Home › Wall Street

Wall Street

Blog Post
5/25/2010
Posted by Consumer Watchdog
Two distinct narratives have emerged from last week’s approval by the U.S. Senate of financial reform legislation. One: Of an historic overhaul of the financial industry for reformers demanding accountability for Wall Street and new regulation to rein in the wild speculation and consumer abuses that led up to the 2008 economic meltdown. Two...
Feature
4/27/2010
Posted by Consumer Watchdog
UPDATE: The Wall Street filibuster of financial reform was broken Wednesday night. Now the Senate moves to a full and open floor debate - where the public will expect Senators to take a stand against bank lobbyists' efforts to weaken reform. Consumer Watchdog has called for a full and open debate on the Senate floor on financial reform. That means...
Blog Post
4/26/2010
Posted by Consumer Watchdog
The GOP has put more energy into filibustering reform than it has spent legislating all year. Friends of Wall Street are gearing up to use their favorite maneuver again tonight, this time to block action on the Senate's Wall Street reform bill. But opponents of reform have it wrong if they think the public will stand for the status quo instead of...
Blog Post
4/16/2010
Posted by Consumer Watchdog
Senate Republican Leader Mitch McConnell was asked directly if his strident opposition to financial reform was because he is acting on behalf of big banks. His ringing denial? “I’d say that’s inaccurate.” Really Mitch? Politicians are usually at their loudest and most passionate when denying charges of corruption. The best...
Blog Post
4/14/2010
Posted by Consumer Watchdog
President Obama is meeting with Congressional leaders right now about Wall Street reform. He should use this week's revelations about the depth of existing bank regulators’ failure to crack down on a Washington Mutual business model built on predatory consumer lending to urge lawmakers to commit to an independent consumer financial regulator...
Blog Post
4/2/2010
Posted by Consumer Watchdog
A House staffer whose job included drafting new rules for regulating derivatives (like the credit default swaps that sunk AIG) just left the House to go lobby for, drumroll please, a derivatives clearinghouse.

 But Peter Roberson, who worked on the financial reform package for Barney Frank’s Financial Services Committee, just...
Blog Post
3/31/2010
Posted by Consumer Watchdog
The U.S. Chamber of Commerce, after crafting a long campaign to deny global warming, is now going to spend $50 million against vulnerable lawmakers who said "yes" to the health reform bill. It's also assembling a pencil-toting army to weaken new regulations based on the health bill, and readying lawsuits. Why would the American Medical...
Blog Post
3/26/2010
Posted by Consumer Watchdog
Pay to play policymaking is rarely spelled out as clearly in public as it was in a just-released fundraising email sent to financial industry lobbyists on behalf of Senator Corker, a key Republican negotiator on finanicial reform. As reported in Politico: Sen. Bob Corker’s reelection campaign offered donors a chance to have a meal with the...
Blog Post
3/23/2010
Posted by Consumer Watchdog
Last night, in a surreal process that from gavel to gavel took less than 25 minutes, the Senate Banking committee approved Chairman Dodd’s financial reform legislation on a party-line vote. 18 months after Wall Street speculation and greed caused the near-collapse of the nation’s economy and the taxpayer bailout of the nation’s...
Blog Post
3/19/2010
Posted by Consumer Watchdog
Check out this hilarious and too-truthful Huffington Post from Heather Booth, director of Americans for Financial Reform, the coalition of public interest groups working to enact real Wall Street reform, on this week's Capitol Hill visit from the American Bankers' Association. It will make you laugh, curse, and maybe vomit a little. A taste:...