BanksterUSA

Take Action in the Final Days of Bank Reform Fight

by Mary Bottari — June 9, 2010 - 2:27pm
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Reckless swaps and derivatives trading played a critical role in the financial crisis, inflating the domestic housing bubble and turning it into a global economic catastrophe. As the House and Senate conference committee begins final work on the financial services reform bill, it is critically important that we wall off the casino from the taxpayer guarantee. If big banks want to gamble they need to do so with their own money. Nobel prize-winning economist Joseph Stiglitz makes the case for strong provisions in the Senate derivatives chapter plainly: "If [Congress] fails to pass strict oversight of dangerous over-the-counter derivatives and swaps the U.S. economy will continue to be vulnerable to significant financial risk."

    To urge the House and Senate conferees to take action visit BanksterUSA.

    Bank Reform Bait and Switch

    by Mary Bottari — June 6, 2010 - 10:05am
  • Topics: Banking, BanksterUSA, Democracy, Economy, Real Economy Project

    • When the Senate bank reform legislation passed in May, Senate Majority Leader Harry Reid (D-Nevada) said it sent the message to Wall Street that they can no longer "recklessly gamble away other people's money." The bill told Main Street, "you no longer have to fear that your savings, your retirement or your home are at the mercy of greedy gamblers in big banks. And it says to them, 'never again will you be asked to bail out those big banks when they lose their risky bets,' " according to Reid.

    Reid was correct. The bill the Senate passed did protect the taxpayers from reckless gambling by the big banks, largely due to the last-minute inclusion of strong derivatives reforms authored by Senator Blanche Lincoln (D-Arkansas). So why is it that Senate and House leadership are now busy behind these scenes trying to kill the best provisions in their own banking reform legislation?

    CMD Director Lisa Graves to Address America’s Future Now!

    by Mary Bottari — June 3, 2010 - 9:53am
  • Topics: Activism, BanksterUSA, Corporations, Democracy, Economy, Election Protection, Politics, Real Economy Project

    • CMD Executive Director Lisa GravesAmerica's Future Now! -- the biggest progressive conference of the year organized by Campaign for America’s Future -- convenes June 7-9 in Washington, DC. Join Lisa Graves, Mary Bottari, and Dave Johnson from the Center for Media and Democracy as well as House Speaker Nancy Pelosi, Rep. Alan Grayson, Arianna Huffington, Markos Moulitsas, Van Jones, Gov. Howard Dean, Rep. Donna Edwards, Rep. Jan Schakowsky, Richard Trumka, Andy Stern, Bob Herbert, Juan Cole, Digby, Deepak Bhargava, James Rucker, Drew Westen, Katrina vanden Heuvel, Robert Kuttner, Lizz Winstead and thousands more.

    Progressives must lead to make sure 2010 is not the year of the Tea Party. Jobs, financial reform, clean energy, clean elections, fair workplaces, civil liberties, health care and human rights are at all stake. Let's show Washington that progressives now how to fight!

    The Final Fight: No More Gambling with Taxpayer Money

    by Mary Bottari — June 1, 2010 - 8:38am
  • Topics: Banking, BanksterUSA, Economy, Lobbying, Politics, Real Economy Project

    • Even though the bank reform bill working its way through Congress is far from perfect, there are some strong provisions well worth fighting for as the bill moves to a House-Senate conference committee.

    Two recent articles illustrate the pros and cons of this behemoth bill. New York Times reporter Gretchen Morgenson, does a great job reminding us that the original Glass-Steagall legislation was only 34 pages long and it was key to keeping our financial system stable for 60 years. She points out that the two bills that the Senate and the House have now passed are a whopping 3,000 pages combined:

    Yet despite all that verbiage, there are flaws in both bills that would let Wall Street continue devising financial black boxes that have the potential to go nuclear. And even if the best of both bills becomes law, investors, taxpayers and the economy will remain vulnerable to banking crises.

