Investigation revealed that Citigroup lobbyists drafted a House bill aimed at rolling back Dodd-Frank financial regulations, with 70 of the 85 lines in the final House legislation directly reflecting Citigroup’s recommendations. Two complete paragraphs were copied almost word-for-word from …
During a critical congressional testimony before the Senate Judiciary Committee on March 6, 2013, Attorney General Eric Holder revealed the Department of Justice’s emerging doctrine of ’too big to jail’, acknowledging that prosecuting certain financial institutions could …
Eric HolderDepartment of JusticeJPMorgan ChaseBank of AmericaCitigroup+2 moreinstitutional-captureregulatory-capturecorruptionfinancial-crisisbank-prosecution+3 more
$25 billion settlement with five major banks over foreclosure abuses provides limited relief to homeowners. The agreement settled widespread ‘robosigning’ practices where banks mass-signed foreclosure documents without proper review. While nominally $25 billion, only $1.5 billion went …
Eric HolderBank of AmericaJPMorgan ChaseWells FargoCitigroup+2 moreprosecutorial-capturesettlement-abuseforeclosure-fraudimmunity-dealfinancial-corruption+1 more
The first comprehensive audit of the Federal Reserve revealed it secretly provided $16.1 trillion in emergency loans to major financial institutions during the 2008-2010 financial crisis, far exceeding the $700 billion TARP program. The audit exposed unprecedented scale of financial sector bailouts, …
Federal ReserveBen BernankeCitigroupMorgan StanleyGoldman Sachs+4 morefinancial-crisissecret-bailoutmonetary-capturefederal-reserveregulatory-capture+1 more
Investigation reveals major banks systematically falsified foreclosure documents through ‘robo-signing’, affecting 3.8 million homes. Employees at major lenders signed thousands of foreclosure affidavits without verifying information, creating a massive documentation fraud that …
Bank of AmericaJPMorgan ChaseWells FargoCitigroupGMACfinancial-crisisfraudforeclosure-abuseperjury
Subprime mortgage lending reaches $160 billion annually by 2000, a tenfold increase from 1993, as predatory lenders systematically target minority communities with high-cost loans. Rather than expanding homeownership, research shows that subprime lending at this scale actually causes net losses in …
Household Finance CorporationAssociates First CapitalCitigroupAmeriquestNational Association of Mortgage Brokerspredatory-lendinghousing-policyracial-discriminationsubprime-mortgageshousing
President Bill Clinton signs the Gramm-Leach-Bliley Act (Financial Services Modernization Act) into law on November 12, 1999, repealing key provisions of the Glass-Steagall Act of 1933 that separated commercial banking from investment banking and insurance. The Senate passes the final bill 90-8 on …
Phil GrammJim LeachThomas J. Bliley Jr.Bill ClintonRobert Rubin+4 morederegulationregulatory-captureneoliberalismbanking-deregulationfinancial-crisis-precursor+3 more
Robert Rubin joins Citigroup just four months after leaving his position as Treasury Secretary, shortly after the November 1999 passage of the Gramm-Leach-Bliley Act that repealed Glass-Steagall. Rubin’s move to Citigroup - the principal beneficiary of Glass-Steagall repeal - represents one of …
Robert RubinCitigroupSandy WeillGoldman SachsTreasury Departmentrevolving-doorcitigroupglass-steagallcorruptionregulatory-capture+2 more
In June 1998, multinational financial institutions and international organizations systematically exploited the Asian Financial Crisis through coordinated structural adjustment policies. The IMF and World Bank engineered $100 billion in support packages that effectively restructured Asian economies, …
Goldman SachsCitigroupMcKinsey & CompanyIMFWorld Bank+2 morecorporate-captureeconomic-interventionasset-strippingglobalizationimf-intervention+1 more