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Blog Post
4/13/2009
Posted by Judy Dugan
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 Judy Dugan
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...
Blog Post
3/19/2009
Posted by Jamie Court
After Enron's fraud on California during the 2001 electricity crisis became clear, a lot of politicians felt they had to give back their Enron contributions.  Our consumer group was the beneficiary of a few of those returned dollars, since we fought the energy industry's deregulation schemes. Now Open Secrets reports AIG's contributions, from...
News Release
3/16/2009
CONTACT CONTACT: Jamie Court, (310) 392-0522 ext. 327; or Doug Heller, ext. 309
Advocates Say No Bonuses Should Be Paid Until Law Enforcement Conducts Detailed Review Of Any AIG Employee Who Wants to Enforce Contract   Santa Monica, CA -- Consumer advocates said that federal law enforcement agencies should create a special investigative unit dedicated to unearthing any fraud or misconduct attributable to AIG employees...
Blog Post
3/16/2009
Posted by Jamie Court
President Obama has told Treasury Secretary Geithner to "pursue every legal avenue" to block $165 million in bonuses to American International Group executives.  Come on, this isn't rocket science, it's derivative trading. Here's a simple way to get the job done without filing a lawsuit. Just let every AIG exec know that each bonus...
Blog Post
3/3/2009
Posted by Jamie Court
This morning on Larry Mantle's Air Talk Show on KPCC I had a back and forth with the American Bankers Association on the problem with credit card users having their rates jacked way up even when they don't miss their payments.  The Bankers' lawyer says the bait and switch tactics will all be fixed by 2010 with new federal regulations. ...
News Release
2/11/2009
CONTACT CONTACT: Carmen Balber, 202-629-3043; or Doug Heller, 310-392-0522, ext. 309
Consumer Group Calls Congress Members' Appeal A Stalking Horse for Federal Deregulation of Insurance Washington, D.C. -- Consumer advocates warned Treasury Secretary Timothy Geithner not to allow necessary reform of the financial markets become a launching pad for insurance industry efforts to federally deregulate insurance, in a letter sent today...
Blog Post
2/4/2009
Posted by Carmen Balber
President Obama just finished a White House press conference with newly-confirmed Treasury Secretary Geithner that follwed up on a reform that Congress promised but failed to deliver on. They announced a curb on excessive executive compensation at Wall Street firms by announcing a $500,000 cap on executive pay for companies that receive taxpayer...
Blog Post
12/16/2008
Posted by Carmen Balber
Yesterday's Washington Post eliminated another pretense of accountability for companies taking the billions in taxpayer money Congress has thrown at Wall Street: "Executive Pay Limits May Prove Toothless, Loophole in Bailout Provision Leaves Enforcement In Doubt" The so-called cap on executive compensation in the bailout legislation had...
Blog Post
10/28/2008
Posted by Carmen Balber
Financial companies may be scrambling for cash but being low on funds hasn’t stopped their political spending according to a report in the Los Angeles Times. The U.S. Chamber of Commerce, the strongest voice in Washington for the business community, spent $30 million on lobbying in the third quarter of this year, more than twice as much...