Bank of America will pay $335 million to settle their dispute with DOJ. The settlement will directly benefit those damaged by Countrywide’s actions. Click here for the official settlement announcement.
Is this justice? Hardly. Blatant, institutionalized racism and greed must be punished with more than a slap on the wrist.
Monthly Archives: December 2011
Legislation is not Enough to Curb Cell Phone Use While Driving
Posted in Social PolicyEven in the long term, as technology accelerates, one wonders if legislation is the answer. Though organizations like the NTSB and government voices like Ray LaHood should continue to rail against the evils of distracted driving, it may be more realistic to hope for systems that are more effective and safe.
The Back Room Bail Out: Congress Provides the “Inside” Information that Drives Wall Street
Posted in Banks and Financial ServicesIn more recent times, Wall Street banks know that a government announcement on particular policies can drastically and immediately affect stock movement. And when you can trade rapidly through a high speed modem – that spells “ka-ching”, big money. One of the latest games takes the form of lunches, meetings, and panel discussions organized by firms who will earn a commission on trades resulting from the information provided at these soirees
The Corporate Observer Endorses Newt Gingrich for President (of North Korea)
Posted in Social PolicyCan a serious candidate for President be willing to suggest the end of democracy as we know it – in order to pander for a few thousand votes? Yikes. I say the best solution is ship Mr. Gingrich over to North Korea. They need a new dictator and he’s got the perfect message.
The Failed Prosecution of Former WAMU Executives Sends The Wrong Message
Posted in Consumer ProtectionTo avoid the next debacle, prosecutors must put the fear of prison and personal bankruptcy in the mix. The cases against former WAMU executives only signal full steam ahead for someone now at a bank or brokerage firm plotting a high risk, high reward, highly leveraged and barely legal scheme to make a quick fortune. That ain’t right.
2011 All-American Whistleblower Team
Posted in Consumer ProtectionThis year’s team – Franz Gayl, Cheryl Eckard, Michael Winston, Bunny Greenhouse, and Harry Markopolos – saved lives and contributed billions to our national treasury. We honor their courage, dignity and willingness to stand for justice.
Occupy Wall Street Part II: Gutsy Princeton “Occupiers” Take on the Nation’s Largest Banks
Posted in Banks and Financial ServicesThose gutsy “occupy” Princeton folks took on the likes of JP Morgan Chase and Goldman Sachs – the banking equivalents of Ray Lewis and Ndamukong Suh.
The Politics of the Consumer Finance Protection Board and the Nomination of Richard Cordray
Posted in Social PolicyA party wins the election and they must be allowed to govern. If they fail to do so, vote them out of office in two years or four years, but allow them to fulfill the mandate of the electorate… We need to give Dodd-Frank and Richard Cordray a chance to govern.
The “Robin Hood Tax” Misses the Point
Posted in Banks and Financial ServicesAny such tax will divert us from the core problem: Banks are getting bigger and stronger while regulation lags dangerously behind. This Robin Hood, although dapper in his green tights and equipped with a full quiver of arrows, is no match for the modern arsenal and armies of lobbyists owned by the banks.
Sena-Governor Jon Corzine to Testify in Washington
Posted in Banks and Financial ServicesThis cannot be fun for Sena-Govenor Corzine. The House Agricultural Committee has voted unanimously to subpoena him to testify about the recent debacles at MF Global. As you’ll remember from our earlier post, MF Global somehow misplaced hundreds of millions of customer monies. Ooops. Corzine does not yet face any charges, but he has hired… Continue Reading
Raj Rajaratnam To Spend The Weekend At Home Then It’s Off to Federal Prison; Despite the Eloquence of His Appellate Attorney Patricia Millett
Posted in Banks and Financial ServicesMr. Rajaratnam, enjoy your last weekend at home. Watch some football, enjoy your favorite foods and make sure to hug your kids. Because come Monday it’s federal prison in Massachusetts – ouchhh. Despite the arguments of your eloquent and powerful attorney, Patricia Millett, the trial judge and a panel of judges from the second circuit court of… Continue Reading
Quick Links 12/1/11: The Consumer Financial Protection Board is getting rolling; Nicholas Kristoff sits down with a former Citigroup salesman; and finally, a well written piece on the wisdom of regulation
Posted in Consumer ProtectionThe CFPB is taking important first steps towards its mandate of helping consumers wade the murky waters of personal finance. Click Here Proof Positive. Sixty Percent of his evaluation was focused on selling risky subprime mortgages. Read this and more in Nicholas Kristoff’s captivating interview with a banker/salesman from Citigroup who seems to have realized… Continue Reading