After news of its phony accounts scandal broke in August, Wells Fargo’s stock got a long drag through the mud. But with expectations of a presidency that will be much friendlier to the financial industry, investors are finally beginning to show a little forgiveness.Read more
President-elect Trump said throughout his campaign he would oppose financial regulations and in May said he would repeal the 2010 Dodd-Frank Wall Street reform law, which was passed in the wake of the financial crisis and empowered federal regulatory agencies to restrict banks' ability to make risky investments. Felix Hufeld, Germany’s financial watchdog, warned that loosening or scrapping of existing laws would lead to a new financial crisis.Read more
The New York Times is the one paper in America that should be viewed with particular skepticism when it comes to Wall Street. It was a cheerleader for years on its editorial page, promoting the repeal of the Glass-Steagall Act. The Times apology, coming after the deregulated Wall Street had crashed the U.S. financial system and left millions of innocent Americans without jobs and in foreclosure, was too little too late.Read more
An editorial called "Jail bait" is the latest in a line of salvoes against what The Economist imagines is a wave of politically driven regulatory actions against corporate executives. It's bad enough that the self-pitying jerks on Wall Street who read magazines like The Economist think that paying taxes or giving employees benefits or adhering to any labor or environmental standards are unconscionable burdens. Now we're supposed to be so grateful for their sociopathic pursuit of profits that we should excuse them from the criminal code, too?Read more
The public banking movement received a lift the past couple weeks with allegations about Wells Fargo inflating its profits by creating millions of fake deposit and credit card accounts. Santa Fe City Councilor Renee Villarreal and co-sponsors Joseph Maestas and Carmichael Dominguez have introduced legislation that allows the city to move forward with planning a public bank.Read more
While most taxpayer funds right now are deposited in commercial banks, the mission of a taxpayer-owned bank would be to create a new financial institution that could hold those deposits without having to involve the commercial banks. Meet the PBI coordinator spearheading this effort for the state of New Jersey.Read more
On Tuesday, September 27th, Public Banking Institute founder, attorney, and author Ellen Brown will speak at Ralph Nader’s Breaking Through Power conference in Washington D.C. She will lead a presentation on Public Banking at 3:20pm at the Carnegie Institution of Washington.
On Saturday, September 24th, at 12:00pm Pacific, Ellen will also be a guest on the Ralph Nader Radio Hour.
The recent kerfuffle over private health insurance companies refusing to accommodate those with plans acquired through the Affordable Care Act exchanges has exposed a glaring issue -- why don't we have a public option to compete with private health insurance profiteers?
The same could be said for banking, as well.Read more