Working Life

   I get ginned up as much as the next person when I read about any government action against the financial institutions that robbed millions of people of their jobs and retirement–and their dignity and respect. But, in some way, this is a game.    Unless the heads of these institutions go to jail, nothing […]

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   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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   Over the last couple of days, I’ve written about the blatant ethical violations of Kathryn S. Wylde, a member of the Federal Reserve Bank of New York. One thing struck me in particular about the Fed’s rules for its Class C directors: Class C directors are prohibited from owning bank stocks, for example,…    […]

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   Apparently, if you shill for the banks AND violate ethical standards set forth by the institution on whose board you sit, no one really cares. Not the editorial boards of newspapers. Not the transcribers of press releases (formerly known as "journalists"). Not elected officials. And not advocates for the public interest.    Nope. The […]

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   I doubt few people think the Federal Reserve is anything but a mouthpiece for the big financial institutions. And most people would be right–after all, the Fed’s Board of Governors and the branches are effectively run by creatures of the banks.     But, the least we can do is make sure that we […]

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   This is the world we live in. When a politician, who represents the people, decides to stand up to powerful interests who have robbed the people, his political peers try to foil him. On the other hand, if you kiss the ass of powerful interests, you get campaign contributions. And we wonder why the […]

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   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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   So, Elizabeth Warren gets unceremoniously dumped from a chance to lead the Consumer Financial Protection Bureau–because her boss blinked and wasn’t up for a fight with Republicans, who will probably hold up Richard Cordray’s nomination as well. Republicans may rue the day only in this sense: Consumer advocate and progressive hero Elizabeth Warren is […]

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    Excuse me while I yawn and shrug at the same time. Here we go again–a sign that nothing truly has changed and we can just sit back and prepare for the next financial implosion. The SEC has agreed to let J.P. Morgan off with a slap on the wrist to the tune of $153 […]

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   The assault against even the most modest attempt to take the boot off the neck of the American consumer continues. Wall Street leaders like Jamie Dimon whine about regulation. And the banks are hoping to keep their hands in the pockets of consumers–and they have willing hands in the U.S. Senate. The Senate just […]

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