I’m testifying before House Financial Services tomorrow regarding the “CHOICE Act,” the Republican Dodd-Frank alternative. My testimony is here. It’s lengthy, but it doesn’t even cover everything in the CHOICE Act–there are just too many bad provisions, starting with the idea of letting megabanks out of Dodd-Frank’s heightened prudential standards in exchange for more capital, then moving on to a total gutting of consumer financial protection, and ending with a very poorly conceived good bank/bad bank resolution system executed through a new bankruptcy subchapter. The only good thing about the Bad CHOICE Act is that it has little chance of becoming law any time soon.
Reblogged from Credit Slips – Read More HERE.
Excerpt: “The CHOICE Act also has numerous provisions that make it difficult for the SEC to pursue enforcement actions and achieve meaningful relief. These provisions reduce the…
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By Sydney Sullivan
Four astounding men, Gary Aguirre, Bill Black, Richard Bowen, and Michael Winston, are the founding members of the Bank Whistleblowers United. These well-educated men have the moral integrity and intelligence to see the damage Wall Street has caused and have devised a plan to prevent or at least reduce the frequency and harm of future economic crises.
We, as American citizens, know we have not recovered from the 2008 economic crisis as our present administration and Congressional leaders would like for us to believe. Although lots of warriors have stepped up to battle the banks, none have been as united or noteworthy as these four financial fraud-busting astronauts, venturing into a red banking hole existing in cyberspace which has been an arduous climb up-Hill (pun intended) to penetrate, decipher …and even more difficult to correct.
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CHICAGO — A Burger King manager who accuses Chicago police of erasing surveillance video in the case of a black teenager shot last year by a white officer says he has testified before a federal grand jury investigating the shooting.
Jay Darshane tells the Chicago Tribune that the FBI also took the restaurant video recorder containing all of its surveillance images.
Click here to view video.
GARDEN CITY, Mich. – Garden City tax foreclosure victims are asking city leaders for another chance to get their houses back.
And on Monday night, the city council meeting got heated at times.
But council members spoke up against telling people who lost their homes, ‘we’re sorry you couldn’t keep up on your payments, but this is your fault.’
The people of Garden City are losing their homes to tax foreclosure, casting insults on the mayor and city council.
After a long day of protests at city hall and fingers pointed at Mayor Randy Walker and council members, they’re responding.
“This is not our problem, and I’m sorry for that. But you’re in the wrong place. That’s the way it is,” said Pam King, City Council Member.
Isaza Tuzman lived the thug life…
Isaza Tuzman spent more than four years at Goldman Sachs Group Inc., working in emerging markets arbitrage. In 1998, while still at the bank, he co-founded govWorks.com, a website that promised to link people to local municipalities. In the 2001 documentary “Startup.com,” he could be seen pitching venture capitalists and chatting with Bill Clinton at a summit about the Internet.
After govWorks collapsed in bankruptcy in 2001, Isaza Tuzman went on to head at least three tech startup firms, including one that eventually was renamed KIT Digital. He left the company in April 2012, a year before it declared bankruptcy.
In August, federal prosecutors in New York returned a sealed indictment against Isaza Tuzman. Prosecutors say that while at KIT Digital, he engaged in an elaborate scheme to mislead investors and regulators about the financial health of the company for at least three years. He’s also accused of secretly operating a hedge fund that artificially inflated the company’s share price and of using funds from KIT Digital to secretly invest in his hedge fund.
From Bill Moyer’s 2004 interview with Elizabeth Warren: