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Waters at Hearing with Megabank CEOs: Megabanks Have Treated Fines as Cost of Doing Business

NNPA NEWSWIRE — WASHINGTON – Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.”

Published

6 years ago

April 13, 2019

Oakland Post

WASHINGTON – Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.”

“Today, this Committee convenes for a hearing on the U.S. Global Systemically Important Banks (GSIBs). Before us today as witnesses we have the chief executives from Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and State Street. At a previous hearing on March 12, we had Wells Fargo’s then-CEO before the Committee to testify.

“Before I begin, let me urge our witnesses to speak for themselves – I understand that there is some attempt to get Mr. Dimon, per press reports, to speak for everybody. We know that he’s very smart, we know that he’s been around for a long time, but this is not just his show today.

“The purpose of this hearing is to review the activities of these megabanks and examine how they are operating today. Ten years ago, the CEOs appeared before this very Committee to discuss the financial crisis and the massive bailout taxpayers provided. A decade later, what have they learned? Are they helping their customers, and working to benefit the communities they serve? Or are the practices of these banks still causing harm?

“The U.S. GSIBs as a group have paid at least $163.7 billion in fines since the financial crisis a decade ago, including for consumer abuses and other violations of the law.

“Over the course of the last ten years:

Bank of America has paid $76.1 billion in fines.
JPMorgan Chase has paid $43.7 billion in fines.
Citigroup has paid $19 billion in fines.
Wells Fargo has paid $11.8 billion in fines.
Goldman Sachs has paid $7.7 billion in fines.
Morgan Stanley has paid $5.4 billion in fines.

“But it appears that they have treated those fines as simply the cost of doing business. All of the megabanks represented on the panel continue to rake in massive profits. Since the crisis, the megabanks have collectively made over $780 billion in profits, or nearly 5 times the amount they paid in fines. And despite all of the compliance failures under their watch, no one has made out better than the CEOs – one made as much as $30 million a year, and another made 486 times the amount a median employee at their bank is paid.

“It will always be profitable for banks to swindle consumers, investors and small businesses if no one is going to hold them accountable. And so as policymakers, we must evaluate what it will take to rein in chronic lawbreaking by the biggest banks.

“What we should not do is to reward them for this behavior. Unfortunately, that’s precisely what Trump and his allies in Congress did with the passage of the tax scam. While an estimated 4.6 million hardworking Americans are seeing their refunds reduced dramatically, and another 4.6 million find themselves now owing money to the IRS when they file their 2018 taxes, the largest banks have seen a tax windfall of $14 billion. In addition, Trump’s regulators are deregulating the megabanks by reducing bank capital standards, easing stress testing requirements and weakening the Volcker Rule. These misguided actions come at the expense of financial stability while leaving hardworking Americans to shoulder the tax burden.

“So, I am concerned that several of these institutions are simply too big to manage their own operations, too big to serve our communities and too big to care about the harm they have caused.”

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Black Feminist Movement Mobilizes in Response to National Threats

BLACKPRESSUSA NEWSWIRE — More than 500 Black feminists will convene in New Orleans from June 5 through 7 for what organizers are calling the largest Black feminist gathering in the United States.

Published

6 hours ago

May 30, 2025

Stacy M. Brown

By Stacy M. Brown
Black Press USA Senior National Correspondent

More than 500 Black feminists will convene in New Orleans from June 5 through 7 for what organizers are calling the largest Black feminist gathering in the United States. The event, led by the organization Black Feminist Future, is headlined by activist and scholar Angela Y. Davis. Paris Hatcher, executive director of Black Feminist Future, joined Black Press USA’s Let It Be Known to outline the mission and urgency behind the gathering, titled “Get Free.” “This is not just a conference to dress up and have a good time,” Hatcher said. “We’re building power to address the conditions that are putting our lives at risk—whether that’s policing, reproductive injustice, or economic inequality.” Hatcher pointed to issues such as rising evictions among Black families, the rollback of bodily autonomy laws, and the high cost of living as key drivers of the event’s agenda. “Our communities are facing premature death,” she said.

Workshops and plenaries will focus on direct action, policy advocacy, and practical organizing skills. Attendees will participate in training sessions that include how to resist evictions, organize around immigration enforcement, and disrupt systemic policies contributing to poverty and incarceration. “This is about fighting back,” Hatcher said. “We’re not conceding anything.” Hatcher addressed the persistent misconceptions about Black feminism, including the idea that it is a movement against men or families. “Black feminism is not a rejection of men,” she said. “It’s a rejection of patriarchy. Black men must be part of this struggle because patriarchy harms them too.” She also responded to claims that organizing around Black women’s issues weakens broader coalitions. “We don’t live single-issue lives,” Hatcher said. “Our blueprint is one that lifts all Black people.”

