- CFPB issues a report criticising the big banks on their overdraft policies which generate a lucrative $32 billion for them. Now, please, enough talk turn it into policy. Shayndi Raice and Alan Zibel at The Wall Street Journal. June 13, 2013.
- Mary Jo White and the SEC are applying the “Government Sachs” treatment to Deutsche bank as Robert Rice, a respondent in a complaint filed by Eric Ben-Artzi which alleged that Deutsche bank hid billions of dollars by mismarking derivatives, gets hired as chief counsel. Yves Smith at Naked Capitalism June 10, 2013
- Jason Furman, author of a 16-page paper entitled “Walmart: A Progressive Success Story” (*rolls eye*), is nominated by Obama for chairman of the powerful Council of Economic Advisors. 11 economists at the American Enterprise Institute praise the decision giving us more than a clue as to who Obama really wants to impress. Lynn Parramore at Alternet June 11, 2013.
- Gary Gensler is shown the door presumably in large part for his principled stance that overseas swaps affiliates should comply with Dodd-Frank while Amanda Renteria, an ex-goldmanite with nearly zero experience with derivatives is welcomed in. This could signal not just a more bank-friendly position for the CFTC in the short-term but an aim to render the CFTC ineffectual in the long-term. Yves Smith at Naked Capitalism (For more on Renteria: Shahein Nasiripour at Huff Post) June 12, 2013.