11:45 AM, May 12, 2015 • By GEOFFREY NORMAN
The conventional wisdom is that he doesn’t have a snowball’s chance--and maybe that's true. But Bernie Sanders’s presidential campaign does have some people looking over their shoulders. Those people would be, as Kevin Cirilli of The Hill reports, the big bankers who are, in Sanders’ world view, the enemy of all that is good and decent.
It appears that:
Wall Street is worried that Sen. Bernie Sanders’s vigorous calls for banking industry reform will pull Hillary Clinton to the left, as the two presidential candidates battle for the 2016 Democratic nomination.
Sanders’s long-held position is that “if an institution is too big to fail, it is too big to exist.”
Sanders recently introduced legislation to break up the banking behemoths. And:
“The prospects of it becoming law are nil,” said one banking lobbyist, who described Sanders’s legislations as “shrill, bombastic and misaligned.”
Still, the lobbyist went on:
“… we care about whether this impacts Hillary and whether she’ll try to pander to the far left.”
12:01 AM, Mar 14, 2015 • By IRWIN M. STELZER
So all’s well. No more financial meltdowns. No more taxpayer bailouts of bonus-hunting, risk-taking bankers. The Federal Reserve Board’s regulators have decided that all 31 of the largest U.S. banks, including seven that are foreign-owned, would survive a severe recession with sufficient capital to continue lending and remain in business without a taxpayer bailout.
1:08 PM, Sep 2, 2014 • By GEOFFREY NORMAN
The former constituents who returned Eric Cantor to the private sector have reason to think, He is who we thought he was. As Mario Trujillo of The Hill reports:
12:00 AM, Aug 9, 2014 • By IRWIN M. STELZER
Bank of America likes to top rival J.P. Morgan Chase in as many ways as possible. Except one. The $16-to-$17 billion check it is about to write to cover the fine for sins committed before the financial crisis tops the previous record of $13 billion paid by J.P. Morgan Chase just nine months ago. Add fines paid by Bank of America in connection with other activities, and the total take from the bank’s shareholders easily tops $22 billion. That’s certainly is real money, but not so much as to prevent Bank of America from raising its dividend last week.
7:01 AM, Jul 11, 2014 • By DANIEL HALPER
Agence France-Presse State Department correspondent Jo Biddle is claiming on Twitter that members of the media traveling with Secretary of State John Kerry to China "have had their bank accounts hacked."
9:30 AM, Jan 11, 2014 • By IRWIN M. STELZER
Here we go again. JPMorgan Chase will pay $2.6 billion in fines and compensation for its inattention to numerous red flags warning that its important customer, one Bernie Madoff, was running a $65 billion Ponzi scheme.
12:00 AM, Dec 14, 2013 • By IRWIN M. STELZER
Free traders are ecstatic. Negotiators at the 9th World Trade Organization ministerial conference in Bali cheered, hugged, and wept at what they see as the successful culmination of their recent round of talks. “A giant step for businesses large and small,” enthused the CEO of UPS.
12:00 AM, Oct 12, 2013 • By IRWIN M. STELZER
Janet Yellen, dubbed “Ms. QE Infinity” by some wags because of her support for printing money to create jobs, and her willingness to pierce the Fed’s long-held 2 percent annual inflation ceiling, will have more to worry about than monetary policy when she steps into Ben Bernanke’s ample shoes on February 1. There is the small matter of regulating the nation’s banks, a chore made difficult for her by two unrelated facts.
9:26 AM, Apr 11, 2013 • By GEOFFREY NORMAN
President Obama will be meeting today with people one of his predecessors might call "malefactors of great wealth." According to Dawn Kopecki & Margaret Talev of Bloomberg, visitors to the White House will include:
4:34 PM, Feb 6, 2013 • By MICHAEL WARREN
At the Washington Examiner, Tim Carney points to JPMorgan CEO Jamie Dimon's admission in an interview that the Dodd-Frank financial regulation law makes it "tougher for smaller players to enter the market." Dimon says the law widens the "moat" that surrounds big banks like JPMorgan and keep smaller banks from competing.
11:55 AM, Jul 10, 2012 • By DANIEL HALPER
Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.