Word: bankes
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...Wall Street is lobbying furiously to try to block the CFPA, and Republican congressional leaders have denounced the idea as big-government overreach that would harm consumers by stifling innovation - especially if bank basher (and TARP watchdog) Elizabeth Warren, the intellectual godmother of the agency, gets to run it. Some finance-friendly Democrats have been resistant as well. The new agency was included in the financial reforms the House of Representatives passed along party lines in December, but it has been a stumbling block as the Senate has struggled to put together a bipartisan bill, and even the House version...
...other financial agencies with current consumer-protection duties. But that doesn't necessarily mean those duties should be transferred to a brand-new bureaucracy. As JPMorgan Chase CEO Jamie Dimon has been asking privately: If my legal department screws up, do I create a new legal department? Some bank lobbyists argue that consolidating all consumer protection in just one new agency would be like leaving just one rookie cop patrolling a highly complex beat. Critics like John Dugan, the head of the OCC, have warned that if consumer-protection duties are separated from the "safety and soundness" duties of traditional...
...course, it's fair to wonder why bank lobbyists would be so concerned about the CFPA failing to protect their customers from exploitation. And agencies like the OCC can be expected to protect their turf. But the status quo just isn't working, and history suggests that consumer protection will never be a top priority at agencies primarily responsible for ensuring the financial health of banks. The CSPC, FDA and EPA aren't perfect, but their clear missions have made them much less susceptible to capture by industry, and much more attractive to employees who are serious about enforcement. That...
Harvard purchased over $35 million worth of shares in Bank of America and invested several million dollars in other U.S. financial firms as well. Additionally, the University purchased stakes in companies that have been the target of high-profile takeovers, including Burlington Northern Santa Fe Railway, recently purchased by Warren Buffett’s Berkshire Hathaway, and Cadbury PLC, recently acquired by Kraft Foods...
This strikes some people in France and Germany as being agonizingly ironic following last year's bank bailouts. "First we're forced to watch our taxes save irresponsible bankers and immoral financial markets from collapsing under their own greed, and now we'll watch as the same politicians give the Greek government money to pay debts it piled up and lied about," complains Jean-Charles Robert, an information-technology employee from suburban Paris. "It never ends - in fact, it just gets worse...