Economy

Federal Reserve Tries to Burnish Image with Ad Campaign

by Anne Landman — December 4, 2009 - 1:36pm

The Federal Reserve Bank is on the hot seat for failing to protect consumers from unscrupulous mortgage lenders, failing to predict or prevent the financial crisis, and its involvement in the multi-billion-dollar, 2008 taxpayer-funded bailouts, making this a great time to run an ad campaign to try and burnish its image.

Main Source: 
Los Angeles Times, November 26, 2009

Congress Subverts Transparency in Digital Version of Expense Report

by Anne Landman — December 3, 2009 - 2:37pm

In a supposed bid to increase transparency in government, House Speaker Nancy Pelosi asked Congress to post its quarterly expense reports (pdf) online, where the public can view them. But transparency took a hit in the digital age.

Main Source: 
ProPublica, December 2, 2009

Frank Capra: Great Movie Maker, Brilliant Financial Analyst

by Lisa Graves — December 1, 2009 - 1:27pm
  • Topics: Economy

    • The Center for Media and Democracy's BanksterUSA campaign released a new video today, "It's NOT Such a Wonderful Life," saluting the classic film by Frank Capra. Our short video takes footage from the 1946 black and white film to make a point about today's financial crisis and the need for Congress to step up efforts to regulate banks so that this type of catastrophic financial meltdown never happens again. You can view our video at our BanksterUSA website or on our new YouTube channel. We hope you'll share the video with your friends.

    Tough Talk Is Not Enough on Loan Modifications

    by Mary Bottari — November 30, 2009 - 4:13pm
  • Topics: Economy

    • Today, the Obama administration announced that it is stepping up efforts to pressure mortgage companies and banks to reduce payments for homeowners facing foreclosure.

    As double digit unemployment becomes the major driver of foreclosures and as the vast majority of adjustable rate mortgages have yet to trigger, the White House is finally getting the message that news footage of families being tossed to the curb during the holiday season will not help Democrats going into the 2010 election cycle.

    Charitable Giving, Goldman Style

    by Mary Bottari — November 23, 2009 - 10:33am

    Last week, a humbled Goldman Sachs canceled its holiday parties and trumpeted a noble new program to mentor and loan to small businesses. The cost, $500 million, made headlines across the country.

    Main Source: 
    Wall Street Journal, November 19, 2009

    Anniversary Sparks Renewed Efforts to Break Up the Banks

    by Mary Bottari — November 10, 2009 - 11:51pm
  • Topics: Corporations, Economy, Lobbying

    • Thursday, November 12th marks the ten year anniversary of the repeal of the depression-era Glass-Steagall Act that protected consumers from casino-style gambling on Wall Street and prevented significant financial crises for almost 60 years. As Congress took up a series of bills this fall to restore confidence in the financial sector, notably lacking were any bills to break up the big banks and restore Glass-Steagall protections.

    "For Better or Worse" - Geithner, Goldman, and AIG

    by Mary Bottari — November 2, 2009 - 12:14pm
  • Topics: Corporations, Economy, Politics

    • U.S. Treasury Secretary Timothy Geithner has trouble understanding that the core responsibility of any federal official is to be thrifty with taxpayer dollars.

    GAO Touts Good News! Stock Trades Safe from H1N1

    by Mary Bottari — October 27, 2009 - 11:01am

    H1N1 is here. President Obama declared a national health emergency. Health workers and schools are worried because the vaccine is seriously behind schedule. Parents are worried about how they will stay home with their kids and keep their jobs. What are the watchdogs at the Government Accountability Office worried about?

    Main Source: 
    GAO

    LIVE! From the Big Showdown in Chicago

    by Mary Bottari — October 26, 2009 - 10:12am
  • Topics: Activism, Economy

    • With the newspapers full of talk about "zombie" banks and parasitic "vampire squid" financial institutions, it was particularly fitting that the "Showdown in Chicago" started with a ghoulish group of zombies rocking out to Michael Jackson's "Thriller." Chicago's own South Shore Drill Team opened the three days of banks protests with a bang and had the crowd of thousands of activists dancing in no time.

    The Showdown promises to be the first major American protest against the banks since the financial meltdown in September 2008. Thousands are expected to join three days of educational activities and the large march on Tuesday to the American Bankers Association (ABA) convention at the downtown Sheraton hotel.

    Halloween Horror! Seven CEOs to Face Paycuts

    by Mary Bottari — October 22, 2009 - 8:52am

    According to the Wall Street Journal, federal "pay czar" Kenneth Feinberg will order seven bailed out financial institutions and auto companies to cut their compensation packages for top officers by 25%-50%. According to one professor interviewed, this represents a "seismic shift" in corporate governance.

    Main Source: 
    Wall Street Journal, October 21, 2009
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