On Tuesday, November 17, 2015 Better Markets Senior Fellow Robert Jenkins delivered the keynote address at the Finance Watches Conference on “Confidence, ethics, and incentives in the financial sector”. His speech “When Timidity Triumphs…” highlights the challenges within our banking system when financial institutions are “too big to fail, bail and jail,” and the need to restore accountability […]
On November 12, 1999, the Glass Steagall Act, which was put in place after the Great Depression and protected taxpayers for more than 60 years, was repealed. In a must-read editorial titled The Lessons of Repealing Glass Steagall, President and CEO Dennis Kelleher discusses why the law was so important and the debate about it that’s happening […]
“A Depression-Era banking law is helping to shape the 2016 presidential field, as Wall Street critics push hard for its return. “The Glass-Steagall Act, the 1933 law that established a firewall between investment and commercial banking, was repealed 16 years ago on Thursday. “Where candidates stand on its possible return has become a litmus test […]
“Hardly a week goes by without headlines blaring another restructuring by a big European bank, or the replacement of its management. Deutsche Bank and Barclays are the latest to announce big changes. They follow UBS, Standard Chartered, Royal Bank of Scotland, Credit Suisse and more. “The cause of all this turmoil is the banks’ quest […]
Protecting the American people from another devastating financial crash and the economic wreckage it causes begins with reflecting honestly about the past and trying to learn the right lessons. In the late 1990s, virtually all the leaders in the financial industry as well as policymakers and elected officials in Washington worked together to deregulate finance, including in […]
Protecting the American people from another devastating financial crash and the economic wreckage it causes begins with reflecting honestly about the past and trying to learn the right lessons. In the late , virtually all the leaders in the financial industry as well as policymakers and elected officials in Washington worked together to deregulate finance, including in […]
“Carl Icahn is pushing for the breakup of insurance giant American International Group Inc., but America’s biggest banks could be forgiven for thinking he was talking about them, too. “What the gray-bearded activist investor identifies as the symptoms of AIG’s corporate obesity — below-target returns, discounted valuations and the scarlet letter of the “systemically important” […]
“WASHINGTON, DC – A major shift in American politics has taken place. All three of the remaining mainstream Democratic presidential candidates now agree that the existing state of the financial sector is not satisfactory and that more change is needed. President Barack Obama has long regarded the 2010 Dodd-Frank financial-reform legislation as bringing about sufficient […]
“Hillary Clinton told Stephen Colbert on Tuesday that, as president, she would let the big banks fail if they were to get into trouble. “That’s a departure from what her former boss, President Barack Obama, did in 2009. “If you’re president and the banks are failing, do we let them fail?” asked Colbert, host of […]
“Elizabeth Warren had a message for the Obama administration today: Be as creative in finding a solution for the 3.5 million American citizens in Puerto Rico as you were in protecting bank profits after the 2008 crisis. “The issue arose in a Senate Energy and Natural Resources Committee hearing on Thursday morning about the island […]
“One year ago, the idea of a Bernie Sanders presidency was laughable. Hillary Clinton may not be the perfect candidate, the thinking it went, but there was no way Democrats would vote for a septuagenarian, democratic-socialist, Independent Senator from Vermont; one who honeymooned in the Soviet Union and offered support for the socialist Sandinistas in […]
“The recent push to recapitalize Fannie Mae and Freddie Mac and release them from conservatorship is misguided. “Proponents of the “recap and release” proposal claim homeowners and taxpayers would benefit if the federal government ceded control of the mortgage finance giants to private shareholders. “Just the opposite is true. Recap and release could raise the […]
FOR IMMEDIATE RELEASE Friday, October 16, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Applauds Former Gov. Mike Huckabee’s Support for Reinstating Glass-Steagall Washington, DC — Better Markets President and CEO Dennis Kelleher issued this statement on former Gov. Mike Huckabee’s support for reinstating Glass-Steagall to separate low-risk traditional commercial banking and higher-risk investment […]
“Hillary Clinton and Bernie Sanders had an argument about financial regulation during Tuesday’s debate — but it wasn’t about whether to crack down on banks. Instead, it was about whose plan was tougher. The contrast with Republicans like Jeb Bush or Marco Rubio, who have pledged to reverse even the moderate financial reforms enacted in […]
Presidential candidates are talking about the unique threat posed by the too-big-to-fail megabanks and detailing their plans to rein in Wall Street to protect Main Street. Better Markets President and CEO Dennis Kelleher discussed that and more on C-SPAN’s Washington Journal on Friday, October 16th . You can watch the segment by clicking here.
