Today’s SEC Action on Money Market Funds Too Little, Too Late; FSOC Must Act to Protect Taxpayers “After the September 2008 collapse of Lehman Brothers, millions of panicked investors immediately cashed out their investments in money market funds, which lit the fuse that ignited the run on the wholesale funding markets and threatened to collapse […]
“The House committee vote to slash funding for the CFTC is indefensible. It puts American taxpayers at risk of another financial meltdown from the too-big-to fail Wall Street firms that caused the last crisis. Wall Street is a high crime area and the CFTC is a front-line cop on the Wall Street beat,” said Dennis […]
“JP Morgan Chase CEO and Chairman of the Board, Jamie Dimon, ‘won’ his months-long battle to keep both positions and continue to supervise himself at America’s largest bank. While it was a victory for him personally, it came at a great cost. Mr. Dimon and the Board should be ashamed that they had to […]
“Wall Street’s strategy for killing financial reform and protecting their business lines, profits and bonuses is to weaken each rule as much as possible, even if it’s just a little bit. Rule by rule, that strategy will weaken the entire new derivatives structure, putting cracks in the foundation of financial reform. The cumulative effect […]
“Credit rating agencies were key accomplices to Wall Street’s too-big-to-fail banks in creating, selling and distributing trillions of dollars of worthless securities, which caused the financial collapse and economic crisis. Without such despicable actions, which put millions of dollars into the pockets of the executives working at the credit rating agencies, those worthless securities could […]
“The SEC’s proposed cross-border rule is a major disappointment. It fails to adequately protect the American people from having to again bailout Wall Street from its unregulated or under-regulated overseas activities. The 2008 financial and economic crisis was ignited and fueled by Wall Street’s massive use of derivatives. That is why the financial reform law […]
“The last financial crisis will cost the U.S. more than $12.8 trillion, mostly from too-big-to-fail banks, firms and activities. That threat, from only a handful of the biggest banks in the world, is now even bigger and still hangs over our country. It must be ended. Senators Brown and Vitter are proposing a new […]
The U.S. Senate confirmed Mary Jo White today as the next Chairman of the SEC by unanimous consent. “Chairman White faces two historic and consequential challenges: enforcing the law on Wall Street without fear or favor and thoroughly putting real financial reform into place. Both are essential if the SEC is going to protect […]
“It used to be called ‘selling out,’ ‘cashing in,’ or ‘influence peddling.’ Now it’s referred to politely as the ‘revolving door.’ But, whatever it’s called, nothing is more corrosive to the American people’s trust in government than when former senior public officials turn their so-called public service into multi-million dollar riches unimaginable to almost […]
“Nothing is more corrosive to the American people’s trust in government than the revolving door where too many officials turn their so-called public service into multi-million dollar riches unimaginable to most Americans. This shows the American people how the inside game in Washington, DC is rigged against them and how the rich, powerful and […]
“Wall Street’s Congressional allies are renewing their assault on financial reform with a fresh wave of proposals that would cripple the ability of the Securities and Exchange Commission (SEC) and other regulators to protect the public. These latest attacks are in the form of amendments to the Budget bill in the Senate, which is […]
This morning, the Agriculture Committee of the U.S. House of Representatives voted to approve H.R. 1003. The bill seeks to impose additional and unnecessary economic analysis on every financial reform rule proposed by the Commodity Futures Trading Commission (CFTC), an independent agency responsible for policing the $350 trillion U.S. derivatives market. “Wall Street cannot […]
Graham Fisher & Co. has released a new report on JP Morgan Chase. Here’s their introduction; the report is attached and a link is included below: “On Friday, the Senate Permanent Subcommittee on Investigations will release the final report on the losses associated with failures of internal controls in JPM’s CIO group. We expect that […]
The Senate Banking Committee held a hearing today on the nomination of Mary Jo White to be the next Chairman of the Securities and Exchange Commission (SEC). “The most important statement made by Ms. White today was that, if confirmed, ‘the American public would be her client.’ She also said she intended to quickly and […]
“The Chamber of Commerce released its latest attack on financial reform today in the form of a report entitled ‘The Importance of Cost-benefit Analysis in Financial Regulation,’” said Dennis Kelleher, President of Better Markets, Inc., an independent nonprofit organization that promotes the public interest in the financial markets. “Like Wall Street, the Chamber’s favorite weapon […]
Better Markets, an independent, nonprofit organization that promotes the public interest in the financial markets, is launching a new webpage, “SEC Watch”, that will shine a spotlight on the Securities and Exchange Commission (“SEC”) and its actions and activities. “So many promises are made in Washington, D.C., only to be promptly broken. Rarely is anyone […]
The Senate Banking Committee is holding a confirmation hearing on Tuesday, March 12 on the nomination of Mary Jo White to be the next Chairman of the Securities and Exchange Commission (SEC). “There are many questions that Mary Jo White must be asked about her past statements about the financial crisis, about financial reform, and […]
