Working Life

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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    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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   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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