Reveling in victory, President Barack Obama on Wednesday signed into law the most sweeping reform of financial regulations since the Fantastic Depression, a package that aims to protect consumers and ensure economic stability from Main Street to Wall Street.The law, pushed through mainly by Democrats in Washington’s deeply partisan environment, comes nearly two years after the infamous near financial meltdown in 2008 in the United States that was felt around the globe. The legislation gives the government new powers to break up companies that threaten the economy, makes a new agency to guard consumers in their financial transactions and puts more light on the financial markets that escaped the oversight of regulators.Obama described them all as commonsense reforms that will help people in their daily life — signing contracts, understanding fees, understanding risks.He went so far as to call the reforms “the strongest consumer protections in history.” The president added to a burst of applause: “Because of this law, the American people will never again be questioned to foot the bill for Wall Street’s mistakes.”
Posts Tagged ‘Financial Meltdown’
Financial Overhaul Signed Into Law
July 21st, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Applause, Barack Obama, Burst, Consumer Protections, Consumers, Contracts, Democrats, Economic Stability, Economy, Financial Markets, Financial Meltdown, Financial Transactions, Globe, Great Depression, Legislation, Oversight, Regulators, United States, Victory, Wall Street 
Comments OffIceland’s president refuses to sign repayment bill
January 6th, 2010 Before You Invest Iceland’s president Olafur Grimsson has refused to sign a bill to repay more than $5 billion to British and Dutch investors who lost money in the country’s failed banks.It is only the second time in the country’s history that the president, a largely symbolic figurehead, has refused to sign a bill into law, reports Reuters.Under the state’s rules, the bill will now be place to a nationwide referendum.The bill was passed by the nation’s parliament in an attempt to improve Iceland’s international standing as financial aid is vitally needed to help the country recover from its financial meltdown.But many voters were angered by the choice, leading Mr Grimsson to make his stand.”The people must be convinced that they themselves determine the future course,” he said. “The involvement of the whole nation in the final choice is therefore the prerequisite for a successful solution, reconciliation and recovery.”There is fantastic rage against the UK for using anti-terror legislation last year to freeze Icelandic assets at the height of the crisis, reports the Telegraph.Nearly 50,000 people in the country, around 25 per cent of the adult population, have signed a petition calling for the bill to be scrapped.
Posted in Finance Fraud Tags: Adult Population, Anger, Assets, Banks, Dutch Investors, Figurehead, Final Decision, Financial Aid, Financial Meltdown, Legislation, Parliament, Petition, Prerequisite, Reconciliation, Referendum, Reuters, Second Time, Successful Solution, Telegraph, Terror No Comments »International Monetary Fund now estimates global bank losses at $3.4 trillion
November 8th, 2009 Before You Invest The International Monetary Fund (IMF) has reduced its estimate of global bank losses by $600 billion – but warned the new figure of $3.4 trillion could rise further due to high unemployment rates across the world pushing up loan losses.Rising security values combined with a new way of calculating losses are to thank for the improvement on the original $4 trillion deficit calculated in April.But the IMF says that around another $1.5 trillion worth of loan writedowns will hit banks by the end of 2010.
Posted in Finance Fraud Tags: Banks, Brink, Earnings, Economic Recovery, Financial Institutions, Financial Meltdown, Global Bank, Global Financial Stability, Global Financial Stability Report, Government Support, Imf Report, International Monetary Fund, International Monetary Fund Imf, Jose Vinals, Loan Losses, Policymakers, Public Purse, Reuters, Trillion, Unemployment Rates No Comments »500 investigations of corporate fraud amid the financial meltdown
February 12th, 2009 Before You Invest FBI is conducting more than 500 investigations of corporate fraud amid the financial meltdown, FBI Deputy Director John Pistole told the Senate Judiciary Committee today.Investigators are tackling an even larger mountain of mortgage fraud cases in which hundreds of millions of dollars may have been swindled from the system, he told lawmakers.Pistole says there are 530 active corporate fraud investigations, and 38 of them involve some of the largest names in corporate finance in cases directly related to the current economic crisis.
Posted in Finance Fraud Tags: Corporate Finance, Corporate Fraud Investigations, Counterterrorism, Director John, Economic Crisis, Economic Havoc, Financial Fraud, Financial Meltdown, Fraud Cases, Fraud Investigators, Fraud Schemes, Judiciary Committee Chairman Patrick Leahy, Mortgage Fraud, Patrick Leahy, Pistole, Real Estate Professionals, S 700, Senate Democrats, Senate Judiciary Committee, Terror Attacks No Comments »
