graham steele @steelewheelz Twitter profile

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graham steele

@steelewheelz

27 days

Do NOT call me for a bailout. #IndustryHBO #INDUSTRY

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graham steele

@steelewheelz

5 years

I am admittedly not a communications professional, but I do not understand the thinking behind putting out a press release that is just a list of other people owning you.

Ben Jacobs

@Bencjacobs

5 years

In a release with the subject line "BERNIE’S NEW BRO… DONALD TRUMP," Bloomberg campaign calls out specific tweets by Sanders aides Briahna Joy Gray, David Sirota and Nina Turner

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graham steele

@steelewheelz

5 years

Unbelievable. Boeing has: - A government agency that basically exists to fund purchases of its goods; - Shifted its labor to non-union states to cut its costs; - Built a plane that killed hundreds of passengers; and - Spent $43 billion buying back stock over the past 6 years.

Jeff Stein

@JStein_WaPo

5 years

Boeing is just out with its bailout ask in a new statement. Minimum $60 billion in access to "public and private liquidity, including loan guarantees" Bailouts currently on table for: hotels; airlines; cruises; casinos; oil & gas producers

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graham steele

@steelewheelz

5 years

One of the bundlers omitted from Mayor Pete’s public disclosure is Wall Street superlawyer H. Rodgin Cohen. He basically represented every bank during the financial crisis and bailouts:

Trauma Surgeon of Wall Street (Published 2009)

H. Rodgin Cohen, who played one of the biggest civilian roles in the financial bailout, and earned millions, drives a Subaru and knows his Hitchcock trivia.

www.nytimes.com

Adam Jentleson

@AJentleson

5 years

Sneaky Pete, man. After all those pious proclamations about his commitment to transparency...

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graham steele

@steelewheelz

4 years

The House Dem bill establishes a Fed credit facility for debt collectors, tied to forbearance on debt collection payments. How about that.

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graham steele

@steelewheelz

5 years

"Warren is not as progressive as Bernie" is a completely legitimate critique. That he is farther left on foreign policy is undeniable. But the idea that she's a secret Wall Street shill is, frankly, laughable. 1/

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graham steele

@steelewheelz

4 years

Wondering if all of the folks who moralize about people who can’t pay their mortgages will express a similar level of outrage at private equity firms that strategically default.

Carl Quintanilla

@carlquintanilla

4 years

(Bloomberg) -- Blackstone Group Inc. is more than 30 days delinquent on $273.7 million of debt tied to a portfolio of business hotels, a sign that large real estate investors are considering walking away from properties in the pandemic economy.

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graham steele

@steelewheelz

5 years

All the professional class people arguing that @ewarren is wrong that billionaire fundraisers have a corrupting influence on politics reminds me of this quote from Barney Frank.

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graham steele

@steelewheelz

3 years

Thank you, @POTUS ! It is an honor to be nominated and, if I'm confirmed, I look forward to serving in your administration with all of the great people at @USTreasury .

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graham steele

@steelewheelz

5 years

Steyer’s electrical system, PG&E, went bankrupt due to mounting legal liabilities after it caused numerous wildfires by prioritizing enriching its shareholders & executives over investing in basic safety infrastructure.

Olivia Nuzzi

@Olivianuzzi

5 years

Steyer is going after Sanders in Hampton this afternoon. He says he doesn’t believe what Sanders says, and he doesn’t want him running “my electrical system” because that would be “scary.”

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graham steele

@steelewheelz

5 years

Imagine looking at the present moment--with a shredded social safety net, inadequate public heath system & no public infrastructure to get money to people quickly--and thinking: "the problem here is that government is too big."

Andrew Yang🧢⬆️🇺🇸

@AndrewYang

5 years

Government may be the only thing that can fail miserably and then get bigger as a result.

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graham steele

@steelewheelz

5 years

Based on the reporting about its IPO, @WeWork is basically just a commercial property management company that also includes some Enron-like legal structures and self-dealing transactions and Marianne Williamson-like self-help branding. Do I have that right? Disruption! Synergy!

