I'll have plenty to say about the escalating foreclosure fraud scandal later this week. For now: This is a big, big deal. It isn't a clerical error, it's an aggressive attempt to slap borrowers with thousands of dollars in illegal fees for the luxury of being foreclosed on. more »
Most of the discussion surrounding too-big-to-fail at this hearing has dealt with a relatively short period in time: the decision to bailout a firm, and what happened right after that decision.
This is an important part of the issue, but it's by no means the whole story. more »
Clearly the best FCIC hearing to date. Tough questions all around. Everybody comes out of it looking bad, bankers and regulators alike, as they should.
Of all the accomplishments Elizabeth Warren has amassed during her lifetime, one of the most impressive is also one of the least well-known to the general public. Warren was a co-founder of Credit Slips, a very technical, influential blog on banking and bankruptcy. more »
Thursday night's passage of Wall Street reform by the U.S. Senate is an event to be celebrated, but several key issues remain in play as the House and Senate seek to iron out differences between their respective versions of the legislation. more »
Late last night, the U.S. Senate rejected the single most important element of Wall Street reform by a vote of 33 to 61. The SAFE Banking Act would have forced the break-up of the nation's six largest banks, and dramatically reduced the political clout of America's financial elite. The 61 votes against the measure are votes in favor of Wall Street's stranglehold on our economy. more »
J.P. Morgan Chase, America's largest warehouse of arrogant financial elites, has issued yet another deceptive lobbyist smear in the guise of an "analyst report." Yesterday, the megabank's Chief Economist James Glassman launched a broadside against Sen. more »
Despite all of the attention heaped on the Treasury Department and the Troubled Asset Relief Program, the Federal Reserve served as the chief bank bailout engine in the U.S. economy during the Great Financial Crash of 2008, and remains the government's top bailout agency today. more »
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