The $6.4 Trillion Question: Why Not?? I’m sure Eric Holder accomplished lots of other things during his six-year tenure as (now-outgoing) U.S. Attorney General. Unfortunately, holding Wall Street accountable for its egregious — and frequently criminal — conduct at the heart of The 2008 Financial Crash most certainly wasn’t one of them. The really hard...Read More
Financial “Sword of Damocles”: Outstanding Derivatives Dwarf World Economy What’s the best evidence, post-crash, that meaningful financial reform has yet to occur? It’s not that those who helped orchestrate the debacle — corporations and individuals — have escaped accountability. It’s not that the largest banks, whose size and interconnectedness raised the spectre of contagion — and therefore...Read More
Still Calling the Shots Goldman Sachs has inundated the Financial Crisis Inquiry Commission with data ” about five terabytes, equivalent to several billion printed pages ” and dragged its feet on answering detailed questions about derivatives securitization and other business activities, two panel members told reporter on a conference call. “We did not ask them...Read More
Nine Better Choices to Investigate Wall Street Do you know who’s on the “Financial Crisis Inquiry Commission” (“FCIC”), the 10 member Congressional committee that’s now investigating the (ongoing) financial crisis? Neither do I — and neither, I submit, do the vast majority of Americans. In fact, I’d be shocked if 5 in 100 knew that...Read More
