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Keyword: frank

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  • Bye Bye Barney

    11/28/2011 11:24:43 AM PST · by CaroleL · 8 replies
    TalkingSides.com ^ | 11/28/11 | CaroleL
    In January of 2010, then-Senators Christopher Dodd (D-Connecticut) and Byron Dorgan (D-North Dakota) announced they would not be seeking re-election that year. The New York Times reported on the sudden retirements saying they "signaled that President Obama is facing a perilous political environment that could hold major implications for this year's midterm elections and his own agenda." We now refer to those major implications as what Mr. Obama himself called the "shellacking" of his party in those elections. Does today's announcement that 16-term Congressman Barney Frank (D-Massachusetts) will not seek re-election send a similar signal about 2012?
  • Rep. Barney Frank won't seek re-election

    11/28/2011 7:01:32 AM PST · by Sub-Driver · 236 replies
    Rep. Barney Frank won't seek re-election Posted by CNN Wire Staff (CNN) - Massachusetts Congressman Barney Frank, a 16-term Democrat, will announce Monday he does not intend to seek re-election in 2012........
  • Rep. Barney Frank: Supercommittee failure ‘good news’ for Dems

    Rep. Barney Frank (D-Mass.) said the congressional supercommittee's failure Monday to come to an agreement on spending reforms was “good news” because it will help to end the Bush-era tax cuts and give Democrats more bargaining power in budget negotiations. Groups on the edges of both the liberal and conservative spectrums have cheered the death of the supercommittee. Liberal groups like the Progressive Change Campaign Committee were happy that programs such as Social Security and Medicare were spared, while Tea Party conservative groups applauded the breakdown in talks because no tax increases emerged from the deficit-reduction panel. The supercommittee’s failure...
  • Bill Clinton vs. Barney Frank on Freddie/Fannie

    11/21/2011 8:21:05 AM PST · by SeanG200 · 5 replies
    YouTube Video ^ | 11-21-2011 | SeanG200
    Closer to the actual event Bill Clinton blames the Democrats for blocking Republican efforts in reigning in Freddie Mac and Fannie Mae problems. Recently Barney Frank tries to blame Republicans wholly for the mess. h/t to 116falconer: http://youtu.be/ti-1XaapR0s
  • Frank and Gingrich keep sparring over who’s to blame for the subprime mortgage crisis

    11/17/2011 6:08:46 PM PST · by bkopto · 58 replies
    Boston Globe ^ | Nov 16, 2011 | Alex Katz
    A war of words between US Representative Barney Frank and Republican presidential candidate Newt Gingrich reached new heights today after a report that the former Speaker of the House earned at least $1.5 million in consulting fees from mortgage giant Freddie Mac. It all started in October, when Gingrich during a GOP debate suggested that Frank should be imprisoned for his role in the subprime mortgage crisis. “If you want to put people in jail ... you ought to start with Barney Frank and Chris Dodd,” he said, referring to the Newton Democrat and the US senator from Connecticut. Then,...
  • Frank joins in ads for teens (Barney Frank reaches out to "gay" teenagers...)

    11/11/2011 6:08:39 PM PST · by jimbo123 · 28 replies
    Sun Chronicle ^ | 11/11/11 | Sun Cronicle
    A local congressman is joining three other openly gay colleagues in a new video message to help teens cope with bullying over their sexual orientation. U.S. Rep. Barney Frank, who represents Foxboro,
  • Occupy Fannie and Freddie

    11/10/2011 8:52:41 AM PST · by Kaslin · 4 replies
    Townhall.com ^ | November 10, 2011 | Debra J. Saunders
    The collapse of MF Global Holdings gives Americans yet another reason not to trust Wall Street. The firm filed for bankruptcy as federal regulators were looking for $600 million missing from customer accounts. Its CEO, former Democratic New Jersey Gov. Jon Corzine, had bet that European leaders would bail out smallish countries that were too big to fail. His bet did not pay off. The only good news out of this story is that Washington won't be bailing out MF Global. Corzine said he won't take a reported $12 million in severance. If he truly wants to atone, then Corzine...
  • Fannie Mae taps $7.8 billion from Treasury, loss widens

