Moyers & Company: Why Banks Are Still Too Big to Fail (Enhanced DVD)

In this program, Gretchen Morgenson asks Bill Moyers, are banks still too big to fail. They note that Jamie Dimon was reaffirmed as Chairman and CEO of JPMorgan Chase with complete disregard to all the issues that put the bank at risk.

They discuss the continued lack of accountability as an unchecked system, which has no regard for the public or even the shareholders and no loyalty whatsoever to investors. Morgenson’s opinion is that institutions too big to fail are also institutions that are too big to manage and therefore they represent a severe danger to both the taxpayers and to the general economy.

Gretchen Morgenson and Bill Moyers discuss the bill brought forth by the efforts of Senators David Vitter and Sherrod Brown. This new legislation intends to stop bailouts for banks and to require larger capital reserves to be held by banks to avoid this problem in the future.

Without new accountability systems in place, Morgenson postulates the problem will only increase. She also notes that American corporations are still taking advantage of tax loopholes.  She uses, as an example, the company of Apple, Inc. that has a subsidiary in Ireland that operates at a tax loss. She suggests this is only a tax reduction strategy and not the R& D efforts that the company claims.

Morgenson also addresses the power of international corporations to influence the U.S. congress to create favorable tax loopholes that diminish competitive efforts and undermine democracy. She suggests serious reforms need to be made with greater accountability with more disclosures, in order to avoid another major bank collapse in the future.

Moyers & Company: Why Banks Are Still Too Big to Fail

• Enhanced DVD
• ISBN: 978-0-81608-613-9
• Run Time: 22 Minutes
• Copyright Date: 2013
• CC