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graham steele

@steelewheelz

4 years

According to Wall Street execs, raising taxes on billionaires to pay for universal health care and a stronger safety net is a second coming of socialism, but forcing people back to work in the midst of a pandemic, well, that's just patriotic sacrifice.

VANITY FAIR

@VanityFair

4 years

Wall Street has had enough of the lockdown: “People will die. People do die,” says one investment banker. “People have to take responsibility for their own lives. And people do die. That is kind of what happens”

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graham steele

@steelewheelz

5 years

So I'm late to this but I see that a tanker owned by JP Morgan was raided with over $1 billion in cocaine on board. Why does JP Morgan own tanker ships, you ask? Let's talk about it... 1/

U.S. Seizes MSC Container Ship After Record Drug Bust

U.S. authorities have seized a large container ship operated by Switzerland-based Mediterranean Shipping, three weeks after customs authorities found a record haul of cocaine on the vessel.

www.wsj.com

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graham steele

@steelewheelz

4 years

On Wednesday, supporters of the President mounted an armed insurrection to reverse a democratic election & shortly thereafter over 100 Republican members of Congress voted to overturn the election. JPMorgan's response is to suspend contributions to BOTH political parties? 🤔

Emily Glazer

@EmilyGlazer

4 years

NEW: JPMorgan Chase will halt all political giving -- to Republicans & Democrats -- from its PAC. The move is in response to violence at the Capitol alongside health and economic crises, per Peter Scher, who runs corporate responsibility for the bank.

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graham steele

@steelewheelz

4 years

Truly unfortunate letter from the acting head of the @USOCC . @BrianBrooksOCC is politicizing banking regulation by issuing oblique threats to banks that make the sound business decision to pull back from financing Big Oil's Arctic drilling. 1/

Anthony Adragna

@AnthonyAdragna

4 years

Scoop: Trump admin is vowing to take a "serious look" at the moves by major banks not to finance drilling in the Arctic in response to concerns raised by @SenDanSullivan and other Rs.

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graham steele

@steelewheelz

4 years

The 'predatory borrowers' myth of the financial crisis is false victim-blaming, and I've seen two very prominent journalists propagate this lie in the last 24 hours.

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graham steele

@steelewheelz

5 years

This is deeply concerning. Why would FDIC do this now, in the midst of a crisis? Hoping others won't notice? Greater access to the safety net for 2 companies that are going to have cash flow problems? I warned about the dangers of ILCs in August.

Perspective | Facebook’s Libra cryptocurrency is part of a disturbing financial trend

The line between finance and commerce has been getting blurrier for decades.

www.washingtonpost.com

Brendan Pedersen

@BrendanPedersen

5 years

BREAKING: The FDIC has approved two new industrial banks for the first time in over a decade: Square Financial Services, and Nelnet Inc., a student loan servicer.

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graham steele

@steelewheelz

4 years

Did a bitcoin write this?

Neeraj K. Agrawal

@NeerajKA

4 years

Bitcoin Is Protecting Human Rights Around the World

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graham steele

@steelewheelz

4 years

Pretty frank acknowledgement here that banks are not able to be a reliable conduit for implementing financial aid policy, and a pretty strong argument for more public payment infrastructure like FedAccounts, postal banking, and the like.

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graham steele

@steelewheelz

4 years

To friends working in financial policy who think addressing systemic racism is not your issue, I would ask you to look at our nation’s history and reconsider. So much past and present oppression would not be possible without financing supporting it. #BlackLivesMatter

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graham steele

@steelewheelz

4 years

This interview with @AOC is great in general, but the description of how these big legislative packages come together and then are presented as take-it-or leave it propositions is so spot-on.

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graham steele

@steelewheelz

5 years

Warren tried to talk about Wall Street and the foreclosure crisis, instead moderators steer it back to Twitter fights. We deserve a better debate than this.