    11/08/2011 4:55:47 PM PST · by Sub-Driver · 18 replies
    Fannie Mae taps $7.8 billion from Treasury, loss widens Photo 6:42pm EST WASHINGTON (Reuters) - Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $5.1 billion. Fannie Mae also attributed the deeper cash drain to losses on derivatives that are used to hedge the firm's exposure to swings in interest rates and expenses related to home loans made prior to the 2008 financial collapse. In the year-earlier quarter it had a loss of...
  • Freddie Mac reports Q3 loss, asks for $6B in aid

    11/03/2011 9:20:51 AM PDT · by SeekAndFind · 9 replies
    AP Via Yahoo News ^ | 11/03/2011 | DEREK KRAVITZ
    WASHINGTON (AP) — Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010. This quarter's $6 billion request from taxpayers is the largest since April 2010. Freddie's losses are increasing mainly for two reasons: Many homeowners are paying less interest because they are able to refinance at lower mortgage rates. And failing and bankrupt...
  • Frank McCourt agrees to sell Dodgers

    11/01/2011 10:21:07 PM PDT · by Nachum · 46 replies
    L.A. Times ^ | 11/1/11 | Steve Dilbeck
    Frank McCourt agreed Tuesday to sell the Dodgers, abruptly surrendering the team after fighting to retain it over two years and in two courts. McCourt and Major League Baseball have agreed to seek approval from the U.S. Bankruptcy Court for an auction of the Dodgers. The sale is expected to include the team, Dodger Stadium and the surrounding parking lots, a package bought by McCourt for $421 million in 2004 and likely to sell for two to three times as much now. The league hopes a new Dodgers owner can be in place by opening day. The new owner would...
  • Dodd-Frank — The Jobs Bill No One Talks About

    10/28/2011 9:01:21 AM PDT · by fightinJAG · 4 replies
    CNBC ^ | Oct. 28, 2011 | Reuters
    President Barack Obama may be smarting because his sweeping jobs bill has mostly stalled in Congress, but the Dodd-Frank bill—much maligned as a job killer—could boost the kind of work Democrats find hard to tout. The Dodd-Frank financial reform overhaul last year aimed to curb the excessive Wall Street risk-taking that nearly leveled the financial system. It subjected the $600 trillion global derivatives market to regulation, increased banking oversight and created a new consumer protection bureau, among other measures. And a debate has raged ever since over the impact of Dodd-Frank, with Republicans asserting the costs and uncertainty created by...
  • Barney Frank Unhappy With Occupy Wall Streeters Who ‘Blame Me For Consequence Of Their Not Voting’

    10/18/2011 6:03:04 AM PDT · by Libloather · 19 replies
    Mediaite ^ | 10/18/11 | Colby Hall
    Barney Frank Unhappy With Occupy Wall Streeters Who ‘Blame Me For Consequence Of Their Not Voting’by Colby Hall | 8:17 am, October 18th, 2011 On Monday night Rachel Maddow explained how the Occupy Wall Street movement defied some traditional party lines, or in her words, protesters “aren’t exactly delighted with Democrats either.” She then introduced Rep. Barney Frank, who shared some frustrations with the protesters, saying “I’m unhappy when people didn’t vote last time blame me for the consequences of their not voting.” Frank echoed the thoughts made last week by former Gov. Ed Rendell who basically asked where were...
  • Frank Rebuts Gingrich Criticism

    10/17/2011 11:56:49 AM PDT · by John Semmens · 14 replies
    In this week’s Republican presidential candidate debate, former House Speaker Newt Gingrich blamed the 2008 financial crisis on “reforms” enacted through the efforts of former chairman of the House Financial Services Committee Barney Frank (D-Mass) and former Senate Banking Chairman Christopher Dodd (D-Conn). Gingrich suggested that the two ought to go to jail for their “crimes.” Representative Frank defended his actions in support of the legislation that compelled banks to lend to untrustworthy borrowers as “well-intended,” and insisted that any blame for any bad outcomes really belongs to former President Bush because “he let me do it. He could’ve vetoed...
  • Barney Frank: The Community Reinvestment Act Was a ‘Republican Failure’

