When Sallie Krawcheck speaks, people listen. Former president of the Global Wealth & Investment Management division of Bank of America and No. 7 on Forbes' 2005 list of the world's top 100 most powerful women, Sallie certainly isn't shy about having an opinion.
Please don't tell me that these reports in the business press touting Sallie Krawcheck as a front-runner for chairman of the SEC or even a possible candidate to be the next Treasury secretary are true.
Any manager remotely associated with the demise of the nation's largest bank might seem an unlikely choice to head the SEC. Yet Sallie Krawcheck, the woman who served as CFO of Citigroup in the run-up to the 2008 financial crash, is now on a short list of candidates.
If presidential candidate Mitt Romney continues to step on his tongue and shoot himself in the foot and President Obama lacks the political will to tackle the deficit, then the trust gap between we the people and Washington expands until action replaces talk.
If our societal goal is to reduce risk in banks, bank boards should compensate management teams not just in the bank's equity, but a combination of the equity and fixed income instruments of the institution.
If JPMorgan Chase & Co.'s big ugly trade managed to escape the bank's internal risk management operation -- not to say regulators -- how would that have found its reflection in the bank's overall risk number? It's a rule: It's the stuff we don't know, or don't want to know, that tends to kill us.
There's something inherently wrong with a political economy where those in power sell the people a bag of goods: Tax cuts for the rich and corporations; deregulation; "free trade" bills; wars and excessive military spending; slashing social programs.