Banking & Investment Industry
The day American shoppers lose their minds for moderately awesome, limited supply discounting is upon us! Black Friday is here, and some of the largest retailers across the country are following the annoyingly disturbing trend of opening their doors even earlier this year than the last.
The second round of open enrollment for Obamacare begins today, allowing those who didn't obtain health insurance last year the opportunity to get covered. If you are one of those individuals who didn't get health insurance during the first open enrollment, or if you are like me and want to search for new options, you have until February 15, 2015 to make your decision.
President Obama's deal with China to dramatically cut greenhouse gas emissions may go down as one of his lasting legacies once everything is said and done with his Administration. The deal, which was announced at a joint press conference, set far reaching goals of reducing carbon emissions that surprised most everyone over how much the two countries agreed to cut.
We have seen this story play out in countless midterm elections before. Members of the party the President belongs to run as far away from him as possible and members of the opposition try to tie members of the President's party to him at every turn.
Walmart, our nation's largest retailer, is cutting some 30,000 part-time employee's health care benefits, due to the rising costs for the company.
The instant access, video streaming juggernaut Netflix makes this claim on their YouTube homepage about their recent commitment and success with offering original content to subscribers: Netflix original series - The Future of Television is Here.
There has been a lot of talk about the FCC destroying net neutrality. How former lobbyists and council of Verizon and Comcast have made their way on to the board of the FCC and how they have started enacting policy to make net neutrality a thing of the past.
There is a lot of discussion (and confusion) over Internet Neutrality, or 'net neutrality' as it was coined back in 2003 by Columbia media law professor Tim Wu.
Characterizing Wall Street as an industry run on "greed, fraud, dishonesty and arrogance," Democratic presidential candidate Bernie Sanders pledged to break up the country's biggest financial firms within a year and limit banking fees placed on consumers, should he become president, in a fiery speech on Tuesday. He coupled that promise, delivered in front of a raucous crowd just a few subway stops from Wall Street, with a series of attacks on rival Hillary Clinton, arguing her personal and political ties make her unable to truly take on the financial industry. "To those on Wall Street who may be listening today, let me be very clear: Greed is not good," said Sanders, in a reference to Oliver Stone's 1980s film, "Wall Street."
Elizabeth Warren fired back at Jamie Dimon for suggesting she has no clue what she’s talking about in her attacks on Wall Street. “The problem is not that I don’t understand the global banking system,” the Massachusetts Democrat told the Huffington Post’s “So That Happened” podcast. “The problem for these guys is that I fully understand the system and I understand how they make their money. And that’s what they don’t like about me.”
James S. Henry say the $5.89 billion they are collectively required to pay in penalties won't even get at 3% of their annual earnings.
The age of multibillion-dollar bank fines with no admission of wrongdoing is over. The Justice Department announced Wednesday morning that five banks pleaded guilty to market manipulation, while also paying billions of dollars in fines. Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland admitted to illegally distorting foreign exchange markets. The banks formed what they called "The Cartel" and aimed to set a key currency marker, known as "the fix," at mutually beneficial values.
The big banks got bailed out, and presidential contender Bernie Sanders says they should pay it forward. The independent senator from Vermont introduced his plan on Tuesday, which would use a tax on stock trades to help pay students' tuition. The price of attending a public college has been climbing since the 1980s. Sanders's plan would shift the burden to pay for college away from students and families and back onto the government.
In July 1998, Larry Summers appeared before a Senate committee to argue that a financial product, called an over-the-counter (OTC) derivative, did not need to be regulated. He said that there were only two potential reasons for financial regulation—“to protect retail investors from unscrupulous traders” and “to guard against manipulation in markets”—neither of which, Summers concluded, were applicable to OTC derivatives. Summers, who served as Treasury secretary from 1999 to 2001, eventually won the battle over derivatives regulation.
This statistic provides a pretty compelling snapshot of the severity of our income gap: In 2014, Wall Street's bonus pool was roughly double the combined earnings of all Americans working full-time jobs at minimum wage. That sobering tidbit came from a new Institute for Policy Studies report by Sarah Anderson, who looked at new figures from the New York State Comptroller and the Bureau of Labor Statistics. The average bonus for one of New York City's 167,800 employees in the securities industry came out to $172,860—on top of an average salary of nearly $200,000. On the other side of the equation were about one million people working full time at the federal minimum wage of $7.25.
Local bankers are joining the fight against a congressional proposal to audit the U.S. Federal Reserve's policy decisions, with more expected to lobby against the bill if it gains traction in Washington. The audit of the Fed bill, championed by Rand Paul of Kentucky, a Republican Senator and likely presidential candidate, would encourage interference from lawmakers into the central bank’s monetary policy discussions. A similar Fed audit bill passed the House of Representatives late last year and a hearing on Fed transparency is expected to be formally called by the Senate banking committee, according to people familiar with the matter.
Liberal Legislation that Affects the Banking & Investment Industry
|07/22/10||Borrowers protected from bad loans with rules and penalties requiring that lenders verify that they are able to repay the loans that they issue||Wall Street Reform Act|
|07/22/10||Consumer Financial Protection Bureau established to promote fairness and transparency for mortgages, credit cards, and other consumer financial products||Wall Street Reform Act|
|07/22/10||Transparency of Federal Reserve improved with additional government oversight and new audits to be performed by the GAO||Wall Street Reform Act|
|07/22/10||FDIC bank deposit insurance increased from $100,000 to $250,000||Wall Street Reform Act|
|07/22/10||Risk in the financial system reduced with new SEC Office of Credit Ratings (OCR) to monitor credit rating agencies for conflict of interests & inaccuracies||Wall Street Reform Act|
|07/22/10||Future economic downturns minimized with new rules and transparency regarding bank trading in credit default swaps and derivatives including the "Volker Rule"||Wall Street Reform Act|
|07/22/10||Financial Stability Oversight Council established to identify and monitor excessive risks to the U.S. financial system||Wall Street Reform Act|
|05/20/09||$42 million in special funding for the Securities and Exchange Commission to investigate securites fraud in financial institutions||Fraud Enforcement Act|
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