Monthly Archives: February 2014

HOW MONEY IS CORRUPTING OUR POLITICS

ABSTRACT: Huge contributions and expenditures from wealthy special interests were front and center in the 2012 campaigns because of the unlimited spending allowed by the Supreme Court’s Citizens United decision. The 32 biggest donors to Super PACs spent as much money as the total of all the donations by the 3.7 million Americans who made […]

STOPPING THE CORRUPTION OF MONEY IN POLITICS

ABSTRACT: There’s good news on multiple fronts in the effort to stop the corruption of big money in US political campaigns. In the US House, the Government by the People Act (HR 20) has been introduced. It would match small donations – up to $150 – from individuals 6 to 1 so that, for example, […]

REASONS FOR LACK OF PROSECUTIONS AFTER 2008 COLLAPSE

ABSTRACT: In Judge Rakoff’s article entitled “The Financial Crisis: Why have no high-level executives been prosecuted?” [1] he discusses the reasons given by officials of the Department of Justice (DOJ) for the failure to criminally prosecute either individuals or corporations. Finding the publicly presented explanations for the failure to prosecute unconvincing, Rakoff then proposes some […]

TOO LITTLE PUNISHMENT FOR MISBEHAVIOR IN THE FINANCIAL SECTOR

ABSTRACT: One person who has both spoken out and acted when he felt the punishment for misbehavior in the financial sector was too lenient or lacking is federal District Court Judge Jed Rakoff.* In 2011, he refused to approve a proposed settlement with Citigroup related to the 2008 financial crisis because he thought that it […]

WEAK PENALTIES FOR FINANCIAL CORPORATIONS’ MISBEHAVIOR

ABSTRACT: If you follow the financial news, you regularly hear about financial corporations paying penalties as they reach settlements with regulators for their misbehavior. Although the amounts of some of the recent penalties have been noteworthy, keep in mind that to these large corporations they barely put a dent in their annual profits. Furthermore, in […]