June 14, 2011

The Dodd-Frank Corruption Machine

Timothy Carney, Washington Examiner

AP Photo

If your goal were to foster more political cronyism, reward lobbyists, entrench incumbents, enrich the politically connected, and get the revolving door spinning faster, you would have a hard time crafting a more useful piece of legislation than the Dodd-Frank financial regulation bill.

Not only did the bill's authors instantly start monetizing their legislative experience by cashing out to work for the big banks (see Amy Friend, former chief counsel for Sen. Dodd's Banking Committee); not only to Goldman Sachs declare itself "among the biggest beneficiaries" of the bill; not only did the bill give Democrats like Chuck Schumer and Barney Frank an excuse to start tapping into Wall Street wealth in exchange for favorable implementation -- it also set up a tawdry battle...

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Related Topics: economy


May 14, 2012
Lethargic Dragon: China No Model for U.S.
Reihan Salam, National Review

Americans have always looked abroad for inspiration. Alexander Hamilton drew on the experience of Britain and France to shape the economic institutions of the early republic. In the early 19th century, Henry Clay championed... more ››

May 14, 2012
The Boom on the Farm
Robert Samuelson, Washington Post

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May 14, 2012
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Paul Krugman, New York Times

One of the characters in the classic 1939 film “Stagecoach” is a banker named Gatewood who lectures his captive audience on the evils of big government, especially bank regulation — “As if we bankers... more ››

May 15, 2012
How Wall Street Killed Financial Reform
Matt Taibbi, Rolling Stone

Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he'd dealt a crushing blow to the extravagant financial corruption that had caused the global... more ››

May 15, 2012
Bigger & Bigger Banks Threaten Financial System
David Rohde, Atlantic

The reports are startlingly familiar. Late Thursday, JPMorgan CEO Jamie Dimon announced a surprise $2 billion trading loss and stocks swooned. Dimon insisted, though, that there was no need for a Volcker Rule that would ban big... more ››