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]
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]
Bamboozling by Banks and Regulators Reaches An All Time High!
It seems our banking regulators and agencies are becoming even more creative in order to get around having to impose the normal penalties against large banks for fraudulent behavior. A recent case in point is HUD‘s proposing to modify their individual loan certification form which is currently required by banks to obtain FHA insurance. With… [Read More]
Broken Windows, Broken Banks! It’s time to institute a Wall Street “Zero Tolerance” policy.
In 1995, New York City Mayor Rudy Giuliani, launched a “zero tolerance” policy. NYC had long been out of control, rife with crime. Giuliani knew strong measures were a must if the city were to survive. “Zero tolerance” was first talked about by James Q. Wilson and George Kelling in a 1982 Atlantic Monthly article…. [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]
Toward Accountability… Maybe Just a Small Step
It’s just a small step, but it’s at least a step in the right direction. I’m heartened by a recent call to action by Rep. Maxine Waters, (D – CA), the ranking member on the House Financial Services Committee, in an article published in the American Bankers magazine. This last February, federal prosecutors began a… [Read More]
History Repeats Itself… Congress Tries to Reinstate Controls on the TBTF Banks
In May, Robert Reich, former Labor Secretary, listed restoration of Glass-Stegall as a key Presidential candidacy criterion. Reich was in Iowa for the Raising Wages/Working Families Summit – the first of a national series – where he was the featured speaker. The reinstatement of Glass–Steagall is steadily gathering public support. A bipartisan group of senators… [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]
If you ain’t cheating…
“If you ain’t cheating, you ain’t trying,”’ says a Barclay Bank trader! This last week a consortium of the six biggest national and international banks were fined $5.6 billion for manipulating global currency and interest rates, going back to 2007. The six banks were Bank of America, Barclays, Citigroup, JP Morgan Chase, Royal Bank of Scotland and UBS. All… [Read More]
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