Banking

Prosecuting Financial Crimes: Will Anyone Bunk with Bernie?

by Mary Bottari — March 31, 2010 - 6:46am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Dick Fuld of Lehman Bernie Madoff is lonely.

    Eighteen months after the collapse of the financial system, not one Wall Street Titan has joined the Ponzi King in the federal pen.

    For a moment there, he thought maybe Countrywide’s Angelo Mozilo might join him, but alas the Securities and Exchange Commission (SEC) decided to give him the slap. Then those Bear Stearns guys were taken to court over those crazy emails that indicated they knew that the funds they were peddling were chock full of toxic swill, but the Feds screwed that one up too. Then Bank of America’s Ken Lewis came under fire from the New York Attorney General (AG) for not telling his shareholders the truth about that merger with Merrill Lynch. Since the AG has launched a civil and not a criminal case, Lewis too may face the slap. Now a bankruptcy examiner has revealed that Dick Fuld and team were busily cooking the books over at Lehman Brothers before its collapse, but the FBI apparently didn’t read these news stories. It can’t be stirred enough to even issue subpoenas.

    Big Banks to Try Putting on Lipstick

    by Anne Landman — March 26, 2010 - 1:29pm

    The Financial Services Roundtable, which lobbies on behalf of around 100 of the country's top banks, credit card companies and insurance firms, will undertake a professionally-organized public relations campaign to try to improve the tarnished image of the financial industry.

    Main Source: 
    Bloomberg.com, March 24, 2010

    Dodd Move Blocks Progressive Reforms

    by Mary Bottari — March 23, 2010 - 8:27am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • With over 400 amendments readied for the committee debate on Senator Chris Dodd’s financial reform package, Banking Chairman Dodd decided to ditch the democratic process and vote his own version of the bill out of committee. This moves the real debate to the Senate floor and worsens progressive’s chance of improving the bill.

    On Friday, Senators had readied their amendments, which included dozens of Republican amendments that were clearly intended to draw out the debate and delay final action. After tweaking the bill over the weekend, Dodd moved for an up or down vote on his draft in committee. It passed on a strict party line vote of 13-10. After a year of discussion, the committee “debate” and mark up took only 21 minutes.

    America's Women to Dodd: Size Matters

    by Mary Bottari — March 19, 2010 - 9:26am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • To: U.S. Senator Chris Dodd
    Chairman Senate Banking, Housing and Urban Affairs Committee

    Dear Senator Dodd,

    As women and as taxpayers, we are writing to you today to tell you that size matters.

    Usually we love big. Big boxes of chocolate, big boxes of wine, big — well you know. But when it comes to big banks and big bank bailouts, it’s a whole different story.

    As you get ready to take up bank reform in your committee next week, we need to talk.

    Finance Overhaul Heads to Senate Bank Committee for Votes Next Week

    by Mary Bottari — March 17, 2010 - 2:29pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Send the message to Congress that we need to break up the banks and end "too-big-to-fail." Call your Senator using the toll free number provided by SEIU 866-544-7573. This number will be open and available to consumers until March 31, 2010, or you can send an email at BanksterUSA.org under "Protect American Families."

    U.S. Chamber Plans $3M Ad Blitz Vs. Dodd Bill

    by Mary Bottari — March 17, 2010 - 11:01am

    Congress Daily reported today that the U.S. Chamber of Commerce said it would spend at least $3 million in a multi-state TV ad buy opposing Senate Banking Chairman Christopher Dodd's (D-CN) bill to revamp the financial regulatory system.

    Main Source: 
    Congress Daily, March 17, 2010

    The Good the Bad and the Ugly in the Dodd Bill

    by Mary Bottari — March 16, 2010 - 8:25pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Here are some highlights regarding the 1,300 page bank reform bill released by U.S. Senator Chris Dodd (D-CN) yesterday.

    Progressive Senators Fight for Real Bank Reform

    by Mary Bottari — March 13, 2010 - 7:53am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Headlines blared that Senate Banking Chair Chris Dodd was done with dithering, and ready to move ahead with a financial reform package without Republican support. Financial reform groups should be celebrating this as a positive move that would roll back some of the worst elements of the bill inserted during recent bipartisan negotiations, including the nutty effort to put the Consumer Financial Protection Agency (CFPA) into the Federal Reserve -- an institution about as popular as the IRS.

    Hold the champagne. Reading between the lines, it seems that negotiations are continuing behind the scenes and ranking Republican Senator Richard Shelby (R-AL) says “an agreement is still very possible.” The little spat between Dodd and the Republicans has been beneficial, though, because it flushed out more details about the points of agreement and contention.

    Take Action This Week on Banking!

    by Mary Bottari — March 11, 2010 - 10:05am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Financial reform in the Senate is at a critical juncture, as Senate Democrats attempt to achieve a bipartisan bill. Conservative Senator Bob Corker (R-TN) appears to be in the driver’s seat.

    Reality TV Star Pushes Financial Reform

    by Mary Bottari — March 9, 2010 - 1:36pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Today the Funny or Die crew took the fight for financial reform to a new level, tapping the talents of reality TV star Heidi Montag who delivers the message that "with hidden fees and standard interest rate increases, that $11,000 jaw line can end up costing $50,000 dollars!" Montag is famous for her multiple plastic surgeries featured recently on the cover of People magazine.

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