    10/12/2011 10:59:56 PM PDT · by neverdem · 58 replies
    NATIONAL REVIEW ONLINE ^ | October 12, 2011 | Jim Geraghty
    In today’s Wall Street Journal: Asked who was to blame for the 2008 financial crisis and whether any bankers should have been prosecuted, Mrs. Bachmann and former House Speaker Newt Gingrich put the onus on the federal government, with Mr. Gingrich suggesting that former Senate Banking Chairman Chris Dodd and Rep. Barney Frank, former chairman of the House Financial Services Committee, should both be jailed.“It was the federal government that pushed the subprime loans . . . that pushed the community reinvestment act,” said Mrs. Bachmann, citing what she considered the causes of the housing meltdown.Mr. Frank released an emailed...
  • You Won't Believe Who Newt Gingrich Wants To Throw In Jail For The Financial Crisis

    10/12/2011 7:40:25 AM PDT · by SeekAndFind · 85 replies
    Business Insider ^ | 10/12/2011 | Zeke Miller
    Former Speaker of the House Newt Gingrich got worked up when asked about the Occupy Wall Street protests at last night's Bloomberg-Washington Post debate. Gingrich first sought to tie the protests to "left-wing agitators" before calling for the firing of Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner. He then doubled down, calling on former Sen. Chris Dodd and Rep. Barney Frank to be thrown in jail, not anyone on Wall Street. Asked if he actually meant for them to do prison time, Gingrich said he did, alluding to past ethical scandals. Watch the video below: CLICK ABOVE LINK...
  • Democrats Try to Kill Bank of America Over $5 Fee

    10/05/2011 10:12:05 AM PDT · by Kaslin · 54 replies
    Townhall.com ^ | October 5, 2011 | Mike Shedlock
    Senator Richard Durbin of Illinois is telling Americans to "Get the heck out of that bank", right on the Senate Floor. His comments are in response to Bank of America hiking fees on debit cards. Please consider BofA Customers Urged by Lawmakers to Quit Lender Over Debit Fee Congressional Democrats are pushing customers to quit doing business with Bank of America Corp. and one lawmaker is looking to make it easier for them to do so as the biggest U.S. lender announced plans for new debit-card fees. U.S. Representative Brad Miller, a North Carolina Democrat, introduced a bill today that would...
  • Citi hikes fees on checking accounts (Thank You, Dick Durbin!)

    10/05/2011 10:07:22 AM PDT · by tcrlaf · 12 replies
    CNNMoney ^ | 10-5-11 | Jessica Dickler
    NEW YORK (CNNMoney) -- The fees keep coming. Citi is the latest big bank to slap customers with a round of fee hikes. This time, on its checking accounts. Starting in December, customers who hold its mid-level Citibank Account will be charged $20 a month if they fail to maintain a minimum balance of $15,000 in their combined accounts. Previously, account holders had to carry a minimum balance of $6,000. At the same time, customers who have the bank's EZ Checking account will start being charged $15 a month if they don't carry a minimum balance of $6,000. Citi says...
  • The Durbin Fee : Amendment to Dodd-Frank Will Cost Debit Card Users. Hold on to your wallets.

    10/03/2011 10:04:02 AM PDT · by SeekAndFind · 28 replies
    National Review ^ | 10/03/2011 | The Editors
    Hold on to your wallet: The Durbin Amendment goes into effect Saturday. The once-obscure amendment to the Dodd-Frank financial-reform bill limits “interchange fees,” which banks charge to merchants for providing the service that allows stores to accept debit-card payments. The fees were cut by some 80 percent, which makes it less profitable for banks to offer debit-card services. So the banks have done the natural thing and begun to transfer the fee from merchants to their customers, with Bank of America announcing a new $5-per-month fee for debit-card users. Naturally, the amendment’s author, Sen. Dick Durbin (D., Ill.) is in...
  • Remember the “Durbin Fee” while using your debit cards