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graham steele

@steelewheelz

5 years

"Monetize the rainforest" is a thing that I would say if I were trying to sound like a parody of a heartless villain.

Brazil minister calls for the Amazon to be monetised

Ricardo Salles defends pledge to develop rainforest as wildfires rage

www.ft.com

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graham steele

@steelewheelz

5 years

This administration literally has 2 policies: tax cuts and travel bans. #COVID19

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graham steele

@steelewheelz

5 years

Banks seizing CARES Act payments to satisfy past debts would be an absolutely devastating outcome. Treasury has the authority to protect them from collection & garnishment and it needs to do so right now.

David Dayen

@ddayen

5 years

So here's my scoop: banks have been given the green light by regulators to take the $1,200 CARES Act payments and use them to offset an individual's existing debts.

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graham steele

@steelewheelz

5 years

Mayor Bloomberg just got Warren’d. That was basically the same experience as every bank CEO that has testified before the Senate Banking Committee since 2013.

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graham steele

@steelewheelz

5 years

@SLThomas @ryangrim I mean, credit where it's due, there were definitely people in the administration like @Michael_S_Barr working tirelessly to make @CFPB happen.

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graham steele

@steelewheelz

5 years

. @ddayen is doing the lord's work. But it also should not require a single indefatigable journalist birddogging banks to protect Americans' stimulus checks. Congress? Treasury Department? Anyone?

David Dayen

@ddayen

5 years

ANOTHER VICTORY: Radius Bank has announced they will not take stimulus checks to offset existing debts (a rep said otherwise to a customer: ). The following is a statement from Christina Shortall, SVP of Customer Experience:

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graham steele

@steelewheelz

7 months

One year after the SVB crisis, I write in @monthly about how Wall Street is blocking sensible safeguards to make our banking system more stable & fair. Working people & small businesses must be able to trust their money will be there when they need it.

Remember the Silicon Valley Bank Disaster? | Washington Monthly

A year after the regional bank crisis, Wall Street is still fighting the measures we need to protect the financial system.

washingtonmonthly.com

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graham steele

@steelewheelz

5 years

Remember the time she very neoliberally demanded that 2 separate Wells Fargo CEOs be fired, and they both were, and then she said it wasn't good enough and they ought to be criminally charged? 7/

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graham steele

@steelewheelz

5 years

This sentiment is right. But what feels under-appreciated here is the fact that the half a trillion dollars could serve as an equity tranche for a Federal Reserve facility that could leverage it as much as 10x. So we're really talking trillions of dollars in corporate aid.

Alexandria Ocasio-Cortez

@AOC

5 years

The developments of this Senate relief bill are concerning. We are hearing lots of vague statements, but not a single member of Congress has seen actual bill text. It seems to give a *HALF TRILLION DOLLARS* away to big corporations, w/ few worker protections. Half a trillion.

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graham steele

@steelewheelz

5 years

This seems like a conflict of interest, no?

Pedro da Costa

@pdacosta

5 years

“The U.S. Federal Reserve enlisted BlackRock to direct three of its bond-buying programs. Under the arrangement, *BlackRock could buy some of its own funds on behalf of the central bank.*”

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graham steele

@steelewheelz

4 years

Bad idea for the climate, bad idea for taxpayers.

Ari Natter

@AriNatter

4 years

🚨BREAKING: Treasury Secretary Steven Mnuchin said he’s considering the creation of a government lending program for U.S. oil companies, who are looking for federal aid as they cope with a devastating plunge in prices. Scoop by @SalehaMohsin

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graham steele

@steelewheelz

4 years

So I am reading the Selia Law v. CFPB opinion and here are some initial reactions. If you want to see how regressive SCOTUS is on the administrative state, here's an argument that, if an agency is novel it's probably unconstitutional.

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graham steele

@steelewheelz

4 years

No response to this judge's nonsense from any of his fellow jurists for an entire day, and so it fell to a Black clerk to respond. Good for the clerk, but it's up to white folks in positions of privilege to speak up in this moment, not leave it to young POC to do the work.

