British Might End Too Big To Fail Banking

By: Monday February 4, 2013 6:59 am

After a global financial crisis, an epic price fixing scandal, and embarrassing criminal conduct British regulators are considering ending Too Big To Fail Banking. British Finance Minister George Osborne has proposed legislation that if banks do not shield their riskier investment activities from day to day banking they will face restructuring. Britain is shaking up [...]

Frontline Exposes DOJ’s Failure To Prosecute Wall Street

By: Wednesday January 23, 2013 5:55 am

Watch Alarm Bells In The Housing Market on PBS. See more from FRONTLINE. Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for [...]

Obama To Announce Jack Lew As Treasury Secretary Today

By: Thursday January 10, 2013 7:32 am

Jack Lew, veteran of Citigroup and current White House Chief of Staff, will be our next Treasury Secretary: President Obama will on Thursday afternoon announce his intent to nominate Jack Lew to serve as treasury secretary, the White House said. The pick, widely reported on Wednesday, will come at a 1:30 p.m. ceremony in the [...]

Ring the Register: Another $15.4 Million for Disgraced ex-Citi CEO Vikram Pandit

By: Monday November 12, 2012 9:15 am

If anyone deserves a $6.7 million bonus, it’s the CEO who squandered 88% of his company’s stock value: Vikram Pandit isn’t getting a golden parachute, but he’s still not doing too badly. Citigroup said Friday that the former CEO, who resigned last month in a management shakeup, will receive an “incentive award” of $6.7 million [...]

Maria Bartiromo: Pandit Went Galt Because of All the Horrible Name-Calling

By: Wednesday October 17, 2012 12:19 pm

I don’t know if Vikram Pandit wants to cite Maria Bartiromo in his list of reasons why he stepped down as head of Citigroup, but it certainly rings true as a general Wall Street titan complaint. Let’s face it, we have an individual here who sold his hedge fund to Citi for $800 million, taking [...]

Citigroup’s Pandit Resigns as CEO

By: Tuesday October 16, 2012 7:13 am

Vikram Pandit, the CEO of Citigroup, who presided over some of the worst years in the history of the bank, abruptly stepped downtoday. He will be replaced by longtime Citi executive Michael Corbat. Here’s Pandit’s statement.

Sheila Bair: HAMP Sucked

By: Tuesday September 25, 2012 12:21 pm

I have not read Sheila Bair’s upcoming book, “Bull by the Horns,” but it’s on a growing list (I hear former Senate staffer Jeff Connaughton’s book is excellent as well). Arthur Delaney notes that she had harsh words for HAMP, the Administration’s failed program to rescue homeowners facing foreclosure. And she didn’t shy away from accurately describing the program as one that fostered predatory lending.

Banks Have “Recovery Plans,” A Second Living Will, to Deal With Their Demise

By: Friday August 10, 2012 11:46 am

Reuters uncovers a scoop, that there’s apparently a second-layer living will process, a secret one beyond the public living wills we know about. To refresh your memory, banks are required to fill out living wills that detail how they would be unwound in the case of a financial failure. The initial public living wills that [...]

SEC Blows Easy Prosecution of Toxic CDO Salesman

By: Wednesday August 1, 2012 6:54 am

The SEC managed to lose a layup of a case against former Citigroup executive Brian Stoker, in a case which revolved around CDO sales where Citi has already agreed to pay fines on the grounds that they misled investors and took the other side of the bet. The Securities and Exchange Commission had accused Brian [...]

Former Citigroup CEO Sandy Weill: Break Up the Big Banks

By: Wednesday July 25, 2012 10:23 am

Sandy Weill, the former CEO of Citigroup, became the latest unorthodox figure to endorse the concept of breaking up the mega-banks. Weill joins former and current Federal Reserve regional bank Presidents like Richard Fisher and Thomas Hoenig, as well as several academic conservatives. What’s even more unusual about Weill joining this chorus is the central [...]

As Foreclosure Fraud Settlement Falters, Foreclosure Defense Movement Gains

By: Tuesday June 12, 2012 1:49 pm

Ben Hallman has an informative piece on who is starting to get relief from the foreclosure fraud settlement. The short answer, despite incentives to write down loans in the first year of the program, is not that many people. As part of the national mortgage settlement signed in March, five large banks — Chase, Bank [...]

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