Tag: Paul Volcker

Mar 05 2010

Fed Chief calls for breakup of ‘Too Big to Fail’ Banks

Dallas Fed chief calls for breakup of ‘too big to fail’ banks in New York speech

BRENDAN CASE, The Dallas Morning News – March 4, 2010

Federal Reserve Bank of Dallas President Richard Fisher traveled to New York to trumpet a message he’s told Texas audiences before: Banks that are too big to fail are too big to exist in the first place.

Speaking Wednesday at the Council on Foreign Relations, Fisher said big, systemically important banks should be dismantled before regulators have to deal with another crisis like the one that nearly brought down Wall Street and the rest of the U.S. financial system in late 2008.

“The dangers posed by too-big-to-fail banks are too great,” he said.

Fed Chairman Ben Bernanke and others have said Congress should pass a law giving regulators “resolution authority” to close down failing financial companies.

http://www.dallasnews.com/shar…

That is Good News, sort of.

Dec 11 2009

Banksters get Tagged in the UK, Only to Flee to, Guess Where?

Finally a Representative body, that knows WHO they work for …

Class war breaks out in the U.K.

The Labor government announces a tax on exorbitantly-paid bankers. American populists gnash their teeth in envy

By Andrew Leonard, Dec 9, 2009

Unsurprising headline of the year: “U.S. Probably Will Avoid Matching U.K. 50 percent Bonus Tax.”

Alistair Darling, the U.K. Chancellor of the Exchequer, announced the tax — aimed squarely at overpaid bankers

[…]

From Bloomberg:

“There are some banks who still believe their priority is to pay substantial bonuses,” Darling said in Parliament. “I am giving them a choice. They can use their profits to build up their capital base. If they insist on paying substantial rewards, I am determined to claw money back for the taxpayer.”

Paul Krugman says the move is “entirely reasonable.” Justin Fox asks, “why the heck not?” Felix Salmon says “well done.”

But don’t expect a repeat across the pond.

http://www.salon.com/technolog…

Interesting … maybe the People CAN Fight back?

Mar 08 2009

The AFL-CIO and “nationalization”

Original article, by Barry Grey, via World Socialist Web Site:

The AFL-CIO Executive Council, at its annual winter meeting in Miami Beach, Florida, adopted a resolution Thursday urging the Obama administration to temporarily nationalize failing banks. What is the significance of this policy statement? Does it represent a radical reorientation by the AFL-CIO, which, after all, has been throughout its history an implacable foe of socialism and defender of the profit system?