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]
They’re opportunists. That’s how they’ve made their fortunes. Being an opportunist isn’t necessarily a bad thing if it means being willing and able to see an opportunity and take advantage of it by maximising its benefits. But in this case, being an opportunist is not a good thing. Not that they ever stopped, but it seems those “greedy bastards” are at it again.… [Read more]
Back in July, CNBC.com reported that former Citigroup chairman and CEO Sanford ‘Sandy’ Weill was calling for additional Wall Stret reforms that would break up the major Wall Street banks. At a time when the regulation of the financial industry is playing a major role in the presidential campaign debate, Weill’s comments aren’t likely to be viewed in a positive light by the GOP candidate, Mitt Romney, who has repeatedly called for the Dodd-Frank financial reforms to be repealed.… [Read more]
Rage Against the Machine rocks! And Tom Morello just earned himself more fans than ever. In case you’re not aware, Mr. Morello, a well-known activist who just happens to be a Grammy award-winning guitarist, is not too happy with Paul Ryan.
For good reason…
Mr. Morello is in full support of a ‘Robin Hood Tax‘…not exactly Paul “I-wanna-make-the-1%-richer” Ryan’s cuppa tea.… [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…. has permeated numerous industries, sectors, and geographical regions…… most educated, successful, and moneyed professionals in the country put their companies — not to mention their own liberty — at risk by engaging in flagrant and foolhardy illegal conduct…
The author then proposes solutions that are simply not going to work.… [Read more]
Jamie Dimon, CEO of megabank JP Morgan Chase, has a bit of a problem on his hands. No, his problem isn’t as monumental as deciding whether one’s fortune should be spent on adding an elevatored-garage to a beachfront home, nor is it as burdensome as determining how many lobbyists are needed to find congressional members willing to sell their souls.… [Read more]
Let’s turn back the clock to that very special time in 2008 when the economy nearly collapsed. What lovely memories. Lehmann Brothers, AIG, Skank of America, and ShittyBank almost succeeded in making the dollar as valuable as pinkish Monopoly money. People were freaking out. Wall Street was freaking out. Congress was freaking out. It was a total freak fest.… [Read more]
Sometimes the best approach to moving forward is to take time to look back in order to see what we’ve come through and what, if any, lessons we’ve learned. While economists say that America’s economy is pulling itself out of the economic downturn, with the global economy still on shaky ground it is clear that America still a long way to go to achieve across-the-board economic stability.… [Read more]