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yan Henowitz says he was 20 years old and a medic with the 2nd Battalion of the 7th Infantry Regiment when he saw his friends “torn apart and Iraqi children screaming for their parents as indiscriminate shrapnel scarred them and us in ways that we will never know,” he told Karl Rove Tuesday at the University of Connecticut in Storrs. “Take responsibility and apologize for your decision in sending a generation to lose their humanity” and “apologize to the millions of fathers and mothers who lost their children on both sides” of the war, Henowitz demanded. WATCH: Karl Rove Calls Sen. Elizabeth Warren 'Pocahontas' Karl Rove calls Sen. Elizabeth Warren “Pocahontas” during an event on UConn's Storrs campus Tuesday evening. Karl Rove calls Sen. Elizabeth Warren “Pocahontas” during an event on UConn's Storrs campus Tuesday evening. See more videos Rove, former deputy chief of staff and senior adviser to President George W. Bush, who was in Storrs at the invitation of UConn College Republicans, thanked Henowitz for his service and said he was sorry for “what you went through,” but said he would not apologize for the war.

“It was right to remove Saddam Hussein from power. ... We should be proud of what we were able to do in Iraq and we should be sorry that we left them alone, because when we left them, things deteriorated,” Rove said.

It was an artful if devastating performance. In just seven minutes, Senator Elizabeth Warren from Massachusetts signaled the arrival of what appears destined to be a powerful force on Capitol Hill. At the influential Banking Committee, Senator Warren exposed profound weaknesses with current market conduct and prudential regulation paradigms. She did so by focusing on two apparently simple but interlinked (and exceptionally complex) questions associated with the governance of major financial firms: can or should too complex institutions be broken up? First, she asked, when was the last time a major Wall Street bank was successfully litigated against to a conclusion?

Second, Senator Warren wondered, why was it that these same banks were trading below asset value?

Criticism of US government leniency on Wall Street legal transgressions is now being covered widely - even by trade publications such as the National Mortgage Professional Magazine. On January 18, the trade publication ran an article about Sen. Elizabeth Warren (D-Massachusetts) condemning the most recent US government settlement with a "too-big-to-fail" financial firm, in this case Goldman Sachs, for illegal abuse of the mortgage market: Sen. Warren used her Facebook page to denounce the agreement, noting that the settlement sum was “barely a fraction of the billions investors lost” while arguing that Goldman Sachs was not properly penalized for its actions. “That’s not justice – it’s a white flag of surrender,” she wrote. “It’s time to end this farce. These companies think they’re above the law – and too many government officials go along with them. A first step would be to pass the bipartisan Truth in Settlements Act to shine more light on these backroom deals. A second step would be to get government officials who have the backbone to fight back.” Warren’s comments were echoed by the nonprofit U.S. Public Interest Research Group (U.S. PIRG).

The publication, which is geared toward professionals in the mortgage industry, also tellingly noted, "In announcing the [$5.1 billion] settlement, Goldman Sachs made no admission of guilt or error, and no executive from the New York-based financial giant will face criminal or civil charges."  As we have noted in this space many times, the seemingly large financial penalties levied on Wall Street firms for illegal activity are not so large, in the context of those firms' budgets: The fines are generally less than the revenue that the firms generated by engaging in the often fraudulent practices in the first place. As The Huffington Post noted in a report on the recent settlement,  About $2.4 billion of the settlement is in the form of a government penalty. The bank has said that it securitized about $125 billion of home loans between 2005 and 2008, of which about $23 billion eventually soured. The penalty represents about 10 percent of investors’ losses. Goldman can deduct the rest of the settlement, about $2.7 billion, from its future tax bills, according to a person familiar with the accord. The bank said the settlement will reduce its fourth-quarter profit by about $1.5 billion. It reports earnings next week.

