That Foot On Your Neck

By: Thursday April 14, 2011 5:20 pm

Most of the time, you can ignore that foot on your neck. You can pretend that electoral politics work and that we are a nation of law, not of rich people. You can revel when your tribe puts someone in office, and pretend that the person you voted for is working in your interests.

Not today. Today it is confirmed: there will be no prosecutions, there will be no accountability for the rich financiers and their clients who caused the Great Crash of 2008, profited mightily, fought off regulation, and escaped with their personal fortunes and their reputations intact, all as part of the great muddle-through plan of the Obama administration.

Preet Bharara and Jenny Durkan Should Read The FDIC Suit Against Officials of Washington Mutual

By: Sunday April 3, 2011 10:40 am

The Great Muddle Through Plan of the Obama Administration lets banksters off the hook for everything and sticks the costs of the Great Crash on the innocent. The US Attorneys’ role in the Great Plan is to refuse even to investigate the possibility that there were crimes.

FDIC Sues Washington Mutual Executives for $900 Million

By: Friday March 18, 2011 8:18 am

This is really the first attempt at the federal level to hold responsible the executives who made the decisions that crashed their own businesses and the greater economy. The Angelo Mozilo lawsuit by the SEC ended up going nowhere, and former Bank of America CEO Ken Lewis could face a lawsuit by the New York Attorney General’s office. But the FDIC’s action, which they are under a legal obligation to bring if they find wrongdoing at a bank they wind down, clearly takes this up a notch.

FDL Book Salon Welcomes Bethany McLean and Joe Nocera, All The Devils Are Here: The Hidden History of the Financial Crisis

By: Saturday January 8, 2011 1:59 pm

There are a plethora of books written, and yet to be written, about what lead up to the 2008 financial crisis, but even so, All the Devils are Here stands out. Co-authors, Bethany McLean (co-author of the bestselling, documentary-inspiring book on the Enron scandal, The Smartest Guys in the Room) and Joe Nocera (Award winning New York Times business columnist), expertly weave a narrative that captures not just the elements, but the characters of the crisis; the human flaws, choices and repercussions perpetrated by a small, dispersed collection of very dangerous people.

The Five Stages of Grief, MOTU Edition

By: Saturday October 16, 2010 9:00 am

Watching the MOTUs as their financial services universe shakes and shudders around them reminds me of the five stages of death and dying. There’s lots of denial and anger coming out of the MOTUs, and hints of bargaining, but little sign of depression and acceptance. But it’ll come . . .

FDIC Takes Aim at Large Banks and Small-minded Regulators

By: Monday July 12, 2010 7:15 pm

While Ben Bernanke dreams of being the uber-regulator and chief monitor of systemic risk, a new agreement between the FDIC and other banking regulators like the Fed allows the FDIC to have independent direct access to big banks instead of making the FDIC to rely on his tame stable of regulators at the Fed.

Chalk one up for real oversight.

Justice Department Should Play Key Role in Financial “Reform”

By: Tuesday April 13, 2010 8:45 am

I don’t know how you keep hearing these stories of fraud – accounting fraud, investor fraud, what have you – without the Justice Department getting involved. We want to make banking boring again, and the simplest way to do that is by making absolutely clear that anyone who takes these kinds of risks and plays these kinds of games will go to jail for a long time. If we had a culture of accountability in Washington that would already be happening.

Marie Antoinette, Meet Angelo Mozilo

By: Thursday April 17, 2008 10:30 am

Here’s an idea. Instead of retiring when we turn 65, let’s go to work scrubbing tables at the nearest fast-food outlet.

Sound good?

Not to most of us. But it’s a future that U.S. workers increasingly are facing. America’s workers aren’t just losing their homes in what is misleadingly termed the nation’s mortgage crisis.

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