The California Reinvestment Coalition released this report (PDF) about subprime lending to communities of color in California. Here are their key findings: Lenders saturated California neighborhoods with high-cost and predatory loans: In 2006, in each city, lenders were more likely to make high-cost loans in
AFR Director Heather Booth has a new column on the Huffinton Post exposing Frank Luntz’s lies about financial reform. Here’s an excerpt from her post: Seen this ad from the “Committee for Truth in Politics”? If the name weren’t comical enough, the visuals are. But
John Taylor, President & CEO of the National Community Reinvestment Coalition (NCRC), discussed the next wave of AIG bonuses on Fox Business News. In response to another guest’s hemming and hawing about what is appropriate compensation and how a salary is defined, John really made
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
NPR’s All Things Considered talked with a consumer in California who moved his money to a community bank, and discussed the Move Your Money campaign. Listen here.
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
NPA affiliate Iowa Citizens for Community Improvement held a “Showdown in Des Moines” on Tuesday: Wells Fargo just announced record-breaking profits, we expect another big bonus year while the rest of us face cuts. Hundreds of members of Iowa Citizens for Community Improvement (CCI) went