Tagged: Banks

Whistleblower to turn over files to WikiLeaks

Rudolf Elmer, a former Swiss banker, is set to hand over files to WikiLeaks that show offshore bank accounts of high net worth individuals and corporations to evade tax payments. Law professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, offers the following comment: “Rudolf Elmer has demonstrated that the ‘shadow […]

The weak link in bank reform

The financial regulatory reform legislation likely to be sent soon to President Obama calls for the biggest banks and hedge funds to put up some $20 billion in fees to pay the costs of additional oversight by regulators.  But even that won’t help regulators don’t quickly upgrade the training and standards of rank-and-file examiners, says Mark […]

Dealing with TBTF institutions

President Obama has proposed taxing banks that have benefited from TARP bailouts and restricting banking trading activities so depositor funds are not put at risk.  In a Boston Globe op-ed, Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says it would be more effective to make too-big-to-fail institutions return […]

Protect taxpayers from TBTF firms

In the wake of the great financial crisis/bailout of 2009, it’s in the U.S. taxpayers’ interest to again separate the “financial markets industry” from the “financial services industry.”  In a Reuters commentary, former deputy Comptroller of the Currency Robert Bench, now a senior fellow at the BU School of Law’s Morin Center for Banking and […]

Volker’s return to influence

Paul Volker appears to be regaining influence in Washington as President Obama enbraces the former Federal Reserve chairman’s plan to keep banks from engaging in risky investment speculation.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Fed Board of Governors, says it’s about […]

Wall Street’s record compensation

Despite fury over Wall Street’s pay culture, major banks and securities firms are headed toward a record compensation total of around $145 billion for 2009 when all the numbers are out.  Economics Professor Laurence Kotlikoff, a  senior economist in the Reagan administration whose new book, “Jimmy Stewart is Dead,” about the banking industry, will be […]

Wall Street CEOs ‘splain the crisis

CEOs of four big Wall Street Banks were summoned to Washington to explain to the new Financial Crisis Inquiry Commission what role their institutions played in the Crash of ’08.  At one point, Goldman Sachs’ CEO Lloyd Blankfein got blasted for likening some of the crisis to a hurricane or similar acts of God.  Law Professor Tamar […]

Obama proposes bank tax

To recoup taxpayer losses fom the Wall Street bailout, President Obama is proposing taxing about 50 big banks and major financial institutions for at least the next decade.  Former deputy Comptroller of the Currency Robert Bench, now a senior fellow at the BU Law School’s Morin Center for Banking and Financial Law, says payback is […]

FDIC seeks to rein in banker’s pay

Despite opposition from other banking agencies, the FDIC wants to penalize banks for compensation packages that are based on bankers taking too much risk.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says it’s too bad the FDIC is unwilling to work with other U.S. and international regulators to find a […]

AIG backlash heats up

The heat continues to increase on insurance giant AIG, which got $182 billion in taxpayer bailouts yet gave out $165 million in bonuses.  New York Senator Chuck Schumer says President Obama’s pay czar should be given the power to recover the “outrageous” bonuses.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial […]