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The best part of the Wall Street reform bill that just passed Congress is the Consumer Financial Protection Bureau. But whether the new bureau delivers on its promise to protect consumers depends in large part on who runs it. The agency was the brain-child of Harvard Professor Elizabeth Warren who has championed consumers and taxpayers for decades. Tell President Obama to put Warren to work and appoint her as the head of the new agency by signing our petition today!Headlines
Bankster Blog
Some will rob you with a six-gun;
And some with a fountain pen.
Banking on a Lighter Note
Submitted by Mary Bottari on September 1, 2010 - 14:15Look left and check out the amusing video produced by the Main Street Brigade to promote Elizabeth Warren's candidacy for the head of the Consumer Financial Protection Bureau. If you have not had time to sign our petition or leave a comment, do so today. We will be sending it on to the White House next week.
The Washington Post reports that Warren has been spotted meeting with bankers. No, I don't believe she has gone to the dark side, however I do believe that this indicates the administration is serious about her nomination and has asked her to build some bridges.
Wouldn't you like to be a fly on the wall when she meets with Goldman Sachs CEO Lloyd Blankfein: "so Lloyd, are you still selling securities that are designed to fail?" Or with Wells Fargo CEO John Stumpf: "have you stopped juggling customer late fees to maximize the pain for consumers?" These are just some of the big bank tricks featured in our last column.
Will Perpetrators of Financial Crimes Ever Face Justice?
Submitted by Mary Bottari on August 25, 2010 - 21:29Like mushrooms popping up in a damp basement, a slew of court settlements have been registered recently involving the big banks and their role in the financial crisis. An informal review of settlements over the last two years reveals about 16 multi-million dollar payouts from the big banks amounting to some $1.6 billion in fines and restitution and $13 billion in buybacks of auction-rate securities that were represented to be as safe as cash.
Sounds impressive, doesn’t it? But when fines are stacked up against an elite white-collar crime spree worth trillions, it is a little less impressive.
President Obama, Give Liz a Job!
Submitted by Mary Bottari on August 15, 2010 - 23:27Elizabeth Warren is one of the most educated, clear thinking, ethical advocates for the consumer that I have ever had the pleasure of seeing and hearing. As a consumer, I would feel it was a true measure of this administrations faith in me, and my place in this country, if Elizabeth Warren were confirmed as the head of the Consumer Financial Protection Bureau -- Judith Safley.
With news reports that Government Sachs is trying to prevent Harvard Law Professor Elizabeth Warren from being nominated by President Obama to head to the newly created Consumer Financial Protection Bureau, there is one crowd she clearly has in her camp, the American people.
Simon Johnson Coming to Madison!
Submitted by Mary Bottari on August 6, 2010 - 08:43On Monday, August 9th, MIT Professor Simon Johnson will be coming to Madison, Wisconsin to discuss "The Financial Crisis: Where We've Been and Where We Need to Go." Johnson is the editor of Baseline Scenario, the most respected blog on the financial crisis.
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