Wall Street CEOs legalized gambling through something called ‘derivatives,’ making bets on bets on bets. But when their luck ran out, it was our money they lost – our homes, our investments. Watch the ad below from AFR partners Americans United for Change and American
Mary Bottari of BanksterUSA.org dissects Goldman Sachs’ actions in this column on the Huffington Post. Here is an excerpt: It’s really unbelievable. The way that Goldman Sachs keeps sticking its foot in it is simply unbelievable. Let’s not review their unbelievable bonus pool or their
More than 50 charities are supporting a British campaign to levy a tax on transactions between financial institutions, which can be used to help fight poverty, protect public services and tackle climate change. The 0.05% “Robin Hood” tax on financial trades could raise $700bn for
Paul Volcker, Chairman of the president’s Economic Recovery Advisory Board and former Federal Reserve Chairman, published this op-ed in the New York Times. Here are excerpts: The phrase “too big to fail” has entered into our everyday vocabulary. It carries the implication that really large,
Reuters reports: Reforming the $450 trillion derivatives market is key to removing the risks of financial markets, and greater central clearing of privately traded derivatives is a vital part of that, the head of the Commodities Futures Trading Commission said on Friday. Central clearing, in
Lake Research Partners has put out this memo in response to Frank Luntz’s anti-reform memo, which AFR’s Heather Booth blogged about here. This latest memo details how financial reform advocates should frame the conversation about financial reform in order to effectively rein in the greedy,
Leo Hindery, Jr. is chair of the US Economy/Smart Globalization Initiative at the New America Foundation. He is the former chief executive of AT&T Broadband and other major media and telecom companies, and published this editorial on CNN Opinion. New York (CNN) — What if,
In an editorial titled “Opposite of Bold,” the New York Times endorsed the Obama Administration’s proposal to levy a Financial Transaction Tax on banks: Mr. Obama also must … embrace ways to pay for initiatives, such as redeploying money from the bank bailout or endorsing
The New York Times points out the discrepancy between what banks pay in salary vs. what they produce for their shareholders in this article. Here are excerpts (emphasis ours): Finding the winners on Wall Street is usually as simple as looking at pay. Rarely are
Visit the Sojourners website to download the first chapter of Reverend Wallis’s new book, “Rediscovering Values: On Wall Street, Main Street, and Your Street.” Watch him on the Daily Show below: The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Jim Wallis