Jeff Merkley’s HOLC-Type Plan for Underwater Borrowers

By: Thursday July 26, 2012 7:07 am

Despite the heavily lobbied narrative that housing is in the midst of a recovery, the reality is far more stark. New-home and existing-home sales fell last month, and what stability we’re seeing on prices comes in large part from a massive shadow REO that isn’t sustainable. Mortgage delinquencies actually rose in June. And you have [...]

Jamie Dimon’s Cufflinks and Why a Tighter Volcker Rule Is All We Can Hope For

By: Thursday June 14, 2012 10:55 am

So here’s me and William Cohan on yesterday’s The Alyona Show talking about that Jamie Dimon testimony yesterday. I have to admit a little shock at the focus of the coverage on the captured Congress and the relative soft pitches lobbed in Dimon’s direction. I’m wondering what people expected. This wasn’t the Senate Permanent Subcommittee [...]

Dimon’s Testimony Has Implications for Volcker Rule Implementation

By: Wednesday June 13, 2012 1:25 pm

I certainly recognize that the so-called “grilling” of JPMorgan Chase CEO Jamie Dimon today was more like a pillow fight, with more Senators asking Dimon’s opinion on things than trying to get to the bottom of what happened at the Chief Investment Office. I don’t know what people expected. For all intents and purposes, members [...]

Reactions to Jamie Dimon’s Senate Banking Hearing: Admissions of Guilt Amid the Arrogance

By: Wednesday June 13, 2012 11:31 am

I don’t think it was too much of a surprise that today’s hearing with Jamie Dimon was something less than stringent. Very few Senators bothered to show up with anything more than a list of questions and a pallid expression. The very structure of the hearing, with one round of five minutes of questioning, wasn’t [...]

Dimon to Be Contrite Yet Steadfast in Senate Banking Testimony

By: Wednesday June 13, 2012 5:30 am

JPMorgan Chase CEO Jamie Dimon faces the Senate Banking Committee in a two-hour hearing scheduled for 10am ET today. He’ll be the only witness. Keep in mind that Dimon’s JPMorgan Chase has given millions to top-ranking members of the Banking Committee, so anything more than headline-grabbing and grandstanding without a real challenge to Dimon in [...]

Low Regulator Assertiveness Part of Problem With Mitigating Financial Risks

By: Tuesday June 12, 2012 9:14 am

Jamie Dimon testifies before the Senate Banking Committee tomorrow, and this Bloomberg report should be a nice template for the Senators questioning him. It alleges that he was personally responsible for keeping regulators at bay from the chief investment office, the one responsible for all the Fail Whale losses, which could reach past $5 billion [...]

Senate Democrats Wrestle with Lame Duck Session Options

By: Monday June 11, 2012 6:55 am

Do Democrats have a plan for dealing with the fiscal “cliff”?  Based on interviews I conducted at Netroots Nation with four members of the Senate Democratic caucus — Senators Sheldon Whitehouse, Ben Cardin, Jeff Merkley and Sherrod Brown –  it seems they have far more than one. The end-of-the-year fiscal measures, totaling up to $7 [...]

Merkley: Watch Out for Backroom Deal on Lame Duck Session

By: Friday June 8, 2012 12:31 pm

I talked with Sen. Jeff Merkley here at Netroots Nation about the confusing strategy around the end of the year fiscal issues, the “fiscal cliff,” or fiscal slope as CBPP put it. And he expressed concern about openness in the process. “I’m worried we will see a backroom deal handed to us as a love [...]

Levin and Merkley Hope Fail Whale Trade Will Force Loopholes Out of Volcker Rule

By: Friday May 18, 2012 7:05 am

Volcker rule co-authors Jeff Merkley and Carl Levin think that the JPMorgan Chase “Fail Whale” trade offers an opportunity to get the regulatory apparatus back on point with their vision of the rule, one that they say should be stronger in barring the types of risky trading from occurring at commercial banks. Sens. Merkley and [...]

Sen. Merkley Speaks Out on the Volcker Rule and the Fail Whale Trade

By: Tuesday May 15, 2012 1:06 pm

In addition to asking Jeff Merkley about filibuster reform, I sought his reaction to the Fail Whale trades that have racked up massive losses at JPMorgan Chase. Merkley, along with Carl Levin, authored the Volcker rule, the ban on most types of proprietary trading, that made its way into the Dodd-Frank financial reform bill. There [...]

Jeff Merkley on Senate Reform: “There’s a problem that has to be addressed”

By: Tuesday May 15, 2012 10:21 am

Sen. Jeff Merkley had an early warning that Harry Reid’s change of heart on filibuster reform was coming. “I was the presiding officer of the Senate several weeks ago,” Merkley told me in an interview. “Sen. Reid came to close, we were the only ones in the chamber. At that point he made the comment, [...]

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