Ryan Grim

@ryangrim

4 years

NEW: Federal judge lambasts amendment to rename Confederate bases as “madness,” gets thoroughly bodied by clerk Best reply-all battle victory ever, frankly

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graham steele

@steelewheelz

4 years

Beyond parody.

Jacob N. Kornbluh

@jacobkornbluh

4 years

"We didn't sign up for what you saw last night," Mulvaney said.

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graham steele

@steelewheelz

4 years

Skimming the House COVID stimulus bill, it appears to have a Fed lending facility for landlords (Sec. 110204(b)), with no cap on size, just a reporting requirement. Not sure I've heard this discussed before?

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graham steele

@steelewheelz

3 years

Thinking that currency and monetary policy is probably better determined by a democratically elected treasury and central bank rather than a tech bro's twitter account.

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graham steele

@steelewheelz

4 years

Dystopian finance Mad Libs.

American Banker

@AmerBanker

4 years

Wells Fargo to sell student loan book to Apollo, Blackstone

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graham steele

@steelewheelz

5 years

I want to be clear that I love both Bernie & Warren, and I'd be happy with either one as the nominee. But surely we can do better than innuendos claiming people are secret Trojan horses for wealthy elites. end/

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graham steele

@steelewheelz

5 years

Many expressed concerns about not letting wealthy people benefit from universal programs like M4A & universal free college. I would hope the idea of hedge funds claiming scarce small business loan money would draw the same level of vocal condemnation.

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graham steele

@steelewheelz

5 years

If you wonder why nonfinancial companies like airlines are so fragile to shocks, as @anatadmati laid out years ago, it's about our financialized economy. Excessive debt and shareholder payouts have taken priority over investment & financial resilience.

Why Financialized Corporate Governance Works Poorly

Corporate finance textbooks describe shareholders as the owners of a corporation and teach future managers how to create “shareholder value.” Increasing shareholder value is generally seen synonymous...

corpgov.law.harvard.edu

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graham steele

@steelewheelz

5 years

I see the robust independent oversight is going well already.

John Fritze

@jfritze

5 years

Trump issues a statement on the coronavirus stimulus limiting congressional oversight. Trump will block special IG monitoring the money from reporting if he/she is stonewalled by federal agencies.

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graham steele

@steelewheelz

5 years

This story presents a striking counterfactual, wherein Mnuchin is a disgraced bank CEO pursued for foreclosure abuses. Instead, he is the central planner reorganizing the post-COVID19 economy. Poignant illustration of the importance of corporate accountability.

David Dayen

@ddayen

5 years

Here's @alex_sammon on our new overlord running our planned economy, foreclosure king Steven Mnuchin

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graham steele

@steelewheelz

3 months

They're just recreating all of the features of the banking system one piece at a time (master accounts, reserves, etc), only without all of the associated obligations, regulations, and limitations.

Eleanor Terrett

@EleanorTerrett

3 months

🚨SCOOP from me and @CGasparino : Wyoming Sen. Lummis plans to announce legislation for Strategic Bitcoin Reserve at Nashville conference The hope is that @realDonaldTrump will endorse the bill and the idea behind it at @TheBitcoinConf this weekend.

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graham steele

@steelewheelz

4 years

It’s problematic when companies make appeals to diversity and inclusion without also acknowledging the ways that their core business model drives racial and economic inequality.

Citi

@Citi

4 years

“I’m proud to work at Citi, an organization that cherishes diversity and inclusion and is willing to stand up for those values when they are threatened.” - #Citi CFO Mark Mason #StandForProgress

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graham steele

@steelewheelz

5 years

By my count, the Trump administration has now proposed paying uninsured peoples' medical bills and paying oil and gas companies not to extract. I guess @BernieSanders really IS winning the war of ideas.

