As part of the Wall Street reform which was recently passed, a new body was established.  It is called the Bureau of Consumer Protection and Professor Elizabeth Warren is the person most frequently named as a possible chair for that Bureau.  However, her appointment is opposed by those most affected by this new level of [...]

Back in 2009, the Fed was harshly criticized for its inability to handle the looming economic crisis.  Some, like Senator Chris Dodd, were calling for a vast reduction in the poser of the Federal Reserve.  However, that has all changed.  “Far-reaching bank reform legislation has been approved on Capitol Hill that will be signed into [...]

New Bank Regulation Law – a joke??
Once again, I am impressed with local columnist, Ed Wallace.  He has insight and perspective which I do not find in the main stream media.  His latest column entitled “Nothing has Changed” deals with banking reform, or the lack thereof.  Although Congress recently passed what it calls “sweeping reform” [...]

Wow, where does one begin to describe this interview/article?  Howard Davidowitz of Davidowitz & Associates shares his thoughts on the situation which created the Wall Street crisis (he asks: why have the accountants who were paid 25 million in fees and signed off on the fraudulent values of the derivatives not been sued?);  the proposed [...]

TARP was the first government stimulus program, pushed through by President Bush, with much vocal support of VP Dick Cheney.  Now there are over 90 banks who got these cash infusions (in the form of a purchase of preferred shares of the bank’s stock) from the federal government who cannot pay the required dividend on [...]

The Federal Trade Commission has announced today that Bank of America will “provide refunds to homeowners who were overcharged before July 2008, when” Countrywide Financial Corp., “the company was bought by Bank of America”.
“The agency began investigating the loan-servicing business of the company, since acquired by Bank of America, in 2008 amid complaints about fees [...]

Here is an amazing and troubling story.  Angry crowds protest with signs and bullhorns, telling their story of economic woe to all who will listen…no, not in Thailand or Greece, but in DC.  The protesting crowds of over 700 people surrounded the home of Bank of America deputy general counsel Gregory Baer.  His home is [...]

Greece needs more bail out money to service its debts. Rich European governments, read Germany, agreed despite discontent from their population.  Now German Chancellor Angela Merkel wants to discuss the banks who loaned large amounts of money to Greece (was that ever a wise thing?) taking a small haircut since they are now guaranteed payment [...]

“At a hearing Thursday morning before the House Oversight Committee, the Treasury’s TARP chief Herb Allison will announce new protections for homeowners in the modification process who also face a pending foreclosure. The protections are designed to eliminate much of the confusion and anxiety that many homeowners deal with in these situations.”
 Here is a link: [...]

“Federal Reserve Bank of Dallas President Richard Fisher called for an international pact to break up banks whose collapse would threaten the financial system, a position that goes beyond other Fed officials. ‘The disagreeable but sound thing to do’ for firms regarded as ‘too big to fail’ would be to ‘dismantle them over time into [...]