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 [...]
|By: DSWright Thursday January 31, 2013 9:43 am|
Elizabeth Warren is not wasting any time trying to get answers from Wall Street’s regulators. Warren asked for documents relating to the recent mortgage settlement. U.S. lawmakers on Thursday asked bank regulators to turn over documents related to the $8.5 billion settlement that ended a government-mandated review of crisis-era foreclosures, saying transparency was needed to [...]
|By: David Dayen Monday December 17, 2012 8:30 am|
We now have bipartisan anger at the decision to hold HSBC and its executives harmlessfor years of money laundering and facilitating the culture of Mexican drug cartels. In fact, only the shareholders will pay, and not all that much, what amounts to five weeks’ worth of profits for the bank. The certainty of not being [...]
|By: David Dayen Thursday December 13, 2012 9:15 am|
I do go on about the lack of regulation at the big banks. But I’ll have to grant the Federal Reserve a modicum of credit for this action: The Federal Reserve is pushing large U.S. banks to forget about all but the smallest acquisitions for a while amid a raging debate over the risk big [...]
|By: David Dayen Thursday December 13, 2012 6:19 am|
Maybe I was too blasé about the federal government letting HSBC off the hook; certainly the story has effectively shown how Too Big to Fail continues to be the watchword of the financial regulatory community. My pet theory here is actually that, because practically every mega-bank engaged in this same type of money laundering for [...]
|By: David Dayen Tuesday December 11, 2012 7:02 am|
Yesterday was “bust British banks for money laundering” day in America, if you didn’t know.
|By: David Dayen Monday October 29, 2012 9:15 am|
Taibbi is pretty polite about it, but Obama’s defense involves a lot of misdirection. It assumes that Lehman Brothers, by virtue of having failed, was the only financial institution out there responsible for the collapse, rather than an example of industry-wide behavior.
|By: David Dayen Friday October 19, 2012 11:30 am|
I quite liked Neil Irwin’s story today, in the aftermath of earnings season at the big banks, an an object lesson into how those firms still carry a multitude of legacy troubles from the crisis years: All of these banks are still grappling with the costs of the bad lending during the boom years before [...]
|By: David Dayen Thursday October 4, 2012 11:33 am|
Before last night’s debate, Jeff Connaughton, former chief of staff to Senator Ted Kaufman and longtime aide to Joe Biden and President Clinton, offered some advice to Mitt Romney. He thought Romney should go after Barack Obama’s biggest weakness: the failure to prosecute Wall Street crimes. In actuality, Romney only submitted a glancing blow with [...]
|By: David Dayen Thursday September 20, 2012 10:16 am|
The Daily ShowGet More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook The not-as-funny way to make the point Jon Stewart made about the Republican conception of the entitlement society and where it fails to intersect with reality comes from Simon Johnson. The true “moochers” in American life are, not surprisingly, [...]
|By: David Dayen Monday September 17, 2012 12:19 pm|
Four years later, we have not seen a systematic dismantling of the conditions that created the crisis. We’ve seen trillions in emergency support thrown at the banks that survived the crash, all of whom have grown bigger and more indispensible, even more “Too Big to Fail” than before. We’ve seen cosmetic regulatory changes, many unrelated to the crash at all, which have not yet been tested and in many not yet implemented. And the core problems of a massive financial sector have not been resolved.