Search Results for: koch

By Pam Martens: July 20, 2016 Richard Cordray and the Federal agency he heads, the Consumer Financial Protection Bureau (CFPB), have been in the cross hairs of right wing Republicans and the corporations they front for since the agency opened its doors in 2011 to confront the abuses exposed in the financial crisis of 2008. The agency’s work to level the playing field for all Americans and stop the vicious wealth transfer system that the deregulation era of the 90s has unleashed on the financially unsophisticated has fueled unprecedented backlash. During the Republican Presidential debate on November 10 of last year, a corporate-funded front group, the American Action Network, with ties to the Koch brothers, repeatedly ran an advertisement portraying the CFPB as a communist group. (See our detailed report here.) The CFPB presents multiple threats to the financial looters. The CFPB has made it easy for consumers to file … Continue reading →

By Pam Martens and Russ Martens: June 23, 2016 Millions of Americans think that Congressional Republicans are in conspiracy with groups like the U.S. Chamber of Commerce, Cato Institute, Koch brothers, and the Mercatus Center to advance an agenda of increasing corporate profits while sacking the needs of the poor and middle class. That doesn’t mean, however, that Republicans can’t sometimes spot a conspiracy on the part of others. Yesterday, four Republicans on the House Financial Services Committee, during the semi-annual monetary policy testimony by Fed Chair Janet Yellen, presented a persuasive argument that it’s really the Federal Reserve (which was flattered by many House Democrats at the hearing) that’s sacrificing the poor and middle class in order to benefit the rich and “the Goldman Sachs CEOs of the world.” Congressman Ed Royce, Republican from California, said that he was “concerned that the Federal Reserve has created a third pillar … Continue reading →

By Pam Martens and Russ Martens: April 4, 2016  Tomorrow the Senate Banking Committee, chaired by Senator Richard Shelby since the Republicans took control of the Senate in the 2014 midterms, will hold a hearing on “Assessing the Effects of Consumer Finance Regulations.” That title can be easily translated into “How to Achieve the Lobbyists’ Dream Wish of Killing Off the Consumer Financial Protection Bureau and Its Embarrassing Ability to Perpetually Show How Deregulation of the Financial Services Industry Has Led to Wholesale Looting of the Public.” Senator Shelby does not even make a pretense of presenting a balanced slate of witnesses at these hearings and one has to question why the Ranking Member, Senator Sherrod Brown, a Democrat, is not holding Shelby’s feet to the fire on this issue. Tomorrow’s hearing has three panelists listed: Leonard Chanin, Of Counsel at Morrison and Foerster – a law firm that was … Continue reading →

By Pam Martens and Russ Martens: April 1, 2016 According to Forbes, Ken Griffin, CEO and founder of the hedge fund, Citadel, has a net worth of $7.6 billion. But unbeknownst to most Americans, Citadel received a windfall boost from the taxpayers’ pocketbook sometime between September 18 to December 12, 2008. That was during the Wall Street crash when the U.S. government had taken over the big insurer, AIG, and decided to pay 100 cents on the dollar on AIG’s obligations to Wall Street banks and hedge funds. Did the U.S. government have to pay 100 cents on the dollar when AIG was unable to pay what it owed. Absolutely not. It could have negotiated prudently on behalf of the taxpayer. Instead, it doled out at least $93.2 billion as payment in full to banks and hedge funds, of which Citadel received at least $200 million. We say, at least, because … Continue reading →

By Pam Martens and Russ Martens: March 18, 2016 A young black girl got a civics lesson in dystopian society sitting in the front row of the Senate Banking hearing this past Tuesday. Her expression was that of someone watching a Halloween horror film. The young girl was the daughter of Lisa Fairfax, a George Washington University law professor who brought her family members along to share her confirmation hearing to potentially become a Commissioner at the Securities and Exchange Commission. Hopefully, what the young girl observed will be enough to head her off in a career direction of white collar criminal law. Senator Joe Donnelly delivered a heartfelt review of what is going on in his home state of Indiana, asking the two SEC nominees, Hester Peirce and Fairfax, what role the SEC should play in the matter. Donnelly stated: “Ms. Peirce, I want to tell you a little … Continue reading →

