Nomi Prins

Nomi Prins

Nomi Prins, a former investment banker at Goldman Sachs, Bear Stearns and Lehman Brothers, is a senior fellow at the public policy organization Demos and the author of "Other People's Money: The Corporate Mugging of America."

 

Articles by this author

Views
Tuesday, June 23, 2015 - 10:30am
All In with Jeb: The Bush Family Goes for Number Three (With the Help of Its Bankers)
[ This piece has been adapted and updated by Nomi Prins from her book All the Presidents' Bankers: The Hidden Alliances That Drive American Power , recently out in paperback (Nation Books). ] It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long...
Read more
Views
Thursday, May 7, 2015 - 10:30am
The Clintons and Their Banker Friends
The past, especially the political past, doesn’t just provide clues to the present. In the realm of the presidency and Wall Street, it provides an ongoing pathway for political-financial relationships and policies that remain a threat to the American economy going forward. When Hillary Clinton...
Read more
Views
Thursday, December 19, 2013 - 8:30am
Volcker Rule Made Meaningless by Abundant Exemptions
The subject of heated debate in financial circles, the Volcker Rule, which was originally passed as part of the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act, was finally approved by regulators. It will begin taking effect in April 2014 with full compliance required by July 2015...
Read more
Views
Tuesday, November 9, 2010 - 9:27am
Wall Street Wins Again
The Republicans may have stormed the House, but it was Wall Street and the Fed that won the election. Regardless of party power plays and posturing, there are two constants that remain unaltered after the election. First, Wall Street will continue on with business as usual while shifting its campaign and lobbying dollars to the new winning team. And second, the Fed will keep on pretending to prop up the economy by buying more U.S. debt, thereby keeping interest rates low, the dollar weak and money cheap for the banking system to inhale.
Read more
Views
Friday, January 22, 2010 - 9:15am
Obama's Half-Baked Bank Reform
Seeing Paul Volcker, former Fed Chair and chairman of the Economic Recovery Advisory Board, lord over President Obama yesterday as he made his proposal to limit the scope and size of financial institutions, it was easy to imagine him saying "I told you so." Volcker, after all, has been a long time advocate of slicing up banks and prohibiting them from the majority of speculative activities.
Read more
Views
Thursday, December 3, 2009 - 9:24am
Ten Reasons Bernanke Should Hit the Road
If Ben Bernanke’s predecessor as Federal Reserve chairman, Alan Greenspan, could be dubbed the Maestro, Bernanke surely deserves to be called the Magician. His mastery of illusion and deflection is impeccable. Bernanke, who goes before the Senate Banking Committee on Thursday in a bid to be confirmed to a second term, still wants us to believe he “done good” by cleaning up the financial mess that was created on his watch. But here are 10 reasons Bernanke shouldn’t be reconfirmed:
Read more
Views
Tuesday, December 1, 2009 - 8:09am
Worse Than Enron?
Enron was the financial scandal that kicked off the decade: a giant energy trading company that appeared to be doing brilliantly-until we finally noticed that it wasn't. It's largely been forgotten given the wreckage that followed, and that's too bad: we may be repeating those mistakes, on a far larger scale.
Read more
Views
Tuesday, September 15, 2009 - 8:17am
Obama Banking Too Much On Banks
On Monday-one year after the once-mighty Lehman Brothers collapsed in the nation's biggest bankruptcy-President Obama addressed the state of the economy and again outlined his proposals for what he calls reform. The location-Federal Hall at 26 Wall Street, near the New York Stock Exchange and New York Federal Reserve Bank-was fitting. George Washington took his presidential oath there, a precursor for how intertwined Washington and Wall Street would become.
Read more
Views
Thursday, August 13, 2009 - 12:45pm
Time to Do Something About 'Too-Big-to-Fail' Banks
A Wall Street Journal survey this week found that a majority of economists back the idea of Federal Reserve Chairman Ben Bernanke sticking around for another term. Their support hinges on the belief that Bernanke averted a larger economic catastrophe with his actions last fall. Indeed, last month, Bernanke extolled the Fed's aptitude in handling the financial crisis during a town-hall meeting with PBS' Jim Lehrer, claiming that the Fed had no choice but to save the banks in the manner it employed.
Read more
Views
Thursday, July 30, 2009 - 8:00am
How You Finance Goldman Sachs’ Profits
This is perhaps the most important thing I learned over my years working on Wall Street , including as a managing director at Goldman Sachs : Numbers lie. In a normal time, the fact that the numbers generated by the nation's biggest banks can't be trusted might not matter very much to the rest of us.
Read more

Pages