Opinions to the Highest Bidder

Reading Time: 2 minutes The American Conservative Union describes itself as “the nation’s oldest and largest grassroots conservative lobbying organization” devoted to, among other conservative ideals, “a market economy.” For the ACU, it seems, everything should be determined by market forces—including what policies it should support. Politico’s Mike Allen has caught the organization in an embarrassing pay-for-play scandal: The Read More

Did Goldman Sachs Manipulate Markets?

Reading Time: 2 minutes [Update below – Ed.] Over Independence Day weekend, Sergey Aleynikov, a former Goldman Sachs computer programmer, was arrested by the FBI for allegedly stealing the firm’s high-speed stock- and commodities-trading programming code and uploading it to an unidentified Web server in Germany. At Aleynikov’s July 4 bail hearing, Joseph Facciponti, an assistant U.S. Attorney, told Read More

Questions about Developing C.I.A. Story

Reading Time: 2 minutes An official story is forming about the secret program that the C.I.A. hid from Congress: the agency planned to organize assassination squads to target Al Qaeda terrorists around the world, according to a lead article in today’s New York Times. Although this account has gained widespread acceptance, there’s reason to be skeptical. As I noted Read More

The Mega-embassy That Wasn’t

Reading Time: 2 minutes Have you heard that Iran built a mega-embassy in Nicaragua? Word of this development has passed the lips of many a conservative anxious about Tehran’s intentions. As the Washington Post reports: It is not clear where the report of the embassy in Managua began. But in the past two years, it has made its way Read More

CIA Lies to Congress

Reading Time: 2 minutes [Update below—Ed.] During last spring’s controversy over whether congressional leaders were briefed by the CIA over its use of “enhanced interrogation techniques,” Russ called for an investigation into the congressional briefing process. It is now all the more clear that such an investigation is a must. Yesterday, CQPolitics reported that CIA Director Leon Panetta admitted Read More

Florida Regulators Aided and Abetted Stanford

Reading Time: 2 minutes The Miami Herald published a long investigative piece about how Sir Allen Stanford, whose Antigua-based banking empire has been shut down as a massive fraud, was able to open a Miami branch in 1998 free from regulatory oversight, with the approval of Florida banking regulators. Stanford got his regulatory-free branch—one of his most lucrative franchises—despite Read More

In Defense of Lobbyists

Reading Time: 2 minutes In the days after the November election, Obama’s advisers announced “the strictest, and most far reaching ethics rules of any transition team in history.” These rules included a ban on lobbyists joining the new administration. Why would political ethics demand such a prohibition? According to Obama’s transition team, the new policy sought to curb the Read More

More on Protecting Monopolies

Reading Time: 1 minute The New Haven Independent reports that Sen. Joe Lieberman (D – CT) is leading a coalition of “centrists” and “moderates” against a public option for healthcare—a government-run health plan that would compete with private insurers. As we recently discussed, the public option is supported by about three-quarters of the public, who, in the terms of Read More

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Corporate Tool

Reading Time: 2 minutes Here’s a useful tool for finding out what US-based transnational corporations are doing around the world. Go to a website called Croctail, where you can search domestic and foreign subsidiaries of publicly traded companies. (Hat tip to www.dirtdiggersdigest.org which brought it to my attention.) And while we’re at it, here’s DirtDiggers on Shell’s spin on Read More

UBS or Just Plain BS?

Reading Time: 2 minutes The Obama Justice Department has just floated a trial balloon to see if it can drop a legal effort to force the Swiss Bank UBS to disclose the names of 52,000 rich Americans suspected of using the bank to evade US taxes. Back in February, the Justice Department sued the bank in an effort to Read More

Hedge Funds Flex Lobbying Muscle

Reading Time: 1 minute The Wall Street Journal has a solid piece of reporting on the continued power of hedge funds to shape their own—and the nation’s—destiny. The lede says it all (subscription required): Many hedge funds were relieved last week when the Obama administration’s financial-overhaul plan included no big surprises or threats to the lucrative, secretive industry. It Read More

Protecting Monopoly Power

Reading Time: 2 minutes It’s rare that a public-policy proposal manages to please three-quarters of the public. A government-run healthcare option has managed to do just that, according to a recent poll by CBS News and the New York Times. Seventy-two percent of respondents, including fifty percent of Republicans, said they favored the creation of a public healthcare plan Read More

Goldman Sachs Record Bonuses: Where's the Investigation?

Reading Time: 2 minutes Goldman Sachs is on pace to make record bonus payouts after a robust first half, the Guardian newspaper reported on Sunday. Goldman staff in London were briefed on the outlook and told they could look forward to the bonus hikes if the company registers, as predicted, its most profitable year ever, the report said. The Read More

Who’s Got Obama’s Ear?

Reading Time: 2 minutes In the New York Times, Joe Nocera argues that Obama’s steps at regulating Wall Street are tepid compared to FDR’s and are likely to leave in place some of the very mechanisms that contributed to the crisis. Read this excerpt, if not the entire piece, then my closing comment: [T]he Obama plan is little more Read More

The End of American Hegemony?

Reading Time: 2 minutes At TruthDig, Chris Hedges, playing off an economist’s piece in the Financial Times, posits a dire future based on the collapse of the dollar, largely on account of the humongous military budget’s role in ballooning the deficit. The article, typically lively and controversial Hedges fare, is worth reading for its analysis, as are Hedges’s comments Read More

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IRE

Reading Time: 1 minute Russ has been busy the past couple of days at the Investigative Reporters and Editors (IRE) conference in Baltimore. Today he will lead a panel on book writing and freelancing aimed at investigative reporters in career transition, due to the current instability in the media environment. Russ and I are both card-carrying members of IRE, Read More

Russ on GRITtv

Reading Time: 1 minute Russ was recently on Laura Flanders’s GRITtv to discuss Sonia Sotomayor’s nomination, the Tiller murder, Obama’s Middle East speech, and the upcoming Reagan centennial. Here’s Russ on the public controversies surrounding Sotomayor: I think most of these [accusations against Sotomayor] are what I would call misdirection. It’s an attempt to focus the public’s eye away Read More

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A Word to the Worried: the Future of Journalism

Reading Time: 2 minutes Those of us in journalism pretty much know the extent to which our field is being decimated by the simultaneous unraveling of the economy and of the journalistic business model. Still, Barbara Ehrenreich’s commencement address at UC Berkeley’s Graduate School of Journalism is well worth reading. The dean gave me some very strict instructions about Read More

The Charity of Lobbyists

Reading Time: 2 minutes USA Today published a thorough investigation of the donations lobbyists pour into the favorite non-profits of Congressmen to gain influence and buy face time at charity events. Only since 2007, when congressional ethics rules were changed, has such beneficence had to be reported. The article shows that the reform didn’t come soon enough, since the Read More