One of the major flaws with the financial reform bill that passed the House last week is that it does nothing to stop behemoth banks from growing even bigger.
Today, the House voted on a long-awaited financial reform package. House Speaker Nancy Pelosi announced: "The legislation says very clearly to Wall Street: the party is over." But is it?
In a stunning report that will give every fired Joe and failed small businessman pause, a new Public Citizen review shows that the CEOs of 10 failed Wall Street firms were paid an average of $28.9 million per year in the years leading up to the Wall Street meltdown.
There was some good news out of Washington for a change. The President hosted a high-profile summit on jobs and Congress started work on a Wall Street speculation tax to help pay for a new jobs bill.
Led by Oregon Representative Pete DeFazio and Iowa Senator Tom Harkin, a group of lawmakers introduced a measure sure to drive Wall Street crazy.
Last week, Ben Bernanke, the head of the Federal Reserve, came before the Senate Banking Committee for a confirmation hearing. Bernanke was nominated by President Bush for a four year term beginning in 2006. President Obama chose to continue with Bernanke and re-nominated him this year for another four year term.
The long-anticipated debate on financial services reform was scheduled to begin on the House floor yesterday. But in a bad sign for reformers, conservative Democrats managed to wring damaging concessions out of House leadership before the debate even began.
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.
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.