“Better Markets applauds the White House for asking Chairman Gary Gensler to serve a second term as the Chairman of the Commodity Futures Trading Commission (‘CFTC’), the primary derivatives regulator in the U.S. Chairman Gensler has done an exceptional job and has been a tireless advocate for implementing the critically important financial reform law […]
Better Markets, Inc. sent a letter to CFTC Commissioners today addressing baseless claims that proposed derivatives markets rules would increase costs and decrease flexibility in the markets. “[T]he dark, unregulated over-the-counter (‘OTC’) derivatives market was a major component of the shadow banking system, where the last financial crisis was invisibly incubated, ignited the financial […]
“As we said to Commissioner Wetjen and other Commissioners in recent meetings, gutting the SEF rules will only help Wall Street’s biggest banks continue to control the marketplace and will defeat the purposes of financial reform. That’s why it’s called the ‘Derivatives Dealers Club.’ Requiring quotes from five market participants is the minimum that […]
For Immediate Release Media Contact: Jessica Ault [email protected] Tel: 202-618-6430 Washington D.C., — GAO Reports that the Losses from the Financial Crisis “Could Exceed $13 Trillion” “GAO released a Report today on the ‘Financial Crisis Losses and Potential Impacts of the Dodd-Frank Act,’ which states that those ‘losses could exceed $13 trillion.’ The Report is […]
“Mary Jo White was a tough, smart, no nonsense, broadly experienced and highly accomplished prosecutor. She knew who the bad guys were, went after them and put them in prison when they broke the law. That’s what must happen if integrity and investor confidence is to be restored in our securities markets. Wall Street is […]
With the Securities Exchange Commission (“SEC”) at an impasse, the Financial Stability Oversight Council (“FSOC”) has the authority to regulate money market funds (“MMFs”) as systemically significant nonbank institutions. Why should they do this? Because MMFs provide trillions of dollars in short term funding to the financial industry and much of corporate America. If those funds are withdrawn from the […]
Washington DC, September 20, 2012- Better Markets High Frequency Trading and Market Structure Consultant Dave Lauer, is testifying before the Senate Committee on Banking, Housing and Urban Affairs on September 20th 2012 at 10AM at a hearing entitled “Computerized Trading: What Should the Rules of The Road Be?” The testimony will be before the Subcommittee […]
“Jack Lew is by all accounts highly qualified to be Secretary of the Treasury, with decades of experience, wise counsel and an admirable commitment to public service,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets. “The one area of concern is whether […]
“The CFTC’s action today on cross border application of the U.S. swaps rules is a disappointment and fails to adequately protect the American people from having to again bail out Wall Street and its unregulated or under-regulated overseas activities. The action today narrows the scope of the rules, carves out entire areas of application and […]
Washington DC, December 14, 2012— “The Federal Reserve Bank proposed rules today that will make financial crises and taxpayer bailouts less likely,” said Dennis Kelleher, President and CEO of Better Markets, regarding the Federal Reserve’s proposed rules for regulating the U.S. operations of foreign banks Friday. “The rule will promote fair competition by treating […]
Washington DC, December 12, 2012— “In a lengthy, thoughtful 93 page opinion, the Federal District Court rejected the industry’s latest attack on the CFTC and its rulemaking,” said Dennis Kelleher, President and CEO of Better Markets, regarding today’s decision by the Federal District Court in the District of Columbia in the case of Investment […]
Washington DC, December 13, 2012— “As recently proved by JP Morgan’s bets with federally insured depositors’ money, called the ‘London Whale,’ the handful of the biggest banks that rely on taxpayer support have to be banned from gambling,” said Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the […]
Washington DC, November 28, 2012— “The capital requirements of Basel III are too low and too weak to prevent the next crisis or to prevent more bailouts,” said Dennis Kelleher, President and CEO of Better Markets, in advance of the House hearing on capital standards to be held on Thursday, November 29, 2012. Better Markets’ […]
Washington DC, November 26, 2012— “The SEC is the primary regulator for the U.S. capital markets, which are critical to our economy, businesses, well-being as a nation, and to every citizen,” said Dennis Kelleher, President and CEO of Better Markets. “It needs strong leadership now more than ever. The financial crisis is mostly over […]
Washington DC, November 16, 2012— “Tonight’s decision by Treasury to exempt foreign exchange swaps and forwards creates a large unjustified loophole in derivatives regulation,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that protects the public interest in the financial markets. “During the 2008 financial crisis, the market for foreign exchange […]
Washington, DC (November 14, 2012) – Better Markets, Inc. today sent a letter to the Senate Banking Committee urging that community banks be treated differently than Wall Street’s too big to fail banks. “Strengthening capital requirements will make individual banks less likely to fail and will reduce the risk of another systemic financial crisis. […]
“Money Market Funds Must Be Reformed to Prevent More Bailouts” Washington DC, November 14, 2012— “We applaud the Financial Stability Oversight Council’s (“FSOC”) action recommending that the SEC propose rules to address the risks from systemically significant money market funds,” said Dennis Kelleher, President and CEO of Better Markets. “It is unfortunate that the SEC […]
