Bankster Blog
Tell President Obama to Put Warren to Work!
Submitted by Mary Bottari on July 28, 2010 - 08:46One of the strongest parts of the Wall Street reform bill that just passed Congress is the Consumer Financial Protection Bureau (CFPB). 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.
Tapayers Owed Big Bucks in the Bailout, Homeowners Get No Help From TARP
Submitted by Mary Bottari on July 21, 2010 - 07:58The June update of federal government expenditures in the Wall Street bailout by the Center for Media and Democracy shows that the multi-trillion dollar legacy of the financial crisis largely remains on the government's balance sheet. Our calculations put the total bailout expenditure at $4.74 trillion and the total outstanding balance at $2 trillion.
These numbers are much higher than what is reported in the media because CMD's Wall Street Bailout Cost Table takes into account all 35 government programs, not just the Troubled Asset Relief Program (TARP) managed by the U.S. Treasury Department. Still unpaid: $568 billion in TARP money and $1.4 trillion in Federal Reserve loans and investments.
Wall St. Reform Passes! Reformers Celebrate Rare Victory Over Entrenched Special Interest
Submitted by Mary Bottari on July 16, 2010 - 01:34After a classic David and Goliath showdown between Wall Street might and a small band of reformers, a 2,000 page Wall Street reform bill passed the U.S. Senate Thursday afternoon 60-39. The bill is now final and is headed to the President Obama’s desk for signature.
“We were outmatched 300-1, but the bill became stronger as it worked its way through the process,” said Heather Booth, director of the national coalition Americans for Financial Reform (AFR). This shows that “with organized people and committed leadership, things can move in the right direction,” said Booth.
Senate Bank Reform Bill One Vote Short
Submitted by Mary Bottari on July 9, 2010 - 07:32The fate of the Wall Street reform bill is up in the air after the death of Senator Robert Byrd of West Virginia. The bill is a single confirmed vote short of the 60 votes needed to get past a threatened filibuster by Senate Republicans. From day one, the Bankster team has supported the Consumer Financial Protection Bureau and that is still one of the strongest pieces of the bill. It is a great time to send off the last emails to Senators telling them to put a new cop on the block in the form of a CFPB.
Tell Us What You Think of the Bill
We want to hear from you about what you think of the bill and what grade you would give it if you were a kindergarten teacher grading Congress on its performance. Conceptually, the bill breaks down into three main parts.
Wall Street Reform Bill Yields Big Win for Little Countries
Submitted by Mary Bottari on July 8, 2010 - 08:03You know that Wall Street reform bill pending in the Senate? Some last minute insertions add up to a surprisingly big win for the developing world.
Oil Companies Required to Detail the Dough Paid to Foreign Governments
First, kudos to Senators Dick Lugar (R-Indiana) and Ben Cardin (D-Maryland) for inserting strong provisions that require extractive companies (oil, natural gas, etc.) to detail in their annual Securities and Exchange Commission (SEC) filings the payments they make to foreign governments.
Wall Street Reform Bill Could Be a Big Win for the Farm Belt
Submitted by Mary Bottari on June 30, 2010 - 09:12Everyone in America remembers the summer of 2008 when gas prices rose to over $4.00 a gallon. The puzzling price spike caused hardship for many Americans, but it had a disproportionate impact on farmers given that energy costs are one of farmers biggest costs of doing business. A repeat of this scenario not only threatens consumer pocketbooks and farm livelihoods, but could be a serious set back to an already slow economic recovery.
DERIVATIVES REFORM SUFFERS A MIDNIGHT MANGLING
Submitted by Mary Bottari on June 25, 2010 - 11:58The last day was a long one in the House-Senate conference committee on financial reform. The conferees had been at it since 9:00 a.m. and were rumpled and weary. Big bank lobbyists packed the conference room and trailed out into the hallways. As the clocked ticked into the wee hours, the chances for meaningful financial reform dimmed. At issue was the strong and controversial crack-down on derivatives trading authored by Senate Agriculture Committee Chair Blanche Lincoln (D-Ark).
TAXPAYER STILL BACK RECKLESS WALL STREET TRADING
Last Call on Financial Reform!
Submitted by Mary Bottari on June 24, 2010 - 02:48Yesterday, U.S. Senator Blanche Lincoln (D-Arkansas) was dragged into a meeting with Senate Majority Leader Harry Reid (D-Nevada), Senate Banking Chairman Chris Dodd (D-Conn.), Speaker Nancy Pelosi (D-Calif.) and House Financial Services Chairman Barney Frank (D-Massachusetts). It was a pile-on to ask her to agree to weaken her strong derivatives reforms to accommodate Wall Street. Lincoln made it clear she was not pleased with the pressure. "There are some that are not as interested in being as aggressive in making sure that the possibilities of this financial crisis don’t happen again,” the Arkansas Democrat told Roll Call after the meeting. The issue of derivatives will be taken up tomorrow in the House-Senate Conference Committee which is pounding out the difference between the two bills. Will they adopt the Senate version (which covers 90% of derivatives, with a narrow exemption for legitimate end-users like municipal gas companies) or the House version (which is riddled with loopholes and covers only 60% of derivatives trading)?
Chamber's "Virtual" March on Washington: Only an Avatar Can Love a Big Bank
Submitted by Mary Bottari on June 22, 2010 - 18:47The U.S. Chamber of Commerce has launched what it is calling a virtual march on Washington to oppose financial reforms being considered by Congress this week. With relatively few actual Americans willing to take their summer vacation in D.C. to march in favor of the Big Banks whose gambling broke the economy and whose practices have pillaged the financial security of working people, the Chamber has resorted to urging "avatars," or computer representations of people, to march on the virtual capital of the U.S.
Swap Till You Drop: Will Frank Protect Localities from Wall Street's Ticking Time Bombs?
Submitted by Mary Bottari on June 22, 2010 - 18:00As the fight for financial reform on Capitol Hill enters its final stages, it is worth reviewing what is being done to protect states and localities from the Wall Street con. On Thursday, the House-Senate conference committee on financial reform will take up the controversial section of the bill dealing with derivatives reform. Not a local issue right? Wrong. SEIU's Big Banks campaign has uncovered about 71 states and localities which have bought into dangerous derivatives and swaps deals to finance local priorities.
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