Big corporations still get away with it. A stunning new analysis by the Transactional Records Access Clearinghouse (TRAC) at Syracuse University shows how the IRS targets smaller corporations, while larger corporations that would yield more unpaid tax dollars go unaudited. It’s worth reading the whole thing, but I share some highlights: 1. Among corporations with [...]
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I’ve blogged about my novel, 2044, here and here. 2044 is a future tale that starts where George Orwell’s 1984 left off. The problem in 2044 isn’t Big Brother and the leviathan government. The problem is Big Brother, Inc., and the all-powerful marketplace. This post broadens the horizons. FireDogLake will feature 2044 on its book [...]
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Remember a while ago I wrote about my new novel, 2044? 2044 starts where George Orwell’s 1984 left off. The problem isn’t Big Brother and the leviathan government. The problem is Big Brother Inc., and the all-powerful marketplace. The 2044 story is about water. Giant businesses control the water supply. An entrepreneur who figures out [...]
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With workers all over the globe trudging through a catastrophic recession, it’s almost a given that governments will be battling the economic slide for a long time. Part of the effort to rebuild must involve new rules and regulations, but meaningful systems for economic accountability will be just as essential. If we do not hold [...]
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President Obama’s signing of a financial fraud crackdown bill this week has been largely overshadowed by the erroneous and irresponsible rantings of Vice President Dick Cheney and his right-wing fear-monger allies, and that’s unfortunate for two important reasons. One, it’s a significant victory progressives should celebrate. In addition to giving the federal government new tools [...]
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Momentum toward a Pecora Commission-style inquest into the roots of the financial crisis got a boost from the Senate on Wednesday when it approved an amendment to a financial fraud bill that would authorize a select investigative committee. If the bill passes with the amendment, which was approved by voice vote Wednesday night, the panel [...]
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Whew. Run your bank into the ground? Hey, it was our fault for not keeping a better eye on you. Here’s some cash. Since you’re rich guys, we trust you to do the right thing going forward, so we’re not going to bother you with a bunch of rules and oversight—but you promise to be [...]
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Democratic Senator Chris Dodd is in deep trouble. According to Stuart Rothenberg, Dodd is the most vulnerable senator up for re-election in 2010 — despite the fact that he’s coasted to election easily in this deep blue state since his first Senate run in 1980.
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In the deluge of financial news, one story that is emblematic of the colossal failure of the conservative approach to government has gotten too little attention: The Washington Post’s in-depth look Sunday at the Office of Thrift Supervision. Like so many federal financial regulatory agencies under President Bush, it was viewed not as a guardian [...]
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Focused on the election? Might be a good idea to watch your pockets at the same time. Here’s a glance at what’s happening to the Wall Street bailout. Hank Paulson is, no doubt, the most impressive of the Bush administration cabinet members (admittedly not a high bar). He made hundreds of millions on Wall Street, [...]
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