Tag: Big Banks
Congress Passed Legislation Making the Treasury Secretary the Boss of the Federal Reserve During a Financial Crisis: That’s Creating Its Own Crisis
Monopoly Board Game Updated For Our Times
Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits
Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance. The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression. (More on that in a moment.)
Alfred de Zayas’ take on the US elections – interview to the Swiss-German journal “Zeitgeschehen im Fokus”
“In a democracy the citizen must demand genuine policy choices and a right to shape that policy. Voting for corporate figureheads is not democracy”
My take on the US elections – interview to the Swiss-German journal “Zeitgeschehen im Fokus”
‘A win for the establishment and a loss for progressives’ — analysts react to Yellen as Biden’s Treasury secretary
— “Janet Yellen’s nomination to be Treasury Secretary is a win for the establishment and a loss for progressives and modern monetary theory proponents. So far, the Biden team is mostly establishment types, which should ease the concerns of investors who feared a more leftward tilt. Although we were skeptical that Mr. Biden was going to pick Sen. Elizabeth Warren for the Treasury job, that risk has been completely removed for now.” — Brian Gardner, chief Washington policy strategist at Stifel.
…
— “She is well within the orthodoxy of the economics community, and I suspect that fact along with her familiarity will lead to a largely positive response from financial markets. More broadly, from what we have seen so far, Biden appears to be mainly choosing old Democratic hands to fill his most vital Cabinet and White House posts, people from the Obama (and in some cases, even the Clinton) years. Progressives had hoped to wield major influence in the next administration, but if Biden’s personnel choices so far are any indication, he intends to govern more from what constitutes the middle of the Democratic Party today than to push the envelope far to the left.” — Stephen Stanley, chief economist at Amherst Pierpont.
Related:
The Wall Street Journal Nominates Janet Yellen as Treasury Secretary
Federal Regulators Have Gutted Safety and Soundness Rules for the Biggest Wall Street Banks
Federal Regulators Have Gutted Safety and Soundness Rules for the Biggest Wall Street Banks
Bottom line: federal regulators are as clueless today as they were in 2008 when it comes to the level of systemic risk these banks pose to the financial system of the United States. The only way to rein in that risk is to break up these banks and restore the Glass-Steagall Act. That would separate these casinos from the federally-insured, deposit-taking banks.
Related:
Senator Sherrod Brown Calls for Breaking Up the Wall Street Banks; Elizabeth Warren Tells Fed: “I Don’t Believe You’re Doing Your Job”
Senator Jon Tester of Montana got into a heated debate with Randal Quarles, the Vice Chairman for Supervision at the Federal Reserve. Although both the Chairman of the Federal Reserve, Jerome Powell, as well as Quarles, have previously stated that another round of fiscal stimulus is needed from Congress, Quarles now seems to have been intimidated by some Republicans in Congress who don’t want another stimulus package. Quarles, during the hearing, refused to endorse another stimulus package.
JPMorgan Chase Is Under a New Federal Investigation, One Month After Getting Slapped with Its 4th and 5th Criminal Felony Count
“JPMorgan Chase Bank, N.A. has been advised by one of its U.S. regulators of a potential civil money penalty action against the Bank related to historical deficiencies in internal controls and internal audit over certain advisory and other activities. The Bank already has controls in place to address the deficiencies related to the proposed penalty. The Firm is currently engaged in resolution discussions with the U.S. regulator. There is no assurance that such discussions will result in resolution.”
Ms. Cat’s Chronicles 
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