Posts Tagged ‘Too big to fail’

Quick Hit: “Dimon or Rust?”

Dimon’s JP Morgan announces $2 billion in trading losses!

An outspoken opponent of the Volcker Rule and other banking and financial regulations, Jaime Dimon, CEO of the nation’s biggest bank, discloses the huge losses and proves the need for more comprehensive banking oversight.

Touted as the brilliant banking executive who avoided the ravages of the financial crisis, has Dimon now become the poster boy for stronger regulation?

The scandalous nature of this trading loss, which may grow to over $4 billion, has undeniably tarnished Dimon’s star.

But this isn’t the first scandal at JP Morgan!

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Posted in Banking, Finance, Quick Hits, Too Big to Bail | Comments Off

“Senate Votes for Big Banks and Against the People!”

The People vs. Big Banks! Who won the vote in the Senate last week?

Last Thursday night the Senate voted on an important amendment for ‘the people’ of this country—protecting the American people from predatory banks. The amendment (Brown (OH) amdt. No. 3733) to Restoring American Financial Stability Act of 2010, would impose leverage and liability limits on bank holding companies and financial companies. Essentially a controlled method of separating the banks and protecting depositors and investors—‘the people.’

There are many reasons to break up the Big Banks and those are discussed in greater detail in “Break ’em Up!” But mostly it’s because of what the banks continue to do to middle-class Americans with impunity.

Surely the Senate voted in favor of their constituents?

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Posted in Banking, Politics, Too Big to Bail | 2 Comments »

“Corruption: With a Lot of Help from Their Friends!”

Congresses love of corporate campaign money influences their vote and is eroding our democracy!

For an American citizen to run for elected federal office today requires huge sums of money; well beyond the imaginations of our Founding Fathers. Clearly they didn’t envision this.

Nor did the wise patriots that constructed the Constitution envision ‘professional’ politicians. They anticipated regular citizens becoming politicians to help run the government ‘for the people,’ then returning to private life after fulfilling an honorable and short-term patriotic duty ‘to the people’ of this great country.

Pure and uncorrupted democracy.

We no longer have a pure, uncorrupted form of democracy. It’s been stained by dirty corporate money; a malodorous patina that may take years to expunge.

It’s obvious things have changed in the electoral process and in the makeup of Congress. Not necessarily for the good. Corruption at varying levels permeates the halls of Capitol Hill. American’s are disgusted and outraged at Congress, evidenced by their current approval rating of 18 percent.

The People’ no longer matter in the modern operation of our government.

Why? And at what point did ‘the people’ lose control? Read the rest of this entry »

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Posted in Politics | 2 Comments »