Ben Bernanke participates in a discussion at the Ford School in 2003 (via Ford School on Flickr)
06 Oct 2015

Former Fed Chair Bernanke Says Bankers Should Have Been Jailed For ’08 Crash

Former Federal Reserve Chairman Ben Bernanke, who engaged in his own questionable conduct while head of the Fed, has now said that individuals should have gone to jail for engaging in the financial crimes that led to the 2008 financial crisis. Bernanke’s statement came last week during a book promotion

Elizabeth Warren (jacquelinesarah on Flickr)
02 Oct 2015

Brookings Firing Exposes Rift Between Elizabeth Warren And Hillary Clinton Supporters

Robert Litan’s resignation from the Brookings Institution exposed some fault lines within the Democratic Party.

The U.S. Labor Department's headquarters in Washington, D.C., photographed on May 4, 2005. (Wikimedia Commons / Ed Brown)
29 Sep 2015

[UPDATE] Brookings Institution Under Fire For Wall Street Shilling

Sen. Elizabeth Warren says Brookings Institution, the well-known think tank, helped Wall Street block a rule revealing potential conflicts of interest in retirement investment advice.

BNY Mellon building (via Mentatmark on Flickr)
24 Sep 2015

No Disclosure Of Foreign Participants In Corruption Probe Of BNY Mellon

Last August, the SEC reached an agreement with BNY Mellon wherein the bank paid $14.8 million to settle charges that the company violated the Foreign Corrupt Practices Act (FCPA) by hiring unqualified interns in exchange for continued access to an unnamed “Middle Eastern Sovereign Wealth Fund.” Not only was the sovereign wealth fund involved in the corruption not named, neither where the two officials who asked for jobs for their relatives.

The exterior of the Securities and Exchange Commission headquarters in Washington, D.C., photographed on February 2, 2012. (Flickr / Securities and Exchange Commission)
21 Sep 2015

SEC Commissioner’s Husband Caught Marketing Influence

The law firm that employs John W. White, husband of Mary Jo White, Chairperson of the Securities and Exchange Commission (SEC), has changed its marketing material after being scrutinized for the way the firm advertised its connections to regulators. The firm, Cravath, Swaine & Moore, was trumpeting John White’s work for an advisory group to the influential Public Company Accounting Oversight Board (PCAOB) just as Mary Jo White, in her capacity as SEC chair, is considering candidates to lead the PCAOB.

File: An empty classroom in a California school. (Flickr / Kari Bluff)
17 Sep 2015

California Teachers’ Pensions May Embrace Hedge Funds

The hedge fund industry continues to expand its influence throughout the US economy and financial system despite having a lackluster performance record. The latest catch is a true whale, the California State Teachers’ Retirement System, a pension fund worth approximately $119 billion that serves roughly 880,000 active and retired school employees.

The exterior of the United States Treasury Department, photographed at night on August 1, 2010. (Wikimedia Commons / Florian Hirzinger)
15 Sep 2015

Appealing Treasury Department’s FOIA Response On Hank Paulson AIG Records

The following letter was mailed today to the Treasury Department’s Freedom of Information Act (FOIA) division. It is a response to a two year old FOIA request that asked for records concerning former Treasury Secretary Henry Paulson’s communications during a period that included the AIG bailout. The Treasury Department claimed, amazingly, that no official records could be found and gave me 35 days to appeal the no records response.

Overpass Light Brigade activists hold lit signs reading "MONEY CORRUPTS" on  July 9, 2014. (Flickr / Light Brigading)
11 Sep 2015

Doing Time Without The Rule Of Law, And Other Shadowproof Reader Feedback

Shadowproof Mailbag: Citizens United means we’re all “doing time” and only the 1% benefit from the law. Why we must bring Wall Street to justice. What the comic book fantasies of the intelligence community reveal about mass surveillance.

A close-up of the head of "Charging Bull," the famous Wall Street-area sculpture. (Wikimedia Commons / Ingfbruno)
10 Sep 2015

DOJ Claims Corporate Executives Will No Longer Be Above Law

After years of being mocked and ridiculed for failing to prosecute even one of the major Wall Street criminals that brought the global economy to its knees in 2008, the Justice Department now claims it will finally start enforcing the law on cases that involve criminal wrongdoing by corporate executives.

Bill Clinton signs the "Personal Responsibility and Work Opportunity Act" in 1996. (Wikimedia Commons / Social Security Administration)
04 Sep 2015

1996 Welfare Reform Law Caused Increase In Extreme Poverty

The 1996 welfare reform law championed by the Clinton Administration known as the Personal Responsibility and Work Opportunity Reconciliation Act was supposed to bring in a new era and “end welfare as we know it.” In some sense it did, as the consequence of the law has been a considerable increase in extreme poverty in America.