Category Archives: Congressional Testimony

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New York Times: What About the Raters?

Everyone (except Wall Street bankers) seems to be outraged about Wall Street banks, which made billions by trading complex confections of dicey mortgages and then passed us the tab when the investments went belly up. But what about the agencies that bestowed triple-A ratings on

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Video: Wall Street Recklessness Cost 7 Million Americans Their Jobs

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

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Mary Bottari: Goldman Accused of Rigging “Robin Hood Tax” Vote

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

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“Robin Hood” Tax Could Raise $700 Billion

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

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Paul Volcker: How to Reform our Financial System

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,

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Reuters: Derivative Reforms Key for US Recovery – Gensler

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

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Lake Research Partners Respond to Luntz Memo

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,

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CNN Opinion: Tax Wall Street to Create Jobs on Main Street

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,

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The New York Times Endorses a Financial Transaction Tax

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

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New York Times: Ailing Banks Favor Salaries over Shareholders

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