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Unrestrained greed among the investment banking elite has been blamed for much of the world’s suffering in recent years. In a remarkable shift from only two decades ago, greed in all its crude reality, is no longer “good” in the eyes of the world.
What kind of legitimate business would want to block a ban on "unfair, deceptive and abusive" credit practices? Apparently a group of businesses under the guise of the U.S. Chamber of Commerce are doing just that—lobbying to eliminate the creation of a Consumer Financial Protection Agency.
Did you hear the one about big money saving democracy? Well, apparently the Supreme Court did. A small majority of 5 versus 4 judges on our nation’s highest court unequivocally believe that protecting the interests of big business lobbyists serves the country’s core values, the cherished First Amendment right of Free Speech.
GoodB is happy to report that Google is still one of the best models for Good Business around. And we are not sipping Kool-Aid. As most of you know, Google, the internet search giant, has taken on one of its biggest clients, the money machine of the 21st century Communist China, on the subject of free speech and ethics.
What is the point of all your great efforts these past few years you may be asking? In 2009, it was enough to just hold on, keep your business or income afloat, and try to make it through each month.
A January 2010 Op-Ed in the Wall Street Journal accused a moderately progressive U.S. Congress of inadvertently creating a loan-sharking credit card interest rate. Congress enacted credit card reform to stop lender abuses. In retaliation, credit companies are finding ways to get around the new law
This is our winter of discontent. The jobless seek a pay check; the almost-homeless pray for a miracle; the indebted seek relief. Throughout the nation and across the globe, human beings are locked in the battle for survival. Yet despite our struggles, this last week signifies a new season of hope for humanity.
It is officially “banker hell” in Her Majesty’s home town. The U.K. government revealed plans to levy a 50% supertax on banker bonuses. Alistair Darling, Chancellor of the Exchequer, is not such a darling after all to London bank executives.
One of the key complaints in the past year’s charges against Wall Street firms was the policy of paying employees for reckless risk-taking that ended in huge losses for firms. Execs who lost billions of dollars over the last two years were compensated as if those profits were real. They are blamed for trading the risks and losses to unsuspecting investors and the general public.
Goldman Sachs has taken a lot of heat in the past few months for earmarking $16.7bn for year-end bonuses. In an unprecedented move, Goldman yielded to pressure from unhappy shareholders and rethought compensation plans.
Bonuses for rescued financial firms have been contentious issues this year. AIG, the insolvent global corporation blamed for insuring much of the bad securities in the market, was threatened with a 90% tax on bonuses earlier this year.
JPMorgan Chase is heeding the Big O’s call to help distressed homeowners. Chase is opening up 24 more service centers nationwide to help with the mortgage modification process
Respected journals and periodicals report that “nothing” has changed over the past year on Wall Street since the financial collapse. Some make the staggering claim that it is back to “business as usual.” In other words, surprise of surprises, greed still exists - particularly in the world of money.
The U.S. government is dropping “shame” as a strategy for compliance by TARP-taking banks in foreclosure prevention. This week, they are bringing out the big guns and adding fines, penalties, sanctions, on-site management, and public notice to the arsenal.
The “City of Brotherly Love” lives up to its name these days with a foreclosure prevention program that is inspiring other struggling communities to follow.
A new law on the books since last year in New York helps protect subprime mortgage holders from foreclosure. A similar bill protecting prime borrowers recently was passed by the State Legislature. The bill requires lenders to give 90 days’ warning and forces lenders into settlement conferences with borrowers before proceeding with foreclosure.
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