Corporate Accountability

EPI Policy Memorandum On The Bailout Plan

From epi.org
By Isaiah J. Poole
September 24th, 2008

While we recognize the urgency of the crisis and the need for quick action, we do not believe that it requires acceding to every aspect of the Bush administration's plan—and we are relieved to see that some key members of Congress agree. These times call for bipartisan negotiations that protect the taxpayer, offset the government’s expense, and re-regulate markets to reduce the distortions that gave rise to this unfortunate situation in the first place. more »

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The Bailout and CEO Pay: What’s ‘Excessive’?

By Sarah Anderson and Sam Pizzigati
September 23rd, 2008
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Submitted by Sarah Anderson

One bailout proposal would give Treasury Secretary Henry Paulson, who as a Wall Street CEO received stock worth more than $500 million, power to cut "inappropriate" pay for executives of bailed-out companies. Is this the person we want defining what level of executive pay qualifies as “inappropriate”? more »

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Moguls Steal Home While Companies Strike Out

By Bill Moyers
September 19th, 2008

From our offices in Manhattan, we look out on the tall, gleaming skyscrapers that are cathedrals of wealth and power -- the Olympus ruled by the gods of finance, the temples of the mighty, the holy of holies, whose priests guard the sacred texts of salvation -- the ones containing the secrets of subprime lending and derivatives as mysterious and elusive as the Grail itself. more »

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Isaiah J. Poole's picture

CAF STAFF

Frank: Blame The Ideology, Not One Man, For Financial Crisis

From bloomberg.com
September 19th, 2008
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Submitted by Isaiah J. Poole

bloomberg.com — House Financial Services Committee Chairman Barney Frank said that Sen. John McCain is using the nation's top securities regulator, Security and Exchange Commission Chairman Christopher Cox, as a "scapegoat'' for his own role in supporting a lax regulatory environment that helped lead to the financial crisis. "Mr. McCain is trying to kind of desperately avoid what I think he's entitled to, blame for being part of this philosophy of no regulation that's led us into this situation,'' Frank said. McCain, which has called for Cox's firing, has been a consistent advocate of deregulation, arguing in February for the need to "keep government out of these issues and policies,'' in providing new market supervision.

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An Economy That Works For all

By Katrina vanden Heuvel
From thenation.com
August 26th, 2008
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Submitted by OurFuture.org Staff

thenation.com — One of the most damning symbols of our New Gilded Age is exorbitant executive pay. Five proposed reforms would eliminate loopholes which currently result in a $20 billion annual taxpayer subsidy to corporations.

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CAF STAFF

The $821 Million Smile

By Terrance Heath
August 6th, 2008

Why is this man smiling?

His name is Richard Syron, CEO of mortgage giant Freddie Mac.

His company just posted an $821 million loss.

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CAF STAFF

Wall Street Socialism

By Robert Borosage
July 16th, 2008

This weekend, Treasury Secretary Henry Paulson, former head of the Goldman Sachs investment house, provided us with a perfect demonstration of Wall Street socialism. Everything about Fannie Mae and Freddie Mac has been nationalized—except the profits and the pay scales of their executives. more »

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Isaiah J. Poole's picture

CAF STAFF

Top McCain Aide Implies Gramm Partly To Blame for the Economy

By David Corn
From motherjones.com
July 10th, 2008
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Submitted by Isaiah J. Poole

motherjones.com — Phil Gramm is in the headlines today—being slammed by Democrats and disavowed by the McCain campaign—for complaining to The Washington Times that "we have sort of become a nation of whiners." But as this tempest was under way, another Gramm story went little noticed: a top McCain aide—Carly Fiorina—indirectly implicated Gramm in the current economic mess.

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Instead of Jail, Corps Go to Their Checkbooks to “Pay” for Crimes

By Kia Franklin
April 15th, 2008

An AgriBiz consultant walks into a government official’s home office, hands him an envelope full of hundreds, exchanges short pleasantries, shakes hands, and walks back out. Leaving the government official’s doorstep, the Agribiz guy whisks his hands across the front of his crisp Armani suit jacket, as if to clean the dust off of himself. more »

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CAF STAFF

Voters Want A New Balance of Power in Washington, D.C.

Submitted by Alex Carter
March 12th, 2008

Voters want a new balance of power. To achieve significant change, voters see a need to rearrange the balance of power in Washington. Business interests, in particular, need to be challenged. Not only does business have too much money and power, described previously, it is not using its power wisely. more »

Source
Pew Research Center, “Trends in Political Values and Core Attitudes: 1987-2007,” adults, December 12, 2006 - January 9, 2007. http://people-press.org/reports/pdf/312.pdf. Pew Research Center, “Economic Discontent Deepens as Inflation Concerns Rise Adults,” January 30 to February 2, 2008. http://people-press.org/reports/display.php3?ReportID=395
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