Florida Regulators Aided and Abetted Stanford

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

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

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

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?

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

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

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?

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?

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?

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