The Democratic Platform seems to have missed the central point of the banking mess: the Obama administration did not investigate the disaster, and didn’t indict anyone for the crimes that led to the Great Crash. In fact, the administration specifically refused to follow up on criminal referrals from the Financial Crisis Inquiry Commission regarding one of the Goldman Sachs mortgage deals, saying as it always does, that it stinks, but isn’t a crime.
|By: Kevin Gosztola Tuesday July 10, 2012 12:20 pm|
A United States judge ruled on Monday the whistleblower provisions passed in the Dodd-Frank law in 2010 could be applied retroactively to protect not only people employed by parent companies but also those working for subsidiaries of parent companies. The expanded coverage thus applies even to cases initiated before Dodd-Frank.
|By: masaccio Monday April 9, 2012 3:30 pm|
In an article on the staggering compensation of CEOs of giant US companies, the New York Times notes arithmetic is too hard for the SEC. The Dodd-Frank bill requires corporations to state the ratio of CEO pay to the median income of employees of the company, but firms tell the SEC that calculation is too hard. Here’s how you do it.
|By: masaccio Thursday February 16, 2012 11:30 am|
The Volcker Rule limits the ability of giant banks to destroy the economy. Their tool lobbyists explain how bankers stand for Truth, Justice, and the American Way of making money with taxpayer guarantees.
|By: masaccio Sunday November 6, 2011 11:22 am|
Oligarchy is the Problem. We need a solution.
|By: masaccio Friday October 7, 2011 8:20 am|
If everyone on Wall Street is as pure as the driven snow, or at least “not guilty”, then it’s fine for Obama to raise tens of millions of dollars from them to pay for his shot at re-election.
|By: Blue Texan Thursday August 4, 2011 11:00 am|
The question isn’t how many “wins” you get or how much stuff you “get done” — the question is, are you making good policy? And the answer with Obama is clearly is no.
|By: dakine01 Thursday June 30, 2011 8:00 pm|
Sounds like times are tough for the banksters after all, right? Well maybe not so much. Fortune had this post which called the Bank of America $8.5B settlement a “win,” apparently because it allows BoA to “look forward” and all that. According to this from Reuters, BoA will take write-offs of a bit over $20B in total in the 2nd quarter of the year, giving them a loss for the quarter. It is figures like that that show just how skewed things are. One bank takes a write-off/loss of over $20B in a fiscal quarter and will still most likely be profitable for the year!
|By: emptywheel Friday May 13, 2011 3:24 pm|
The National Consumer Law Center just released a report on something that’s been a pet peeve of mine for some years: states’ increasing reliance on pre-paid cards to distribute unemployment compensation, rather than checks. (h/t Susie) As the report explains, issuing funds via a card is much cheaper for the states. But what’s really happening is that unemployment recipients end up paying for the cards out of series of fees the banks issuing the cards charge (which violates the law that says administrative costs should not come out of benefits).
|By: masaccio Sunday May 8, 2011 10:40 am|
Other countries get results from voting. We don’t. Here are two things you can do.