Goldman Sachs is being let off the hook for 90 percent of the investor losses for which it was primarily responsible. Furthermore, as is consistent with past settlements with Wall Street firms by the Department of Justice and other executive agencies, much of the fine is tax-deductible. As BuzzFlash has noted before, this rewards Wall Street financial companies by allowing them to factor in settlements with the government for illegal behavior as nothing more than the cost of doing business. Former Attorney General Eric Holder, who left office last year to resume a six-figure-salary partnership at the DC corporate law firm of Covington & Burling (which defends many of the firms that Holder was responsible for prosecuting as attorney general), infamously stated to a US Senate committee in March of 2013: I am concerned that the size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if we do prosecute - if we do bring a criminal charge - it will have a negative impact on the national economy, perhaps even the world economy.  Apparently, under current Attorney General Loretta Lynch, that legal exemption for too-big-to-fail financial firms and their executives has not changed.

November 21, 2014

Sen. Elizabeth Warren is progressives' runaway favorite for president in 2016, with Sen. Bernie Sanders in second place, a new poll shows.Sanders, I-Vt., who says he's considering a presidential run, edged out former Secretary of State Hillary Rodham Clinton, 24 percent to 23 percent, according to Democracy for America's first 2016 Presidential Pulse poll of its members.More than 42 percent of respondents wanted Warren to run for president, although she has said she's not running. Warren's strong showing wasn't a surprise, but Sanders' placement ahead of Clinton shows "the race for the Democratic nomination is far from locked" among progressives, according to the group, founded by former Vermont Gov. Howard Dean."If they decide to get in the race, our poll clearly shows that any number of candidates could win Democracy for America members' support, especially if they focus their campaign on combatting income inequality, the driving issue of the 2016 campaign," Charles Chamberlain, DFA's executive director said in a statement.

From Nov. 6-to18, the group's members cast 164,733 votes for potential candidates, with members able to rank their votes for up to three potential candidates. The group released a portion of the poll on Thursday.Behind Clinton came former Secretary of Labor Robert Reich at 3 percent and Vice President Joe Biden at 2 percent.

Bank of America has agreed to a legal settlement with the Department of Justice (DOJ) to avoid prosecution for the hundreds of billions of dollars in bad mortgage loans that it and its subsidiaries sold to unwitting investors in the run-up to the financial crisis, according to multiple new reports. The total on-paper cost of the deal is reportedly at least $16 billion and perhaps as high as $17 billion, which makes it the largest corporate legal settlement with the government in U.S. history. But that record price tag is deceptive. The deal is unlikely to cost Bank of America anywhere close to that amount.

the government’s decision to pursue civil settlements rather than criminal cases against banks that inflated the toxic mortgage bubble means that shareholders pay the price while executives who oversaw the misconduct earn large bonuses.

“If you let a thief buy his way out of jail, you should really make sure the check doesn’t bounce,” HDL national campaign director Kevin Whelan said in an email. “Even a record $17 billion settlement is a small fraction of the damage done by B of A and Countrywide. But it could do real good for a lot of families,” Whelan said. “The fact that the JP Morgan Chase settlement has not delivered any noticeable relief to families makes us skeptical.”

US Trade Representative Michael Froman is drawing fire from Congressional Democrats for the Obama adminstration’s continued imposition of secrecy surrounding the Trans-Pacific Parternship. (Photo: AP file) Democratic lawmaker says tightly-controlled briefings on Trans-Pacific Partnership deal are aimed at keeping US constituents ignorant about what’s at stake Lawmakers in Congress who remain wary of the Trans-Pacific Partnership (TPP) trade agreement are raising further objections this week to the degree of secrecy surrounding briefings on the deal, with some arguing that the main reason at least one meeting has been registered “classified” is to help keep the American public ignorant about giveaways to corporate interests and its long-term implications.

As The Hill reports: Members will be allowed to attend the briefing on the proposed trade pact with 12 Latin American and Asian countries with one staff member who possesses an “active Secret-level or high clearance” compliant with House security rules. Rep. Rosa DeLauro (D-Conn.) told The Hill that the administration is being “needlessly secretive.” “Even now, when they are finally beginning to share details of the proposed deal with members of Congress, they are denying us the ability to consult with our staff or discuss details of the agreement with experts,” DeLauro told The Hill. Rep. Lloyd Doggett (D-Texas) condemned the classified briefing. “Making it classified further ensures that, even if we accidentally learn something, we cannot share it. What is [Froman]working so hard to hide? What is the specific legal basis for all this senseless secrecy?” Doggett said to The Hill. “Open trade should begin with open access,” Doggett said. “Members expected to vote on trade deals should be able to read the unredacted negotiating text.”

