What we need is a change in the conventional wisdom in Washington, away from the idea that what is good for Wall Street is good for America, and toward the idea that we should be skeptical of the megabanks.
Greenspan will attempt to obfuscate. He will condescend, lecture, and distract. For the sake of the country, and to understand how we arrived here, the Angelides Commission must not allow that to happen.
It will not be easy for ordinary citizens to defeat the entrenched interests on Wall Street and in Washington, but things certainly won't change unless we take up the challenge.
Does it seem right to you that a state's ability to stay afloat should be the stuff of secretive betting pools? That's just what's happening. While st...
If you want to understand the economic crisis, there are several hundred 250-page books for you to read. If, on the other hand, you want a one-page explanation, this is it.
Madoff is lonely. I am sure the federal penitentiary can squeeze in more bunk beds to accommodate his friends from Wall Street. But it's not going to happen until the FBI and the DOJ are given the resources they need.
Even if financial reform is enacted without loopholes, there's no reason to think it will be enforced if laws already on the books, such as Sarbanes-Oxley, aren't.
The SEC and FED were inside Lehman Brothers for the last six months of its life. How did they miss all this?
It was a pleasure to see President Obama exercise some leadership and muscle towards health reform. Now, we need to see a similar display of presidential leadership on financial reform.
Whatever the reasons, the Geithner Treasury Department has suddenly come out swinging. They're pugilists in pinstripes now. But while the rhetoric's encouraging, Geithner's record is cloudy at best.
Bank of America interrupted its wild gambling for a few days at the end of a quarter, presented a sober snapshot to its investors, and then went right back to gambling again. Was this illegal?
A deeper examination of the relationship between all the audit firms and their clients on the issue of risk-obfuscation is needed. Limiting any inquiry to Lehman alone is inadequate. To start, here are a few simple questions.
State and federal offices are working closely with the examiner to prove Lehman Brothers' "pattern of deception." This effort is much more robust than most people realize.
The Tea Party movement has emerged as a "party" of platitudes rather than of policies, a group united by fury rather than a unifying philosophy. So how should Liberals communicate with them?
Both the SEC and the NY Fed were monitoring Lehman on a day-to-day basis shortly after Bear's failure. They recognized that it had a massive hole in its balance sheet, yet took an inertial course of action.