Penn State President Graham Spanier in His Own Words

By: Monday July 16, 2012 3:30 pm

Since last November, when the Jerry Sandusky saga propelled Penn State into the headlines, I’ve wondered about Penn State’s former president, Graham Spanier. After reading the Freeh Report in its nauseating detail, I did more than wonder — I started digging for Spanier’s own words on what it means to be a university president.

What I found does not make for a pretty picture.

Libor Prosecutions: The October Surprise for Bankster Accountability?

By: Sunday July 15, 2012 11:50 am

A former prosecutor did suggest to me last month that the Administration wouldn’t have thrown together a financial fraud task force, and revive it earlier this year, if they didn’t have some prosecutions waiting on the runway. Libor could be those prosecutions. It wouldn’t surprise me at all.

The Freeh Report: The Cost of an Accountability-Free Climate Comes Home to Roost

By: Thursday July 12, 2012 1:54 pm

Louis Freeh’s long-awaited report is out on the institutional handling of the Jerry Sandusky affair at Penn State, and it is brutal. More than anything, it comes down hard on the climate of Penn State that denied the need for accountability and oversight.

Libor Investigations Begin in Earnest

By: Friday July 6, 2012 9:48 am

In Britain, the investigations into Barclays Bank manipulating the benchmark Libor rate have begun in earnest. Parliament approved an official inquiry into the Libor scandal, though only at the Parliamentary level rather than an independent investigation.

The Emerging LIBOR Scandal: Will Britain’s Reaction Put the US to Shame?

By: Monday July 2, 2012 1:30 pm

Along with Barclay’s Bank, sixteen other major financial institutions are implicated in the scandal. In the simplest terms, Barclays admitted to manipulating the inter-bank lending interest rates to cash in on derivatives and also mask weaknesses in its balance sheet. But the LIBOR (which stands for London Inter Bank Offered Rate) is used as a benchmark lending rate all over the world. Adjustable-rate mortgages were calculated using the LIBOR. The exposure on this could be enormous.

Elite Accountability Inaction: Barclay’s CEO Refuses to Resign After Scandal

By: Friday June 29, 2012 11:49 am

I’ve sort of missed all the hubbub surrounding Barclay’s Bank interest rate manipulation troubles. As I understand it, the bank was fined a fairly trivial amount by the CFTC and the Justice Department, compared to what they reaped in profits, on the fraudulent use of the LIBOR.

This Week in Financial Not-Crime

By: Wednesday June 27, 2012 5:00 pm

The only people who have to worry about the federal government prosecutors are insider traders trying to steal a few million bucks.

Revisiting CIA Torture on International Day of Support for Victims

By: Tuesday June 26, 2012 6:15 pm

The American Civil Liberties Union (ACLU) points out, “On June 26, 1987, exactly twenty-five years ago, the Convention Against Torture became binding upon the nations that had ratified it.” So, today is not just some international day the United States and other powerful countries in the world will pay lip service to. Twenty-five years ago, an anti-torture convention was passed that the US then disregarded and violated explicitly when Bush was in power.

Iceland’s Lesson for the World: Control Your Own Currency and Help Your People

By: Wednesday June 13, 2012 3:35 pm

I was on The Young Turks with Cenk Uygur last night, talking about Iceland and how differently they have managed their economic crisis compared to the rest of the world.

Schneiderman Has Little “Independence” on Working Group Investigation

By: Tuesday June 5, 2012 4:36 pm

New York Attorney General Eric Schneiderman has hired former federal prosecutor Virginia Romano to work on the series of investigations around the RMBS working group he co-chairs. The interesting part of this to me is that Schneiderman did the hiring, rather than the Department of Justice.

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