Because of there being no data on where the money was going and a general attitude of pumping as much money into the banks as quickly as possible, billions of US bailout money wound up in the coffers of foreign financial firms, a watchdog panel chaired by Elizabeth Warren – Warren for CFPA head! – found. 43 of the 87 banks that benefited as a result of the of the AIG bailout were foreign. [More]
Why does financial-reform advocate, Harvard professor and overall force of nature Elizabeth Warren want a Consumer Financial Reform Agency? It’s simple: “We stopped exploding toasters. We’re going to do the same with exploding mortgages and crazy credit cards.” [More]
A new report by the Congressional Oversight Panel — an independent, yet totally powerless, group appointed by the Senate to review the results of the recent government bailouts — states that we’ll get a few bucks back from the automakers, but shouldn’t count on it to cover our car payments:
While we were concentrating on other things (Snuggie testing, for example), there has apparently been something of a backlash going on against NPR’s Planet Money podcast for its rude treatment of Congressional Oversight Panel Chair Elizabeth Warren. NPR’s Adam Davidson has since expressed regret that he talked over Ms. Warren in a rude way — but despite the mea culpa, a series of links about the issue has popped up in our inbox more than a week later.
According to Friend-of-the-Blog and now chairwoman of the Congressional Oversight Panel examining the Troubled Asset Relief Program, Elizabeth Warren, our Treasury Department overpaid banks by as much as 30% for their assets.
David wrote a very angry letter to Circuit City’s CEO. The CEO responded, and used the letter as a learning point in his next staff Town Hall meeting, making David angrier than ever.
Elizabeth Warren, the doyenne of consumer debt, received a frank email from a lawyer that shows the anti-consumer bias of binding arbitration. The lawyer was attempting to arbitrate a dispute with MBNA, a difficult task complicated by the bank’s refusal to participate.
Reader Jaime alerts us to an interesting interview from Fresh Air on NPR. In the interview Harvard Law Professor and credit card industry expert Elizabeth Warren dishes on abusive lending practices, the ever-malleable interest rate, universal default and all that fun stuff.