In a savvy move, the new Consumer Financial Protection Bureau launched its first website today. The CFPB was created by the passage of the Dodd-Frank Wall Street reform bill in July 2010 and is headed on an interim basis by well-known consumer advocate, Elizabeth Warren.
News Articles By Mary Bottari
Rumor has it that the 50-state attorneys general investigation into the Fraudclosure scandal is wrapping up. It's time for a backbone check. Will the state attorneys general just ask the big banks and service providers to turn over a chunk of change from seemingly bottomless pockets? (This strategy was pursued by the Security and Exchange Commission (SEC) with little impact). Or will Iowa Attorney General Tom Miller take the lead in wrestling a real settlement out of the banks, so that families hammered by unemployment and underemployment can stay in their homes?
In 2010, banks initiated 3 million foreclosure filings. Total foreclosure filings could reach 9 million in 2011. In any civilized nation, the forcible migration of a city the size of New York would be treated for what it is -- an economic and humanitarian catastrophe. Attorneys General in every state are now actively investigating this FRAUDCLOSURE. Write to the lead investigator, Attorney General Tom Miller of Iowa, today.
Guest piece by Greg Colvin, Campaign for America's Future
Introducing the Citizens Election Amendment, Version 1.0.
Since the U.S. Supreme Court decided the Citizens United case exactly one year ago tomorrow, saying that the Constitution gives , people have been asking "how can we amend the Constitution to put this right?"
In this country, each person has one vote, no matter whether you are rich or poor. And it is illegal to buy or sell a person's vote. So why do we allow electoral influence to be bought and sold? Why has politics in America become a commodity in an economic marketplace, where the richest corporations, business associations, unions, and individuals can buy enormous leverage on the outcome of our elections?
In a response to the Financial Crisis Inquiry Commission releasing its final report on the financial crisis today, the U.S. Chamber of Commerce pitched a classic hissy fit calling the report an "abuse of the process" that would create "more job-killing lawsuits." (So much for the new tone in Washington.)
Word is beginning to leak out about the contents of the Financial Crisis Inquiry Commission's (FCIC) final report, a 576-page official analysis of the causes of the crisis. The Commission, which got off to a slow and rocky start, managed to hold 19 days of hearings and interviewed 700 witnesses. According to the New York Times, the report puts blame where blame is due, on reckless Wall Street gambling, but also on the colossal failure of government.
Two years after a catastrophic financial collapse and six months after the passage of a Wall Street reform bill, astonishing tales of volatility in the market are all too common. If you think inexplicable flash crashes are worrisome, brace yourself for the next big financial "innovation" –- Twitter Trading.
WikiLeaks founder Julian Assange is promising to unleash a cache of secret documents from the hard drive of a U.S. megabank executive. In 2009, he told Computer World that the bank was Bank of America (BofA). In 2010 he told Forbes that the information was significant enough to "take down a bank or two," but that he needed time to lay out the information in a more user-friendly format.
Recent new reports suggest that BofA is now moving into high gear on damage control, creating a "war room" and buying up hundreds of derogatory Internet domain names including BankofAmericaSucks.com and BrianMoynihanblows.com (referring to BofA's Chief Executive Officer).
Before the big banks start calling for Assange's internment at Guantanamo, the question worth considering is what does Wikileaks have on America's largest bank?
Today, with unemployment in almost the double digits and foreclosure unabated, President Obama decided that America needed more of the same. The President announced the appointment of JPMorgan Executive William M. Daley as White House Chief of Staff, replacing Rahm Emanuel. Tomorrow, news reports indicate that he will announce that Goldman Sachs adviser Gene B. Sperling will be appointed head of the National Economic Council, replacing Larry Summers.
About Daley the Center for Public Integrity reports:
At JPMorgan, Daley’s portfolio has included supervising government lobbying for a bank with $2 trillion in assets that has fought efforts to limit the size of megabanks. Daley co-chaired a U.S. Chamber of Commerce commission that urged the federal government to revise the 2002 Sarbanes-Oxley corporate reform law and protect corporate auditors from lawsuits and investigations.
With a $4.7 trillion dollar bailout under their belts with no harm done to their billion-dollar bonuses, don't expect Wall Street bankers to be chastened by the 2008 financial crisis. Below we list eight things to watch out for in 2011 that threaten to rock the financial system and undermine any recovery.
1. The Demise of Bank of America
Wikileaks founder Julian Assange is promising to unleash a cache of secret documents from the troubled Bank of America (BofA). BofA is already under the gun, defending itself from multiple lawsuits demanding that the bank buy back billions worth of toxic mortgages it peddled to investors. The firm is also at the heart of robo-signing scandal, having wrongfully kicked many American families to the curb. If Assange has emails showing that Countrywide or BofA knew they were recklessly abandoning underwriting standards and/or peddling toxic dreck to investors, the damage to the firm could be irreparable.