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17 J.L. Soc'y 65 (2015-2016)
Dirty Deals: How Wall Street's Predatory Deals Hurt Taxpayers and What We Can Do about It

handle is hein.journals/jls17 and id is 75 raw text is: DIRTY DEALS: HOW WALL STREET'S PREDATORY DEALS HURT TAXPAYERS AND WHAT WE CAN DO ABOUT IT* SAQIB BHATTI & RENAYE MANLEYt Table of Contents I. INTRODUCTION ......................................... ..... 66 II. THE FINANCIALIZATION OF OUR ECONOMY ..................... 67 III. PREDATORY MUNICIPAL FINANCE............... .............. 73 A. Deals That Were Designed to Fail ..................... 73 B. High-Risk Deals................................... 74 C. High-Cost Deals ........................... ......78 D. Predatory Fees .................................. 80 IV. THE IMPACT OF PREDATORY MUNICIPAL FINANCE .. ............ 81 V. MAKING OUR MONEY WORK FOR Us...................... 83 A. Transparency ................................... 83 B. Accountability................................... 84 C. Reducing Fees................................... 85 D. Collective Bargaining with Wall Street.................. 87 E. Creating Public Options for Financial Services...................... 88 F. Establishing Public Banks .............. ................. 89 VI. CONCLUSION ........................................ ......90 * A previous version of this article was published as a report by the Roosevelt Institute in 2014. SAQIB BHATTI, ROOSEVELT INST., DIRTY DEALS: HOw WALL STREET'S PREDATORY DEALS HURT TAXPAYERS AND WHAT WE CAN Do ABOUT IT (2014), http://rooseveltinstitute.org/sites/all/files/Bhatti DirtyDeals.pdf. t Saqib Bhatti is a fellow at the Roosevelt Institute and the Director of the ReFund America Project (RAP). He works on campaigns to rebalance the relationship between Wall Street and local communities by exposing the role that financial deals play in contributing to public budget distress and advancing solutions to fix inefficiencies in the municipal finance system that cost taxpayers billions of dollars each year. He works closely with unions and community organizations across the country to develop campaigns that are based on a populist critique of the banking industry that is informed by his research. He also serves on the board of the Responsible Endowments Coalition. Renaye Manley has held staff positions in national unions for over twenty years. She currently serves as an International Representative for the Service Employees International Union, working in the Capital Stewardship. Ms. Manley also serves as a member the Federal Reserve Bank of Chicago's advisory board on Small Business, Agriculture and Labor, and as an advisory committee member of the Harvard Trustee Leadership Forum. 65

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