Mere days before National Small Business Week kicked off it was revealed that JP Morgan Chase and CEO wonder boy Jamie Dimon lost $2B (now $3B by some estimates) on derivative trades meant to mitigate risk. This was a stark reminder for small businesses that nearly 4 years after the economic collapse wreaked havoc onContinue reading “Two Banking Regulations on Small Business Wish List”
Big bank lobbyists have been putting on a full-court press in Washington, D.C. to roll back components of the financial overhaul passed last year and free Wall Street to go back to the “business as usual” that led to the financial crisis in 2008. The bankers are gunning for the new Consumer Protection Bureau andContinue reading “Main Street Takes on Wall Street…And Wins!”
On Thursday, May 12, 20,000 community members from New York City and beyond descended on Wall Street. Mayor Michael Bloomberg had just released his budget which cuts 6,000 teaching jobs and slashes vital social services the city relies on while keeping in tact tax breaks for his billionaire friends and the corporations that house them.Continue reading “Thousands of New Yorkers Take Over Wall Street”
The big banks live in a parallel universe. In their universe, the financial meltdown was beyond their power to stop. The recession that left more than 1/10th of the American workforce unemployed is a shame they had little to do with. The massive government bailout of the financial system was an opportunity to make aContinue reading “Big Banks Must Step Up to Address the Revenue Crisis”
Recent reports show the bankers in charge of approving the foreclosure paperwork weren’t even reading what they were signing. Wall Street has bought and sold our mortgages so many times, they’ve lost track of who owns what. And now they’re getting caught red-handed. In one state, two banks tried to foreclose on the same home.Continue reading “Where’s the Note: Is Your Mortgage Affected?”
On Thursday, July 15, Congress passed the strongest financial reform bill since the Great Depression, tightening restrictions on banks and Wall Street, cracking down on lending practices, and expanding consumer protections in order to prevent a repeat of the 2008 meltdown, the consequences from which we are still reeling. President Obama will sign the billContinue reading “Congress Passes Financial Reform Bill!”
On March 15th, 2010, Washington Community Action Network and close to 100 protesters chanted outside of Chase’s headquarters in downtown Seattle, demanding that the company and other big Wall Street banks pay their fair share to help maintain crucial state services.