“America’s middle class has shrunk to just half the population for the first time in at least four decades as the forces of technological change and globalisation drive a wedge between the winners and losers in a splintering US society. “The ranks of the middle class are now narrowly outnumbered by those in lower and […]
“The stakes for big banks — and regulators — are high as the agencies near the release of their evaluation of the largest institutions’ living wills. “The Federal Deposit Insurance Corp. and Federal Reserve Board are expected to unveil soon how 12 of the largest and most complex banks did on detailing ways they could […]
“Seven years after their dubious lending practices helped push the United States economy to the brink of disaster, the nation’s largest banks are closing in on a long-sought goal: to unseat Fannie Mae and Freddie Mac, the mortgage finance giants, and capture their share of the profits in the country’s $5.7 trillion home loan market. […]
“It’s only November, but if Wall Street gets its way, Christmas could come early for the industry. That’s because its army of lobbyists are already hard at work, trying to hijack the appropriations process as a vehicle to enact its deregulatory wish list. Wall Street is essentially holding national priorities like health care, the environment […]
“A decade ago, I would sometimes lie in bed at night wondering how to make credit derivatives sound exciting. The reason? Back then, I was running the capital markets team for the Financial Times, and was alarmed by the bubble brewing in complex finance. “I knew, though, that the instruments at the centre of this […]
“Despite the fallout from the 2008 financial crisis, Wall Street still has a tendency to dismiss as frivolous some of the ethical issues it faces daily. “But at a Nov. 5 symposium on ethics at the Federal Reserve Bank of New York — the second on the topic two years — regulators suggested that Wall […]
As an important deadline looms in Congress, the Obama administration signaled on Tuesday that it would push back hard against any legislation that substantially loosens the sweeping 2010 overhaul of the financial system. *** “For now, consumer advocates say they are optimistic. They say they do not expect a big compromise like the one on […]
“The battle for the Democratic Party’s presidential nomination has raised the profile of the U.S. economy’s “shadow banking” sector. That’s the portion of the nation’s financial system that operates beyond the jurisdiction of government bank regulators. “Back in the run-up to the 2008 financial meltdown, it was non-commercial banks like Bear Stearns and Lehman Brothers […]
“A nonprofit consumer advocate on Thursday challenged extensive redactions and sealed filings in MetLife Inc.’s lawsuit in Washington federal court over the company’s designation by financial regulators as “too big to fail.” “The nonpartisan Better Markets Inc., an advocate for transparency in the financial industry, filed court papers seeking to intervene in MetLife’s suit in […]
“The insurance conglomerate MetLife doesn’t agree on much with the Financial Stability Oversight Council. The FSOC, in MetLife’s view, made a grievous mistake when it dubbed the company (in the infelicitous lingo of financial reform) a “nonbank systemically important financial institution” that needs extra oversight from the Federal Reserve’s Board of Governors, lest its financial […]
“In the latest example of the dominance of financial services interests in Washington, a committee set up by the Securities and Exchange Commission supposedly to ensure that our equity markets serve the public interest includes representation by firms accused of the very kinds of wrongdoing such an effort should combat. “In response to intense public […]
“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 […]
“Hillary Clinton recently went on Stephen Colbert’s “Late Show” and said she’s now prepared to bust up the big banks. If banks make too many risky investments, “they have to know — their shareholders have to know — they will fail.” “But Clinton might not have to deliver that message. Neither will Bernie Sanders, who […]
“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 […]
“Federal regulators want to restrict J.P. Morgan Chase & Co.’s ability to raise funds for clients, in an effort to impose a broader range of consequences on financial firms accused of breaking the rules, according to people familiar with the matter. “J.P. Morgan has already agreed to pay more than $200 million to resolve allegations […]
“Fifteen of the biggest players in the $14 trillion market for credit insurance are also the referees. “Firms such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. wrote the rules, are the dominant buyers and sellers and, ultimately, help decide winners and losers. “Has a country such as Argentina paid what it owes? […]
Dennis Kelleher, President and CEO of Better Markets, appeared on MarketWatch’s “Moneylife” program with Chuck Jaffee on October 27th 2015 to discuss the SEC’s Equity Market Structure Advisory Committee (EMSAC). Listen to the program here.