    Down Under Consumers Leading the Way?

    by Lisa Graves — May 25, 2010 - 2:59pm
  • Topics: Banking, BanksterUSA

    • A special report for the Center for Media and Democracy by Glen Frost, Editor of The PR Report: "Class action against banks ensures 'access to justice' says Australian Minister"

    According to the organizers, it's Australia's largest class action lawsuit: a case of disgruntled bank customers versus the big banks.

    Financial Redress, a specialist in recovering compensation from financial institutions for excessive charges or mis-selling, and a subsidiary of litigation funder IMF Australia, is launching a class action against a number of Australian and foreign banks (with operations in Australia) who have allegedly overcharged customers for years.

    The fees in question are honour and dishonour fees on overdrawn bank accounts and over-limit and late payment fees on credit cards. Financial Redress refers to these as "exception fees" and alleges that the banks have been charging customers an "unfair" amount. Customers are both individuals and businesses.

    Bank Fight Continues -- Now It's Lincoln v. Obama

    by Mary Bottari — May 25, 2010 - 2:48pm
  • Topics: Banking, BanksterUSA

    • At the end of last week, the U.S. Senate passed a financial reform bill that was far stronger than what had been proposed by the Obama administration and passed by the House. Now it's time to hold President Obama's feet to the fire to ensure the strongest possible bill.

    Defend Derivatives Reform

    by Tiffiniy Cheng — May 19, 2010 - 11:11am
  • Topics: Banking, BanksterUSA, Economy, Politics

    • UPDATE ON THE BANKING FRONT: The only thing with teeth left in the Dodd financial reform bill -- provisions introduced by Arkansas Senator Blanche Lincoln that would force the biggest banks to spin off their swaps (or derivatives) desks into separate entities -- may be taken out without even getting a vote. It may be stripped out via a Dodd "manager's amendment," which is being created privately in negotiations with Senators. A manager's amendment is a package of numerous individual amendments agreed to by both sides in advance.

    Right now is an important moment to call Senator Lincoln's office and tell her to defend her original language to end federal and taxpayer backing for reckless Wall Street gambling. You can reach her office at (202) 224-4843.

    It’s Time for the Big Banks to Spin Off their Craps Tables

    by Mary Bottari — May 10, 2010 - 5:48am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • Last week's "flash crash," which sent stocks plummeting 1,000 points in an afternoon, was just the latest indicator that the U.S. financial system is still spinning out of control and desperately in need of new rules.

    Wagering On Angelina Jolie

    When I visit London, I can drop into a corner kiosk and bet on anything I want. I can put down a million dollars on whether or not Angelina Jolie's next baby will be a boy or a girl, but these bets are regulated for what they are -- gambling. In America, the big banks can spend billions in a far more destructive type of speculation, but this speculation in the so-called "swaps" or derivatives market is completely unregulated.

    Critical Week for Financial Reform!

    by Mary Bottari — May 5, 2010 - 11:24am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • The financial reform bill is now on the Senate floor. The bad news is that Senate leadership has not yet decided if critical amendments will see a vote. For instance, Senators Sherrod Brown (D-Ohio) and Ted Kaufman (D-Delaware) have not been assured of a vote on their amendment to cap the size of "too big to fail" banks. Is this a democracy or a dictatorship? Senators should be allowed a debate on their measures followed by a vote. Send a message to Congress at BanksterUSA.org. Also Senator Bernie Sanders (I-Vermont) has not yet seen a vote yet on his simple amendment to audit the Federal Reserve. If you have not taken action yet, send a letter to the Senate by clicking here.

    Blanche Lincoln Rambos Wall Street

    by Mary Bottari — May 2, 2010 - 8:37am
  • Topics: Banking, BanksterUSA, Economy, Real Economy Project

    • The financial services reform bill is on the Senate floor this week. The recently announced criminal investigation of Goldman Sachs, the bumbling testimony of Goldman's Fab" and the rocking Wall Street protest last Thursday show that momentum is with reformers.

    This bill could codify the "doom loop" of a "boom and bail" economy, or it could set us on the path to a more sustainable future. The good news is that a group of Senators has stepped forward to champion a critical set of issues worth getting excited about. Send a message to your Senator in support of these "too big to fail" amendments at BanksterUSA.org

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