In 1933 the U.S. Congress brought this form of casino banking to an end with the passage of the Glass-Steagall Act. It banned the combination of Wall Street trading houses with deposit-taking banks and created federal deposit insurance for co...
In terms of assets, Bank of America is the second largest federally-insured bank in the U.S. with $2.4 trillion in assets. (That’s just the federally-insured commercial bank unit of Bank of America. The bank holding company has ...
The Fed knew that a Government Accountability Office (GAO) audit would want to combine all borrowing under one corporate parent name, in order to see who got the lion’s share of the money. The Fed knew this because that’s exactly what the GA...
In a properly functioning Justice Department and bank regulatory system that genuinely wants to ensure the safety and soundness of America’s deposit-taking banks, Dimon would have been forced out when the bank admitted guilt to the first two fel...
For our view on the 401(k) plan, see401(k) Plan Has Been a Disaster for Black Workers (And a Wealth Transfer to Wall Street for Everyone Else). When you hear President Donald Trump brag about how well the stock market is doing this year, what he should b...