Jennifer A. Dlouhy

@jendlouhyhc

5 years

SCOOP: The Trump administration has developed a plan for dealing with the growing crude glut and helping U.S. oil producers hammered by low prices: paying them not to extract it in the first place. w @vtobben @robertuttle @arinatter @scunningha #OOTT

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graham steele

@steelewheelz

4 years

Reading @zachdcarter ’s tremendous ‘The Price of Peace’ & struck by the parallels with @adam_tooze ’s ‘Crashed.’ Recurring theme of political problems rooted in leaders seeking convoluted solutions when simple answer of debt forgiveness would prevent much suffering & instability.

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graham steele

@steelewheelz

5 years

It would have been very diabolical of her to start this long con in 2004 by taking on the big banks, the Clinton administration, and the Congress over predatory lending and bankruptcy. 2/

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graham steele

@steelewheelz

4 years

It is absolutely unbelievable that a CFPB official, entrusted with consumer protection, would have held an ownership interest in a Buy Here, Pay Here predatory auto lending company.

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graham steele

@steelewheelz

5 years

Friendly reminder that Uber's chief legal officer is former Obama Justice Department official Tony West.

Sandeep Vaheesan

@sandeepvaheesan

5 years

Uber is very good at innovating in the field of shameless legal arguments

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graham steele

@steelewheelz

5 years

A lot of truth being spoken here by @SheilaBair2013 , @Michael_S_Barr & @JonahCrane . Time to finally recognize that money market funds are an arbitrage scheme to create the functional equivalent of bank deposits with lighter regulation?

Why the Fed Had to Backstop Money-Market Funds, Again

The intervention during the coronavirus pandemic brings renewed attention to what some current and former regulators say was a troubled effort after 2008.

www.wsj.com

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graham steele

@steelewheelz

3 years

The number of econ "wonks" who have apparently never heard of Invitation Homes and seem to have spent no time over the last decade learning anything about the investor-owned single-family rental market is troubling.

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graham steele

@steelewheelz

5 years

This is a great plan, and by far the most comprehensive one to date for dealing with Wall Street's role in driving the climate crisis. This sets a new standard for Democratic policymakers, in the presidential race and Congress, going forward.

Elizabeth Warren

@ewarren

5 years

Climate change is an existential threat—but Wall Street is refusing to listen, let alone take real action. I've got a new plan to rein in Wall Street and make them pay the true cost of climate change instead of passing it on to millions of Americans.

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graham steele

@steelewheelz

4 years

The Republican position appears to be that unemployed people should take care of themselves, but Wall Street is entitled to long-coveted special interest giveaways.

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graham steele

@steelewheelz

5 years

This story has the former Fed chair & 2 former governors - Tarullo & Stein - on the record saying the Fed should be suspending dividends. Stein says it’s a “no brainer.” What are we doing? Where is the leadership?

WSJ News Exclusive | Fed Unlikely to Order Big U.S. Banks to Suspend Dividends

U.S. banks will likely be allowed to keep paying dividends to shareholders, even as the coronavirus pandemic threatens to create a mountain of bad loans that could eventually weaken the lenders.

www.wsj.com

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graham steele

@steelewheelz

4 years

This would hurt so many people. Absolutely villainous.

CNBC Now

@CNBCnow

4 years

Clarification: The level at which the GOP is considering extending unemployment benefit at is $400 a month, down from the $2,400 a month that Congress passed in March.

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graham steele

@steelewheelz

4 years

Amazing. Another mega-regional bank merger. Banks argued that they needed Dodd-Frank weakened to preserve competition and prevent consolidation. They got their deregulation in 2018 & a wave of M&A has followed anyway.

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graham steele

@steelewheelz

5 years

The Wall Street bailouts in the Senate bill are egregious. But understand that Wall Street should not need support - at least not in the near term - if aid to workers and small businesses is adequate. The bailout authority is just an insurance policy for shortchanging the people.

