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too big to fail
Financial Reform Bill Signed into Law: 5 Key Changes Outlined
By Dana Chivvis - AOL News(July 21) -- President Barack Obama signed the sweeping financial reform bill into law today, just six days after it passed the Senate. The Dodd-Frank Wall Street Reform and Consumer Protection Act is meant to protect consumers, add transparency to the financial markets, and restructure government power so that companies are no longer "too big to fail." Below, Surge Desk reminds readers of the five most important aspects of the bill, as outlined here last week. 1. The economy gets a new monitor, and failing firms a new undertaker. Headed by the secretary of the treasury, the Financial ...
Is Tim Geithner Going to Block Elizabeth Warren From Leading New Consumer Protection Agency?
By Paul Wachter - AOL News(July 16) -- Treasury Secretary Tim Geithner doesn't like Elizabeth Warren. In her capacity as chairwoman of the Congressional Oversight Panel monitoring the U.S. banking bailout, she has interrogated Geithner before Congress (and the American public), and those interrogations have not reflected favorably on him. A typical exchange went like this: Why did the U.S. bail out AIG and its counterparties with taxpayers paying off credit-default swaps at their full, inflated rate but ask the insolvent auto industry to take major cuts? she asked Geither, who had no coherent explanation to ...
Opinion: What's Really 'Too Big to Fail'?
By not in system - AOL News(July 1) -- The financial reform bill passed by the House on Wednesday is, among other things, supposed to deal with the "too big to fail" problem among financial institutions. That issue -- too big to fail, or TBTF -- is everywhere these days. The concern is about institutions that grow so large that the government has no choice but to bail them out when things go wrong. It's certainly a concern, but in all the debate over TBTF, the one institution that deserves attention always gets overlooked: government. To get a sense of its size, think of the federal government as a corporation; ...
What's Still at Stake in Financial Reform Plan
By Joseph Schuman - AOL News(May 21) -- The fight to tighten rules and regulation of Wall Street isn't over. But the Obama administration and congressional Democrats today kicked off the last stage in a yearlong campaign for the biggest shakeup in supervision of banks and other financial players since the Great Depression, and what they hope will be a remedy for market malfeasance and monitoring shortfalls. A day after the Senate passed its version of finance reform, President Barack Obama met with House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Christopher Dodd in the ...
Opinion: Financial Reform Ends 'Too Big to Fail' Era
By not in system - AOL News(May 21) -- Thursday night, after months of haggling and weeks of debate on the floor of the Capitol, the Senate passed the financial regulatory reform bill sponsored by Sen. Chris Dodd, D-Conn., on a 59-39 vote, moving Congress one step closer to achieving a key goal of the Obama administration. Four Republicans voted to approve the bill, while two Democrats defected to vote against it. The Senate bill is, in many ways, stronger than the bill that the House of Representatives passed last year, which is a change from the dynamic that dominated the health care reform debate, when the Senate ...
Wall Street Bailouts and 'Too Big to Fail' Words of Wisdom
By Daily Breakdown - Politics DailyToday, Professor Noble Shizintzski explores the meaning of the phrase "too big to fail." Click play below to watch, and click here for more Words of Wisdom. ...
Wide Range of Wall Street Reform Critics
By Steve Pendlebury - AOL News(April 22) -- Not all the criticism of the Democrats' plan for new financial industry regulations is coming from Capitol Hill Republicans. As President Barack Obama demands action, commentators from across the political spectrum are calling for changes in Senate Banking Committee Chairman Chris Dodd's bill. (Click here for summary in PDF.) Their complaints fall into three broad categories. It Won't Really End 'Too Big to Fail' and Bailouts The initial attack, led by Senate Minority Leader Mitch McConnell, claimed that Dodd's legislation would institutionalize "endless taxpayer-funded ...
Opinion: Financial Reforms Go Too Far
By not in system - AOL News(April 22) -- As the debate over financial reform intensifies, it's easy to forget that there is a shared desire across the political spectrum to put an end to bailouts and to the idea that any firm should be too big to fail. Supporters of the plan now pending in the Senate argue that it would achieve these goals. It would not. In fact, it would institutionalize both. Key to the Senate bill is a Financial Stability Oversight Council, made up of nine existing agencies, with broad regulatory power over companies it considers systemically important, including authority to order the firm to ...
US to Net Boffo Bonus From Bank Bailouts
By Joseph Schuman - AOL News(March 29) -- The U.S. Treasury is starting to pull out of private-sector banking in a reversal of the costly bailouts undertaken during the financial crisis and will likely make a handsome profit for taxpayers from a good share of the investments. The government withdrawal from partial bank ownership comes as the Obama administration's efforts to make the banking sector pay for future too-big-to-fail scenarios is gathering momentum. On Monday, the Treasury said it intends to sell the 7.7 billion common shares it holds in Citigroup by the end of the year, "subject to market conditions." ...
Taming Financial Weapons of Mass Destruction
By Joseph Schuman - AOL News(March 9) -- The campaign to rein in a type of risky investment villainized in the economic crisis and blamed for the government bailout of AIG and the financial collapse of Greece is gaining momentum in Washington and other capitals, where officials are comparing it to piracy of another age. On Tuesday, a key U.S. regulator added his voice to the call for tighter rules and less secretive practices for credit default swaps, while the European Union said it is looking into a ban on the complicated financial instruments that have mushroomed into a multitrillion-dollar market. Mario Tama, Getty ...
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