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Two remarkable items in the news this morning which demonstrate how little progress we have made in reining in the Too Big To Fail banks and limiting the political might of their CEOs.
First, the Wall Street Journal reports on ongoing tension between the banks and their primary regulator, the Federal Reserve, over the so-called stress tests. These tests are vitally important, among other things they determine how much of the banks’ all important loss-absorbing capital can be frittered away through stock repurchases and dividends. While these payouts are undoubtedly a windfall for the stock-owning executives and shareholders, by definition they increase the risk of failure and eventual bailout.
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They need to hire homeowners who are under-employed. We need a new breed of technology equipped Eliot Ness types who won’t stop ’till the mob is reined in. A focus not on vengeance but on restoring credibility and faith in anything ‘Murican.