Working Life

The inexorable march to another big financial crisis takes another baby step every day. The banks, hey, they just keep spreading their muscle and graft everywhere to make sure that nothing changes. To wit.

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    In my search to find something positive among the rubbish cascading across our eyes, let us behold a small ray of positive action. Citibank’s CEO Vikram S. Pandit tried to stuff his pockets full of millions of dollars more in bank money. The shareholders were not buying it–and turned thumbs down on his proposed […]

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   Pardon me while I yawn. The measly fine that Citigroup is paying to settle civil complaints charging that the bank defrauded investors is really something else: it’s a stay-out-of-jail, keep-your-reputation card for Robert Rubin and a lot of other senior Citi officials, past and present. Instead, this deal–as was true with the miniscule fines […]

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   Look, it isn’t surprising. The entire financial community wants nothing to do with stronger oversight–even though stronger oversight would help prevent another meltdown, though, if you are a CEO of a bank or a big financial institution, the lesson you’ve learned from the last go-around is that you won’t suffer personally…    So, they’ll […]

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   Chris Dodd is heading into retirement. On the way out, he tried to weaken a key part of the financial reform package but ruffled a few feathers: His amendment would have delayed for two years any ban on derivatives trading and given the Treasury Secretary the ability to quash the proposal outright. Liberal Democrats […]

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