by Leo Gerard | Sep 10, 2010 | Blog
Long-suffering victim is hardly the American image. Paul Revere, Mother Jones, John Glenn, Martin Luther King Jr. -- those are American icons. Bold, wry, justice-seeking. So how is it that America finds herself in the position of schoolyard patsy, woe-is-me casualty...
by Zach Carter | Sep 9, 2010 | Blog
Former Citibank Chairman Robert Rubin knew about mounting subprime mortgage losses at his company, but still allowed executives to mislead to Citibank's shareholders about those losses, according to the SEC. But that same agency wants to let Rubin off the hook for an...
by Robert Borosage | Sep 9, 2010 | Blog, Economy
The Chamber of Commerce is rolling out its “jobs and economy” political initiative today. As Politico reports, the blitz is “designed to drive voters toward '5 Questions to Ask Your Candidates,' to be distributed by mail and online to millions of voters.” Here are the...
by Zach Carter | Sep 9, 2010 | Blog
3:45 Clearly the best FCIC hearing to date. Tough questions all around. Everybody comes out of it looking bad, bankers and regulators alike, as they should. *********************** 3:30 This hearing is full of surprises. Peter Wallison just presented a very productive...
by Zach Carter | Sep 9, 2010 | Blog, Financial Reform
1:20 All done. Lesson: Break Up The Banks. ****************** 1:00 Most of the discussion surrounding too-big-to-fail at this hearing has dealt with a relatively short period in time: the decision to bailout a firm, and what happened right after that decision. This is...
by Zach Carter | Sep 9, 2010 | Blog, Financial Reform
Last week, Federal Chairman Ben Bernanke finally acknowledged that his preferred "solution" for ending Too-Big-To-Fail is likely unworkable. When the financial crisis exploded in 2008, top Fed and Treasury officials insisted that they did not have the legal authority...
