The lead editorial in today's Buffalo News Opinion section unloads on the Pirates of the Hudson and the supposedly independent watchdogs who sold out their independence for a quick million.
- Moody's blues
The financial markets didn't just collapse. They were sabotaged. And the people who did it have names and addresses. [Fifty points for knowing what folk singer, and friend of Ani DiFranco, that paragraph is ripped off from.]...
A recent investigative report by McClatchy Newspapers outlines how the culture at one key ratings agency, Moody's Investors Service, radically changed over the course of a few years from that of a conservative watchdog to that of a go-go get-along that put short-term profits ahead of its long-nurtured reputation. (The McClatchy story focused on Moody's, because it had a good source in a whistle-blower who used to work there. But the entire industry had put itself in the same leaky boat.)
- Some lawmakers wary of 'Death Panels' for banks, too - McClatchy
The chairman of a key congressional panel Monday scaled back important parts of the Obama administration's plan to dismantle financial institutions that are deemed "too big to fail."
- Six Steps to Revitalize the Financial System - Sanford I. Weill & Judah S. Kraushaar/The Wall Street Journal
We need one regulator that can see a company's entire balance sheet. Pay caps will only drive talent abroad.
- Why Banks Stay Big - James Surowiecki/The New Yorker
Before the financial crisis, the banking industry was too concentrated and clubby. And now? It’s even more so. In the midst of the crisis, the country’s four biggest banks—Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo—actually got bigger. Thanks primarily to a series of government-sanctioned mergers, they now control almost forty per cent of the country’s total banking deposits and two-thirds of its credit cards, and issue half of all mortgages.
-- George Pyle/The Buffalo News
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