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.
CFPB issues a report criticising the big banks on their overdraft policies which generate a lucrative $32 billion for them. Now, please, enough talk turn it into policy. Shayndi Raice and Alan Zibel at The Wall Street Journal. June 13, 2013.
Mary Jo White and the SEC are applying the “Government Sachs” treatment to Deutsche bank as Robert Rice, a respondent in a complaint filed by Eric Ben-Artzi which alleged that Deutsche bank hid billions of dollars by mismarking derivatives, gets hired as chief counsel. Yves Smith at Naked Capitalism June 10, 2013
Jason Furman, author of a 16-page paper entitled “Walmart: A Progressive Success Story” (*rolls eye*), is nominated by Obama for chairman of the powerful Council of Economic Advisors. 11 economists at the American Enterprise Institute praise the decision giving us more than a clue as to who Obama really wants to impress. Lynn Parramore at Alternet June 11, 2013.
Gary Gensler is shown the door presumably in large part for his principled stance that overseas swaps affiliates should comply with Dodd-Frank while Amanda Renteria, an ex-goldmanite with nearly zero experience with derivatives is welcomed in. This could signal not just a more bank-friendly position for the CFTC in the short-term but an aim to render the CFTC ineffectual in the long-term. Yves Smith at Naked Capitalism (For more on Renteria: Shahein Nasiripour at Huff Post) June 12, 2013.