At what point do we ask ourselves whether our economic system has lost its integrity? Day in and day out one reads reports that regulators or the Justice Department have settled with major banks and other well known corporations for the payment of massive criminal and civil penalties. Today GlaxoSmithKline PLC agreed to pay civil…
One of of the many factors that bedevils any effort to reform regulation in the United States is an unwaivering belief that private is always better than public. This is a creed and it is certainly superior to many of the alternatives. The problem is that many Americans hold this belief with a fanatical blindness,…
Now that the frenzy of attention over fraud charges leveled by the Securities and Exchange Commission against Goldman Sachs has quieted somewhat, it’s worth noting another arena where the agency is flexing its regulatory muscle. In a case that this week survived a motion to dismiss in a federal court in Arizona, the SEC is…
Der Spiegel has a highly critical article on the US activities of Deutsche Bank, calling the financial behemoth “America’s Foreclosure King.” Vince Veneziani predicts that Deutsche is about to become America’s new Public Enemy #1. I am ordinarily leery of the mob mentality that accompanies corporate demonization, but Deutsche and its haughty CEO, Josef Ackermann,…
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