Public Sector Banks: From Black Sheep to Global Leaders

Once the black sheep of high finance, government owned banks can reassure depositors about the safety of their savings and can help maintain a focus on productive investment in a world in which effective financial regulation remains more of an aspiration than a reality. — Centre for Economic Policy Research, VoxEU.org (January 2010) Public sector [...]

Move Our Money: New State Bank Bills Address Credit and Housing Crises

Seventeen states have now introduced bills for state-owned banks, and others are in the works. Hawaii’s innovative state bank bill addresses the foreclosure mess. County-owned banks are being proposed that would tackle the housing crisis by exercising the right of eminent domain on abandoned and foreclosed properties. Arizona has a bill that would do this [...]

How Greece Could Take Down Wall Street

In an article titled “Still No End to ‘Too Big to Fail,’” William Greider wrote in The Nation on February 15th: Financial market cynics have assumed all along that Dodd-Frank did not end “too big to fail” but instead created a charmed circle of protected banks labeled “systemically important” that will not be allowed to [...]

Why the AGs Must Not Settle: Robo-signing Is Just the Tip of the Iceberg

A foreclosure settlement between five major banks guilty of “robo-signing” and the attorneys general of the 50 states is pending for Monday, February 6th; but it is still not clear if all the AGs will sign. California was to get over half of the $25 billion in settlement money, and California AG Kamala Harris has [...]

Why All the Robo-signing? Shedding Light on the Shadow Banking System

The Wall Street Journal reported on January 19th that the Obama Administration was pushing heavily to get the 50 state attorneys general to agree to a settlement with five major banks in the “robo-signing” scandal. The scandal involves employees signing names not their own, under titles they did not really have, attesting to the veracity [...]