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The Good, The Bad, & The Ugly – First Week of April, 2013

SEC Whistle

Occupy the SEC is a group of concerned citizens, activists, and financial professionals with decades of collective experience working at many of the largest financial firms in the industry. This is our roundup of juicy press about Wall Street and financial regulation, for this week.

Good

Matt Taibbi feels a growing sentiment in Congress to break up the big banks recently. We can only hope he’s right. Also, one poll shows that 50 percent of people support breaking up TBTF banks while only 23 percent oppose. Matt Taibbi at Rolling Stone April 3, 2013.

Bad

CFTC “approves a rule that exempts inter-affiliate trades from requirements that swaps be guaranteed at clearinghouses that protect buyers and sellers against defaults.” Silla Brush at Bloomberg April 2, 2013

After the do-nothing OCC does basically nothing in response to “reprehensible” foreclosure abuses by Wells Fargo, Yves Smith writes that “It’s time to admit that the OCC is beyond repair. It should be abolished and its responsibilities folded into the FDIC, the CFPB and the FED. One hopelessly corrupt regulator is one too many.” Yves Smith at Naked Capitalism April 1, 2013.

Ugly

Oh please. Mary Schapiro says “there’s no revolving door here” as she cashes out and takes a job with Promontory Financial Group.  John Light at Bill Moyers Blog April 2, 2013

Wait…what?? The US pushing sub-prime mortgages again?!? Leith van Onselen at Macrobusiness, April 4, 2013.

No surprise here. Directors pay at big banks continue to soar. Suzanne Craig at Dealbook/New York Times March 31, 2013

This was originally posted at Occupy the SEC.

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