I have a question for my old friends in the coal-mining towns of northeastern Pennsylvania.
Last Friday President Trump signed an executive order that laid the groundwork for repealing Dodd-Frank, the financial regulation legislation put in place in the aftermath of the 2008 financial crisis intended to keep an economic disaster of such magnitude from happening ever again.
President Trump has nominated Hardee’s and Carl’s Jr. owner Andrew Puzder to lead the Department of Labor for the next four years. Should Congress approve or reject this nomination? A brief look at the functions of the Department of Labor and Puzder’s background supplies the obvious answer: Puzder cannot become the Secretary of Labor. Congress established the federal Department of Labor in 1912. The legislation … Continue reading Abandoning America’s Workers, Starting at the Top
Elected officials are unavoidably more inclined to answer to organized efforts by a small number of financial services executives who have a vested interest in continuing to make money than to the many Americans trapped in debt who do not have the means to get in front of their elected officials.
“We don’t think it is right for lenders to loan money disregarding a borrower’s inability to repay, intending to make profit on the resulting fees and eventual default. The payday lending industry should not have a business model of trapping average Americans in the cycle of debt,” said Chair of the Patriotic Millionaires Morris Pearl, former Managing Director at BlackRock Inc., one of the largest investment funds in the world.
Stephen made a compelling and provocative argument that many corporate executives were raping their companies with the consent of the voting shareholders. He made a strong case that facilitating this was creating a risk to BlackRock’s reputation, just as allowing sexual harassment creates a risk to company’s reputations.
BlackRock almost always votes its shares in favor approving higher CEO pay for the companies in which they are invested… Our member, Steve Silberstein, disagrees.
By allowing financial advisors to put their own interests ahead of their clients, the few bad actors will be unfairly competing with the many ethical financial advisors who actually do a good job.
“Protect America’s Consumers” is actually a trade group trying to protect the payday lending industry from regulation.