Taxpayers Could Foot Bill For Fannie Mae Fraud Settlement →
We bailed them out, and now we might have to pay for their court settlement too.
“Franklin Delano Roosevelt established the SEC in 1934 and, to the surprise of many, appointed Joseph Kennedy—a reputed bootlegger and stock speculator—to be its first chairman. On that day, the revolving door began to spin. Asked why he would appoint someone many considered to be a crook to head the SEC as its first chairman, FDR is said to have replied: ‘It takes one to catch one.’ So began the debate about the revolving door.”
CNBC’s Scott Cohn said as he introduced a panel discussion in New York last week about the revolving door at the Securities and Exchange Commission and POGO’s new report on how it effects financial regulation.
Yet again, no one is going to jail for their role in the financial crisis →
The collapse of one mutual fund was central to the 2008 financial crisis, but the father-son team that led the mutual fund escaped punishment Monday when the Securities and Exchange Commission lost their case against them. Read the full story at The New York Times.
Lobbying by the banking industry may have helped bring about the financial crisis. (Source: Huffington Post and IMF).
