"financial reform"

The man who created one of the country’s biggest banks is now arguing that too big to fail banks should be split up.

“Many of the costs and benefits of financial regulation simply cannot be quantified. How do you quantify the human costs that all the economic wreckage has inflicted? Searching and not being able to find work for years…lost retirements, educations and dreams. How do you quantify that? You don’t.”

Dennis Kelleher, head of advocacy group Better Markets, in a speech on Monday at the Peterson Institute for International Economics. Wall Street is demanding precise cost benefit analyses for rules in the Dodd-Frank financial reform act, but many of the benefits to preventing another financial meltdown are difficult to quantify. Read more at The Washington Post.
Lobbying by the banking industry may have helped bring about the financial crisis. (Source: Huffington Post and IMF).

Lobbying by the banking industry may have helped bring about the financial crisis. (Source: Huffington Post and IMF).

Wall Street lobbyists are working hard to kill a Dodd-Frank program that encourages financial sector whistleblowers. After all, if the program had been around when Bernie Madoff was ripping off billions of dollars, it might have saved a lot of people their life savings. Now, a draft bill by Rep. Michael Grimm, a New York Republican, would gut the whistleblower program. Click here to tell your member of Congress to protect whistleblowers.

The Project On Government Oversight’s Podcast Crew talks about the Securities and Exchange Commission’s revolving door. A recent POGO study found that more than 200 former SEC employees who left the agency between 2006 and 2010 have taken jobs representing clients before the Commission. Check out our report and revolving door database.

We’re giving away copies of Matt Taibbi’s Griftopia

To celebrate the launch of our SEC revolving door database, we’re giving away copies of Rolling Stone reporter Matt Taibbi’s new book Griftopia, which breaks down the causes behind the 2008 Wall Street meltdown.

Winning your copy of Griftopia is simple. Just visit our post on Facebook and follow the instructions.