I’m a firm believer that, eventually, if there is enough of a public outcry, we can make a difference and impact the path this country and our government is taking. For some time, I have been calling for greater accountability from the large Wall Street banks and have openly questioned why the Department of Justice… [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]
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]
Is Dodd-Frank the Real Culprit Today? — YES!
Has your hometown community bank disappeared, absorbed by one of the mega banks? Looks like a cornerstone of our communities is fast disappearing. Since 1980 there has been a steady decline in their numbers, from approximately 18,000 in the late 1980’s to a little over 6,400 today (according to the Federal Deposit Insurance Company, FDIC)…. [Read More]
Behavioral Ethics: Too Big To Fail and the Financial Crisis
This coming week, I will be speaking at the annual conference of the American Accounting Association (AAA). AAA is the largest community of accountants in academia; key experts in that field on leading-edge research and publications. They are well known and respected as thought leaders and for shaping the future of accounting through teaching, research… [Read More]
Dodd–Frank challenged in court! A Win for Community Banking and the American Public
In what is being hailed as “a win for the American public,” the D.C. Court of Appeals granted standing to challenge in court the constitutionality of certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The D.C. Circuit Court handed down a favorable ruling in the Competitive Enterprise Institute’s (CEI, a D.C…. [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]
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]
