And Elizabeth Warren is ready to ride it
"Too Big To Fail" is in real trouble. It's about time.
Bart Chilton, the colorful, mullet-sporting member of the Commodity Futures Trading Commission (CFTC), resigned this week, after casting a final vote to set position limits, which would regulate the number of commodity trades individual speculators can hold.
JP Morgan gets to write off its $13 bill fine. Thanks to Congress, homeowners don't get to write off the help it provides.
Instead of treating him like a wise man, make him pay J.P. Morgan's fine
Alan Greenspan should be apologizing to the country. Instead, he's back without regrets—and the star-struck media lets him get away with it.
It was an awful time. Federal employees had to take unpaid furlough days. Beneficiaries were thrown off of federal programs. Courthouses had to be sold. Federal agencies like the FBI, the Food and Drug Administration, and the National Institutes of Health strained to meet commitments, leading to more crime, more outbreaks of disease and less basic research, among other horrors.
Just because the government has shut down doesn’t mean Congress will cease its central function of making Americans’ lives miserable. While everyone watches the legislative back-and-forth on the budget, the House may vote this week to thwart a key new Labor Department protection affecting $10.5 trillion in retirement funds. Basically, House Republicans want to allow the financial services industry to continue to steal from your 401(k) and IRA plans. And far too many Democrats want to help them.
If you enjoy silence, a good place to camp out for the next couple weeks is the room in the Capitol Building designated for Congressional negotiations on the budget. No talks are scheduled, as House Republicans attempt a kamikaze mission designed to “defund” Obamacare as a “line in the sand” condition for keeping the government running.
The CEOs of the nation’s largest companies typically don’t have a reason to fly to Butte, Montana.
It has become glaringly obvious over the past couple months that President Obama wants to nominate Larry Summers to become the next chair of the Federal Reserve. According to CNBC’s John Harwood, Obama feels he “owes” Summers for his willingness to serve the country during the first-term response to the Great Recession.
Criminal charges against JP Morgan traders let their bosses off the hook
It’s unusual to see anyone from the financial industry held accountable for misconduct in the post-crisis era. Criminal charges are even rarer. So it was a big deal yesterday when Javier Martin-Artajo and Julien Grout, two former traders in the Chief Investment Office of JPMorgan Chase in London, were indicted for their role in the 2012 “London Whale” trade, a $6 billion derivatives loss.