Working Life

   A lot of the voices on our side repeat the absolute truth: the Republican Party is simply not telling the truth about the seeds of the economic disaster we are dealing with and that it is in fact the government–our government–that prevented things from getting a lot worse AND we would be in much […]

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As the dust has settled a bit from last week’s slap-on-the-wrist to Goldman Sachs, it’s worth making this point again: nothing much has changed.   After the first few hours of the news that Goldman would pay $550 million to make the SEC go away, it became pretty clear that the government had nicked Goldman […]

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  If I was Lloyd Blankfein and you told me that I could pockets hundreds of millions of dollars in compensation, play a key role in a scam that cost millions of people their jobs, sent the economy into one of the worst economic tailspins in a half century, escape any personal jail time for […]

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    Even investors are now starting to distance themselves from Goldman Sachs: After reports on Thursday evening that federal prosecutors had opened an investigation into trading at Goldman, raising the possibility of criminal charges against the Wall Street giant, the firm’s stock was downgraded on Friday by two analysts. Standard & Poor’s lowered its rating […]

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   And the next shoe to drop: Federal prosecutors are conducting a criminal investigation into whether Goldman Sachs Group Inc. or its employees committed securities fraud in connection with its mortgage trading, people familiar with the probe say. The investigation from the Manhattan U.S. Attorney’s Office, which is at a preliminary stage, stemmed from a […]

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   The Senate hearings made clear: Goldman Sachs—and other Wall Street firms—profited by gambling with the American peoples’ livelihoods. It was a classic “heads I win, tails you lose” scam. As Sen. Carl Levin memorably stated: “You knew it was a shitty deal, and that’s what your emails showed.”     But, what Levin and other […]

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   Over the weekend we learned this: In late 2007 as the mortgage crisis gained momentum and many banks were suffering losses, Goldman Sachs executives traded e-mail messages saying that they were making "some serious money" betting against the housing markets.   The e-mails, released Saturday morning by the Senate Permanent Subcommittee on Investigations, appear […]

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    I applaud the president for trying to impose some new and renewed standards to try to make sure that what happened on Wall Street doesn’t happen again. But, we are about to miss an opportunity–perhaps a missed opportunity that will haunt us for years to come–to change the debate about our economy and the […]

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   A month ago, I called for the indictment of Lehman Brothers executives–as well as an investigation of the role played by then-NY Federal Reserve head Tim Geithner–for the "materially misleading" actions (that is accounting-speak for scams) that those execs undertook to cover up their financial misdeeds that sent Lehman over the edge–and helped drag […]

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I have been dismayed at the willingness to let the Wall Street executives off the hook–allowing them to walk free, continue to collect bonuses and salaries and even give them jobs in government after they conducted what was perhaps the biggest fraud in financial history. We cannot let them escape justice. And, based on the […]

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