh when the clip stopped and I asked, “What would you do?,” if you had experienced widespread fraud, corruption and… [Read More]
Were Bank Settlements Really Payments of Extortion to the Department of Justice??
Congratulations are in order to the Federal Housing Finance Agency, which has managed to bring a case to trial against Nomura Holdings and the Royal Bank of Scotland, two foreign banks with little U.S. reputational risk. This relatively obscure agency oversees Fannie Mae and Freddie Mac. Considering they have nowhere near the power of our federal regulators and prosecutors at our… [Read More]
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