Rationalization and Obligation, Part VI: What the President Ought to Do, What He Probably Will Do

By: Wednesday October 16, 2013 4:25 pm

If the President is obligated to obey the 14th amendment, then he should be doing whatever he can to use the other options to end the debt ceiling crisis. He should not be playing chicken with the Republicans over the debt ceiling and the shutdown. Both are dangerous to the economy, and there is a real risk of default in allowing the Treasury’s daily available balance to fall to the level it will be at as of October 17th.

Bill Black, Carmen Segarra, and the Regulatory Failure That Is the Federal Reserve Bank of New York

By: Saturday October 12, 2013 12:40 pm

Back in 2009, law professor and former banking regulator Bill Black excoriated the internal corporate culture of the Federal Reserve when it comes to banking regulatory oversight. For a very specific illustration of what Black was talking about, just take a look at the complaint filed by former banking regulator Carmen Segarra against her former employer, the Federal Reserve Bank of New York. She was hired and assigned to investigate problems at Goldman Sachs, and when she and her team discovered some major problems, she was pressured to downplay them and back off. When she refused, she was terminated and Goldman Sachs was given a clean bill of health by the folks that fired her.

You’re shocked, I know. But the details, along with the documentation, are the truly shocking part of all this. Not about Goldman Sachs, but about their pals at the Federal Reserve Bank of New York.

New York Times Labels Pete Peterson Group ‘Center-Left’

By: Thursday April 4, 2013 6:55 am

There are many explanations for why America is more right-wing than other countries in the developed world; an individualistic and unsympathetic political culture, the use of religion for reactionary causes, racial antagonism and division in the working class, a governmental structure designed to defend a commercial oligarchy – take your pick. But just because the Right has been more successful in America than elsewhere does not mean the political spectrum can be totally redefined under right-wing terms.

Yet that is exactly what the New York Times did.

Lakeside Diner

By: Thursday August 2, 2012 4:45 am

A variety of links to articles/interviews/speeches on current issues that may be of interest.

Why We’re Screwed

By: Thursday July 26, 2012 6:00 am

As the Global Financial Crisis rumbles along in its fifth year, we read the latest revelations of bankster fraud, the LIBOR scandal. This follows the muni bond fixing scam detailed a couple of weeks ago, as well as the J.P. Morgan trading fiasco and the Corzine-MF Global collapse and any number of other scandals in recent months. In every case it was traders run amuck, fixing “markets” to make an easy buck at someone’s expense. In times like these, I always recall Robert Sherrill’s 1990 statement about the S&L crisis that “thievery is what unregulated capitalism is all about.”

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.

Lakeside Diner

By: Friday April 6, 2012 4:45 am

A variety of links to articles/interviews/speeches on current issues that may be of interest.

Bill Black Stopping by FDL for Special Salon Today at 2:00pm ET

By: Friday February 17, 2012 8:20 am

Programming note: I’ll be hosting a special FDL Salon with William Black, professor at the University of Missouri-Kansas City and the author of The Best Way to Rob a Bank is to Own One. Black specializes in white-collar criminology, and in his time as a federal regulator, he helped put over 1,000 financial executives in jail for the savings & loan crisis.

NOT-BREAKING: SEC Is a Doormat for Wall Street

By: Saturday February 4, 2012 9:00 am

The NYT discovers what FDL readers have known for quite some time: the SEC is a doormat outside the banks and financial institutions of Wall Street.

But it’s not just people outside the SEC who see this. The Partnership for Public Service took data from annual OPM employee surveys of government workers and discovered that in 2011, the SEC ranked at or near the bottom in the “large agency” category, dragged down by abysmal ratings for the employees’ views of the effectiveness of the leaders and the leaders’ strategic management.

Whether seen from the inside or the outside, the conclusion is the same: the SEC is failing at its mission. For the banks, this is a feature, not a bug.

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