Tag Archive | "Gretchen Morgenson"

Bailouts in Secret

Keep your eye on the ball, which is tough when it come to making sure another chunk of change doesn’t end up in the pockets of the big banks. But, it keeps happening.

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Love That Bank Humor

Really, I can’t tell whether people who work at the major banks moonlight as comedy writers for The Daily Show, or they are so immune to public shame or punishment that they just don’t give a damn.

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The CEO Pay Myth

Yeah, yeah, CEOs, you are all Gods and indispensable to the success of your company. You’ve made that argument year after year, no matter how your companies failed — and the transcribers of press releases (formerly known as “journalists”) and the people you buy to do your bidding (we call them “politicians”) have bought this malarkey for so long that it’s allowed you to rob the treasuries of your companies. Problem is, a lot of the reasons lathered with bullshit about why you get paid obscene amounts of money are just plain false.

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A Smoking Gun on Corruption of Ratings Agencies: The Bankers Friends’ Scam

Among the myths promoted by the traditional press–myths that hurt the entire country–is the “independence” of the ratings agencies. And that myth was one of the underpinnings of the financial crisis–the ratings agencies gave positive ratings to the crummy debt securities that were at the heart of what led to millions of people losing their […]

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The Rescue That Missed Main Street

   What has been extraordinary to watch over the past 30-40 years is the way in which, when economic crisis strikes, the political and economic leadership of the country leaps into the breach to lend a hand–not to the regular people who suffered the most but, rather, to the very institutions and economic elites who […]

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Bank of America Sweetheart Deal In Trouble? One Elected Official Has Some Spine

   Many of us have been troubled that bankers and financiers have gotten off and paid no price for the financial crisis that obliterated millions of jobs and trillions of dollars in wealth–and, indeed, the CEOs and Wall Street folks are reaping huge pay packages again. The slaps on the wrist for Goldman Sachs and […]

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Banks Push Cover-Up on Mortgage Foreclosure Scams

    This past week, I made the point that the conviction of Raj Rajaratnam was a tale of a relatively little fish getting nabbed, while the big fish who caused the biggest disaster and heartache for most Americans get away. Or cover-up what they have done. Bank of America, Citigroup, G.M.A.C., JPMorgan Chase and Wells […]

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The Mozilo Method: Rob, Get Caught, Cut Deal, Die Rich

We are missing part of the anger that I think cuts across the political spectrum–and it goes right to the question: why is Angelo Mozilo not going to jail for a very long time? Because the political system still is not willing to jettison our coddling of the vast array of people who committed deep […]

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Merit Is Irrelevant In The Corporate Boardroom

   Merit is one of the enduring standards we are all taught from the moment we start school. If you get good grades, you advance. If you perform well, you advance. What, then, are we supposed to think about the young children or college-age students who read about this, courtesy of The Times Gretchen Morgenson […]

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About Bad Behavior

   People behave badly. Well, duh. I tend to be a forgiving sort in most individual cases. But, it’s the people who behave badly who hurt lots of people who can’t be allowed to just quietly slip into the night. I’m reminded of that because of two things I read, one yesterday and the other […]

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This Is What Fear Smells Like

   Would you buy anything from this man, even an opinion?: “I know Americans are concerned about the adjustments that are taking place in our financial markets,” Mr. Bush said at a ceremony to welcome the president of Ghana. He added: “In the short run, adjustments in the financial markets can be painful — both […]

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On The Teetering Edge

    I don’t want to be negative all the time but, folks, I just don’t see a way out of the economic mess without some more serious pain being inflicted. And this pain might last a long, long time. Note that I say MORE serious pain because, unlike the talking heads and the economists who […]

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Is CEO Greed Waning? Just A Little–And Not Out of Choice

    One of the things that has clearly outraged Americans everywhere is the disgusting spectacle of CEOs legally looting their companies with pay and pensions that are absolutely outrageous. For a long time, a collective Marie Antoinette cry from the CEO suites spilled out that, while a few CEOs pocket massive amounts of money, workers […]

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Is CEO Greed Waning? Just A Little–And Not Out of Choice

    One of the things that has clearly outraged Americans everywhere is the disgusting spectacle of CEOs legally looting their companies with pay and pensions that are absolutely outrageous. For a long time, a collective Marie Antoinette cry from the CEO suites spilled out that, while a few CEOs pocket massive amounts of money, workers […]

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