We need to hold bank CEOs and other corporate officers personally liable for their misconduct. Simply fining companies does not work since they obviously see this as just another cost of doing business.
It's a good thing we have all decided not to care about the Libor scandal, or Tim Geithner might be looking kind of silly right now.
Obama should hold Romney accountable for his endemic lies during the campaign and debate, but he would be in a better position to do so if he fired Geithner and Holder, ended his administration's lies about the banksters, and reversed the unjust and destructive financial policies.
When the dust settles after November 6th, we'll return to the status quo ante where big finance and huge corporations continue to define what's possible in Washington.
Timothy Geithner has said that he'll step down as Treasury Secretary at the end of Obama's first term. Assuming that Mitt Romney keeps self-destructing and Obama wins a second term, who should succeed him? Just as Obama's choice in 2008 of an economic team led by Larry Summers and Tim Geithner told you a lot about what kind of president he'd be (and not be), Obama will signal a lot in his selection of Geithner's replacement. In an economic crisis, the treasury secretary (tied with the Fed chairman) becomes the most important domestic public official after the president.
Why is the Administration talking about replacing Treasury Secretary Geither with a wealthy banker who wants to cut Social Security and Medicare, would lower taxes on his fellow rich people, and is trying to impose European-style job-destroying austerity on this country?
The issue of insider trading from information emanating from Treasury Secretary Paulson's office was a focus of ruminations from this corner some four years ago. But hard questions, perhaps until now, have been few and far between.
Don't sit it out. Don't try to convince anyone Obama has magically transformed us - just tell them four years is simply not enough time to undo all the hurt caused by biggest economic crash since the Great Depression and the biggest military blunder/lie in our history.
We just keep learning new ways that everybody on earth, aside from Tim Geithner, knew of the risk of Libor manipulation years and years ago.
This guy, Edward DeMarco, the acting head of the Federal Housing Finance Agency, is deliberately damaging America -- promoting foreclosures, high unemployment and excessive taxes. He has got to go.
Geithner's public statement in support of principal reduction is cause for celebration, but DeMarco has further entrenched himself as the major obstacle to taking principal reduction to scale. The enduring housing crisis requires bold steps and true solutions.
Acting Federal Housing Finance Agency (FHFA) Director Ed DeMarco has not been shy about letting underwater homeowners sink. This week, he made it painfully clear that despite the Administration calling for principal reduction, he would have no part of it.
Barofsky's experiences should serve a cautionary tale -- and a wake-up call. Power can -- and does -- corrupt. Our revolving door, campaign contribution driven political system has lost touch with the "ordinary" citizens it is supposed to serve
Tim Geithner claims he learned of Libor manipulation when the rest of us commoners did, in 2008. New evidence keeps coming out suggesting he should have known much, much earlier.
The Libor scandal looks and smells like an old-fashioned financial fraud, but it also presents the latest example of a more modern phenomenon: the war against reality being waged with ferocity by special interests that profit from limited public awareness of what's actually taking place.
The next banking industry scandal to wash ashore in the US from Europe will be the matter of two periods of chicanery in the private association of global banks that set the basis for the so-called "LIBOR" interest rate.