Banking Industry

Excerpt of Nomi Prins' It Takes a Pillage The Second Great Bank Depression has spawned so many lies, it's hard to keep track of which is the biggest. Possibly the most irksome class of lies, usually spouted by Wall Street hacks and conservative pundits, is that we're all victims to a bunch of poor...
09/29/2009
News/Resource
It Takes a Pillage Nomi has done us a great service in reviewing how we got here and where we went wrong. Each morning's headlines are full of reverberations and aftershocks of the crisis. Each evening we get promises of change and hear a growing chorus of assurance that the worst is behind us. All...
09/26/2009
News/Resource
Democracy Now!
09/14/2009
Video
In his Wall Street speech, the president outlines reforms — but they don't go deep enough. Obama's reforms do not strike deeply enough. The banking crisis has been subdued, not fixed, because of enormous amounts of government assistance. Ignoring that fact, and failing to overhaul the sector,...
09/14/2009
News/Resource
How do we damp down financial speculation? First, a very small tax in all kinds of financial transactions, say one tenth of one percent, would not be felt by legitimate long-term investors. But in the case of traders who get in and out of exotic derivatives minute by minute, making huge numbers of...
09/13/2009
News/Resource
Financial analysts who claim that China’s big banks will soon catch up with their Western counterparts in the league tables demonstrate a lack of understanding about what it takes to be a world-class player in this industry. Goldman, Sachs & Co. became a powerhouse by developing its culture,...
09/02/2009
News/Resource
If you're still enraged and frustrated with how the bank bailout went bust for the American people, or how Wall Street continues to operate as if the rest of the world doesn't matter, or how the banks are once again rolling in outsized profits and obscene bonuses while average Americans continue to...
09/01/2009
Publication
In the wake of the Great Depression, the 1933 Glass-Steagall Act was passed to separate commercial banks, which deal with the public, from investment banks, whose profits come from speculation. The idea was to keep the public and government safe from speculators. But, the 1999 Gramm-Leach-Bliley...
08/11/2009
News/Resource
Bloomberg.com
08/04/2009
Video
Our financial system needs to work for consumers at all income levels. A guide to the crisis, its causes, and cures. Wholesale reform of regulation has only begun, and the struggle will be uphill. Wall Street has been disgraced by this crisis but not yet dethroned as a political force. The big...
08/03/2009
News/Resource
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