David Grasso and Selena Hill are joined by Carrie Sheffield, from BoldTV, and James Dennin, a staff writer at Mic, to discuss the Dodd-Frank replacement bill and everything else that happened this week in the world of business.
Posted by BoldTV on Tuesday, June 13, 2017
Changing it up
According to stocknews.com, Goldman Sachs is attempting to diversify its banking business by attracting regular customers from main street. They’re offering some of the best savings rates available to consumers. Of course, offering regular people savings accounts is a radical departure from the investment bank’s traditional elite customer base.
Goldman Sachs has been consistently in the news in recent years, especially since the Great Recession, as it’s faced blame for its role in causing the financial crisis. Most recently, Goldman faced heat for buying Venezuelan government debt, which critics say is helping prop up president Nicolas Maduro’s increasingly brutal regime.
The Dodd-Frank repeal
The Dodd-Frank repeal, or the Financial Choice Act of 2017, which recently passed the U.S. House of Representatives, is being hailed as a lifeline to community banks and credit unions who have struggled with the tsunami of regulation created by Dodd-Frank — a set of rules passed after the recession to prevent another financial crisis.
But as James outlines in his article, the Dodd-Frank repeal would potentially leave Americans without critical consumer protections, and tie policymaker’s hands in another financial crisis
A shocking new study by Florida Atlantic University claims that corporate social responsibility is bad for bottom lines and profitability. The study’s authors say that emphasizing corporate social responsibility is not good for shareholders.
The study defined corporate social responsibility as strategies that appear to foster some social good, including programs that benefit community engagement, diversity, the environment, human rights and employee relations.
The authors pointed out that economist Milton Friedman once said “a corporation’s responsibility is to make as much money for the stockholders as possible.”
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