CEO Pay Climbs in 2011

By: Monday June 18, 2012 6:19 am

All the talk of tax reform, to get a more progressive tax code, obscures the fact that income distribution on a pre-tax basis is already so unequal that no amount of taxation could possibly bring that into line. It’s true that the near-flat tax structure invites such pre-tax distribution, but we do very little in [...]

The Problem at JPMorgan Chase: The Hedge Fund Inside the Bank

By: Wednesday May 16, 2012 11:01 am

Bruno Iskil, the infamous “London Whale,” will leave JPMorgan Chase in the wake of his soured “Fail Whale” trades which lost the bank $2 billion to date. “The timing of the departure is unclear,” according to sources, probably because the trade hasn’t yet been unwound. Whenever Iskil departs, it won’t end the fact that JPMorgan [...]

JPMorgan Chase Faces FBI Probe; Shareholder Meeting Goes Well, However

By: Tuesday May 15, 2012 11:44 am

The Justice Department and the FBI have now joined the fray in investigating JPMorgan Chase and its Fail Whale trade that has so far cost the firm $2 billion. The report added that “it isn’t clear what possible legal violation federal investigators may be focusing on,” and I can’t add any insight into that. The [...]

Shareholders Reject Citi CEO Vikram Pandit’s $15 Million Compensation Package in Non-Binding Vote

By: Tuesday April 17, 2012 12:56 pm

I have mentioned that we will see a wave of shareholder activism this spring, with direct action challenges to the biggest corporations in America. This outcome at the Citigroup meeting in Dallas is one of the first fruits of that plan. Citigroup‘s shareholders rejected the bank’s plan to award its chief executive, Vikram S. Pandit, [...]

Bank Accountability Groups Will Shift From Anti-DeMarco Campaign, Move Into the Streets

By: Thursday April 5, 2012 9:55 am

Pursuant to my last post, a substantial part of the push to fire Ed DeMarco or force him to engage in principal reductions comes from the direct action bank accountability groups that have been the most aggressive and least connected to the “extend and pretend” idea. So even though writing down GSE loans without fully [...]

Coalition Successful at Getting Corporations to Drop ALEC

By: Thursday April 5, 2012 7:34 am

Sometimes it’s hard to keep up with all the protest movements and boycott groups, and they get lost in the shuffle. But a quietly successful movement against ALEC, the American Legislative Exchange Council, deserves some attention. As you may know, ALEC is the organization behind much of the right-wing legislation in the states over the [...]

Protesters Interrupt Wells Fargo Shareholders Meeting

By: Wednesday May 4, 2011 12:27 pm

Hundreds of community, labor and faith leaders rallied at the Wells Fargo shareholders meeting today in San Francisco. Eight protesters were arrested. A smaller group spoke directly to Wells Fargo CEO John Stumpf: A delegation of 12 people – including homeowners facing foreclosure from ACCE (Alliance of Californians for Community Empowerment), CCISCO (Contra Costa Interfaith [...]

BofA CEO Moynihan Tries Snow Job on Foreclosure Crisis in Detroit News Op-Ed

By: Thursday March 24, 2011 12:00 pm

This is pretty rich. Bank of America CEO Brian Moynihan placed an op-ed in the Detroit News assuring the residents of that ravaged community that they’re always there to help. One of the most important thing bankers can do to help drive economic recovery is to help financially distressed homeowners keep their homes when possible; [...]

Scalia’s Son, Chamber of Commerce Sue SEC Over Proxy Access Laws

By: Friday October 1, 2010 7:04 am

In the first of many expected lawsuits over the Dodd-Frank financial reform law, large corporations will sue the government over boardroom democracy rules, which allow shareholders to choose members of the board of directors: Trade groups representing major U.S. corporations including Alcoa, FedEx and Goldman Sachs asked a court Wednesday to scuttle a new federal [...]

Report: JPMorgan to End Prop Trading

By: Wednesday September 1, 2010 11:15 am

It’s impossible to tell from this vantage point the fallout of the financial reform law, at least not until most of the rules get finalized. But while it doesn’t all point in a positive direction, we have some indication that the law will have a wider-ranging effect than at first thought. First and most important, [...]

Proxy Access Rules Example of How FinReg’s Strength to Be Decided in Implementation

By: Friday August 27, 2010 6:58 am

I knew this was coming, but apparently the SEC’s ruling on Wednesday on the proxy access issue slipped by me. It turns out that they gave more power to shareholders and investors to nominate directors to corporate boards. This is a potentially big tool to fight corporate cronyism. The new rule “requires companies to include [...]

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