- Banks and commodity trading
Since 1956 bank’s business in commodities was highly regulated. The commodities business was not only deemed too risky but also as posting many conflicts of interest. Congress passed Gramm-Leach-Bliley in 1999 which, among other things, removed that restriction. In 2013, news came out suggesting that the original restriction was wise. Banks were caught doing questionable, and possibly illegal things such as shuffling commodities between warehouses to restrict it’s availability and drive up the price. The CFTC is investigating.
- 10 Worst (and 5 Best) Bank-related events in 2013
Most of the meeting was spent coming up with lists of the 10 worst and 5 best things that happened in 2013 (in U.S. Finance) for an article. Actually, the problem was restricting the list to 10. We started with 30. Here is the article.
- The topic to prepare for next week is “China — is a crisis on the way?”
- Actions in January. See also the Occu-Evolve calendar:
- January 1st – 11am:
Push Mayor-elect DiBlasio to keep his promises. 258 Broadway, just north of City Council Chamber
Participating: People’s Puppets, Labor Outreach
- January 18th – 12 noon:
Action related to 4th Anniversary of Citizens United
- January 20th – 5pm: Martin Luther King Day/ Occupy for economic justice
Participating: Walmart, Fast Food Forward, People’s Puppets