Skip to main content

Home/ Unintended Consequences/ Group items tagged mess-ups

Rss Feed Group items tagged

Skeptical Debunker

Bankers winning financial reform battle - Answer Desk- msnbc.com - 0 views

  • Proponents of comprehensive regulatory reform hope for sweeping measures to protect consumers from predatory lending, rein in high-stakes Wall Street trading in arcane derivatives, boost capital requirements for banks that want to bet big with depositors' money and spread some regulatory sunshine on the dark pools of the “shadow banking system” that caught regulators flat-footed when the market spiraled into the abyss in the fall of 2008. “We cannot afford to let the status quo continue,” Sheila Bair, head of the Federal Deposit Insurance Corp., told a meeting of business economists in Washington. The final law is still in doubt. Sen. Christopher Dodd, D-Conn., has pressed for reform during a year of intensely partisan bickering. On Friday, Dodd — a lame duck who announced his retirement after disclosures that he accepted favorable terms from subprime lender Countrywide Financial — claimed that the Senate Banking Committee he chairs was “days away” from wrapping up a bill. Any resolution faces a major political hurdle that has drawn the most public attention: a proposal to create a new agency to protect consumers from predatory lending and other abusive financial practices. While the "systemic risks" to the financial system may represent a bigger threat in dollar terms, voters might be more focused on the consumer impact.Dodd said that’s not hard to understand.“The subject matter of derivatives and swaps and the issue of systemic risk and too-big-to- fail seem somewhat removed from the general public,” he told CNBC after the Senate compromise was reached. “Watching my credit card go to 32 percent rates and huge fees, watching prepayment penalties on mortgages, these are things that millions of people understand.”
  •  
    As Congress this week inches toward a new set of rules to avert another global financial collapse, it is focused on two conflicting goals: reforming the banking system to protect consumers while still giving lenders the freedom to take risks. So far the score looks like: Bankers 1, Consumers 0. More than a year after a wave of risky mortgage bets brought Wall Street to its knees, banks and other financial institutions are still playing by the same rules that got them into the mess.
Skeptical Debunker

Incredible Oh S*** Moments - 0 views

  •  
    Just look ...
Skeptical Debunker

Leaked documents: UK record industry wrote web-censorship amendment - Boing Boing - 0 views

  • Parliamentarians need to recognize that copyright touches everyone and every technology in the digital age. It is no longer a question of inter-business regulation and deals. Getting copyright wrong has the potential to mess up our freedom of speech, prevent us from getting the benefits of new technologies, and damage society in other very profound ways. It is therefore deeply inappropriate for such fundamental proposals to have been introduced by both the government or the opposition parties at the behest of one side of the debate. That applies just as much to disconnection, which Mandelson introduced in the summer at the last minute under pressure again from the BPI and other rights holders.
  •  
    Last week, the UK LibDem party was thrown into scandal when two of its Lords proposed an amendment to the Digital Economy Bill that would allow for national web-censorship, particularly aimed at "web-lockers" like Google Docs and YouSendIt. Now a leaked document from the British Phonographic Institute suggests that the amendment was basically written by the record industry lobby and entered into law on their behalf by representatives of the "party of liberty." This weekend, LibDem members who attend the national convention in Birmingham will have the chance to vote on an emergency measure affirming the party's commitment to an open and just Internet, repudiating this disastrous measure. If you (or someone you know) is attending the convention, please support the "Save the Net" emergency measure and help rehabilitate the party's reputation on fundamental freedoms in the information society.
  •  
    Proving once again that special interests can "buy" the "support" of politicians of any stripe! And they can do so regardless of the "best interests" of the "majority of the people", who those politicians are supposedly morally (by honor) and legally (by oath) bound to represent!
1 - 3 of 3
Showing 20 items per page