Tag: regulation

Wall Street banks welcome health care reform debate

Yes, the big banks on Wall Street support the endless national discussion across the United States over health care reform because the longer such legislation is debated and delayed, the less chance any banking regulation will get through Congress and that’s great as far as Wall Street bankers are concerned.

For Wall Street, the longer it takes to get legislation passed the better. As stock market values and the economy improve, anger at banks is likely to subside.

So while most everyone is distracted, Bloomberg News reports that Wall Street’s “stealth lobby” is working “to protect one of its richest fiefdoms” and keep derivatives from being regulated.

REAL Health Care Reform

I keep reading on all the blogs that the debate is about how to get everybody (including those who simply cannot afford it) to buy in to the health insurance scam. But that’s not health care and it’s not health care reform. It’s just a way for insurance companies to make a lot more money denying medical care to people who need it.

So if you’re like me and see clearly that none of this is going to “reform” our health care system or extend health care delivery or fix any of the serious problems we’ve got within the health care system itself, bear with me while I cite some of the details.

Yesterday was the 17th anniversary of my son’s death. It always hits hard, due to the considerable amount of trauma involved in having your son bleed to death while hovering in a Life Flight helicopter refused permission to land for a pre-approved transfer.

It was a situation of such gross medical malpractice involving blatant lies, clear violation of regulatory and criminal law that it took seven years, 6 regulatory and criminal complaints, more than $150,000 we didn’t have, and a whole lot of do-it-yourself investigation and lawyering to get a modicum of justice. 2 of 5 doctors are no longer allowed to practice medicine, an  ex-Medical Examiner has a criminal record for producing a completely fraudulent autopsy report (on an autopsy never performed), and laws governing emergency services and transfers were strengthened considerably. And when I say a “modicum” of justice I mean just that. It cost us money, we didn’t make any. Though several lawyers padded their pockets nicely. See, that’s how insurance scams work. It’s ALWAYS the lawyers who make money.

Rachel Maddow breaks down Wall Street Deregulation into these simple Frames …

Way back in March of 2009, Rachel explained the “Highway Robbery” which happened on Wall Street, using a few simple word-pictures. (ie. simple Frames).  These perhaps deserve a quick review …

Rachel Maddow – Cops and Robbers

Link to Rachel’s very humorous  Clip

Great Framing Rachel! … I love it, when Progressive Talkers, make learning FUN! The simpler the Word-Pictures, the better the Frame!

“Is our childrens learning?” as George W. used to ask.  

Could be, … Maybe we just needed to “Turn the Page” …

With Friends in the Treasury — Bankers don’t need NO Accountability

Elizabeth Warren was appointed chair of a newly created Congressional Oversight Panel (COP), which is charged with keeping tabs on the $700 billion bailout of the financial sector – including Troubled Assets Relief Program (TARP).

Warren however, has had some “Trouble” getting straight forward answers … as she explained to the Boston Globe:

What ever happened to the News?

Media Reform Information Center

In 1983, 50 corporations controlled the vast majority of all news media in the U.S.

in 2000, the number had fallen to six. Since then, there have been more mergers and the scope has expanded to include new media like the Internet market. More than 1 in 4 Internet users in the U.S. now log in with AOL Time-Warner, the world’s largest media corporation.

In 2004, Bagdikian’s revised and expanded book, The New Media Monopoly, shows that only 5 huge corporations — Time Warner, Disney, Murdoch’s News Corporation, Bertelsmann of Germany, and Viacom (formerly CBS) — now control most of the media industry in the U.S. General Electric’s NBC is a close sixth.

http://www.corporations.org/me…



http://www.corporations.org/me…

It can Pay to be on the Inside

Usually they get away with …

Usually they trade their knowledge, for money or power, and no one notices —

But not always:

Insider-Trading Ring Bust May Fuel Hedge-Fund Concern

By David Scheer – March 2, 2007

March 2, (Bloomberg) — The U.S. government’s accusations that Morgan Stanley, UBS AG and Bear Stearns Cos. employees were central figures in an insider-trading ring illustrate why regulators and lawmakers are suspicious of Wall Street’s relationship with hedge funds.