    10/03/2011 8:31:10 AM PDT · by Hojczyk · 14 replies
    HotAir ^ | October 3,2011 | Ed Morrissey
    Government imposes new price controls on an industry. Industry raises prices elsewhere to make up for the artificial cap on cost recovery. Government expresses shock, shock at the development. For those of us old enough to remember the 1970s, this seems like deja vu all over again, as Yogi Berra once said. For those either too young or too “dim,” as the Washington Examiner puts it, the surprise should be a learning experience, even for a “dim bulb” like Dick Durbin During the debate over the Dodd-Frank financial reform bill, when Democrats controlled Congress, Durbin insisted on including an amendment...
  • Debit Durbin

    09/30/2011 9:22:41 AM PDT · by WOBBLY BOB · 10 replies
    American Spectator ^ | 9-30-11 | John Berlau
    As I detailed here in February in "Dick Durbin Is Stealing Your Free Checking," thanks to price controls on debit card transactions from the Durbin Amendment of the 2010 Dodd-Frank "financial reform" law, free checking is going the way of the dodo bird. The Durbin price controls on interchange fees -- the so-called "swipe fees" that retailers pay to bank and credit unions that process debit card transactions, go into effect this Saturday, October 1, and are already showing more dire effects than originally predicted. Not only is free checking disappearing at a rapid pace -- a new Bankrate.com survey...
  • Home Depot's Bernie Marcus Calls Dodd-Frank Regulations The "Bonnie & Clyde Bill"

    09/16/2011 7:53:47 AM PDT · by Maelstorm · 18 replies · 1+ views
    http://townhall.com ^ | 9/15/2011 | Greg Hengler
    The Dodd-Frank Act goes on for 2,319 pages. Like Nancy Pelosi's "pass it to find out what's in the O'care Bill" statement, Senator Dodd said, "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done." The Wall Street Journal reported on July 14, 2010, just one week before Obama signed Dodd-Frank into law that it will "unleash the biggest wave of new federal financial rule-making...
  • Dodd-Frank Act, Aka The 2010 Full Employment Act For Lawyers, Accountants, And Consultants

    09/16/2011 7:59:41 AM PDT · by Maelstorm · 5 replies
    http://www.dailymarkets.com ^ | September 9, 2011 | By Mark Perry
    “Call it Dodd-Frank Inc. A year after Congress passed the broadest financial overhaul since the Great Depression, the law has spawned a host of new businesses to help Wall Street comply — and capitalize — on the hundreds of new regulations. Besides the lawyers, there are legions of corporate accountants, financial consultants, risk management advisers, turnaround artists and technology vendors all vying for their cut.” “It is a full-employment act,” said Gregory J. Lyons, a partner at Debevoise, where a team of a half-dozen lawyers has drafted 30-plus comment letters in the last six months. “The law is passed, but...
  • Feasting on Paperwork ( Dodd-Frank helps lawyers )

    09/09/2011 9:32:34 AM PDT · by george76 · 1 replies
    New York Times ^ | 9 Sep 2011 | Eric Dash
    The amount billed by Debevoise & Plimpton to write a 17-page letter on a new rule intended to rein in risky banking — around $100,000 — would make most authors jealous. That’s the fee just for parsing the proper definition of a bank-owned hedge fund. Longer and more complex regulatory missives, weighing in on who should be deemed too big to fail or how derivatives are traded, can easily cost twice as much. These comment letters could save Wall Street banks billions of dollars if they help persuade policy makers to adopt a more lenient interpretation of the coming rules....
  • Barney Frank, Czar of His Domain

    08/19/2011 4:41:19 AM PDT · by Kaslin · 30 replies · 1+ views
    Townhall.com ^ | August 19, 2011 | John Ransom
    Barney Frank (D-Fannie Mae) is king of the banking business. He’s got the kind of clout that only money can buy. That’s why he was able to shield mortgage giants Fannie Mae and Freddie Mac during his tenure as Chair of the House Banking Committee. Being a House banking member has always had its rewards. While still a junior member on the House Banking Committee in 1991 he secured a big-time job at Fannie Mae for his then-husband. Or was it his wife? OK, let’s not go there.          But Frank has definitely moved on to bigger things. His new husband...
  • Did Rep. Barney Frank Fart on Live TV?