“Brussels, 14 November 2012 – Finance Watch, the public interest advocacy group, has published its response to the Report of the EU’s High-Level Expert Group on Reforming the Structure of the EU Banking Sector, led by Erkki Liikanen. Key points: – The report’s analysis is sound and its recommendations should be strengthened – Robust structural reform […]
The bungled change of leadership at Citigroup could be turned into an historic opportunity, if the new CEO and the Board are willing to seize it. Citi’s stock is trading below book like the other too big to fail financial conglomerates. They are not only too big to fail, but they are too big […]
Better Markets High Frequency Trading and Market Structure Consultant Dave Lauer is speaking today at the Securities and Exchange Commission roundtable entitled “Technology and Trading Roundtable: Promoting Stability in Today’s Markets.” “High speed computer trading mayhem and crashes are becoming the new normal in our capital markets,” stated Dennis Kelleher, President and CEO of […]
“Finally! A major Wall Street bank has been sued for fraud for its reckless lending that helped cause the 2008 financial collapse,” said Dennis Kelleher, President of Better Markets, a nonprofit organization that promotes the public interest in the financial markets. “Wall Street is a high crime area, but no one has been held […]
Better Markets today released a Report detailing the enormous costs of the financial and economic crisis that began in 2007 and continues to this day. As detailed in the Report, the cost of that crisis is at least $12.8 trillion as measured conservatively by lost GDP. The Report reviews the costs of the crisis, including […]
The determination by the Secretary of the Treasury to exempt foreign exchange swaps and foreign exchange forwards from regulation under the Dodd-Frank Act is unjustifiable on legal, policy, and pragmatic grounds. From a legal perspective, the decision does not come close to satisfying the statutory criteria that Congress established to control the Secretary’s decision-making […]
There should be no double standard and the law should be enforced on Wall Street just as it is everywhere else in America Washington DC, August 10th, 2012- The too big to fail banks on Wall Street caused the financial collapse in 2008 and inflicted the worst economy since the Great Depression on our […]
Jury’s Verdict Shows SEC Should Stop Scapegoating Junior Employees and Go After Corporations and Executives Who Break the Law Washington DC, July 31st, 2012- “The message from this jury’s verdict is clear: until the SEC starts bringing cases against the real corporate wrongdoers and their executives, juries aren’t going to allow the SEC to […]
BETTER MARKETS REPORT: EXPOSING WALL STREET’S POTENT PLAN TO DEFEAT FINANCIAL REFORM Washington DC, July 30th, 2012 – Better Markets today released a Report exposing Wall Street’s latest, potentially lethal attack on financial reform: using cost-benefit analysis as a weapon. This assault has already had significant success, dramatically slowing and weakening implementation of […]
“Wall Street is not a job creator. Wall Street is a job killer…. of historic proportions.” Washington DC, July 10, 2012- As we sit here today, our country and tens of millions of good, hard-working Americans are suffering through the worst economy since the Great Depression of the 1930s. That is a direct result of […]
Better Markets, a nonprofit, nonpartisan group promoting the public interest in financial reform, today in a letter to Attorney General Eric Holder called for the appointment of a special counsel in connection with the multibillion-dollar trading loss at JPMorgan Chase & Co. to avoid conflicts of interest and ensure public trust in the American judicial […]
Dennis Kelleher, president and CEO of Better Markets, made the following statement on the House Financial Services Committee hearing today examining the Securities and Exchange Commission’s policy to settle cases without requiring an admission of wrongdoing: “The SEC’s current settlement policy does not deter crime or Wall Street. The agency’s vow of imposing ‘swift and […]
Just one month ago, JPMorgan’s CEO Jamie Dimon dismissed questions about his bank making massive, high-risk, multi-billion dollar illiquid derivatives bets as nothing but “a tempest in a teapot.” Now, less than 30 days later, Mr. Dimon makes the surprise announcement that the “teapot” has blown up and caused at least $2 billion and maybe […]
Dennis Kelleher, president of Better Markets, made the following statement on the JPMorgan Chase’s surprise announcement today of $2 billion in losses from trading in high-risk illiquid derivatives: Ignoring the trillions in dollars of damage done by Wall Street in causing the economic collapse, JPMorgan Chase CEO Jamie Dimon has been a relentless critic of […]
In testimony before a congressional committee, Marc Jarsulic, chief economist of Better Markets, a nonprofit, nonpartisan organization promoting the public interest in financial reform, called today on regulators to impose strict leverage and trading requirements on big banks so they do not trigger another financial crisis requiring a taxpayer bailout. “The financial crisis was arrested […]
Statement by Dennis Kelleher, president and CEO of Better Markets, on the speech delivered today by Acting FDIC Chairman Martin Gruenberg: Acting FDIC Chairman Gruenberg spelled out how the FDIC will use its authority to ensure that too-big-to-fail financial firms that get into trouble will be liquidated, not saved by bailouts or the taxpayer. Doing […]
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