For some time, many regulators have viewed the Volcker Rule (part of the Dodd-Frank law which was put in place after the 2008 financial crisis) as too complicated to enforce. Former Chairman of the Fed, Janet L. Yellen, and present Chairman, Jerome H. Powell, concur. The rule put in place to prevent banks from making… [Read More]
Crapo Spin: Too Big to Fail … Too Small to Succeed
Senator Mike Crapo (R-ID), Chairman of the Senate Banking Committee, spearheaded a major rollback of the 2010 Dodd-Frank Act: The Economic Growth, Regulatory Relief, and Consumer Protection Act. The Crapo Bill was a recent topic of hot debate which had passed in the Senate, has now passed unchanged in the House, and has morphed into the Bank Lobbyist… [Read More]
Robin Hood and the Too Big To Fail! Is He Too Late to Help on the Crapo Bill?
Legend has it that Robin Hood, a former archer for Richard the Lionheart, took on the Sherriff of Nottingham, whose autocracy and exorbitant taxation of the town’s citizens were crippling the economy. Robin Hood went on to gain fame for fighting injustices imposed by the rich on the poor. However, in this present scenario –… [Read More]
Janet Yellen’s Historical Last Act: Wells Fargo Sanctions!
Janet L. Yellen, in her last act as Chairman of the Board of Governors of the Federal Reserve System, imposed what are being described as unprecedented sanctions on Wells Fargo Bank for the bank’s ”widespread customer abuses” of the last several years. The Fed cited not only the millions of customer accounts Wells Fargo opened without authorization,… [Read More]
The Epic Story of Fannie and Freddie: Is There an End in Sight?
Congress has long debated replacing Fannie and Freddie, who were at ground zero of the 2008 crisis as federally charted privately owned companies. They’d been given directives by Congress to make housing affordable, which pretty much meant: fulfill the American dream by having a chicken in every pot, a car in every driveway and a… [Read More]
Tax Cuts: Will the Rich Get Richer?
So who will really benefit from the latest tax cuts and overseas repatriation? Will companies invest more in their employees and infrastructure so the middle class and society as a whole benefit or will the rich get richer and companies use the “tax gifts” to buy back more stock and engage in the financial engineering … [Read More]
Consumers are Mad as Hell – The Big Banks Have Won Again!
Well so much for the CFPB and their attempt to protect the consumer. They’ve been shot down! The Senate has voted “to strike down a sweeping new rule that would have allowed millions of Americans to band together in class-action lawsuits against financial institutions.” The “vote is a giant setback for every consumer in this country,”… [Read More]
Busting the Financial Regulations Myth! Anat Admati’s Take
The caption of the photo of a founding father facing the New York Stock Exchange caught and held me. It stated, “It takes a willful blindness to liken financial crises to natural disasters.” I was hooked. Wall Street, our government and politicians have repeatedly, willfully and wrongfully branded the 2008 financial crisis a natural disaster,… [Read More]
What an Honor to Present to SEACEN in Kuala Lumpur!
I recently spoke in Kuala Lumpur, Malaysia at a high-level conference on financial stability and supervision attended by top executives from the central banks of nineteen countries. The conference was sponsored by The South East Asian Central Banks (SEACEN) Research and Training Centre, based in Kuala Lumpur. SEACEN was established as a legal entity in… [Read More]
Wells Fargo: The Poster Child of Greed & Fraud
Wells Fargo has now become a never ending story of greed and fraud as the charges against them continue and even more charges come to light. It now looks as if they have uncovered an additional 1.4 million fake bank and credit card accounts for a total of up to 3.5 million accounts from their… [Read More]
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