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Financial deregulation already in progress
Nooo, consumers don't need protection from Wall Street nor banks..

Quote:When residents of Puerto Rico funneled their life savings into funds that were largely made up of the island's bonds, they were told their money would be safe. They were told that they would receive interest payments that were higher than many comparable opportunities. They were told income would be tax exempt. And when those investments began to evaporate four years ago, they were told not to sell, that the market would rebound, and they would recoup their losses — eventually.

"To have this type of carnage being born on this small of a population in this small of a geographic territory is something that we'll likely never see again," said attorney Jeffrey Erez, whose law firm Sonn and Erez has filed hundreds of securities cases on behalf of Puerto Rican investors. "You have the complete investing class on a very small island having lost 50 percent, 60 percent, 70 percent, 80 percent of their retirement savings within a few years." A CNBC investigation found that UBS was not forthcoming about the extent of the risks of those bond funds from both its clients and brokers, even as the values of the funds plummeted. By the end of 2012, more than $10 billion in assets were invested in UBS' bond funds. That represented about 10 percent of the island's gross domestic product at the time. Today, those investments have been nearly wiped out.
Broken bonds: Wall Street's role in wiping out Puerto Ricans' savings
Scammers get a free reign..

Quote: Wrote:The Consumer Financial Protection Bureau (CFPB) is taking it easy on payday lenders accused of preying on low-income workers. In the agency’s first report to Congress since Mick Mulvaney took the helm in November, the CFPB said it is dropping sanctions against NDG Financial Corp, a group of 21 businesses that the agency, under President Obama, had accused of running “a cross-border online payday lending scheme in Canada and the United States. “The scheme primarily involved making loans to U.S. consumers in violation of state usury laws and then using unfair, deceptive, and abusive practices to collect on the loans and profit from the revenues,” the CFPB lawyers argued in the complaint filed in the Southern District of New York in 2015..
CFPB Payday Loans: payday lender is accused of stealing millions from customers. Trump’s CFPB is now letting them off the hook. - Vox
Quote:President Trump's administration has been spearheading a loosening of Dodd-Frank, the law passed after the financial crisis to tighten financial regulatory loopholes. The 2010 law was designed to make the US financial system more stable and help avoid another crisis. The rules dictate that banks with over $50 billion in assets are considered systemically important so became subject to tighter restrictions. In March, Congress voted to expand this limit to $250 billion, complaining that the lower limit had restricted lending. But Paulson, Geithner, and Bernanke warned that loosening this legislation could endanger the economy. "We let the financial system outgrow the protections we put in place in the Great Depressions and... made the system very fragile and vulnerable to panic," Geithner said. "One of the most powerful lessons from this crisis should be that you want to work very hard to make sure that your defenses are robust."
Paulson, Geithner, and Bernanke warn on growing financial crisis risks - Business Insider

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