The Securities and Exchange Commission (S.E.C.) voted last Wednesday to pass the Regulation Best Interest rule. The Commission claims the changes would help Main Street investors by tightening the standards governing brokers who sell investment products and outlining a fresh interpretation of the duties of investment advisers who provide financial guidance. According to Jay Clayton, the… [Read More]
Hold onto your wallets…
We could be in for a wild ride! As the 2020 elections approach, the stock buyback debates are heating up, and predictions say the Democrats may potentially gain control of both the Congress and the Senate. So how did a practice that was considered stock manipulation and was generally illegal prior to 1982 gain such… [Read More]
Should the Big Banks Be Nervous?
Will the new scrutiny House Financial Services Committee chairwoman Maxine Waters proposes prevent another financial crisis? Last week Ms. Waters pledged that this committee will keep an eye on the larger banks and pay closer attention to whether regulators were trying to weaken the safeguards and regulations enacted after the last financial crisis. What some… [Read More]
An About Face
There is something wrong with this picture! What are we missing here? And when will we try to hold politicians and government, not just bankers and investors, accountable? A recent Wall Street Journal article proclaims “Banks Get Kinder, Gentler Treatment Under Trump.” It points out that regulators are asking examiners to adopt a less aggressive… [Read More]
Glass-Steagall: Come Back Before It’s Too Late. Again!
June 16th marked the 85th anniversary of the Banking Act of 1933, known as the Glass-Steagall Act, which separated commercial and investment banking. The Depression-era bank regulation kept different types of financial institutions separate. But collective memories have waned as to why it was put into law in 1933 in the first place and why… [Read More]
The DOJ report: Another Political Hot Potato?
The Justice Department’s report on the FBI’s handling of the Clinton email scandal and other actions in advance of the 2016 election is already a political hot potato. The report has President Trump supporters saying “Told ya so” and the general public questioning how the DOJ and the FBI runs its departments. And rightfully so…. [Read More]
How to Take Apart the Consumer Financial Protection Bureau!
Pryor to acting director Mick Mulvaney’s appointment to the Consumer Financial Protection Bureau, Mr. Mulvaney had called the CFPB a “sad, sick joke” and called for an overhaul of the agency, including curtailing its budget. Well, it looks as if Mr. Mulvaney is fulfilling his promises, even to demoting the “Consumer” in the Consumer Financial… [Read More]
Citigroup: The Poster Child of Bad Mortgages!
This past Sunday the PBS documentary produced by WNET, New York, about Sherry Hunt, one of my former chief underwriters (Sherry blew the whistle on Citigroup four years after I was thrown out for warning about their bad mortgages), and myself aired on KERA Channel 13, Dallas PBS. The documentary, entitled “The Whistleblower,” is the first episode in… [Read More]
Wall Street, The Fed and Ethics!
Ray Dalia, Founder of Bridgewater Associates said: ”You’re going to be wrong a fair amount of times; so the issue is, how do you be wrong well?” Reading about Randal Quarles, the Federal Reserve’s first-ever vice chair of supervision recusing himself from matters related to Wells Fargo, I asked myself that question, “how do you… [Read More]
Trump and Wall Street vs. Cordray and the American Consumer: All Out War?
This past weekend, the Consumer Financial Protection Bureau (CFPB) erupted into chaos as two leaders were appointed as the agency’s acting director. The chaos continues this week between the two acting directors with aggressive emails, donuts and a requested restraining order. So is this a power play? Or a legitimate stance? Either way, there is… [Read More]
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