The conference will not be streamed virtually, but recaps and updates will be posted daily on Black Feminist Future’s YouTube channel and Instagram account. The event includes performances by Tank and the Bangas and honors longtime activists including Billy Avery, Erica Huggins, and Alexis Pauline Gumbs. When asked how Black feminism helps families, Hatcher said the real threat to family stability is systemic oppression. “If we want to talk about strong Black families, we have to talk about mass incarceration, the income gap, and the systems that tear our families apart,” Hatcher said. “Black feminism gives us the tools to build and sustain healthy families—not just survive but thrive.”

Stacy M. Brown

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Hoover’s Commutation Divides Chicago as State Sentence Remains

BLACKPRESSUSA NEWSWIRE — Hoover was convicted of murder and running a criminal enterprise. Although some supporters describe him as a political prisoner, the legal and public safety concerns associated with his name remain substantial.

Published

1 day ago

May 29, 2025

Stacy M. Brown

By Stacy M. Brown
Black Press USA Senior National Correspondent

The federal sentence for Gangster Disciples founder Larry Hoover has been commuted, but he remains incarcerated under a 200-year state sentence in Illinois. The decision by Donald Trump to reduce Hoover’s federal time has reignited longstanding debates over his legacy and whether rehabilitation or continued punishment is warranted. The commutation drew immediate public attention after music executive Jay Prince and artist Chance the Rapper publicly praised Trump’s decision. “I’m glad that Larry Hoover is home,” said Chance the Rapper. “He was a political prisoner set up by the federal government. He created Chicago Votes, mobilized our people, and was targeted for that.”

But Hoover, the founder of the Gangster Disciples, is not home—not yet. Now in federal custody at the Florence Supermax in Colorado, Hoover was convicted of murder and running a criminal enterprise. Although some supporters describe him as a political prisoner, the legal and public safety concerns associated with his name remain substantial. “There is a divide in the Black community here,” said Chicago journalist Jason Palmer during an appearance on the Let It Be Known morning program. “Some view Hoover as someone who brought structure and leadership. Others remember the violence that came with his organization.” Palmer explained that while Hoover’s gang originally formed for protection, it grew into a criminal network responsible for extensive harm in Chicago. He also noted that Hoover continued to run his organization from state prison using coded messages passed through visitors, prompting his transfer to federal custody.

Illinois Gov. J.B. Pritzker, who is widely considered a potential 2028 presidential contender, has not issued a statement. Palmer suggested that silence is strategic. “Releasing Hoover would create enormous political consequences,” Palmer said. “The governor’s in a difficult spot—he either resists pressure from supporters or risks national backlash if he acts.” According to Palmer, Hoover’s federal commutation does not make him a free man. “The federal sentence may be commuted, but he still has a 200-year state sentence,” he said. “And Illinois officials have already made it clear they don’t want to house him in state facilities again. They prefer he remains in federal custody, just somewhere outside of Colorado.”

Palmer also raised concerns about what Hoover’s case could signal for others. “When R. Kelly was convicted federally, state prosecutors in Illinois and Minnesota dropped their charges. If a president can commute federal sentences based on public pressure or celebrity support, others like R. Kelly or Sean Combs could be next,” Palmer said. “Meanwhile, there are thousands of incarcerated people without fame or access to public platforms who will never get that consideration.” “There are people who are not here today because of the violence connected to these organizations,” Palmer said. “That has to be part of this conversation.”

Stacy M. Brown

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WATCH: Five Years After George Floyd: Full Panel Discussion | Tracey’s Keepin’ It Real | Live Podcast Event

Join us as we return to the city where it happened and speak with a voice from the heart of the community – Tracey Williams-Dillard, CEO/Publisher of the Minnesota Spokesman-Recorder.

Published

2 days ago

May 28, 2025

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https://youtube.com/watch?v=OsNLWTz6jU0&feature=oembed

May 25, 2020. The world stopped and watched as a life was taken.

But what has happened since?

Join us as we return to the city where it happened and speak with a voice from the heart of the community – Tracey Williams-Dillard, CEO/Publisher of the Minnesota Spokesman-Recorder.

She shares reflections, insights, and the story of a community forever changed. What has a year truly meant, and where do we go from here?

This is more than just a date; it’s a moment in history. See what one leader in the Black press has to say about it.

Recorded live at UROC in Minneapolis, this powerful discussion features:

Panelists: