Articles Tagged with ''Too Big to Fail''

Wells Fargo CEO Tim Sloan lands $2 million bonus day after congressional beatdown

Some members of Congress called for his firing, instead he got a raise
Looks like Tim Sloan's week is looking up. On Tuesday, the Wells Fargo CEO received a brutal lashing from Congress during a four-hour hearing before the House Financial Services Committee, during which he was raked over the coals for the bank's numerous misdeeds. But just a day later, the board of directors gave Sloan a 5% raise, increasing his total pay to a whopping $18.4 million, which includes a $2 million bonus.
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Is Wells Fargo too big to manage? Congress grills CEO Tim Sloan

House committee roasts Sloan over progress on bank's overhaul in hostile 4-hour hearing
Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee on Tuesday to address questions regarding the bank's overhaul after a series of scandals rocked the big bank in recent years. In a tense four-hour hearing, Sloan was grilled about the steps he's taken during his two-year tenure as CEO to overhaul the bank, with the big question of the day being whether or not Wells Fargo is simply too big to manage.
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Bernie Sanders wants to break up the nation’s biggest banks (again)

Sanders repeats campaign call to break up big banks
Back when he was a presidential candidate, Sen. Bernie Sanders, I-VT, called for sweeping reforms to the nation’s financial system, including breaking up the big banks. And now, he's at it again. On Wednesday, Sanders announced that he is introducing the “Too Big to Fail, Too Big to Exist Act,” which would break up JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley.
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Five major banks fail bailout test, would need taxpayer money in crisis

Bank of America, JPMorgan Chase, Wells Fargo, others must improve 'living wills'
Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.
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Fed's Kashkari: Time to end 'too big to fail'

Former overseer of TARP bailout suggests breaking up big banks
The fundamental shifts in the country’s economic policy in the wake of the economic crisis were not enough to prevent another catastrophic meltdown and more needs to be done to ensure that a future economic downturn doesn’t turn into another crisis, Neel Kashkari, the newly minted President of the Federal Reserve Bank of Minneapolis, said Tuesday.
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Dick Bove: Bernie Sanders' Wall Street reform plans are uninformed, ridiculous

Sanders' view of banking 'simply does not square with reality'
Recently, Sen. Bernie Sanders unveiled his plans for completely reforming several significant tenets of the country’s financial system. While many celebrated Sanders’ plans, one financial observer says Sanders’ view of the country’s financial system “simply does not square with reality.”
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Bernie Sanders unveils foundation-shattering Wall Street reform plans

Vows to break up Wall Street’s biggest banks; sweeping reform of credit ratings agencies
It’s not exactly a stretch to say that Sen. Bernie Sanders is not the biggest fan of Wall Street. In a wide-ranging speech on Wall Street and the economy given Tuesday, Sanders detailed just how different life would be for the “too big to fail” banks under a Sanders administration. In fact, there would be no life for the “too big to fail” banks if Sanders is elected president, only death.
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Fed adopts new rule limiting 'too big to fail' bailouts

New emergency lending policy targets 'broad-based' issues, not specific firms
Amid pressure from Congress to rein in its power to prop up a troubled financial institution, the Federal Reserve did just that Monday, adopting a new rule that will limit its ability to bail out failing financial institutions.
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Fed proposes new bailout rules for biggest banks

Would be required to carry $120 billion in debt to reduce taxpayer burden
Eight of the country’s largest banks would be required to raise $120 billion to comply with a new rule proposed Friday by the Federal Reserve Board, with the money designated to recapitalize the bank should it fail, lessening the likelihood of a a government bailout.
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Hillary Clinton says she’d let big banks fail

Tells Stephen Colbert that as president, she wouldn’t bail out Wall Street
Over the last few months, Democratic presidential frontrunner Hillary Clinton has gone out of her way to position herself as a non-supporter of the country’s biggest banks, perhaps as part of a plan to woo those on the left who would rather see Senator Elizabeth Warren running in Clinton’s place. Clinton took it to another level in an appearance on "The Late Show with Stephen Colbert."
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