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Blog Post
12/14/2009
Posted by Carmen Balber
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 Carmen Balber
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 Judy Dugan
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
Poste by Judy Dugan
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 Jamie Court
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....
Blog Post
8/26/2009
Posted by Carmen Balber
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: Carmen Balber
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...
Blog Post
6/26/2009
Posted by Carmen Balber
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 Carmen Balber
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 Carmen Balber
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...