Are the American people finally starting to stand up to Wall Street?
Some of Goldman Sach's biggest shareholders are demanding that executive compensation be reduced. As the Wall Street Journal notes:
Their complaints in private conversations with the company and at analyst meetings show how anger over its big-money culture is spilling into the ranks of investors who typically shy away from debates over Wall Street pay.
Congresswoman Kaptur advises
her constituents facing foreclosure to demand that the original
mortgage papers be produced. She says that - if the bank can't produce
the mortgage papers - then the homeowner can stay in the house.
And even popular personal finance advisor Suze Orman is highlighting the debtors revolt phenomenon on her national tv show.Congress Is Starting to Get the Message
The American people are shouting so loud at their congress members and Senators, that even some of the most pro-Wall Street congressman are starting to get it.
For example, the Congressional Black Caucus has been hearing so much about how congress is failing to address the crisis of unemployment from their constituents, that the CBC delayed Barney Frank's proposed financial reform.
The House Financial Services Committee received so many phone calls from constituents that it approved the Ron Paul/Alan Grayson bill to audit the Fed and defeated the trojan horse alternate bill written by Mel Watt. Indeed, I have heard from congressional sources that the only calls to support the Watt alternate bill were from the Fed itself. And see this.
The Committee also approved Congressman Grayson's bill to rein in foreign currency swaps.