Follow Us

Tag Archive: Citigroup

What the banks’ three-year war on Dodd-Frank looks like

by and

Graphics by Ben Chartoff and Amy Cesal. Network analysis by Alexander Furnas. In the three years since President Barack Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act, federal regulators charged with implementing it have opened their doors to the biggest banks over and over again – 14 times as frequently as they have to representatives of consumer and pro-financial reform groups, a new Sunlight Foundation analysis finds. By most accounts, the banks’ besiege-the-regulators strategy has yielded rich rewards in sapping, slowing, and stymieing regulations intended to prevent another massive financial crisis. The emerging consensus is that Dodd-Frank implementation is limping, while the big banks are poised to return to being the most profitable industry in the U.S. Sunlight’s analysis is based on logs of Dodd-Frank meetings at the Commodities Futures Trading Commission, the Treasury, and the Federal Reserve Board., available through Sunlight’s Dodd-Frank Meetings Tracker. Because of problems with data quality and comprehensiveness, we had to exclude two other regulatory agencies (the Securities and Exchange Commission and the Federal Deposit Insurance Commission). And because of the time involved in data cleaning, we also excluded 22 percent of reported meetings – those that did not include “active” players. (By “active” we mean organizations that showed up at least five times in meeting logs.) For more on the data, see our methodology section at the end of this post, and read our companion piece, “Dodd-Frank meeting data need improvement.” Still, the imbalances our analysis reveals are so overwhelming that we can be confident that they are not merely a feature of the reporting practices.

Continue reading
Share This:
FacebookTwitter

A reaction to Orszag’s Citigroup move

by

I think that Harold Pollack, professor at the School of Social Service Administration at the University of Chicago, sums up a lot of feelings people are having about former Office of Management and Budget director Peter Orszag's move from government to the offices of Citigroup:

With the exception of the president himself, Orszag was arguably the most important economic policymaker in the entire Obama administration. Orszag’s OMB role, his fingertip familiarity with policy, the budget process, and congressional policymakers made him central to the stimulus and health reform efforts. He was President Obama’s right hand man for much of that work, and more besides. He accumulated the ultimate rolodex of people inside and outside government, within the United States, and perhaps globally, too.

Continue reading
Share This:
FacebookTwitter

Peter Orszag and Obama’s ethics pledge

by

Peter Orszag, the former star director of the Office of Management and Budget (OMB) during President Barack Obama's first two years, is said to be in talks to join Citigroup. According to the Financial Times, "People familiar with the situation said Mr Orszag, who left the White House team in July, was likely to be offered a position dealing with clients and top government officials rather than running a business." If Orszag were to take such a position it would likely be complicated by an Executive Order signed by President Obama on his first full day in office.

Continue reading
Share This:
FacebookTwitter

CFC (Combined Federal Campaign) Today 59063

Charity Navigator