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graham steele

@steelewheelz

4 years

“When members of Congress then delegate policy choices to the leaders of the Federal Reserve, they cede their authority to unelected central bankers who use that power to preserve a status quo that marginalizes the needs of millions of Americans.” @thehill

Rethinking the Fed

If our nation’s central bank is going to exercise so much power in today’s economy, we need it to do better.

thehill.com

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graham steele

@steelewheelz

4 years

Now former Goldman Sachs CEO Lloyd Blankfein is getting in on this action. His bank was bailed out by the same public that he now says should be sacrificed to save "the economy."

Bloomberg TV

@BloombergTV

4 years

Lloyd Blankfein says the U.S. will have to stomach a spike in virus cases as the economy reopens because stimulus efforts can’t go on forever

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graham steele

@steelewheelz

5 years

Read @ddayen on the @theprospect on my newly released report with @FinGregg : "[I]f you had to choose a looming event that’s most likely to produce a negative shock to the financial system, it would almost certainly be the climate emergency."

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graham steele

@steelewheelz

6 months

Some personal news! Excited to join this talented cohort of fellows. I’m looking forward to working with the wonderful team at @rooseveltinst to advance a progressive vision for economic policy and build a financial system that works for everyone.

Roosevelt Institute

@rooseveltinst

6 months

🎊Today, we announce our 2024 cohort of think tank fellows! We are thrilled to welcome this group that’s poised to enrich the progressive policy community with a breadth of voices and expertise. Meet the new and returning Roosevelters ⬇️

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graham steele

@steelewheelz

5 years

We don’t need to stoke fear & panic in financial markets. But let’s be clear: we’d be in a much stabler situation if we’d done more reforms to short-term credit markets, regulated big financial institutions & addressed corporate debt over the last 3 years instead of deregulating.

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graham steele

@steelewheelz

4 years

Do corporations not benefit from investments in infrastructure?

Jeff Stein

@JStein_WaPo

4 years

U.S. Chamber of Commerce says infrastructure spending should be paid for by "the users who benefit from the investment," rather than the businesses targeted for tax hikes in Biden's plan

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graham steele

@steelewheelz

5 years

Here's Warren carrying water for the big banks by pressing Secretary Geithner over the backdoor bailout of the biggest banks through the AIG bailout. 3/

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graham steele

@steelewheelz

4 years

. @TheProspect was prescient in exploring the limits of what a Democratic president can do administratively. The Day One Agenda #D1A includes my piece on how to rein in Wall Street, from lending discrimination to predatory private equity to climate change.

David Dayen

@ddayen

4 years

We have updated our Day One Agenda page to highlight the stories from our original issue from last September up front. See everything that a Biden administration can get done without needing new legislation!

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graham steele

@steelewheelz

4 years

In @theprospect I wrote about @federalreserve 's singular opportunity to be on the right side of history by preventing a bailout for fossil fuels. It's the right thing to do and consistent with monetary policy, bank regulation, and financial stability.

A Climate Bailout Is a Big Finance Bailout

And now is not the time for either. The Federal Reserve should take note.

prospect.org

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graham steele

@steelewheelz

4 years

At the risk of stating the obvious, when a proposed rule receives 35K comments, with about 31K (89%) opposed and only 4K (11%) in support, it seems highly questionable to then rush to finalize that rule in just 10 days.

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graham steele

@steelewheelz

4 years

Lately, I've thought a lot about a 2012 meeting in which a Chief of Staff for a Democratic Senator told everyone in the room that Democrats' lack of support for a balanced budget amendment was going to be a huge liability for them in the upcoming election.

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graham steele

@steelewheelz

5 years

"Science is not a counterparty that can be negotiated with, the planet is not a contract that can be restructured, and there is no bailout for a climate catastrophe." - @FinGregg & me in @bopinion on the lurking financial risks of climate change.

Climate Change Is a Financial Crisis, Too

Regulators must act to prepare the system.

www.bloomberg.com

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graham steele

@steelewheelz

5 years

If you’re a billionaire hedge fund manager and you engage in insider trading and fight @SEC_Enforcement , your punishment is owning the @Mets .