    08/09/2011 8:16:21 AM PDT · by smokingfrog · 67 replies
    Daily Caller ^ | 9 Aug 2011 | Jeff Poor
    Live television has its drawbacks. A big one is that you never know when an accident might happen. Exhibit “A”: Monday night’s “The Rachel Maddow Show” on MSNBC. While talking to Maddow’s audience about jobs and unemployment, Rep. Barney Frank, the Massachusetts Democrat, might have accidentally let one rip, so to speak. (h/t Bob’s Blitz) You be the judge: Rachel, I think we have to figure out what we do from here and you’re right, we’ve got to get some jobs [... noise …]
  • Did Barney Frank Pass Gas Live on MSNBC? You Decide

    08/09/2011 7:34:31 AM PDT · by rightwingintelligentsia · 54 replies
    The Blaze ^ | August 9, 2011 | Jonathon Seidl
    Gawker may have put it best: “As you’ll see, his hips most definitely don’t lie.” During an appearance on Rachel Maddow’s MSNBC show last night, Dem. Rep. Barney Frank (D-MA) joined to talk about the economy. During that discussion, the almost unmistakeable sound of Frank passing gas could be heard. And the almost unmistakeable sight of him lifting his leg was visible:
  • Did Bawney Fwank fawt on live television? And other potty politics

    08/10/2011 10:29:08 AM PDT · by bilhosty · 28 replies
    Washington compost ^ | 8/10/2011 | Alexandra Petri
    Some would suggest it’s the wisest remark they’ve ever heard a politician make. I always found his speeches strangely carminative. Some would argue that this sort of thing has been going on for a long time. It’s certainly happened at least since the days of satirist Jonathan Swift. He wrote a famous riddle about the posterior, that included the choice lines, “My words are few, but spoke with sense; And yet my speaking gives offence: Or, if to whisper I presume, The company will fly the room.”
  • No more owner financing for real estate.

    07/28/2011 9:52:58 AM PDT · by Bill W was a conservative · 51 replies
    Federal Reserve ^ | 4/19/2011 | The Bolsheviks at the Federal Reserve
    The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would apply to ALL CONSUMER MORTGAGES(except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans).
  • RUSH: Barack OBAMA Has DESTROYED the ECONOMY in Two-and-a-Half Years

    07/15/2011 1:21:29 AM PDT · by Yosemitest · 29 replies
    www.rushlimbaugh.com ^ | July 14, 2011 | Rush Limbaugh
    Barack Obama Has Destroyed the Economy in Two-and-a-Half Years July 14, 2011 BEGIN TRANSCRIPT RUSH: "Boehner: Dealing With the White House 'Has Been Like Dealing With Jell-O' -- In a meeting with a small group of reporters in his Capitol Hill office this morning [he] criticized President Obama and White House officials for their lack of resolve in negotiations. 'Dealing with them the last couple months has been like dealing with Jell-o,' Boehner said. 'Some days it's firmer than others. Sometimes it's like they've left it out over night.' Boehner explained that talks broke down over the weekend because,...
  • Holder Launches Witch Hunt Against Biased Banks

    07/09/2011 7:11:24 AM PDT · by TimSkalaBim · 69 replies
    Investor's Business Daily ^ | 7/8/2011 | Paul Sperry
    In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD. [snip] Another Reno protege, Perez has compared bankers to Klansmen. Only difference is, he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood." Perez has put...
  • New York to Lose Place as World's Financial Capital: Bove

