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Blog Post
3/1/2010
Posted by Carmen Balber
Not that I had any doubt that Wall Street's fingerprints are all over every draft of the financial reform legislation, but here's more disturbing proof of just how deep their fingers are dug into the pie. The Huffington Post just reported that a top Treasury Department official, whose job was to work with the House Financial Services Committee in...
Blog Post
2/17/2010
Posted by Carmen Balber
Reports about consumer protection in the Senate Banking committee's Wall Street reform bill are ever-shifting. It's time for Committee Chairman Chris Dodd to tell us where he stands. Back in November, Chairman Dodd released a bill that included a strong, independent Consumer Financial Protection Agency with full rulemaking, examination and...
Blog Post
2/5/2010
Posted by Carmen Balber
It was hard to get away from Wall Street in Washington this week. In Congress, the Senate Banking committee held its first hearings since November on Wall Street reform, starting with an appearance by former Federal Reserve Chairman and current chair of the President's Economic Recovery Advisory Board, Paul Volcker. Volcker testified in support of...
Blog Post
1/28/2010
Posted by Carmen Balber
Entering the House chamber last night on the way to the podium to give his second State of the Union address, President Obama drew his Treasury Secretary close for a pat on the back that I could only interpret as ‘thanks for taking the heat.’ Hours before, Secretary Geithner sat in the hot seat in a House hearing room, defiantly...
Blog Post
1/21/2010
Posted by Carmen Balber
Consumer Watchdog just finished a big report about all the ways Wall Street is spending money into Congress to neuter financial reform. After all, it was the financial industry that greased the wheels of deregulation in Congress in the decade leading up to the economic meltdown. Now the big banks and Wall Street are sending legions of lobbyists to...
News Release
1/21/2010
CONTACT CONTACT: Carmen Balber, (202) 629-3043
Flood of Dollars Looks Like “Wall Street Buying Votes,” says Watchdog; More Massachusetts-Style Backlash Likely If Consumer Protections Are Dropped Download updated report. Washington, DC – A report released today by Consumer Watchdog on the financial industry’s efforts to neuter the financial reform bill in Congress, and...
Blog Post
12/23/2009
Carmen Balber
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 Carmen Balber
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...
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...