Holder’s Gutless Recusal & the Justice Department’s Seizure of AP Records

By: Wednesday May 15, 2013 4:57 pm

The answers given by Attorney General Eric Holder during his appearance before the House Judiciary Committee this afternoon certainly make it appear like his decision to recuse himself was a gutless decision, one he made because he knew when the press discovered the Associated Press had their phone records secretly seized they would be collectively outraged.


With Johnson Retiring Wall Street’s Nightmare May Come True With Brown Taking Gavel

By: Tuesday March 26, 2013 9:25 am

Bad news for Wall Street. A Senator Tim Johnson announces his retirement the Senate Banking Committee Chairmanship may fall to one of Wall Street’s biggest enemies, Senator Sherrod Brown of Ohio.

Volcker Rule Deadline Comes and Goes

By: Wednesday August 8, 2012 6:43 am

After JPMorgan Chase revealed their Fail Whale trades, there was a debate over whether those trades would have been stopped by the Volcker rule, which was supposed to prevent proprietary trading by the mega-banks. Jamie Dimon called the trade a hedge, the authors of the Volcker rule disagreed with him, they leaned on the regulators to prevent this kind of risky activity from happening, and there was much debating. And it was supposed to end in July, with the final Volcker rule published and released by the regulators.

July 21 was the deadline, to be precise.

That was over two weeks ago.

GOP’s Bachus (R. Ala) Propping Up Primary Campaign With Big Bank Cash

By: Tuesday March 13, 2012 11:45 am

In addition to Presidential primaries in Alabama and Mississippi today, there are primary elections for Congress as well. And a new SuperPAC devoted to beating incumbents has a few more races in their sights today. One of them involves the powerful chair of the House Financial Services Committee, GOP Rep. Spencer Bachus.

STOCK Act Passes House as Bachus Insider Trading Investigation Begins

By: Friday February 10, 2012 9:32 am

The House passed a watered-down version of the STOCK Act, the bill that would ban insider trading among members of Congress as the Office of Congressional Ethics investigates Rep. Spence Bachus for insider trading.

60 Minutes Loses Credibility on Congressional Insider Trading Story

By: Monday November 14, 2011 12:50 pm

I found last night’s 60 Minutes story on insider trading in Congress to be uneven, partially underwhelming and at times outright misleading. That Congress has access to insider information and can trade on that information is true, but some of the examples CBS cited were weak or unconvincing.

House Republicans Deliver Nonsense Letter to Elizabeth Warren

By: Thursday March 31, 2011 2:50 pm

So, Spencer Bachus and Shelley Moore Capito are really upset with Elizabeth Warren. In a letter from the two leaders on the House Financial Services Committee, they demand that Warren correct her testimony to the committee from March 16. See, when asked about the mortgage servicer settlement and CFPB’s role in it, Warren said that they merely provided advice and expertise to state and federal regulators working on the agreement. But aha!

Continuing Resolutions Make Implementation of Dodd-Frank Nearly Impossible

By: Monday December 20, 2010 3:40 pm

The health care bill has to be funded, and with a continuing resolution, that’s not possible. And it’s even worse for the financial reform bill. The SEC and CFTC in particular need to hire a lot more regulators to carry out the promise of Dodd-Frank, but that can’t happen in the short term, and probably not over the long term, either.

The Next Two Years: Government Shutdowns, Failed Opportunities Expected

By: Tuesday November 2, 2010 11:40 am

Even if these worst-case scenarios are avoided, and I really don’t think they will be, the resultant gridlock will not end well for America. We’re facing crises on multiple fronts, with slow growth, high unemployment and record foreclosures, a warming planet, a broken immigration system, underfunded federal agencies supervising worker and food safety, etc., etc. A failure to act on any of these challenges may sound good to status quo conservatives and business leaders wary of “uncertainty,” but the facts are that divided government is worse for the stock market, worse for business profits, and arguably worse for the economy as a whole. That will be particularly true over the next two years.

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