Money Talking: JP Morgan’s $11 Billion Would Send the Wrong Message
Is $11 billion a lot to pay for causing some of the mischief that caused the financial crisis? That’s what Justice Department officials in Washington are currently trying to decide. The $11 billion in question is the potential …
Stripping Jamie Dimon’s Chairmanship May Feel Good, But Won’t Fix What’s Broken
Way back in 2011, JPMorgan Chairman and CEO Jamie Dimon was on top of the world. TIME selected him as one of the 100 most influential people in the world, and even Charles Ferguson, director of the scathing, anti-Wall-Street documentary Inside Job praised his performance during the financial crisis:
“Dimon had the wisdom and the long
Viewpoint: Ben Bernanke, Enabler of America’s Fiscal Dysfunction
By trying to compensate for poor fiscal policies, the Fed is making it easier for the President and Congress to evade their responsibilities.
Why Derivatives May Be the Biggest Risk for the Global Economy
Since the recession, the value of derivatives outstanding has grown, and they remain very risky with the potential for large, unpredictable losses.
Are Banks Bluffing About the Danger of Banking Regulation?
Four and a half years after the passage of TARP, one thing is abundantly clear: The American public really, really hates bank bailouts. And yet, nearly three years after the passage of the Dodd-Frank financial reform bill, it …
Mrs. Warren Goes to Washington: Does the Market Mistrust Big Banks?
Critics of the nation’s largest banks haven’t had very many friends in Washington lately, but that dynamic changed markedly in January, when Massachusetts Senator Elizabeth Warren — perhaps Big Finance’s most articulate gadfly — was sworn in and given a seat on the Senate Banking Committee. And last week, the committee held its first …
The Break-Up-the-Banks Drumbeat Gets Louder. But Is It Just a Bunch of Hot Air?
Conservative columnist George Will and liberal Ohio Senator Sherrod Brown don’t agree on much. So it was a little strange to see Will publish an article last week praising Brown’s legislative efforts to shrink America’s largest banks in order to remove any systemic threat that their failure might pose to the U.S. economy. But Will is not …
A Heaping Helping of Chutzpah: AIG Considers Suing the U.S. Government For Bailing It Out
Update: The Wall Street Journal is reporting that the AIG board has decided not to participate in the lawsuit.
Hank Greenberg didn’t get to where he is today by being timid. The former chairman of AIG built the company up …
What Should Be Done About Growing Inequality?
Many factors contribute to increasing inequality. Public policy should focus on eliminating only the bad ones
A Recovering Housing Market is Great News for Too-Big-To-Fail Banks
There was more good news coming out of the housing market yesterday, with the Commerce Department announcing that new residential construction projects, called housing starts, increased by 15% in September compared to the prior
Vikram Pandit Falls on His Sword. But Who Can Save Citigroup?
When Vikram Pandit took over Citigroup in 2007, he was seen as an unlikely choice. In an industry dominated by white, glad-handing alpha males, Pandit is a bookish Indian immigrant known for his financial acumen but not his …