    07/01/2011 10:45:15 AM PDT · by george76 · 20 replies
    CNBC ^ | 1 Jul 2011 | Jeff Cox
    New York soon will no longer be the financial capital of the world thanks to a hostile government that has served up a menu of punitive regulations aimed at driving big banks out of the country, says analyst Dick Bove. In his latest broadside against the post-crisis regulatory environment, Bove asserts that a recent spate of layoffs, particularly by Goldman Sachs, is just the latest sign that large financial institutions will have to take their operations overseas. The result, he says, will not be good both for New York and the nation. ... In the current climate, Bove says the...
  • Wall St. jobs exodus: O's reforms spur 'exports'

    06/30/2011 4:22:03 AM PDT · by lowbridge · 16 replies
    NY Post ^ | June 29, 2011 | Charles Gasparino
    Why is Goldman Sachs pre paring to outsource traders, salespeople and investment bankers from here in America, where it has made untold billions over the years as Wall Street's premier trading firm, to places like Singapore and India? The answer can be found largely in the 2,000-plus pages of last year's Dodd-Frank financial "reform" law -- which will eventually translate into some 40,000 pages of regulations. The financial industry is still frozen, waiting to find out how bad these regs will turn out; but what all the CEOs of the big banks know for sure is that it's about to...
  • Debit cards poised to get much more expensive

    06/26/2011 10:08:55 AM PDT · by radioone · 12 replies
    LA Times ^ | June 25, 2011 | E. Scott Reckard
    Debit cards, a gleam in bankers' eyes 30 years ago, have become the preferred method for people to tap their bank accounts, a free and easy alternative to paper checks, live tellers or cash machines. U.S. shoppers used them 37 billion times last year, making them more popular than credit cards (19 billion transactions) and checks (18 billion), according to the payments newsletter Nilson Report. Another estimate puts the figure at 45 billion debits. But big changes are afoot that could make it much more expensive for consumers to use the cards. And with concern rising over data breaches, some...
  • Frank: Based On My Past "Not Appropriate" For Me To Comment On Weiner: Video

    06/14/2011 10:18:03 AM PDT · by oldernittany · 35 replies
    Real Clear Politics ^ | 06/14/2011 | Real Clear Politics
    Frank: Based On My Past "Not Appropriate" For Me To Comment On Weiner
  • "Fanniegate" Is Really Bad News For Democrats

    06/09/2011 1:04:35 PM PDT · by Brookhaven · 36 replies
    Business Insider ^ | 6-7-11 | Walter Russell Mead
    Democrats, watch out. The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson,...
  • Anthony Weiner for President

    06/07/2011 7:20:04 PM PDT · by mnehring · 9 replies
    Basic Information About Let's get the campaign started today! Description You may remember him as the man who made sense of health care reform and tried to make it better than it ended up, or you may just remember his funny last name. Either way, you'll see that he's Washington's lone voice of logic & reason. Someone who uses common sense in his attempt to help all Americans. Is Anthony Weiner the one we've all been waiting for? He might just be.
  • Barney Frank's Disastrous Cronyism (and not one word of censure)

    05/31/2011 7:41:12 AM PDT · by SeekAndFind · 12 replies
    Corruption: How is it that a GOP politico can get drummed out of the Senate for bathroom acts while Rep. Barney Frank merits not even a flicker of censure for economically disastrous cronyism? When will the double standard end? Two years after politically motivated mortgage lending triggered the biggest collapse since the Great Depression, House Finance Committee Chairman Barney Frank, D-Mass., has been found to have helped one of his lovers, Herbie Moses, land a six-figure job at Fannie Mae, the agency at the center of the meltdown and one he had a responsibility to regulate. Instead of exerting oversight...
  • Small U.S. banks fear crush of financial reforms ( Dodd-Frank )

    05/06/2011 10:27:35 PM PDT · by george76 · 18 replies · 1+ views
    Reuters ^ | Apr 6, 2011 | Dave Clarke and Joe Rauch
    Senate panel discusses state of small banks. * Smaller banks post lower earnings compared to big rivals. Community bankers on Wednesday pressed lawmakers to make sure the new Wall Street financial reform law does not inadvertently crush their businesses. Small-bank representatives said last year's Dodd-Frank reform law does not do enough to spare them from costly regulations or level the playing field with banking behemoths such as Bank of America (BAC.N) and JPMorgan Chase (JPM.N). "The cumulative burden of hundreds of new or revised regulations may be a weight too great for many smaller banks to bear," Tommy Whittaker, president...
  • Is Dodd Frank already doomed to fail?

