Wallace Turbeville, former vice president of Goldman Sachs and senior fellow at Demos, discusses the case brought by New York Attorney General Eric Schneiderman against JPMorgan Chase for fraud at Bear Stearns, which JPMorgan purchased in 2008. The case “marks the most direct action to date...
Four years ago today, Lehman Brothers collapsed as Hank Paulson and his colleagues made the fateful decision that free market principles demanded that at least one bank crippled by the deteriorating financial system had to be sacrificed at the altar of moral hazard. These “deciders” had no idea of...
Every day brings more reminders of the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone. An article in the current issue of Rolling Stone chronicles “The Fallen: The Sharp,...
Demos Senior Fellow Nomi Prins responded to Jamie Dimon's testimony today about his role in the $2 billion and counting loss at JP Morgan. Read Nomi's take at PolicyShop: JPM Chase Chairman, Jamie Dimon, the Whale Man, and Glass-Steagall >>> It was fitting that while President Obama...
We hear so many depressing stories of Dodd-Frank rules that haven't yet been written, or are being held up by court challenges, that it is easy to forget that powerful parts of the 2010 reform act are already in effect. One element of Dodd-Frank that hasn't gotten much attention is the new...
Demos Applauds Goals of Federal Reserve Independence Act, Urges Protection Against Self-Regulation By Banks
New York, NY – Leaders in the U.S. Senate recently introduced a bill that would help significantly shift the direction of the financial sector toward the common good by ensuring that independent directors, not industry executives, regulate the big banks. Introduced on May 22 by Senator Bernie...
The big stock market slide of the past month has been bad news for the over 50 million Americans with 401(k) plans. Many of these investors have yet to recover from the 2008 crash and have been counting on a market upswing to make up for lost ground. Yet even if stocks do rebound, the truth is that...
Rep. Maxine Waters hosts this non-partisan moderated panel discussion on derivatives and the current policy debates regarding implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As Congress grapples with the public policy implications of new...
Here’s a question that you probably don’t want to answer honestly: What fees are you being charged by your 401(k) plan? Don’t feel bad if you haven’t got a clue, because that puts you in the majority. An AARP study a few years back found that 65 percent of 401(k) account-...