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.

 

Whistleblower Pulls Away Moody’s Mask of Objective Analysis

By: Saturday August 20, 2011 10:00 am

A former senior VP at Moody’s wrote an 80 page letter to federal regulators, blowing the whistle on systemic pressures placed by Moody’s business people on the ostensibly objective analysts. To those who are shocked by this, it helps to remember Econ 101: when you get paid by the people whose bonds you are rating, there’s a lot of incentive to keep the customer satisfied.

But it doesn’t stop there. Michael Hudson of UMKC notes that the perverse incentives of ratings agencies lead them to push against raising taxes to pay for things now. Instead, it’s better financially for the ratings agencies if governments keep taxes down but sell bonds . . . ’cause that’s more business for them.

Amazing what basic economics can teach you about the ratings agencies.

Alan Grayson: What Obama Could Do Now

By: Tuesday October 12, 2010 11:45 am

I’ve been asking people what Obama could do now, without needing the approval of Congress, to address many of the serious problems facing the country. Here is Rep. Grayson’s response.

Bill Black: What Obama Could Do Now

By: Tuesday October 12, 2010 9:30 am

I’ve been asking numerous people what Obama could do now, without needing the approval of Congress, to address many of the serious problems facing the country.

Bill Black responds….

FDL Movie Night: Plunder, The Crime of Our Time

By: Monday August 23, 2010 5:00 pm

How do you steal $196 trillion dollars and get away with it? In Plunder, The Crime of Our Time, journalist Danny Schechter dissects the crime scene, Wall Street.

Ron Paul Says Sanders “Switched and Watered Down” Audit the Fed (Video and Transcript)

By: Friday May 7, 2010 6:05 am

Good for Ron Paul for telling Rahm and his little pro-bank whip operation to get stuffed. He’s seizing a moment of transpartisan anger at the banks and he’s pointing it straight at the Wall Street apologists. It will be interesting to see how far he can take it.

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