User: newstrust Topic: Business
Category: Finance :: Bailout
Last updated: Nov 02 2018 19:40 IST RSS 2.0
 
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Red-State Senate Democrats Are Top Recipients of Wall Street Donations 2.11.2018 Truthout.com
Senate Democrats who helped roll back Obama-era financial regulations have received millions.

The post Red-State Senate Democrats Are Top Recipients of Wall Street Donations appeared first on Truthout.

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This Is Your Banking System on Trump 5.5.2018 Mother Jones
This story first appeared on TomDispatch.com. Warning: What you are about to read is not about Russia, the 2016 election, or the latest person to depart from the White House in a storm of tweets. It’s the Beltway story hiding in plain sight with trillions of dollars in play and an economy to commandeer. While […]
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Donald Trump and the Next Crash: Making the Fed an Instrument for Disaster 26.4.2018 Truthout.com
Donald J. Trump speaks during a State Dinner for French President Emmanuel Macron and his wife Brigitte Macron at the White House on April 24, 2018, in Washington, DC. (Photo by Jabin Botsford / The Washington Post via Getty Images) Truthout is fiercely independent yet uncompromisingly committed to justice, equality and truth. Support ethical journalism: Make a tax-deductible donation to Truthout now! Warning: What you are about to read is not about Russia, the 2016 election, or the latest person to depart from the White House in a storm of tweets. It's the Beltway story hiding in plain sight with trillions of dollars in play and an economy to commandeer. While we've been bombarded with a litany of scandals from the Oval Office and the  Trump family , there's a crucial institution in Washington that few in the media seem to be paying attention to, even as President Trump quietly makes it his own. More obscure than the chambers of the Supreme Court, it's a place where he has already made substantial ...
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Eleven "Small" Banks That Would Gain From the Senate Banking Bill Sport Hefty Pay Gaps 20.3.2018 Truthout - All Articles
Last year, Regions Financial CEO O. B. Grayson Hall, Jr. made $12.7 million -- 202 times as much as median employee pay at his bank. Those are some big numbers for a firm that stands to benefit from a recently passed senate bill advertised as regulatory relief for small community banks. The core of the bill is a provision to eliminate most of the risk controls at banks with $50 billion to $250 billion in assets. While not as gargantuan as the likes of JPMorgan Chase or Bank of America, this tier received almost $50 billion in federal bailout money after the 2008 crash, according to  Americans for Financial Reform . In the wake of that disaster, the Dodd-Frank legislation included several executive compensation provisions designed to curb the reckless greed that led to the crash. While several of these provisions have not yet been implemented, one is just now beginning to bear fruit in the form of new data on CEO-worker pay gaps. All large US publicly held corporations are now required to report the ratio ...
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Jared Kushner, RIP: A Political Obituary for the President's Son-in-Law 19.3.2018 Truthout - All Articles
Jared Kushner, White House senior adviser and son-in-law of President Trump, listens during a meeting between Trump and congressional members in the cabinet room of the White House, February 13, 2018, in Washington, DC. (Photo: Alex Wong / Getty Images) Why doesn't this site have ads? In order to maintain our integrity, Truthout doesn't accept any advertising money. Help us keep it this way -- make a donation to support our independent journalism. Here we are a little more than a year into the Trump presidency and his administration's body count is already, as The Donald might put it, " unbelievable, perhaps record-setting ." Among the casualtie s are Secretary of State Rex Tillerson ; my former boss at Goldman Sachs, economic policy chief Gary Cohn; National Security Advisor Michael Flynn; FBI Director James Comey; White House Press Secretary and Communications Director Sean Spicer; four other communications directors including Hope Hicks who, having been Ivanka Trump's confidante , was elevated to the ...
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Senate bill could allow 2 top banks to keep billions less on hand as buffer against collapse, regulator’s report shows 9.3.2018 Washington Post
The reduction, which could benefit JPMorgan and Citigroup, would weaken one of the safeguards Congress helped to put in place after the 2008 financial crisis, some banking experts say.
Trump's Financial Arsonists: The Next Financial Crisis May Well Be Around the Corner 1.2.2018 Truthout.com
(Image: Erhui1979 / Getty Images)   No ads, no subscription fees -- instead, Truthout is fueled by generous donations from readers. Want to support our work? Click here to donate. There's been lots of fire and fury around Washington lately, including a brief government shutdown. In Donald Trump's White House, you can hardly keep up with the ongoing brouhahas from North Korea to Robert Mueller's Russian investigation, while it already feels like ages since the celebratory mood over the vast corporate tax cuts Congress passed last year. But don't be fooled: none of that is as important as what's missing from the picture. Like a disease, in the nation's capital it's often what you can't see that will, in the end, hurt you most. Amid a roaring stock market and a planet of upbeat CEOs , few are even thinking about the havoc that a multi-trillion-dollar financial system gone rogue could inflict upon global stability. But watch out. Even in the seemingly best of times, neglecting Wall Street is a dangerous ...
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Steven Mnuchin, Foreclosure King of the US: Secretary of the Treasury for the .01 Percent 7.11.2017 Truthout - All Articles
  Treasury Secretary Steven Mnuchin walks off the podium following a news conference on September 21, 2017, in New York City. (Photo: Spencer Platt / Getty Images) The stories at Truthout equip ordinary people with the facts and resources to create extraordinary change. Support this vital work by making a tax-deductible donation now! Treasury Secretary Steven Mnuchin doesn't exactly come across as the guy you'd want in your corner in a playground tussle. In the Trump administration, he's been more like the kid trying to cop favor with the school bully. That, at least, is the role he seems to have taken in the Trump White House. When he isn't circling the Sunday shows stooging for the president, he regularly plays the willing fall guy for tax policies guaranteed to  stoke further inequality  in the US and for legislation that will  remove  just about any consumer protections against Wall Street. Mnuchin, a former Goldman Sachs partner, arrived in Washington with a distinct reputation. Back in 2009, he had ...
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Dear president Trump: breaking up (banks) isn't so hard to do 8.6.2017 Le Monde Diplomatique