Steve Cohen in Talks to Buy Majority of Mets From Wilpons (Published 2019)

The deal with Mr. Cohen, a billionaire hedge fund manager, would represent a significant change in the New York sports landscape.

www.nytimes.com

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graham steele

@steelewheelz

3 years

Feeling today like we might really benefit from a robust and vibrant Law & Macroeconomics movement. There is a lot of work to be done.

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graham steele

@steelewheelz

5 years

@rtraister Well and look at the types of donors he “forgot” to disclose.

graham steele

@steelewheelz

5 years

One of the bundlers omitted from Mayor Pete’s public disclosure is Wall Street superlawyer H. Rodgin Cohen. He basically represented every bank during the financial crisis and bailouts:

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graham steele

@steelewheelz

4 years

@chrislhayes I found that moment particularly chilling because Trump, like a lot of us out here, has a family member who struggled with alcoholism. It means he's deeply deeply cynical, lacking in any compassion, or maybe both.

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graham steele

@steelewheelz

5 years

Grade A shilling here, holding bank regulators to account for referring high-level bankers for prosecution. 4/

Sen. Elizabeth Warren: How many Wall Street bankers have been...

Senator Elizabeth Warren asks financial regulators why they have not criminally prosecuted senior executives at Wall Street banks that have broken the law, a...

www.youtube.com

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graham steele

@steelewheelz

5 years

Here she is doing Wall Street's bidding by absolutely pantsing a big bank CEO. 6/

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graham steele

@steelewheelz

5 years

Diabolical move to give a 10-minute speech about the excessive power of Citigroup, thus deceiving people into think that she is vehemently opposed to Wall Street bailouts and the revolving door between Wall Street and Washington. 5/

WATCH: Elizabeth Warren Slams Citigroup | msnbc

Sen. Elizabeth Warren took to the Senate floor to debate the $1.1 trillion spending bill, taking aim at “a dangerous provision that was slipped into a must-p...

www.youtube.com

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graham steele

@steelewheelz

5 years

Hate to "breed cynicism" here but it's a problem that a lot of legislative staff see working hand-in-glove with corporate lobbyists as just "how things are done," while engaging community groups/labor/etc is somehow out of bounds @matthewstoller @ryangrim

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graham steele

@steelewheelz

4 years

Seems like there's a small flaw with clawbacks if an executive can just refuse to return the money. GS: "Please return the money." GC: "No." GS: "Ok then. How about a tax-deductible charitable contribution instead?"

Gary Cohn declines to return pay to Goldman Sachs, will give to charity instead

Bank’s former No 2 resisted clawback over 1MDB scandal

www.ft.com

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graham steele

@steelewheelz

4 years

Great @propublica piece showing why any stimulus package must protect people from predatory debt collection. Collectors have a win-win when they can siphon away people's stimulus & unemployment benefits & buy more debt when struggling people default.

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graham steele

@steelewheelz

5 years

Here's former Rep. Walt Minnick, of all people, talking about how buying access works. There's the donation, then there's the facetime with the candidate, the two go hand-in-hand. It helps decide both what's on the agenda, and how politicians come down on the issues.

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graham steele

@steelewheelz

5 years

There was outrage, Congress investigated, the Fed promised to crack down. Banks said they were getting out of the business voluntarily. 5 years later, here we are. The Fed has done nothing. And JP Morgan's ships are being used to traffic cocaine. 🤷‍♂️ 4/

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graham steele

@steelewheelz

4 years

As is the case with most other policies, communities of color are being left behind in the response to the pandemic. This is a time for self-reflection and a commitment to do better. 3/

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graham steele

@steelewheelz

5 years

@eisingerj So true. I always think of this @TheNickLeeson quote from an old Floyd Norris column.

