Will JPMorgan Chase Bankers Finally Pay the Piper?

kamala harris

RJ Eskow: Will Kamala Harris hang tough in her new lawsuit against JPMorgan Chase, the first to target individual bankers accused of defrauding the public? If so, it would be the first time in five years that executives at a major bank have personally paid a price for their misdeeds.

Can Obama Stop Casino Capitalism?

obama biden

Shamus Cooke: The banking oligarchy is so intertwined with the political and economic establishment that real regulatory change cannot happen until the system itself is transformed from below, by a powerful social movement. Pleading to politicians to fix so-called Casino Capitalism is increasingly naive.

A Time for Action — Not Servility

jeff cohen

Norman Solomon and Jeff Cohen: While Washington pundits are talking up a new civility, many progressives are bracing for the old servility — a bipartisanship that is servile to a corporate elite that is unquenchably greedy and more powerful than ever.

Foreclosure Paperwork Scandal

Marian Wang: Though foreclosures continue to speed through courts in some states, in recent months some judges have increasingly questioned banks bringing foreclosure cases in court, forcing them to prove their legal standing to foreclose.

The Importance of Getting Wall Street Out of Washington, and Washington Out of Wall Street

Goldman Sachs Bets Against America

Robert Reich: If Washington knew what was good for it and the nation, it would sever its financial connections with the Street. Better yet, it would enact legislation seeking to limit the impact of private and corporate money in politics. That goal is made more difficult to achieve by the grotesque recent Supreme Court decision (Citizens United vs. Federal Election Commission) holding that corporations, including financial firms, have the right to spend unlimited amounts on political campaigns. But there are ways around this, such as more generous public funding for candidates that choose not to take private contributions. Hopefully as well, the president will nominate Supreme Court justices who understand the importance of public trust in democratic institutions, and the difference between companies and people.

Chase Denied Loan Mods for Now Forbidden Reason—Homeowners in Limbo

Protesters organized by the Neighborhood Assistance Corporation of America display a sign from inside the lobby of the One Chase Manhattan Plaza building on Dec. 14, 2009, in New York City. (Chris Hondros/Getty Images)

Paul Kiel: The largest servicers have lagged in approving homeowners for modifications. Together, those servicers account for more than 60 percent of the 3.4 million mortgages eligible for the program, but very few homeowners have been approved for lasting modifications. About 425,000 Chase customers are eligible for loan mods, according to the Treasury Department. Only a little more than 7,000 have received permanent modifications.

Defiant Wall Street Welfare Kings Come to Washington

Lloyd Blankfein

Joseph Palermo: The Democrats ensconce themselves in huge amounts of Wall Street campaign money and in exchange they pursue the short-sighted prerogatives of a bunch of rich guys who have already been bailed out and have shown the world that they’re nothing but a gang of white-collar crooks.

The Housing Crisis and Wall Street Shame

Housing Crisis

The $75 billion federal program designed to bribe banks to modify mortgages has been a bust. No one knows the exact number of mortgages that have been modified (that will be reported next month) but housing experts I’ve talked with say it’s a tiny fraction of the number of homeowners in trouble. Seems that the big banks can’t be bothered.