“The inaugural Democratic debate Tuesday night was a strange show. It felt like two different programs. “One was a screwball comedy starring red-faced ex-Marine Jim Webb and retired Keebler elf Lincoln Chafee, whose Rhode Island roots highlighted the Farrelly brothers feel of his performance. The latter’s “I voted to repeal the Glass-Steagall Act because it […]
“The two top Democratic batters took big swings at Wall Street during the party’s first presidential primary debate Tuesday. Although their rhetoric puts them on the same team, Bernie Sanders and Hillary Clinton are proposing financial reform agendas that show clear philosophical differences.” *** “Still, policy experts see similar themes in the two candidates’ plans. […]
By Frank Medina Former Chairman of the Federal Reserve Board Ben Bernanke’s memoire of the financial crisis—The Courage to Act— has hit the bookstores. Most of the early commentary has centered around two remarks that Bernanke has made on his book’s release. The first is that as Chairman of the Federal Reserve, Bernanke found the […]
“Is the fragility of market liquidity a reason for concern? The “flash rally” in US Treasury bonds in October 2014 and the “German tantrum” in April 2015 show that dislocations can occur even in markets for highly liquid assets. A rise in US interest rates might cause more disruption. Some add that new regulations constrain […]
“A powerful Democratic senator has launched an inquiry into bank misconduct, asking top financial institutions to turn over information about the settlements they have entered into with federal agencies over the past decade. “Sherrod Brown of Ohio, the top Democrat on the Senate Banking Committee, asked banks in a letter dated Sept. 30 to provide […]
“The banking industry believes it can win more rollbacks of the 2010 Dodd-Frank financial overhaul by having them ride on year-end legislation, a move that will only make politically difficult year-end negotiations that much more treacherous for congressional leaders. “Financial services lobbyists concede that Republican-written bills to make broad changes to the oversight of their […]
“The penalty the U.S. government just levied on one of the highest ranking former officials of Fannie Mae wouldn’t even buy a used Volkswagen diesel Sportwagen. “On Monday afternoon, Thomas Lund settled charges brought by the Securities and Exchange Commission back in 2011 that he helped deceive shareholders of Fannie Mae in the run-up to […]
“Last week the Federal Reserve chose not to raise interest rates. It was the right decision. In fact, I’m among the economists wondering why we’re even thinking about raising rates right now. “But the financial industry’s response may explain what’s going on. You see, the Fed talks a lot to bankers — and bankers reacted […]
“BARNEY FRANK REACT — Lots of good responses to Barney Frank’s defense of Bank of America. “From Better Markets’ Dennis Kelleher: “As one who spent many years advising Boards of Directors and CEOs, I can tell you from personal experience that there is a huge difference in the governance at companies with independent Board Chairs […]
FOR IMMEDIATE RELEASE Monday, September 14, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Applauds the NYDFS Agreement on Symphony; Others on Wall Street and Elsewhere Should Follow Goldman’s Lead Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement on the agreement announced today between the New York State Department of Financial Services (NYDFS) […]
“Nearly seven years after the financial crisis, the uncomfortable truth for the banking industry is that populist anger remains alive and well. “Public skepticism of large financial institutions has permeated the debate on Capitol Hill and around Washington, defining the contours of the fight over regulatory policy. “It is also increasingly seeping into the campaign […]
“The failure to prosecute bankers as a result of the financial crisis has sparked an ongoing debate about whether enforcement officials lacked the will to move forward with any cases—or didn’t have enough proof that any crimes had been committed. “Far from fading into the background, the issue remains in the forefront as policymakers debate […]
Listen to the Corporate Crime Reporter Morning Minute for August 21, 2015 on the SEC’s $180 million settlement with Citigroup for defrauding investors by Russell Mokhiber here.
Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the Securities and Exchange Commission’s (SEC) decision to grant Citigroup a waiver in the face of its egregious conduct, continuing its secretive slap-on-the-wrist waiver process: “Citigroup and its affiliates (Citi) are a one-bank crime spree. Since 2008, Citi has been sanctioned, […]
“In the roughly seven years since the failure of Lehman Brothers and Bear Stearns and the near-failure of many of the largest U.S. financial institutions, it is abundantly clear that criminal or civil charges against individuals related to the 2008 meltdown are never going to come. “Former Attorney General Eric Holder said in February that, […]
“Tough new regulatory requirements for regional banks exceeding $50 billion in assets are costly, but much of that toll would remain even if Congress changed the asset threshold, according to a provocative new paper. “The paper by Federal Financial Analytics said the heightened rules could cost a combined $2 billion annually for 20 regional players […]
This article first appeared on the Huffington Post here. As the presidential primaries heat up, many candidates are talking about the threats that Wall Street still poses to hardworking families and the need for stronger financial reform. Much of this discussion has focused on a law repealed in 1999 called the Glass-Steagall Act and the introduction […]
FOR IMMEDIATE RELEASE Wednesday, July 29, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets on Gov. Rick Perry’s Support for a Glass-Steagall-like Law **Click here to download Better Markets’ Glass-Steagall fact sheet** Washington, DC — Better Markets President and CEO Dennis Kelleher issued this statement on Gov. Rick Perry’s support for a Glass-Steagall-like law […]
FOR IMMEDIATE RELEASE Wednesday, July 29, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] **Click here to download the fact sheet** Washington, DC — Better Markets President and CEO Dennis Kelleher issued this statement on the release of a fact sheet on the Glass-Steagall Act: “Hillary Clinton, Martin O’Malley and the other presidential candidates, along with […]
“The high-risk business model of universal banks helped bring about the financial crisis. Universal banks rely on cheap funding from deposits and shadow banking liabilities to finance their speculative activities in the capital markets. By combining deposit-taking and short-term borrowing activities with underwriting, market making, and trading in securities and derivatives, universal banks create a […]
“Eric Holder has gone back to work for his old firm, the white-collar defense heavyweight Covington & Burling. The former attorney general decided against going for a judgeship, saying he’s not ready for the ivory tower yet. ‘I want to be a player,’ he told the National Law Journal, one would have to say ominously.” […]
“Goldman Sachs, Citigroup and Morgan Stanley would cease to exist under ‘living wills’ the banks have drawn up to show how they would handle bankruptcy in a crisis, but JPMorgan Chase, Bank of America and Wells Fargo would survive in stripped-down form.” *** “Dennis Kelleher of Better Markets, which lobbies for tougher regulation, said: ‘The […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement as Wall Street’s biggest banks file their so-called “living wills” today with the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). These resolution plans are required under the Dodd-Frank Wall Street reform law to ensure that the too-big-to-fail banks can either […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement in response to reports that Morgan Stanley is considering getting back into the risky fixed-income trading business nearly seven years after it almost went bankrupt during the 2008 financial crisis: “Too-big-to-fail Morgan Stanley is apparently also too-big-to-learn. High-risk derivatives gambling in fixed-income, currencies, and […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement as Wall Street’s biggest banks prepare to file their so-called “living wills” next week with the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). These resolution plans are required under the Dodd-Frank Wall Street financial reform law to ensure that the […]
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following testimony from former trader Thomas Hayes that UBS Group AG circulated “an instruction manual on fixing Libor”: “The latest revelation at the trial in London of a Libor trader is symbolic of the lawless culture at some of the biggest banks in the […]
“Banks ‘deserve what they get,’ one of the world’s top regulators has said, in a salvo against the industry as it begins to push back against tough regulation and ever higher penalties.” *** Read the full Financial Times article by Caroline Binham here.
Read this article on the Huffington Post here. The handful of Wall Street’s sprawling too-big-to-fail “banks” pose a unique, dangerous threat to America’s families, workers, financial system and economy, which their “hide and disguise” strategy tries to conceal. They — and they alone — are capable of crashing the financial system and the economy, which is […]
Money managers affiliated with banks admitting they violated U.S. securities, banking and other laws could find it hard to get the necessary permission from regulators to continue running the more than $1.3 trillion they oversee. *** That is a good sign, said Stephen Hall, a securities specialist with Better Markets, a non-partisan non-profit organization in […]
Another month, another fine. Last week it was announced that five of the world’s biggest banks would pay $6bn to settle allegations that they manipulated the foreign exchange markets. Will the expected admissions of guilt, together with the accompanying payments, permit the banks to put the past behind them? They hope it will; I fear […]
“Congressional efforts to press the Federal Reserve for more details about a possible leak have suddenly focused attention on Chairwoman Janet Yellen’s contacts with financial firms. “Ms. Yellen met in 2011 and 2012 with a representative of Medley Global Advisors, the financial consultancy involved in several investigations into its publication of sensitive details of internal Fed […]
“Many on Wall Street have long argued that the banks did not generally break the law when they packaged shoddy mortgages and sold them to investors in the lead-up to the financial crisis of 2008. “But on Monday, in the starkest of terms, a federal judge dealt a strong blow to that version of history. […]
If Senate Banking Committee chairman Richard Shelby was hoping to ignite the passions of financial regulation experts across the political spectrum with his proposed regulatory relief bill, he’s certainly succeeded. *** However, Shelby’s proposal could turn out to be a Trojan horse smuggling gifts to large banks, as Dennis Kelleher, head of the public interest […]
The Wall Street Journal reported how some of Wall Street’s biggest banks are working in the shadows to spin their way out of their well-deserved bad reputation. According to the report: “Top executives from the biggest U.S. banks, concerned about anti-Wall Street rhetoric already bubbling up on the 2016 campaign trail, are working to push […]
US lawmakers are returning to battle over lax mortgage lending as Democrats and their allies say Republicans want to let banks go back to the loose loan standards at the heart of the financial crisis. *** Dennis Kelleher, chief executive of Better Markets, a non-profit group critical of Wall Street, said Mr Shelby was trying […]
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