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Bailout Watch

Blog Post
8/26/2009
Posted by Consumer Watchdog
Two money-in-politics reports were released today that shine a spotlight on the campaign contrbutions that banks and other financial services companies have thrown at members of Congress to influence the financial reform debate. From Public Citizen:  Lobbyists, political action committees (PACs) and trade associations tied to the banks...
Blog Post
7/10/2009
Posted by Consumer Watchdog
AIG is at it again, showing just how tone deaf they really are, searching for approval from President Obama's pay czar to dole out $2.4 million in bonuses to company executives, and $235 million extra to the bankers whose wildly risky but temporarily profitable derivative sales caused the company’s collapse. First test, Mr. Pay Czar, and it...
News Story
6/27/2009
Posted by Consumer Watchdog
The Treasury Department and General Motors have moved closer to an agreement that would preserve some legal claims against the company from accident victims and displaced dealers even after the automaker emerges from bankruptcy, people familiar with the discussions said yesterday. Members of the Treasury's auto task force have held a series of...
Blog Post
6/26/2009
Posted by Consumer Watchdog
The big banks just launched a supposedly 'grass-roots' campaign to try and rehabilitate their image. Said Americans United for Change today (a coalition ally in the Americans for Financial Reform coalition):  Largest Wall Street Trade Group Launches PR Campaign to Defend Against “Populist Overreaction”   Americans United...
Blog Post
6/17/2009
Posted by Consumer Watchdog
The administration releases its financial reform plan in just a few minutes (download it here.) There are a lot of moving parts, and the devil will, of course, be in the details that no one has yet. But it’s a good start on one crucial piece for consumers: the creation of a new consumer protection board dedicated to keeping financial...
Blog Post
6/16/2009
Posted by Consumer Watchdog
It’s time the financial industry stopped calling the shots in Washington. That’s why Consumer Watchdog has joined a broad coalition of reformers - consumer, investor, community, worker and civil rights organizations – dedicated to real reform of the financial system. We launched our campaign today, Americans for Financial Reform...
Blog Post
4/13/2009
Posted by Consumer Watchdog
I read the news today, oh boy. Start with Goldman Sachs' first quarter profit of $1.8 billion, about twice what "analysts" thought it would be. Then add in the good Wall Street Journal roundup on the many creative ways that the big banks are gouging their customers, particularly with stratospheric credit card fees. It's usury and robbery...
Blog Post
3/31/2009
Posted by Consumer Watchdog
Sen. Bernie Sanders of Vermont, introducing a bill last week to cap credit card interest rates at 15%, quotes Dante and the Bible to make his point about the current situation: Let’s be clear.  At a time when many Americans in the collapsing middle class use credit cards for groceries, gas and college expenses, what Wall Street and...
News Story
3/31/2009
Posted by Consumer Watchdog
The following Op-Ed commentary was broadcast on the All Things Considered program on National Public Radio (NPR) on Tuesday, March 31, 2009. Click here to listen, comment or recommend it. ------------------------------------ Who needs a commerce secretary anyway? What we need is a secretary for consumers. If consumer confidence and consumer...
News Story
3/30/2009
Posted by Consumer Watchdog
Apparently, if you're the CEO of an auto firm, you may have to sacrifice yourself to get another bailout. But many bank CEOs have held onto their jobs. NEW YORK, NY -- Let's get this straight. If you are a CEO of a bank that's losing gobs of money, the government will bail you out repeatedly and let you keep your job. But if you're Rick Wagoner,...