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Fri Sep 20, 2013, 10:34 AM

Elizabeth Warren's consumer watch-dog forces JP Morgan to pay $329 million refund, and also

Last edited Fri Sep 20, 2013, 06:47 PM - Edit history (1)

imposed a $920 million fine on JP Morgan's London office for a bad trade.

Finally Warren's efforts are bearing fruit -- and big time fruit, indeed!
I hope more of the ill-gotten gains of this and other large banks and
corporations will be paid back to the people who have been cheated
and screwed by these big-time crooks.

More power to the people of America because of her!

http://www.motherjones.com/mojo/2013/09/elizabeth-warren-cfpb-jpmorgan-customer-refund

18 replies, 1318 views

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 12:45 PM

1. Elizabeth Warren is a doer, and a competent one. Just imagine what she would accomplish as

president. The Right-Wingers would be running scared. They are afraid of her now. I think it
would be a great loss for America if she did not become president.

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Response to Cal33 (Reply #1)

Sat Sep 21, 2013, 07:59 AM

15. You may say I'm a dreamer ...

... but I'm not the only one.

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Response to Scuba (Reply #15)

Sat Sep 21, 2013, 09:15 AM

16. You are right. I'm a dreamer, too. :)

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 12:55 PM

2. Competency

I like her ideology and now I'm further impressed by her competency. She wasn't behind this action but it seems she was instrumental in getting the group behind it up and running.

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Response to Babel_17 (Reply #2)

Fri Sep 20, 2013, 09:29 PM

13. Elizabeth Warren strongly recommended Richard Cordray (who was her

assistant) for the job as Director of the Consumer Financial Protection Bureau,
when she learned the Republicans were putting up too much resistance
against her. She knew him well enough to know that he'd be doing a good
job. She spoke up for him time and again. And yes, she was instrumental
in getting the group behind it up and running.

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 01:17 PM

3. The cost of doing business.

They made billions.

It will keep happening until executives and CEO's start getting long prison sentences. As it stands now, they'll get a bonus.

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Response to Fuddnik (Reply #3)

Fri Sep 20, 2013, 02:18 PM

5. Pelosi started the ball rolling to allow GOP leaders to get away with criminal actions, when

she stated in January, 2007, that impeachment was off the table. Reid has still
done nothing to change the filibuster rules after 400+ GOP filibusters in 4
years. Obama is still trying to appease the GOP leaders, possibly with the hope
of gaining bipartisanship, when they couldn't make it any clearer that they were
interested only in his destruction, as well as the destruction of the Democratic
Party.

Can anyone deny that these people have played the role of enablers in the GOP'S
misdeeds? And if the GOPers think they can still get away with anything, they'll
continue behaving the way they do.

Elizabeth Warren is no enabler, you can bet your bottom dollar on that. She is
probably as sick of the present Democratic leadership bumbling as I am. She
is doing a great job as senator. She'll be doing just as great a job as president.

I don't know if the statute of limitations has already run out on some of the
older dirty tricks, so that it's too late to file charges against some of the corporate
executives you mentioned above. I hope not. Certainly the more recent legal
transgressions can and should be brought to trial.


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Response to Cal33 (Original post)

Fri Sep 20, 2013, 01:20 PM

4. "The Consumer Financial Protection Bureau (CFPB) found that..."

The Consumer Financial Protection Bureau (CFPB) found that between 2005 and 2012, Chase charged customers monthly fees ranging from $8 to $12 for services they didn't ask for and didn't receive. The bank collected money from customers for credit card products such as "identity theft protection" and "fraud monitoring," even when the consumer hadn't given consent.

The refund the CFPB ordered the bank to issue includes the total fraudulent fees charged, plus interest, and amounts to about $147 a person.

"At the core of our mission is a duty to identify and root out unfair, deceptive, and abusive practices in financial markets that harm consumers," CFPB director Richard Cordray said Thursday.

The bureau is also forcing the bank to send out the refund checks in a simple, convenient way, so that consumers don't have to take any additional action to get their money, and to submit to an independent audit of the refund process.

