If you have something to say...
Say it on the Huffington Post
If you have something to say...
Say it on the Huffington Post
The SEC is embracing social media as part of its outreach, with plans for Twitter and Facebook accounts: you'll even be able to write on their wall.
Isn't it amazing how these powerful CEOs, who are paid tens of millions of dollars to know every detail about their company, act as if they just fell off the back of a turnip truck when they come to Congress?
Obama's Wall Street speech only gently spanked the bankers. Is that enough? A Belgian bishop has resigned, admitting to engaging in sexual abuse. And now the SEC has its own crisis: PORN scandal!
The temptation of high returns mixed with more than a decade of deregulation means that the SEC, to its credit, certainly has its work cut out for it.
In certain markets, most notably, CDOs, the lack of common sense was institutionalized. It's evident in the deal book for Abacus 2007 AC-1, at the center of the S.E.C.'s case against Goldman.
The handful of men who run our nation's investment banking institutions aren't afraid of consequences that they consider to be mere slaps on the hand from an inconsequential agency.
If McConnell-style deceit about the financial reform bill continues in the Senate, serious regulatory reform won't happen. Half measures won't work. Only robust financial reform will end Wall Street's freedom to deceive.
One of the best kept secrets in Washington is the working of the Securities and Exchange Commission. Does it get the job done? Not even close.
The real scandal of the entire bailout mess was how money was funneled through AIG to pay "counterparties" like Goldman Sachs 100 cents on the dollar.
There are countless ways to discredit Paulson's recent statements, just as there are countless ways to discredit his claim that he operated in "good faith."
SEC Probes Goldman Sachs for Investor Fraud but Ignores Widespread Racially Discriminatory Practices
Until the government does a better job of encouraging sustainable and appropriate banking services and credit options to neighborhoods of color, this crisis is not anywhere near over.
When you blame everybody, then nobody is responsible. Everybody did not receive, as Robert Rubin did while holding his position at Citigroup, $14 million annually.
It was inevitable. The airlines -- caught between safety and profits -- have chosen profits.
The WSJ's editors, hellbent on proving they are visiting from Alpha Centauri, defend the actions of Goldman as "more a case of hindsight bias than financial villainy."
Federal prosecutions of white-collar criminals has not been a growth industry, or very successful, in recent years.
Wall Street "innovation," like synthetic CDOs, are just new casino games that generate big profits for the house, but only huge risks for our economy.