“I’m not happy about it,” Rep. Alan Grayson (D-Fla.) told the Huffington Post, referring to the briefing with Froman and Labor Secretary Thomas Perez on Wednesday. The meeting—focused on the section of the TPP that deals with the controversial ‘Investor-State Dispute Settlement’ (ISDS) mechanism—has been labeled “classified,” so that lawmakers and any of their staff who attend will be barred, under threat of punishment, of revealing what they learn with constituents or outside experts. According to the Huffington Post: ISDS has been part of U.S. free trade agreements since NAFTA was signed into law in 1993, and has become a particularly popular tool for multinational firms over the past few years. But while the topic remains controversial, particularly with Democrats, many critics of the administration emphasize that applying national security-style restrictions on such information is an abuse of the classified information system. An additional meeting earlier on Wednesday on currency manipulation with Froman and Treasury Secretary Jack Lew is not classified.

Fifty years ago, exactly one month after John Kennedy was killed, the Washington Post published an op-ed titled “Limit CIA Role to Intelligence.” The first sentence of that op-ed on Dec. 22, 1963, read, “I think it has become necessary to take another look at the purpose and operations of our Central Intelligence Agency.” It sounded like the intro to a bleat from some liberal professor or journalist. Not so. The writer was former President Harry S. Truman, who spearheaded the establishment of the CIA 66 years ago, right after World War II, to better coordinate U.S. intelligence gathering. But the spy agency had lurched off in what Truman thought were troubling directions.

Is this why the President feels he cannot fire his clumsily devious Director of National Intelligence James Clapper, who had to apologize to Congress for giving “clearly erroneous” testimony in March? Is this why he allows National Security Agency Director Keith Alexander and counterparts in the FBI to continue to mislead the American people, even though the intermittent snow showers from Snowden show our senior national security officials to have lied — and to have been out of control? This may be small solace to President Obama, but there is no sign that the NSA documents that Snowden’s has released include the Senate Intelligence Committee’s 6,300-page report on CIA torture. Rather, that report, at least, seems sure to be under Obama’s and Senate Intelligence Committee chair Dianne Feinstein’s tight control.

But Kennedy stuck to his guns, so to speak. He fired Dulles and his co-conspirators a few months after the abortive invasion, and told a friend that he wanted to “splinter the CIA into a thousand pieces and scatter it into the winds.” The outrage was very obviously mutual.

According to a new poll, Bernie Sanders is the most popular politician in America. The Harvard-Harris survey, published first in The Hill, found almost 60 percent of Americans view the Vermont senator favorably. Among certain demographics, the progressive politician's ratings are even higher: 80 percent of Democratic voters, 73 percent of registered black voters, and 68 percent of registered Hispanic voters view Sanders favorably. Massachusetts Sen. Elizabeth Warren also scored positively, with 38 percent approving of the liberal icon and only 32 percent disapproving. This isn't a marked change from prior polling. In late 2016, Sanders was also viewed as the lawmaker with the highest favorability ratings, earning  approval from more than 50 percent of the electorate.  The least popular political figure in America? Look to the White House, but not the Oval Office—though Donald Trump is 7 points underwater, 44/51. His beleaguered chief strategist, Steve Bannon, came in dead last in the survey. Only 16 percent give the former Breitbart publisher a thumbs-up, while a full 45 percent offer the opposite. "In losing to Hillary [Clinton], Bernie Sanders has floated above today's partisan politics while Bannon has, rightly or wrongly, taken the blame for the administration’s failures,” poll co-director Mark Penn from Harvard-Harris told The Hill. "Sanders is an asset to the Democrats while Bannon is a liability to the administration." Read the full findings of the poll here.