Brilliant people with expertise and a willingness to serve the public is a good thing. It is something we want people to do. But the number of Citigroup and other Wall Street people in high positions of our government matters right now.
Insider trading has also become commonplace in corporate suites, which is one reason CEO pay has skyrocketed. If Congress and the Securities and Exchange Commission wanted to reverse this, they could. But they won’t.
anders' website announced on Saturday that the Vermont independent “will introduce legislation to break up Wall Street megabanks ... " He deserves praise for having done so.
No one in the House or Senate would admit to putting it in the bill. No one would say they supported the provision. Yet Wall Street still got their way. What does that say about who runs our government?
People are fed up with backroom deals that rig the system against us. There is time to fight this giveaway to Wall Street. Call your senators today and tell them take the Citibank bailout out or block the budget.
The budget deal hammered out this week literally imperils the economy. Congress is doing Wall Street's bidding, and this agreement must be stopped.
We're calling for an all-out push today to stop a backroom deal that would reopen the Wall Street derivatives casino that caused so much damage in 2008, with taxpayers stuck with the bill for cleaning up the mess.
Wall Street isn't just trying to get another friend into a powerful position and win back taxpayer guarantees. It wants to make its own agenda seem inevitable. It wants to crush an incipient populist resistance.
The Wall Street caucus in Congress is trying to slip a major attack on hard-won financial reforms into a spending bill designed to keep the government running. We're asking people to sign an emergency petition.
America can’t tackle widening inequality without confronting the power and privilege lying behind it. If the Democratic party doesn’t lead the charge, who will?
We have a very serious problem of financial regulators who serve Wall Street and not the general public. Our financial regulators have done a terrible job for everyone except the people they are supposed to be regulating.
Sen. Warren needs no help defending herself. Rather, it is Andrew Ross Sorkin's New York Times piece that warrants further examination for its failed arguments and the misplaced intensity of his own emotions.
The bankers' own deep-seated propensity for cheating and corruption may have given prosecutors a new opportunity to indict them. The departure of Attorney General Eric Holder offers a chance to forge a new approach.
The last straw: President Obama's nomination of Antonio Weiss, a global banking executive heavily involved in helping corporations avoid paying U.S. taxes, to a high-level post at the Treasury Department
Why do private equity companies want to tap 401(k) accounts? Economist Eileen Appelbaum of the Center for Economic and Policy Research explains what's behind this recent development.
The 2010 Dodd-Frank law mandated "clawback" rules that make CEOs return compensation they receive through accounting gimmicks and not through actual performance. Four years later, the SEC still has not issued them.
A top regulator tells us that bank CEOs never intended to commit foreclosure fraud. Internal documents obtained several years ago from a bank-backed venture seem to contradict this claim.
Corporations are funneling money to anti-consumer, anti-worker, anti-environment, right-wing governors who work against the interests of their customers and employees.
AIG's lawsuit, which featured testimony from two former Treasury secretaries, is giving the American people some hard lessons in the workings of the bailout process and the shortcomings of our current economic system.
Carmen Segarra was appointed to oversee a sleazy and disreputable institution with a record of bad behavior for which it had recently paid a record fine. That's important to remember when you hear her tapes.
Undoubtedly there are positives to Eric Holder’s tenure as attorney general, but one really big minus is his decision not to prosecute any of the Wall Street crew whose actions helped to prop up the housing bubble.
A campaign by National People's Action is mobilizing grassroots political support for robust Consumer Financial Protection Bureau rules that will rein in the payday lending industry, in anticipation of well-funded pushback.
On Monday, a day after an estimated 300,000 to 400,000 people participated in the People’s Climate March in New York, a smaller group of activists set out to shut down Wall Street.
Six years ago, Wall Street's giants were falling like dominoes. Henry Paulson and Tim Geithner told Congress that failing to bail them out would lead to a second Great Depression. It was nonsense then. It's even greater nonsense now.
Two little-known rules on executive pay are currently being reviewed by the Securities and Exchange Commission. While they have received almost no press coverage, they may have far-reaching consequences.
Are We the People the boss of the corporations, or are the corporations the boss of We the People? The Securities and Exchange Commission (SEC) needs to be reminded which way that question is supposed to be answered.
The much-lamented lack of transparency around private equity deals makes it difficult to figure out the precise returns to the pension funds and other limited partners in the Bain and Blackstone funds.
Everyone is talking about a favorite Wall Street trick called stock buybacks. But what are they and what do they mean to you? Business expert William Lazonick answers with a clarion call for changing the way America does business.
We hear a lot of big talk about how Dodd-Frank has made the financial system safer. It's supposed to protect us from another financial crisis like the one in 2008. But does anybody really believe it? The bank regulators sure don’t.
The numbers that accompany these deal announcements always seem impressive. Compared to the wealth that bank fraud has taken from American households, these settlements are a drop in the ocean.
If the private equity industry wants to be seen as a force for good, it's going to have to stop engaging in the kind of financial engineering that weakens companies but still assures a handsome payday for a few owners.
This deal with Citigroup is being trumpeted as a major win for the American people. It’s not. The money’s not enough, the wrong people are paying, and there will be no prosecutions.
It was good to hear President Obama say that reining in Wall Street’s high-risk behavior is an “unfinished piece of business.” It would be even better if this observation were quickly followed by action.
You would think that seeing House Majority Leader Eric Cantor fall off his perch would cause his fellow House Republicans to approach their handling of Wall Street interests with a new level of sobriety. Not this week.
On "The Big Picture," a vision of a Federal Reserve that serves the interests of ordinary people and not just bankers, and a look at the latest shooting incident involving right-wing extremists.
The president has an opportunity to make the Fed more democratic, in a way that would be economically transformative and politically popular. It’s also what the law requires.
Economists Amir Sufi and Atif Mian in their latest book challenge many of the assumptions behind how elected officials responded to the 2008 recession. Sufi explains the crucial mistake policymakers made.
"The Pillow Book of Sei Shōnagon" is considered an invaluable record of a pampered and long-vanished Japanese imperial court. Someday we may look at former Treasury Secretary Tim Geithner's memoir "Stress Test" the same way.
Two economists make a convincing case that the 2009 recession wouldn't have been any more harmful than previous ones if financial decision-makers had rescued homeowners, rather than only concentrating on bankers.
Former Sen. Ted Kaufman, one of the great heroes in the fight for financial reform, doesn’t pull any punches in reacting to a report highlighting a lack of zeal in prosecuting Wall Street foreclosure fraud.