By Pam Martens and Russ Martens: March 2, 2016 Two interesting things happened this week in Jamie Dimon’s world: two gutsy attorneys, Helen Davis Chaitman and Lance Gotthoffer, published a book comparing JPMorgan Chase to the Gambino crime family, explaining how the bank could and should be prosecuted under RICO statutes for serial frauds against the investing public. Taking a diametrically different tack, Bloomberg Markets magazine editor, Joel Weber, fawned over Dimon in a Bloomberg TV interview, repeatedly asserting that Jamie Dimon is all about the customer. This Bloomberg video is so hilarious we had to watch it several times to make sure it wasn’t satire.  As Weber makes his case that Dimon is all about the customer, his Bloomberg colleague, Stephanie Ruhle, is having none of it, reminding the obviously star-struck Weber that the big banks are hated in this country for good reason. Instead of acknowledging the serial frauds … Continue reading →

By Pam Martens and Russ Martens: February 29, 2016 You know there is something bizarre going on in American politics when the New York Times endorses Hillary Clinton for President at the end of January and then begins to question her judgment before a month goes by. What message does it send to voters when a major newspaper sounds like it has endorser’s remorse and we’re still in the primary season? One month ago, the Old Gray Lady said that Democratic primary voters “have the chance to nominate one of the most broadly and deeply qualified presidential candidates in modern history.” Unfortunately, they weren’t talking about Senator Bernie Sanders of Vermont, who has served with distinction in Congress for 25 years (16 years in the House and the last nine years in the Senate). The Times was speaking about Hillary Clinton, whose actual tenure in Washington feels like it is one … Continue reading →

By Pam Martens and Russ Martens: February 14, 2016  The facts surrounding the death of Associate Supreme Court Justice, Antonin Scalia, are in a state of continual flux. The question is why? The highly controversial Justice is reported to have died sometime between Friday night and Saturday morning at an isolated 30,000-acre luxury resort, Cibolo Creek Ranch in West Texas. The ranch is 30 miles from civilization. Scalia was initially reported to have gone there with “a friend” to quail hunt but that has been called into question. The name of the friend has not been released, raising more questions as to why the public has been denied a full accounting of the matter. The owner of the resort, John Poindexter, a Houston multi-millionaire, told NBC News that Scalia arrived at the ranch at around noon on Friday on a charter flight from Houston. As for the quail hunting, Poindexter … Continue reading →

By Pam Martens and Russ Martens: February 10, 2016  The world woke up this morning to find that the populist stirrings that were fanned by the leaderless Occupy Wall Street movement, which first galvanized the debate on the wealth and income inequality of the 99 percent, have been simmering in the hearts and minds of voters ever since. Apparently, voters were simply waiting for an authentic presidential candidate to frame their demands into a cohesive message. Yesterday, Senator Bernie Sanders of Vermont crushed Hillary Clinton in the first presidential primary in New Hampshire, taking 60 percent of the Democratic vote to Hillary’s 38.4 percent with over 90 percent of the vote counted. Donald Trump took 35.1 percent of the Republican vote, with the current Governor of Ohio, John Kasich, coming in at a distant second with 15.9 percent, based on a little over 90 percent of the vote counted. (See … Continue reading →

By Pam Martens and Russ Martens: January 12, 2016 Presidential candidate, Senator Bernie Sanders of Vermont, is stumping across America urging citizens to help him create a meaningful political revolution to take back the country from the death grip of the one percent. His message is resonating. Sanders is attracting crowds of tens of thousands of disillusioned Americans. Political revolution is also in the air in the state of New York where a group called “Fed Up New Yorkers” has just launched a newspaper whose stated purpose “is to lessen Big Money’s grip on our political system and on our society.” The newspaper founders say their project is both “a publishing project and a political plan.” Publisher and Editor-in-Chief of the project is Neil Fabricant, retired president of George Washington University’s Graduate School of Political Management and a former legislative director of the New York Civil Liberties Union. Fabricant is … Continue reading →