“The second meeting of a key group debating how stock markets should operate is scheduled for Tuesday, and there are protests about who and who isn’t participating. “Dennis Kelleher, president of financial reform non-profit Better Markets wants to know why three firms who have “committed or been implicated in serious violations of the law” — […]
“A major US financial regulator has signalled the first serious effort to curb high-speed automated trading in the futures market, which increasingly influences benchmark assets such as equities, commodities and government bonds. “The plans detailed by Timothy Massad, chairman of the Commodity Futures Trading Commission, come with concern growing among regulators over the sudden large […]
“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 […]
“President Obama has nominated Lisa Fairfax and Hester Peirce to fill commissioner vacancies at the Securities and Exchange Commission (SEC). “Fairfax, a professor at George Washington University Center for Law, is a favorite of activist groups. Dennis of Better Markets applauded the nomination of Fairfax. “As the American people’s cop on the Wall Street beat, the […]
“If there’s one common enemy among a divided American public, it’s Wall Street. And 2016 hopefuls know this. “According to a new Washington Post-ABC News poll, 67 percent of Americans would support a president who favors stricter regulations of financial institutions on Wall Street (compared to 24 percent who want someone who opposes stricter regulations). […]
“Far too many business leaders today define the success of their company solely by the profit it generates. That’s one reason why so many Americans are losing faith in major corporations – they’re tired of seeing a mentality that puts profit before people, whether those people be the companies’ employees or their fellow citizens. “But […]
“Last month, U.S. Deputy Attorney General Sally Yates announced that the Department of Justice will be going hard after corporate crime, white-collar criminals and Wall Street fraud. *** “Our financial system, even absent straight-up crime, is a wonderfully efficient system for upwardly redistributing money into the portfolios of the 1 percent. The focus on prosecutions […]
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. […]
“Don’t be fooled: Hillary Clinton isn’t about to become the next Elizabeth Warren. “When it comes to policing Wall Street, Clinton appears to be saying just enough to avoid being trashed by allies of the liberal Massachusetts senator who rallies voters with her attacks on banks. “Clinton’s presidential campaign on Thursday released details of a […]
“WASHINGTON — Democratic presidential favorite Hillary Clinton laid out a plan Thursday to rein in the excesses of the U.S. financial system, emphasizing the need to prosecute Wall Street executives for wrongdoing, tighten Dodd-Frank Act rules and boost funding for financial regulators. “But the plan appears to move only incrementally beyond reforms already put in […]
“Hillary Clinton’s primary opponents are attacking her new plan for tightened financial regulations, arguing it would not do enough to police Wall Street. “The front-runner for the Democratic nomination unveiled a plan Thursday that she said would strengthen Wall Street regulations, but her rivals for the Democratic nomination said it has one glaring omission: a […]
“Democratic presidential hopeful Hillary Clinton released a plan Thursday to regulate Wall Street institutions by tackling excessive risk-taking and punishing bank executives. “The headline-grabbing proposal was levying a tax on certain aspects of high-speed trading, sometimes called flash trading because it involves buying, selling and canceling orders that happen in fractions of a second. This […]
“The Consumer Financial Protection Bureau is moving toward new rules giving borrowers more rights to sue banks and credit-card companies, the agency’s latest attempt to shift the balance of power to consumers from financial institutions. “The CFPB is set Wednesday to propose rules that curb mandatory arbitration. The plan throws the new federal agency into […]
“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 Obama administration is moving forward with a plan that could bring a sea change to how retirement advisors must treat their clients, while financial industry-allies in Congress engage in another round of push back. “The new rules for retirement advisors that the President and consumer advocates are pushing address a conflict of interest the […]
“NEW YORK — JPMorgan Chase & Co shareholders on Tuesday won court permission to pursue their securities fraud lawsuit against the bank over the “London Whale” trading scandal, which caused a $6.2 billion loss, as a class action. “U.S. District Judge George Daniels in Manhattan rejected the largest U.S. bank’s arguments against class action certification, […]
“This week’s sharp commodity-driven selloff will set alarm bells ringing once again for global regulators who are growing increasingly nervous that, after 12 months of market shocks, the next one might be too big for them to handle. “With three months to go, 2015 is already the most volatile calendar year for markets since the […]
“Echoing an idea he advanced last week at a retirement industry symposium, Rep. Peter Roskam, R-Illinois, suggested the Department of Labor’s proposed fiduciary rule is part of the Obama Administration’s larger effort to force control of the country’s retirement savings into the hands of government. “The Administration’s own regulations, as well as public comments, have […]
“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 […]
“Dennis Kelleher often sounds more like a street cop than the influential opponent of big banks that he’s become in recent years.” *** “Kelleher has become K Street’s most vocal counterweight to the bank lobby, often called to Capitol Hill to defend the Dodd-Frank law that is a target of Wall Street and congressional Republicans. […]
“A group of House Dems wrote to Labor Secretary Perez asking the department to “further refine” its new rule on fiduciary duty for investment advisors. “Better Markets’ CEO Dennis Kelleher says the letter does not represent opposition to the rule: “We are confident that the Department will carefully consider the suggestions in this letter. However, […]
“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 […]
“If your entire understanding of the economy comes from headlines about the latest economic data, you would be forgiven for thinking these are the best of times. The unemployment rate is down to 5.1 percent, after all! “If your entire understanding of the economy comes from what is going on in financial markets, you would […]
“Jennifer Ryan did not love the idea of taking on debt, but she figured she was investing in her future. Eager to further her teaching career, she took out loans to gain certification and later pursued an advanced degree. But her studies came at a massive cost, leaving her confronting $192,000 in student loan debt. […]
“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 […]
“The Justice Department is placing more emphasis on seeking out and punishing individuals when institutions go bad, responding to years of gripes that the government has taken a soft approach toward bad actors and elsewhere in the business world.The department sent out a memo outlining the new policies, which, according to The New York Times, […]
“The Justice Department’s announcement that it would target individual executives at banks and other companies that are being investigated for wrongdoing has sparked a debate about whether the move is truly substantive or instead just designed to boost the agency’s public image. “Critics said the policy, detailed in a memo and speech by a top […]
“WASHINGTON — The Department of Justice is finally drawing the curtain on what may be its defining project of the Obama era: the refusal to prosecute Wall Street crime. “Only one investment banker has been jailed over securities infractions tied to the financial crisis. Zero Wall Street executives were put behind bars. More than 1,000 […]
“About a dozen key financial oversight positions in the Obama administration are vacant amid growing fears that they won’t be filled until after President Obama leaves office. “No top regulatory position is open, but influential jobs are unfilled at the Securities and Exchange Commission (SEC), the Federal Reserve, the Commodity Futures Trading Commission (CFTC) and […]
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