Donald, listen, whatever you've done so far, whatever you've messed up, there's one thing you could do that would make up for a lot. It would be huge! Terrific! It could change our world for the better in a big-league way! It could save us all from economic disaster! And it isn't even hard to grasp or complicated to do. It's simple, in fact. Reinstitute the Glass-Steagall Act. Let me explain. In the world of romance, if you break up with someone, it's pretty simple (emotional complications (...)

- Open page
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President Trump: Do You Want Glass-Steagall or Another Economic Meltdown? 8.6.2017 Truthout.com
"Depression Breadline," a sculpture by George Segal. (Photo: Brian Talbot ) Donald, listen, whatever you've done so far, whatever you've messed up, there's one thing you could do that would make up for a lot. It would be huge! Terrific! It could change our world for the better in a big-league way! It could save us all from economic disaster! And it isn't even hard to grasp or complicated to do. It's simple, in fact. Reinstitute the Glass-Steagall Act. Let me explain. In the world of romance, if you break up with someone, it's pretty simple (emotional complications aside). You're just not together anymore. In the world of financial regulation, it used to be as simple as that, too. It was like installing a traffic light at a dangerous intersection to avoid deaths. In 1933, when the Glass-Steagall Act was passed, it helped break up the biggest banks of the day and for good reason: they had had a major hand in triggering the most disastrous economic depression our country ever experienced. Certain divisions ...
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Building on the Tax Marches 26.4.2017 Truthout.com
As the deadline to mail checks to the IRS approached, organizers in New York were still protesting, and this time not only about President Donald Trump's tax returns. Activists with the grassroots organization New York Communities for Change and other progressive groups  held a rally  on April 18 in front of Goldman Sachs's headquarters in New York City to confront the world's most powerful bank for dodging taxes and taking resources away from working people. In the eight years between 2008 and 2015,  Goldman avoided paying $5.5 billion in taxes  by using various loopholes, billions that could have been used for public housing, healthcare, education, and many other vital programs and services. That's around $21.60 per second in tax avoidance. At that rate, Goldman will have dodged about $4,000 in taxes by the time you finish reading this, about half the federal income taxes paid by the average American family. While Goldman's tax avoidance wizards worked their magic in the years following the crisis, it ...
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Cohn backs separation of Wall Street business lines 7.4.2017 Salt Lake Tribune
In a private meeting with lawmakers, White House economic adviser Gary Cohn said he supports a policy that could radically reshape Wall Street’s biggest firms by separating their consumer-lending businesses from their investment banks, said people with direct knowledge of the matter. Cohn, the ex-Goldman Sachs executive who is now advising President Donald Trump, said he generally favors banking going back to how it was when firms like Goldman focused on trading and underwriting securities, and ...
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Trump Nominates Goldman Sachs "Alligator" Jay Clayton to Run SEC 29.3.2017 Truthout - All Articles
Jay Clayton was, literally, the "Goldman Sachs bailout lawyer." He represented Goldman and other Wall Street firms during the aftermath of the 2008 financial crisis. Now, despite Donald Trump's promises to "drain the swamp," he would like add more alligators to it and have Clayton head the Securities and Exchange Commission. (Photo: Unsplash ; Edited: LW / TO) If you believe in the importance of a free and independent press, take a moment to support Truthout's news and analysis by making a donation now! Saying on the campaign trail that Wall Street banks and hedge funds are " getting away with murder ," President Trump promised voters he would "drain the swamp"  and  "reduce the corrupting influence of special interests on our politics." He was playing on the public's sentiment that Washington is a swamp of Wall Street and corporate interests, connected insiders who feed off of taxpayers. Trump's "closing argument" television ad explained exactly who his villains were. Showing clips of Wall Street, stock ...
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Steve Bannon’s Apocalyptic ‘Unravelling’ 9.3.2017 ConsortiumNews.com
Donald Trump’s upbeat slogan is “Make America Great Again,” but his chief strategist Steve Bannon sees apocalyptic days ahead, a harsh winter before society’s renewal, writes ex-British diplomat Alastair Crooke. By Alastair Crooke Steve Bannon is accustomed to start many…Read more →
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The Goldman Sachs effect 30.1.2017 Le Monde Diplomatique

