Posts Tagged ‘ Financial Meltdown ’

Confrontation With Wall Street: Consumer Confirmation Battle Expected This Week

December 6, 2011 4:06 pm
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Confrontation With Wall Street: Consumer Confirmation Battle Expected This Week

The latest political battle between the 99 percent and the 1 percent likely is to take place this week on the Senate floor, as senators are expected to vote on the nomination of former Ohio Attorney General Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank financial reform law. Created as the brainchild of prominent consumer advocate-turned-Democratic-Senate-candidate Elizabeth Warren, the CFPB is designed to shield consumers from the sorts of financial abuses which helped...

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Protest Group Decries ‘Back-Door Bail-Out’ of Bank of America

October 25, 2011 11:33 am
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Protest Group Decries ‘Back-Door Bail-Out’ of Bank of America

A group organizing protests distinct from, but similar in spirit to, Occupy Wall Street is denouncing permission granted by the Obama administration to allow Bank of America’s holding company to transfer risky derivative assets from Merrill Lynch to its federally insured bank. The New Bottom Line — a coalition of small business, community and faith organizations — wrote President Obama, Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner and Federal Deposit Insurance Corp. Acting Chairman Martin Gruenberg —...

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