Can someone shut these banking industry narcissists up?
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The industry’s inability to see, much less admit, any culpability, and hence the need for root and branch reform, is pathological. The reaction of the bank chiefs, at least as depicted by Schwarzman, is utter denial. It’s as if someone who drove his car at 150 miles an [...]

You’ve heard plenty about the big banks’ role in the Great Recession, but their headaches are about to get worse.
At a packed hearing today, the Senate investigations subcommittee led by Sen. Carl Levin (D-MI) shed new light on banks’ negligence and wrongdoing—and this time it’s not credit-default swaps or derivatives but money laundering and arms dealers. The [...]

Senator Chris Dodd, the chairman of the Senate Banking Committee, scolded Wall Street representatives at a hearing Thursday for sending “an army of lobbyists whose only mission is to kill the common-sense financial reforms” needed by the public. “The fact is,” Dodd said, “I am frustrated, and so are the American people.” He charged that [...]

Last week started with a conference in Montreal, called by a group of governments and international agencies calling themselves Friends of Haiti, to discuss the long and short term needs of the recently devastated Caribbean nation. Even as corpses remained under the earthquake’s rubble and the government operated out of a police station, the assembled [...]

Commission member Douglas Holtz-Eakin put his finger on another problem with these impressive sounding numbers: “While mortgage fraud was important, it is the magnitude of the financial crisis that is central,” he said. Mortgage brokers did not have the capacity to collapse the global economy. It took major banks and securities firms with the ability [...]

What we don’t know will hurt us, and quite possibly on a more devastating scale than any Qaeda attack. Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no [...]

Today, a Bloomberg story revealed that under Timothy Geithner’s leadership, the Federal Reserve Bank of New York told AIG to withhold details from the public about its payments to banks during the crisis. This information was discovered when emails between the company and the Fed were requested by representative Darrell Issa, ranking member of the [...]

We are accustomed to thinking of government transferring money from the well off to the poor. Here it was the poor and average transferring money to the rich. Already heavily burdened taxpayers saw their money – intended to help banks lend so that the economy could be revived – go to pay outsized bonuses and [...]