    05/07/2011 9:38:54 AM PDT · by george76 · 17 replies
    Financial News ^ | 06 May 2011. | Sebastian Walsh
    The Dodd Frank Act does not boast many friends in the financial industry. It does not take much asking around to find a banker who believes that its architects – senators Chris Dodd and Barney Frank – have contributed to many firms’ marked difficulties in reaching return on equity targets. three critical problems with the legislation: artificial deadlines, the rule-making process, and, above all, the ongoing budget stalemate in the US. Although the act contains over 2,000 pages, it is, in many ways, more remarkable for what did not make it into the text. Rather than lay down prescriptions for...
  • Senate report to reveal mortgage crisis details: WSJ

    04/03/2011 12:17:36 PM PDT · by NormsRevenge · 105 replies
    Yahoo ^ | 4/3/11 | AFP
    WASHINGTON (AFP) – The Senate will soon issue findings of a probe of the US mortgage meltdown that fueled the global financial crisis, with Goldman Sachs likely to face fresh embarrassment over its role, the Wall Street Journal reported Sunday. The Senate Permanent Subcommittee on Investigations, whose high-profile inquiry commission subpoenaed Goldman's and other executives last year, is due to release its report on the subprime implosion of 2007 and 2008. The paper, citing people familiar with the matter, said the report was expected to release emails from securities firms that developed or sold subprime mortgages and financial vehicles including...
  • Anne Frank museum moving in next door to mosque at Ground Zero

    03/29/2011 10:23:04 AM PDT · by Nachum · 24 replies
    daily mail ^ | 3/29/11 | Daily Mail Reporter
    A museum dedicated to Holocaust victim Anne Frank is expected to move almost next door to the proposed controversial mosque at Ground Zero, it was revealed today. The Anne Frank Center is reported to be about to sign a lease in the 20-floor glass and steel tower at 100 Church St. The building's windows overlook Park 51, the planned 16-storey Muslim community centre and mosque at 45 park Place, just two blocks from Ground Zero. The non-profit making Anne Frank Center, which is partnered with the museum in Amsterdam, is currently housed in a loft in SoHo's Crosby Street. Holocaust...
  • Mass. job fair canceled because of lack of jobs (Hope & Change)

    03/25/2011 2:43:03 PM PDT · by Frantzie · 8 replies
    Boston.com ^ | 3-25-2011 | AP
    TAUNTON -- A Massachusetts employment organization has canceled its annual job fair because not enough companies have come forward to offer jobs.
  • White House declares Fannie, Freddie model 'dead'

    02/11/2011 9:41:02 AM PST · by EBH · 23 replies
    Financial Post ^ | 2/11/11 | Lorraine Woellert and Rebecca Christie
    The report delivered Friday by Geithner and Housing and Urban Development Secretary Shaun Donovan presents three approaches for a future housing finance system. It also calls the government to shrink “and ultimately wind down” Fannie Mae and Freddie Mac, the bailed-out government-sponsored enterprise companies that helped fuel the housing bubble before being felled by investments in subprime mortgages. “This is a plan for fundamental reform -- to wind down the GSEs, strengthen consumer protection and preserve access to affordable housing for people who need it,” Geithner said in a statement accompanying the report. The report also pledges ongoing U.S. government...
  • Fed Casts A Wide Net In Defining Systemic Risk (Congress not listed by Dodd-Frank)

