Working Life

This is unfortunate. A federal appeals court overturned Hudge Jed Rakoff’s attempt to derail a deal with Citibank, a deal Rakoff had ruled essentially wasn’t in the public’s interest. It’s a bit complicated.

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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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    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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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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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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   There have been a number of instances in the past few months that show that the financial industry has not learned its lesson and needs to be saved from its own short-sited behavior. Banks have pushed back against new rules on credit cards and mortgages. There is a coordinated effort to scuttle or badly […]

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