tpmmuckraker.talkingpointsmemo.com — Remember the former Lehman investment banker who, after taking over the federal agency that guarantees our pension systems under President Bush, had the genius idea to ignore a host of warnings and switch the agency's investment portfolio from conservative bonds to risky stocks—just as last year's financial storm was gathering? Turns out Charles Millard and two Wall Street firms had a mutual courtship on the taxpayer's dime.
alternet.org — What if the bailout actually works? What if the financial sector is saved and the economy returns to the course it was on before the crisis struck? What would that world look like? The answer is that it would look like Sarah Palin. Is that what we want?
The roots of the mortgage crisis, and its devastating effects on communities, are explored by Andrew Cockburn, who co-produced with his wife, Leslie, the documentary "American Casino." The documentary details the fraudulent and unethical practices committed by the nation's top financial institutions that have led to record numbers of foreclosures, especially in people of color communities. more »
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The Federal Reserve is already one of the most powerful and secretive institutions in Washington, long considered beyond the reach of lawmakers. more »
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Bernard Madoff has been sentenced to 150 years in prison for one of the biggest investment frauds in Wall Street history. But there is no closure here. We can’t let Madoff’s sentence distract us from the underlying problems. This isn’t just about Madoff. This is about the system in which Madoff’s scam took place.
Facing congressional criticism for secreting the names of the banks that have benefited from the trillions in Fed guarantees, swaps, loans, and what have you, the Federal Reserve has decided to hire a public relations pro to scrub its image and soothe the legislators. more »
washingtonmonthly.com — Texas Rep. Pete Sessions, the chairman of the National Republican Congressional Committee—perhaps best known for arguing that his party should emulate the insurgency tactics of the Taliban—continues to show the temperament and wisdom of an unhinged child. His latest pronouncement: the president of the United States deliberately wants to undermine the country and destroy capitalism.
ft.com — Joseph Schumpeter famously argued that the essence of capitalism was creative destruction, by which new economic structures are born from the rubble of older ones. The government stress tests on the 19 largest U.S. banks could have facilitated this process. The opportunity looks likely to be missed.
The decision by the House of Representatives on Wednesday to follow the Senate and vote for an independent commission to investigate the causes of the financial crisis is a significant win for the cause of accountability and reform on Wall Street. more »
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