    02/08/2011 9:53:23 PM PST · by Libloather · 4 replies
    NY Times ^ | 2/08/11 | ERIC DASH
    Fed Casts A Wide Net In Defining Systemic RiskBy ERIC DASH Published: February 8, 2011 Federal regulators on Tuesday took an expansive view of the types of companies that could be deemed essential enough to the financial system that they should be subjected to greater oversight. The Federal Reserve, in a 22-page proposal required by the Dodd-Frank financial legislation, outlined initial criteria for identifying ”systemically important financial institutions,” whose collapse would pose a serious threat to the economy. The Fed says at least 35 companies, all of them big banks, may pose systemic risks, but that number could grow to...
  • U.S. Rep. Barney Frank to seek re-election

    02/03/2011 7:37:33 AM PST · by ConservativeStatement · 30 replies · 1+ views
    Boston Herald ^ | February 3, 2011 | Laura Crimaldi
    U.S. Rep. Barney Frank is running for re-election in 2012. The Newton Democrat announced today in a statement that he plans to run again to defend Wall Street reform and “to reduce significantly America’s swollen, unnecessary, worldwide military footprint.”
  • Financial Crisis Was Avoidable, Inquiry Finds

    01/26/2011 5:40:39 AM PST · by La Lydia · 23 replies
    New York Times ^ | January 26, 2010 | Sewell Chan
    WASHINGTON — The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry. The commission that investigated the crisis casts a wide net of blame, faulting two administrations, the Federal Reserve and other regulators for permitting a calamitous concoction: shoddy mortgage lending, the excessive packaging and sale of loans to investors and risky bets on securities backed by the loans... While the panel, the Financial Crisis Inquiry Commission, accuses several financial institutions of greed, ineptitude or both, some of its...
  • Fresh Group Of Life Insurance Companies Sue Countrywide Alleging "Massive Fraud"

    01/24/2011 2:36:01 PM PST · by FromLori · 6 replies
    The Business Insider ^ | 1/24/2011 | Joe Weisenthal
    Full title..Fresh Group Of Life Insurance Companies Sue Countrywide Alleging "Massive Fraud" In Mortgage Security Sales Just another taste of the legal worries that will keep Brian Moynihan's lawyers busy putting out mortgage related fires. A group of life insurance companies has sued Countrywide alleging massive mortgage fraud. Here's the list of plaintiffs. Here's the intro of their complaint:
  • MERS CEO to Leave Company

    01/24/2011 9:19:30 AM PST · by Kartographer · 10 replies
    WSJ ^ | 1/24/11 | NICK TIMIRAOS and JOHN D. MCKINNON
    The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement of his departure could come within days, according to people familiar with the matter. The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm's board has met in recent days to address the fate of the company and its chief executive, R.K. Arnold, people said. Mr. Arnold and other MERS officials didn't respond to requests for comment; a spokeswoman declined comment.
  • Professor Plumb, With the Revolver, in the Library: Who Caused the Financial Crisis?

    01/18/2011 10:15:10 AM PST · by Blaine Fabin · 16 replies
    Barnhart Investment Advisory Blog ^ | May 13, 2009 | Ted Barnhart
    Right up until that fateful week in September of 2008 when Lehman Brothers, Fannie Mae, Freddie Mac,Merrill Lynch and AIG all imploded, most of the media, government and financial professionals either could not or would not acknowledge the economic disaster that was unfolding before their eyes. Of course now that the horse has escaped these same visionaries have been eager to provide their expertise in locksmithing so as to determine how best to close the barn door. A casual stroll through your local book store leaves one practically assaulted from the sheer volume of explanations and witch hunts. The whole...
  • US Debit Fee Caps May Hurt Poorest Customers: Dimon

    01/17/2011 5:37:18 PM PST · by CutePuppy · 25 replies
    Reuters via CNBC ^ | January 14, 2011 | Maria Aspan
    Federal limits on debit card processing fees will force banks to charge customers more for services, making accounts too expensive for as many as 5 percent of customers, JPMorgan Chase & Co's chief executive said on Friday. The rules, proposed as part of the Dodd-Frank financial reform law, would cap the fees that merchants pay banks for processing debit card transactions at 12 cents each. That is almost 75 percent less than the average 44 cents per transaction that banks get now. U.S. banks could lose about $13 billion of their annual industry debit processing revenues because of the rules,...