Irony isn't a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished — but the people did not share in its wealth.” Under Trump, an even smaller group will flourish — in particular, a cadre of former Goldman Sachs executives. To put the matter (...)

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The Goldman Sachs Effect: How a Bank Conquered Washington 30.1.2017 Truthout - All Articles
(Image: LW / TO; Adapted: Onasill ~ Bill Badzo ; Damien Gadal ) Irony isn't a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, "For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished -- but the people did not share in its wealth." Under Trump, an even smaller group will flourish -- in particular, a cadre of former Goldman Sachs executives. To put the matter bluntly, two of them (along with the Federal Reserve) are likely to control our economy and financial system in the years to come. Infusing Washington with Goldman alums isn't exactly an original idea. Three of the last four presidents, including The Donald, have handed the wheel of the US economy to ex-Goldmanites. But in true Trumpian style, after attacking Hillary Clinton for her Goldman ties, he wasn't satisfied to do just that. He had to do it ...
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Trump's Treasury pick boosted an investment with TV talk 12.1.2017 AP Business
WASHINGTON (AP) -- President-elect Donald Trump's choice to become Treasury secretary, Steven Mnuchin, will sell 43 assets to avoid conflicts of interest in office, according to new filings made public Wednesday by the U.S. Office of Government Ethics. Statements Mnuchin made in a November television interview may already have boosted the value of one of them....
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The Italian Banking Crisis: No Free Lunch -- or Is There? 23.12.2016 Truthout.com
On December 4, 2016, Italian voters rejected a referendum to amend their constitution to give the government more power, and the Italian prime minister resigned. The resulting chaos has pushed Italy's already-troubled banks into bankruptcy. First on the chopping block is the 500 year old Banca Monte dei Paschi di Siena SpA (BMP), the oldest surviving bank in the world and the third largest bank in Italy. The concern is that its loss could trigger the collapse of other banks and even of the eurozone itself. There seems little doubt that BMP and other insolvent banks will be rescued. The biggest banks are always rescued, no matter how negligent or corrupt, because in our existing system, banks create the money we use in trade. Virtually the entire money supply is now created by banks when they make loans, as the Bank of England has acknowledged . When the banks collapse, economies collapse, because bank-created money is the grease that oils the wheels of production. So the Italian banks will no doubt be ...
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Fed requires banks to build in protection for taxpayers 16.12.2016 SFGate: Business & Technology
The mega-banks must bulk up their capacity to absorb financial shocks by issuing equity or long-term debt equal to certain portions of total bank assets. The Fed action comes as Washington braces for changes to the 2010 law that reined in Wall Street after the financial crisis. The Fed governors imposed the requirements on JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and State Street Bank. “We’re going to start looking at rolling back (rules) before we’ve started implementing,” said Oliver Ireland, an attorney specializing in banking law at the Morrison & Foerster law firm, who was an associate general counsel at the Fed. The Fed action puts in place its piece of a plan proposed by international regulators in 2014 for loss-absorbing capacity for the world’s 30 largest banks.
Fed tells mega-banks to build new cushions against losses to cut risk of taxpayer bailouts 16.12.2016 LA Times: Business

The eight biggest U.S. banks will be required to build new cushions against losses that would shift the burden to investors. The action by the Federal Reserve was the latest bid by regulators to reduce the chances of future taxpayer bailouts.

The Fed governors led by Chair Janet Yellen voted 5-0...

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