Good stuff.

Elizabeth Warren: Scaling back ‘too big’
http://www.democraticunderground.com/10023695894

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 02:22 PM

6. Great job

 

A Warren President would be a boost for the people who need most help.

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Response to Zater (Reply #6)

Fri Sep 20, 2013, 04:48 PM

7. And the numbers of people who need help are in the tens of millions. And this

will get worse if the GOP leadership should get their way.

With their efforts at cutting down food-stamps, removing Affordable Healthcare
altogether, etc.....doesn't it look like the GOP is trying its best to literally kill off
the poorer Americans? And all for the sake of profits for the upper 1% These
killers have no conscience. We are dealing with sick people.

They even make use of the radical Christian right, because they think it will help
to bring them more profits. I doubt it that many of them are followers of any
religion at all. They'll use any gimmick for more money and power.

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 07:19 PM

8. Your links to this topic are great, especially the one comparing CEO TO Worker Pay Ratios below....

These guys experience neither pride nor shame, neither honor nor disgrace:

SEC Will Require Companies To Report CEO-To-Worker Pay Ratios

By Alan Pyke

<< Publicly traded U.S. companies will begin calculating and disclosing the ratio between what they pay their top executives and what they pay a typical member of their workforce under rules approved Wednesday by the Securities and Exchange Commission (SEC).

The rule, which passed on a 3-2 vote over strong objections from the two Republican commissioners, was required by the Dodd-Frank Wall Street reform law that President Obama signed three years ago. The rule will force companies to reveal where their CEO-to-worker pay ratio stands relative to the overall ratio for the whole economy, which was 273-to-1 in 2012.

The SEC wrote the rule in a way that allows companies significant flexibility in calculating the worker half of the ratio. Companies may choose to identify the median employee within a statistically valid random sample of their workforce, rather than their entire payroll. But it did not allow companies to exclude employees outside of the U.S. or those who work part-time, concessions requested in many of the roughly 20,000 official comment letters the SEC received while working on the rule. The business community had objected that calculating the median pay and compensation for their workforce would be an expensive process and that the ratio itself would only embarrass their CEOs...One Republican commissioner echoed the business community’s objections at Wednesday’s vote, according to Reuters. “Shame on us for putting special interests ahead of investors,” commissioner Michael Piwowar said, adding that “the sole objective of the pay ratio is to shame CEOs.”

The current state of CEO compensation does suggest a certain shamelessness, though. Executive pay has rebounded in the five years since the financial collapse and averaged $9.7 million last year. A full third of the highest-paid CEOs of the past 20 years have been busted for fraud, bailed out, or fired, suggesting executive compensation is not as closely connected to performance as one might think. And so-called “performance-based” bonuses are in fact routinely gamed by companies to effectively guarantee the ballooning payouts to their top officials. Meanwhile, taxpayers subsidize stock-based compensation due to a 20-year-old loophole that two Democratic senators are working to close. >>

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 07:26 PM

9. Warren is probably the only person in our government

I trust 100%.

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Response to MoonRiver (Reply #9)

Fri Sep 20, 2013, 08:48 PM

12. Yes, there is a certain aura of honesty, integrity and genuineness

Last edited Fri Sep 20, 2013, 11:17 PM - Edit history (1)

about her that invites confidence and trust. I simply feel that she
will not be out for her own self-aggrandizement only. She will be
doing her best for the entire nation as president.

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 07:29 PM

10. Warren is Wonderful.

 

so few like her. And I consider the President to be of her ilk.

Throw your tomatoes now, folks.

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Response to Whisp (Reply #10)

Sat Sep 21, 2013, 11:50 AM

18. I feel disappointed in our President in some ways, and admire him in other ways. Why

should I throw tomatoes at anyone? You're just expressing your opinion
as I am mine.

All the best,

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 07:35 PM

11. Outstanding work

 

by a true representative.

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Response to Cal33 (Original post)

Fri Sep 20, 2013, 09:32 PM

14. Beautiful. n/t

K&R

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Response to Cal33 (Original post)

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