Prosecutors in New York and Washington yesterday brought criminal charges against 13 people, claiming that an executive at UBS and a former compliance lawyer at Morgan Stanley tipped off hedge-fund traders and brokers to new analyst ratings and secret takeover talks. Bear Stearns was home to at least four professionals who traded on information leaked from inside the two firms, according to a complaint filed by the Securities and Exchange Commission.

(emphasis added)

http://www.bloomberg.com/apps/…

White Collar Crime, is not any less heinous, because they commit it with a Keyboard, instead of a Handgun.  Yet more often than not, in the Wild West of electronic casinos, these criminals can make “a killing”, without having to pull that trigger themselves … without ever having to worry about ever facing their “day in court” …

Wherein a Dog Trainer Demolishes Deregulation

Humans are hardwired to punish, and punishment is very effective at stopping undesired behavior. Many people believe that you have to put punishment on dogs using coercion, fear or intimidation to train them. This is called Positive Punishment.

The only problem with positive punishment is that there are often unintended consequences that arise the the use of it, sometimes these unintended consequences create more problems than they solve.

Positive trainers believe that reward and repetition and removal of good things (negative punishment) is better at creating, modifying and maintaining behavior than fear and intimidation.

This is sometimes a hard sell to clients. Some people will simply never be able to process and internalize the concepts of positive training, and that’s OK. We just send them to someone who employs fear and intimidation to train dogs. No big deal.

Ironically, the people most likely to be unable to accept positive training are the very people who are likely to believe that positive reinforcement and voluntary regulation will work for controlling institutional, human behavior, and that punishing them for bad behavior is wrong.

I have no idea why this is the case, but my experience tells me it is.

Mortgage Fraud

If there is any doubt as to how this financial mess came to be, there is no shortage of stories of folks who saw and/or knew of significant fraud but were unable to do much about it.

Washington Times-PTSD-Treatments

While we’ll take Any In Depth Reports about what already should have been common knowledge on Post Traumatic Stress I do have just a couple of minor irritations with an otherwise Stellar Report on the Treatments for PTSD in the Washington Times edition today. let me get them out of the way.

The report, called VA grapples with veterans’ mental traumas, is a six page writeup of which one Audrey Hudson deserves alot of credit for reporting and apparently has done a few others this year as the previous link would show.

It starts out with the following:

Santa Bush’s last gifts to the nation …

Santa George WPE Bush has had, we all agree, too long a run at ‘gifting’ the nation with disaster after disaster, bad policy after bad policy.  

And, on the eve of the holidays (Christmas, Hannukah, Kwanza, New Year’s, Obama’s Inauguration),

Santa Bush is working to put coal into as many lumps into coal into our stockings, our rivers, our lungs, our lives as he can.

“I’m dreaming of a polluted Christmas …”

Quote for Discussion: Financial Regulation

Some will argue that limiting financial institution leverage will render these businesses less profitable and less competitive with non-U.S. companies.  HCM’s response is – “so what?”  Perhaps less profitable investment banks will result in more of America’s talented students becoming scientists, engineers, doctors and teachers instead of investment bankers and mortgage traders. What would be so terrible about that?

~Michael E. Lewitt, Managing Member and President of Hegemony Capital Management, writing in the subscription-only Welling@Weeden newsletter for the clients of Weeden & Co. LP.  This excerpt of the article, which is not reproduced with permission but contains no advice or information that could be considered proprietary, is a long list of suggested regulations which Lewitt believes are needed in today’s financial markets.

The events which are taking place in today’s financial markets are bewildering to the uninitiated, and are only slightly less scary to those who are familiar with the concepts and terminology inherent to this world.  But it strikes me as significant to see so many people within the world of finance calling for drastic reform and desperately trying to demonstrate that the problems which are blooming now are the spawn of seeds planted in previous years and decades.  And one thing that a few such as Lewitt are saying is that perhaps it simply is unwise for us to pursue the sort of gains which have fueled Wall Street for the last quarter-century.

Kiss of Death

Positive for lead:

L’Oreal Colour Riche “True Red”: 0.65 ppm

L’Oreal Colour Riche “Classic Wine”: 0.58 ppm

Cover Girl Incredifull Lipcolor “Maximum Red”: 0.56 ppm

Dior Addict “Positive Red”: 0.21 ppm

kiss of deathImages

Load more