Tag Archive "misdeeds-matter"

Milnot Filled Milk

Anthony Lewis, Adulterated Milk and a Tainted Economy

April 1, 2013 - In the early days of his brilliant career as legal journalist and commentator, Anthony Lewis, who passed at age 85 on March 25, referred to a vision of the Supreme Court that served as his touchstone:

“[W]hen the channels of opinion and of peaceful persuasion are corrupted or clogged, these political correctives can no longer be relied on, and the democratic system is threatened at its most vital point. In that event, the Court, by intervening, restores the processes of democratic government; it does not disrupt them . . .”

cartoon, hunter thompson

“Fear and Loathing” of Wall Street, 2012

April 4, 2012 - To-date, the presidential primaries have studiously avoided reference to the unfolding catastrophe brought to the American public just four years ago by the financial services industry. The political issues contested thus far bring to mind Hunter Thompson’s reporting of the 1972 election campaign: “This may be the year when we finally come face to face with ourselves; finally just lay back and say it — that we are really just a nation of 220 million used car salesmen with all the money we need to buy guns . . .”
(See: “Fear and Loathing: On the Campaign Trail, 1972,” by Hunter S. Thompson)

The Empty Chair of Justice

Jury Out on President’s New Federal Financial Crimes Unit; Will Fed Prosecutors Find Enough Judges to Hear Cases?

January 30, 2012 - “Justice delayed is justice denied,” the old maxim attributed to William Penn, has new relevance today as federal court dockets grow longer, vacant judicial seats remain unfilled, and more aging jurists seek the semi-retirement of senior status, thereby creating still more vacant seats.

Judge Rakoff, photo courtesy of Cityfile

Are the Administration’s Regulators Acting in Judge Rakoff’s “Public Interest” or Wall Street’s?

Dec. 6, 2011 - In one of its filings prior to U.S. Judge Jed Rakoff’s celebrated November 28th refusal to rubber stamp an SEC-Citicorp deal allowing the bank – a “recidivist offender,” according to Rakoff -- to escape significant damages and an admission of wrongdoing for what could have been egregious, knowing fraud in Citi’s sale of bad mortgage-related assets to unwitting investors, the SEC incredibly asserted that “the public interest . . . is not part of [the] applicable standard of judicial review [of the proposed Citicorp settlement.]” To that, Manhattan federal Judge Rakoff simply responded: “This is erroneous.”

photos by Susan Szeliga

What Wall Street Protestors Should Ask For and the Third Battle of Manassas

October 11, 2011--Although the mainstream media has widely reported the photogenic and growing Wall Street protest movement, and many bloggers have cheered on the demonstrators, no one can explain what these idealists hope to achieve. Yes, they’ve drawn attention to pervasive greed among elites, growing income inequality and widespread unemployment, among other ills. And, the protestors chose Wall Street as the appropriate point of departure for an evolving national movement. So, it is fitting that their goals be directed toward Wall Street and its allies on both ends of Pennsylvania Avenue.

Misdeeds Do Matter and Class Actions Can Correct Managerial Wrongdoing and Benefit All Shareholders and Investors, New Study Finds

December 7, 2010 -- A recent study by objective and politically disinterested European academics found that securities fraud class action lawsuits, aimed at holding accountable managers and companies engaged in accounting fraud and illegal behavior such as insider trading,often lead corporate defendants to reorganize management and improve productivity.