H.R. 1105, the Small Business Capital Access and Job Preservation Act, was introduced by Congressman Robert Hurt (R-Virginia). The purpose of the Act is to exempt advisers to certain private equity funds from the new registration requirements required by Title IV of the Dodd-Frank Act, the Wall Street reform act that is supposed to regulate the practices of Wall Street to prevent another financial crisis. … [Read more]
A FRONTLINE documentary titled “The Untouchables” aired on PBS stations last night. The focus on the financial system meltdown of over four years ago may have been eye-opening to anyone who hasn’t been paying attention to the financial services industry but, for the rest of us who have a Wall Street-sized chip on our shoulders, the excellent documentary served to heighten our disgust at the fact that no bankers were jailed for crumbling the U.S.… [Read more]
Yesterday, 10 US banks and mortgage firms agreed to pay $8.5 billion to settle complaints of wrongful foreclosures. Federal regulators undertook an extensive review process of homeowner foreclosure files as required under an enforcement action filed during 2011. According to terms of the agreement the banks – which include several of the nation’s largest financial institutions such as Citigroup, JP Morgan Chase, Bank of America and Wells Fargo – will end up paying individual homeowners anywhere from several hundred dollars to $125,000 once it has been determined that those individuals were wrongly foreclosed upon.… [Read more]
For many months those of us who have been paying attention to financial and economic reports have heard that the economy is growing, albeit too slow for our tastes. That’s great news on a macro level but, on an individual level, it’s all too common to still hear stories about people who are falling through the economic recovery’s cracks.… [Read more]
There’s an interesting article on cnbc.com: Why Corporate Fraud Is So Rampant: Wall Street’s Cop by Preet Bharara, United States Attorney for the Southern District of New York.
A quick recap of the article:
… To the apparent surprise of many in the room, I observed publicly that insider trading appeared to be rampant….… [Read more]
Really? Oh, and by the way, I’m not talking about Republican presidential candidates Herman Cain (Oh Lawdhamercy), Mitt Romney (YAWN!), Rick Perry (WTLF?!?) and Michelle Bachmann (DUH!). I’m talking about the people who currently hold seats in the US Senate and the people they deem worthy of listening to…like Alan Greenspan a.k.a., the fiscal grim reaper.… [Read more]