Today the Washington rumor mill sprang into overdrive as word trickled out that the Obama administration was thinking of applying some sort of fee to banks in order to take back bailout dollars and fund deficit reduction. Here at BanksterUSA we are thrilled that the Obama team has joined our "Repo the Dough" campaign and urge it to apply a financial transaction tax to destructive stock market speculation. A one time tax on bank bonuses simply will not suffice.
Tiffiniy Cheng is guest blogging this week. She is the campaign coordinator for "A New Way Forward" and founder of "Open Congress."
Bailouts and political connections go hand in hand according to a just released academic study. The study, which was conducted by the Ross School of Business at the University of Michigan researchers, shows concretely that lobbying, campaign contributions, and the finance/federal government revolving door has helped the most damaging banks despite the dangers they pose to our economy.
By any measure, the last decade was a rotten one. It started with a stolen election and the worst terrorist attack in American history. It is ending this week with the United States mired in two wars and deep into a catastrophic recession.
It’s hard to imagine that the next decade could be worse, but could it?
More than a year after reckless Wall Street gambling collapsed the economy, no employee of a major American bank or financial institution is behind bars. This fact is all the more astounding when it comes to AIG.
AIG was at the heart of the financial meltdown. Their "innovative" use of risky credit default swaps (a type of insurance policy on bonds) helped transform boring bond trading into a highly leveraged, high-velocity global business.
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.