What the CFPB ‘Commission’ Debate Is Really About | Bank Think

Corporations are happily preparing their wishlists for getting rid of consumer and employee protections under the new administration and the Republican-controlled Congress and Senate. Look for them to be disguised as “reform,” as pointed out in this piece from Adam J. Levitin in American Banker. The financial services industry is pushing hard for Congress to…

Nell Minow Interviews the Authors of “What They Do With Your Money”

VEA Vice Chair Nell Minow interviewed Stephen Davis, Jon Lukomnik, and David Pitt-Watson on their new books, What They Do With Your Money: How the Financial System Fails Us and How to Fix It.  Reminiscent of the 1940 classic Where Are the Customers’ Yachts?,  this is a reasoned but devastating takedown of the skewing of…

The SEC approved Investor’s Exchange’s (IEX) bid to be a new US stock exchange and fight high-frequency traders — Quartz

Very important news — after brutal, highly politicized delays, IEX has finally been approved by the SEC. The Securities and Exchange Commission (SEC) today voted to allow Investor’s Exchange (IEX) to operate as a public stock exchange. It will be the first public exchange to employ techniques specifically designed to thwart manipulative strategies used by…

The New Agenda For Taking On Wall Street

More than 20 progressive organizations representing millions of voters are putting their weight behind a five-point agenda for the next stage of Wall Street reform. What these groups will formally announce Tuesday, in an event featuring Massachusetts Sen. Elizabeth Warren, sets a high but practical standard for what a candidate would have to embrace to…

Biggest banks are still too big to fail: Fed’s Kashkari – MarketWatch

The nation’s biggest banks remain too big to fail and pose significant risk to the economy, said Neel Kashkari in his debut speech as the president of the Minneapolis Fed on Tuesday. “While significant progress has been made to strengthen our financial system, I believe the [Dodd-Frank] Act did not go far enough,” Kashkari said…

Definition of Chutzpah: WSJ’s Pity for “Demonized” Wall Streeters

Even for the Wall Street Journal, this is over the top. Bret Stephens whines that he just can’t understand why people keep picking on “the most demonized people in America,” people who work on Wall Street. How can that be? All the ones he knows are prodigiously bright and slyly funny, reasonably wealthy but rarely…

Wall Street banks report Q4 2015 earnings

Goldman Sachs’ earnings report on Wednesday morning marked the sixth of the ‘Big 6′ Wall Street banks to report Q4 2015 earnings in the past two weeks. The company’s $5 billion settlement with the Department of Justice took a chunk out of Goldman Sachs’ net revenue, as EPS dropped from $4.38 in Q4 2014 to…

Bernie Sanders to Wall Street: ‘Greed is not good’

Sen. Bernie Sanders said Tuesday that Wall Street’s business model is “fraud,” the Federal Reserve has been “hijacked” by bankers and Democratic presidential frontrunner Hillary Clinton’s plan to regulate the financial industry won’t solve the problem. The Vermont independent, who is running for the Democratic presidential nomination, offered a host of financial policy proposals to…

EX-Citi CEO Says They Were Wrong to Repeal Glass-Steagall

Ex-Citigroup CEO John Reed writes in the FT that “we were wrong” about the repeal of Glass-Steagall. First “was the belief that combining all types of finance into one institution would drive costs down — and the larger the institution the more efficient it would be. We now know that there are very few cost…