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Thursday, March 28, 2024

Wall Street Bank CEOs Head for Grilling Tomorrow on Capitol Hill

Courtesy of Pam Martens

Maxine Waters, Chair of House Financial Services Committee, Giving Opening Remarks at Wells Fargo Hearing on March 12, 2019 (Source: Screenshot from Live Feed.)

Maxine Waters, Chair of House Financial Services Committee, Giving Opening Remarks at Wells Fargo Hearing on March 12, 2019 (Source: Screenshot from Live Feed.)

The Democrats are now in charge at the U.S. House of Representatives’ Financial Services Committee and they’re proving that they’re not afraid to take on the legions of Wall Street lobbyists and lawyers in order to do their job for the American people. Tomorrow, Democrats on the Committee will be grilling the CEOs of seven of the largest Wall Street banks. The Republican Committee members, if history is any guide, will be lauding the bankers based on talking points delivered by the banks’ public relations and lobbying firms.

Democrats took over the House in January and Congresswoman Maxine Waters became the Chair of the House Financial Services Committee at that time. Waters has served on this Committee for the past 28 years – a period in which she has observed unending frauds against the investing public by the mega banks on Wall Street.

Set to appear at tomorrow’s hearing are the following mega bank CEOs: Michael Corbat of Citigroup; Jamie Dimon of JP Morgan Chase; James Gorman of Morgan Stanley; Brian Moynihan of Bank of America; Ronald O’Hanley of State Street; Charles Scharf of Bank of New York Mellon; and David Solomon of Goldman Sachs.

In preparation for the hearing tomorrow, which begins at 9:00 a.m., the Committee released one of the most impressive Memorandums that we have seen in many years. One particularly notable aspect of the Memorandum is the amount of fines the mega banks (called G-SIBs or Global Systemically Important Banks) have paid over the past decade. According to the Committee:

“The U.S. G-SIBs, along with the rest of the banking sector, have made record profits in recent years. In 2018, the six largest U.S. banks made more than $111 billion in profits. However, these institutions have faced a long list of compliance breakdowns since the financial crisis. According to a 2018 report, financial institutions have paid at least $243 billion in fines since the financial crisis. U.S. G-SIBs accounted for roughly $167 billion, representing more than two-thirds of all fines since the financial crisis.”

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