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graham steele

@steelewheelz

5 years

I absolutely cannot with this. As head of FHFA, DeMarco spent years blocking homeowners from mortgage principal forgiveness on the basis of moral hazard & taxpayer protection. Now he's in industry lobbying for the mother of all moral hazards & asking taxpayers to foot the bill.

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graham steele

@steelewheelz

5 years

So good. Wild things get said in these rooms. I'll never forget a bank lawyer in 2010 flat-out admitting rampant foreclosure fraud to a room of staffers, saying "you have to understand that the law has not kept pace with the reality of the marketplace." Total sense of impunity.

David Dayen

@ddayen

5 years

We're trying something new at @theprospect today: a series called "On Background."

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graham steele

@steelewheelz

5 years

There are a lot of problematic things about Tom Coburn's legacy in the Senate, but I will always appreciate this moment captured by @DouthatNYT . This week feels like a fitting time to recall it.

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graham steele

@steelewheelz

5 years

That's a hard no from me.

brian cheung

@bcheungz

5 years

BofA: "Regulatory mountains may need to be moved." floats temporarily easing bank regulations on: -GSIB surcharge -SLR tweaks -liquidity coverage ratio -living will -reg w -Volcker

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graham steele

@steelewheelz

5 years

The 1999 law that repealed the 1933 Glass-Steagall Act also allowed big banks to own non-financial businesses, a big blow to the principle that banking and commerce need to be separate. Banks used it to get into all sorts of dirty businesses. 2/

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graham steele

@steelewheelz

4 years

I reckon the Fed has purchased about $630 million in various iShares ETFs, or about 48% of the $1.3 billion total. ETFs are highly concentrated in the Big Three, but its noteworthy since iShares sponsor BlackRock is also helping administer the CCF programs.

Nick Timiraos

@NickTimiraos

4 years

The Fed has released details of the first 158 transactions involving ETF purchases by its corporate credit facility for the period covering May 14-20. A table of the aggregate holdings through that period

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graham steele

@steelewheelz

5 years

One other thing, and this is far from the most important point here, but bank analysts' opinions are useful for some purposes (e.g., as a source of industry data). Holding them up as as proof of what Warren is *really* thinking, on the other hand, is questionable.

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graham steele

@steelewheelz

5 years

An excellent pointed, but fair, @eisingerj critique of the CARES Act. Many, like Jesse, who had a front-row seat to the 2008 bailouts & the decade of ensuing reform hoped this time would be different. Instead, collective amnesia seems to have set in.

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graham steele

@steelewheelz

4 years

Senator Purdue says "Dodd-Frank killed 4,000 community banks." Here's a chart showing the long trend of the declining number of US banks, dating back to the beginning of the deregulatory push in the 1980s.

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graham steele

@steelewheelz

4 years

Very pithy synopsis of the link between the increasing financialization of our economy and the increasing concentration of our economy.

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graham steele

@steelewheelz

4 years

Last year I warned about the dangers of banks getting into tech infrastructure and tech platforms getting into banking. But there's a third risk: when Silicon Valley and Wall Street decide to partner up, increasing each other's market power.

Matt Stoller

@matthewstoller

4 years

Citibank is giving Amazon customers easier credit terms. Nope no market power problem here.

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graham steele

@steelewheelz

3 years

This, from @WhiteHouse 's climate finance executive order, is very good.

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graham steele

@steelewheelz

5 years

We essentially have one party that takes a maximalist approach toward using the full force of their investigative and procedural power in service of the wealthy and white folks, and another that claims to stand for marginalized people and then refuses to do anything about it.

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graham steele

@steelewheelz

4 years

In her dissent, Justice Kagan puts her finger on what this case - and the whole effort to undermine CFPB since it was first proposed - is really about. Making it harder for agencies to check the outsized (economic & political) power of the financial industry.

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graham steele

@steelewheelz

4 years

"The markets" have long been in charge of US climate policy, and that's exactly the problem. Rather than a groundbreaking change, this sadly feels like more of the same.

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