The Greek debt crisis offers another illustration of Wall Street’s powers of persuasion and predation, although the Street is missing from most accounts. The crisis was exacerbated years ago by a deal with Goldman Sachs.
The story of one borrower from a payday lender shows why it's important, at least as a first step, for the Consumer Financial Protection Bureau to implement tougher regulations to protect consumers.
A House hearing reveals that Republican lawmakers still can’t seem to grasp what exactly caused the last financial crisis and are mistaken about the threats facing the U.S. economy today.
Loan sharks, in the form of payday lenders, claim more victims each minute than aquatic sharks do in a year. But unlike the shark attacks you see on Discovery Channel, there are surefire ways to prevent getting bitten.
A petition launched today calls on President Obama and Congress to urge the European Central Bank to support the Greek banking system while negotiations continue toward "a fair agreement" for the Greek people.
The lender is supposed to evaluate risk and say no if the borrower is irresponsible, not complain later about the borrower being irresponsible. Are Greece's lenders bad at their job?
The Project on Government Oversight has called on Securities and Exchange Commission chair Mary Jo White to step down, in the wake of a scathing critique from Sen. Elizabeth Warren.
Despite the fact that 760 banks were important enough to be bailed out by taxpayers in 2008, the Senate Banking Committee approved legislation that would remove the "too big to fail" designation from all but six.
Sen. Elizabeth Warren has issued a stinging 13-page indictment of the leadership of SEC Chair Mary Jo White. The financial lobby howled its outrage, which should tell the rest of us that Warren got it right.
The truth is that payday lenders trap their customers in a vicious cycle of debt. The Consumer Financial Protection Bureauhas begun writing a series of new rules to prevent the worst abuses of the industry.
The repercussions of the latest Justice Department deal with felonious big banks were limited to a few headlines and some scattered protestations. That’s not enough. Our financial system is corrupt by design.
An Inspector General's report outlines how post officies could provide essential services to some 68 million Americans who don't have a bank account or depend on check-cashing and payday lending outfits.
The congressional Middle Class Prosperity Project went to Baltimore this week to examine the impact financial deregulation had on Baltimore's low-income neighborhoods.
This week marks the fifth anniversary of the Flash Crash; when the stock market lost almost 9 percent of its value from its opening level, within 5 minutes. The market quick recovered, but the crash revealed its extraordinary instability.
We know what changes we need to make financial markets work better. The key steps aren’t hard. It just takes political courage and a strong demand from the public to complete the unfinished business of financial reform.
This tax season, America’s billionaires are toasting you, the ordinary taxpayer. That’s because you’re the one picking up the tab for our nation’s ailing infrastructure of roads, bridges, and rail transport, among other things.
Why does the SEC continue to refuse to require corporations to disclose to shareholders how much of their money they are throwing into elections?
They've cheated customers and defrauded investors. Now they want to use our legalized system of campaign-cash corruption to protect themselves from the very government that rescued them.
What is the reason for the delay/refusal? Are the people at the SEC simply “playing ball,” hoping for lucrative corporate rewards when they leave government?
The Federal Reserve Board is deciding when to raise interest rates. Its decisions will decide if millions of Americans get jobs or pink slips, whether wages rise or stagnate. Workers need a voice in those deliberations.
Workers lose an estimated $17 billion in retirement savings a year because financial advisers have incentives to put their financial interests ahead of their customers'. A proposed regulation would address that.
The 2010 Dodd-Frank law directs the SEC to require public companies to disclose the "pay ratio" between their CEO and median employees. Five years later the SEC still will not do this. Is the SEC simply defying the law?
A lone bureaucrat fighting the investment brokerage industry has found new allies on a issue that stands at the intersection of two national challenges: financial regulation and retirement security.
Reviving America's Postal Banking system would help millions of people now being exploited by the predatory Payday Lending and check-cashing services industry.
This budget pushes the country back toward sanity and has many steps in the right direction. But there is still a long way to go.
Presidential aspirants in both parties are talking about saving the middle class. But the middle class can’t be saved unless Wall Street is tamed. The Street’s excesses pose a continuing danger to average Americans.
Activists rallied outside payday lending storefronts in 10 states Tuesday to increase awareness of the lack of protection many states offer individuals against purveyors of short-term, high-interest loans.
For years, conservatives used “wedge issues” to split moderates from progressives. It's time to promote some progressive wedge issues and our best opportunities for both publicity and passage are in states, cities and counties.
The House Democratic Party leadership made a remarkable step forward last week in putting out a proposal for a financial transactions tax. There should be no mistake; this is a really big deal for the financial industry.
The Volcker Rule. The Citigroup Amendment. If you're looking for an easy political ride, 2015 isn't likely to be your year. But if you're looking for challenge and purpose, you'll find more than enough to engage you.
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?