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Bailout Watch

News Story
12/27/2009
Posted by Consumer Watchdog
Signatures Are Being Collected For More Than 50 Initiatives, Including A Potential Labor-Business Battle. SACRAMENTO, CA --  With heated contests looming for U.S. Senate, governor and other statewide posts, 2010 stands to be a blockbuster year in California politics. The state could also see a bumper crop of ballot measures. In recent weeks,...
Blog Post
12/23/2009
Posted by Consumer Watchdog
As the work days blend into holidays, I hope you'll enjoy the holiday cheer of the Bailout Carolers:   You can download some of their carols for your own holiday fun from National People's Action.  Reminds me of Bailout Carols we sang in Sacramento in 2001, back when California's utility bailout (and Wall Street's manipulations of the...
Blog Post
12/23/2009
Posted by Consumer Watchdog
Just in case you were under the naïve impression that the folks over at AIG give a damn (or are even a little grateful for the taxpayer lifepreserver that’s still keeping them afloat), this news today at washingtonpost.com: When word spread earlier this year that American International Group had paid more than $165 million in retention...
News Story
12/22/2009
Posted by Consumer Watchdog
Congress pledged to tighten regulations on Wall Street after its role in the recession. The industry is reaching into its deep pockets to shape the financial reform legislation to its liking. WASHINGTON -- Since the near meltdown of Wall Street in late 2008, Congress has pledged to tighten regulations on the finance industry. That exercise...
Blog Post
12/15/2009
Posted by Consumer Watchdog
Captain Renault was taken aback at the gambling going on in Rick's casino. Imagine the surprise of the nation's biggest banking executives when the President revealed that their lobbyists in Washington (the ones the commercial banks have paid $36 million this year) are opposing financial reform. Gasp! As reported in the Wall Street Journal:...
Blog Post
12/14/2009
Posted by Consumer Watchdog
Consumers won a big victory over the banks and Wall Street last week when the House passed financial reform legislation that, among other things, created a new top cop to regulate all consumer financial products. But it was a close fight. The consumer regulator survived by a margin of just 15 votes. That's thanks in no small part to the financial...
Blog Post
12/10/2009
Posted by Consumer Watchdog
The U.S. House of Representatives is debating the financial reform package right now. It would, among many other things, create a new regulator to do the consumer protection the banking regulators ignored, and require Wall Street speculators to meet minimum standards and do their gambling in the light of day. What I’m having a hard time...
Blog Post
11/5/2009
Posted by Consumer Watchdog
The news that the New York office of Citigroup got 1,200 doses of H1Ni flu vaccine, and Goldman Sachs got about 200, makes me even angrier than their executive bonuses. Don't these people have any sense of propriety? Just by way of comparison, local health departments, like those in LA County, are struggling to even vaccinate high-risk groups like...
Blog Post
9/14/2009
Posted by Consumer Watchdog
Wells Fargo Bank made a big deal today of firing the senior vice president who allegedly moved into a $12 million Malibu beach house that was handed back to the bank by a family caught in the Bernie Madoff investment scam. Execs seemed ready to brush their hands of it and move on. Get real. It's like the army jailing a few enlisted soldiers for...
Blog Post
8/29/2009
Posted by Consumer Watchdog
It's not every day that one of the world's biggest automakers voluntarity agrees to greater legal accountability to injured consumers. But that's exactly what Chrysler did this week. The company agreed to accept legal responsibility for dangerous cars sold prior to its bankruptcy if motorists were injured after Chrysler emerged from bankruptcy....