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HomeThe DOJ’s Double Standard
Posted by Larry Doyle on July 8th, 2014 9:00 AM |
Let’s see here.
The public at large rails on those in Washington for going easy on our ‘too big to fail’ banks for a host of clearly criminal practices.
Uncle Sam — that is the SEC, other regulators, and ultimately the Department of Justice — try to talk tough and hit an array of institutions with sizable fines but little really changes.
The public continues to see through the facade and lets Uncle Sam know it.
The ‘old man’ decides he needs to really get tough and begins to mandate that institutions admit guilt as part of the settlement process. The first guilty party is Credit Suisse, then next up is BNP Paribas.
Now we awake this morning to see that Germany’s second largest lender, Commerzbank, is likely next in the crosshairs. Do you detect a pattern here? Bloomberg provides further color in reporting: (more…)
Bill Isaac Embraces The Rule of Law
Posted by Larry Doyle on July 7th, 2014 10:12 AM |
The overarching theme both at this blog and in my book is the need for our nation to embrace the rule of law as the prerequisite to healing our economy and leading to better days ahead.
Flouting the rule of law is regrettably an all too common pursuit by those engaged in crony and corrupt practices. Our nation suffers badly as a result.
While all too many politicians from both sides of the aisle spout forth messages that do little more than distract, the future of our country depends on finding new leaders who care nothing for cronyism and embrace the rule of law. I personally believe that in the recent Republican House race in Virginia Dave Brat slaughtered former House Speaker Eric Cantor with this very approach.
I will keep the commentary brief today but a smile crossed my lips this morning as I read an editorial in today’s Wall Street Journal by a Sense on Cents favorite Bill Isaac. This former chair of the FDIC wrote about the manner in which Uncle Sam has abused the rule of law in the process of managing our nation’s housing finance behemoths that go by the name of Fannie and Freddie. (more…)
Rolling Stone Interview: Bill Gates Is Clueless on US Government Corruption
Posted by Larry Doyle on March 16th, 2014 6:33 AM |
Bill Gates did not become one of the wealthiest individuals in the world by accident. Gates is a visionary, exceedingly charitable, and clearly ‘scary smart’.
All this said, Gates is neither perfect nor infallible. In fact, on some of the most critically important topics of the day, I think he is downright clueless. Let’s navigate.
I thank the readers who shared a recent interview Gates had with Rolling Stone in which there was the following ‘must read’ brief exchange: (more…)
World Justice Project: 2014 Rule of Law Report Recommended
Posted by Larry Doyle on March 7th, 2014 1:51 PM |
Among various reports that I look for on an annual basis, I appreciate the Rule of Law Index produced by the World Justice Project as much as any.
Why do I anticipate reading and reviewing this report so much? Because we are a nation of laws and not of men. At least I think we are . . . although sometimes I wonder. As the WJP highlights:
“Effective rule of law helps reduce corruption, alleviate poverty, improve public health and education, and protect people from injustices and dangers large and small,” said William H. Neukom, WJP Founder and CEO. “Wherever we come from, the rule of law can always be strengthened.” (more…)
Could a “Cyprus-Like” Situation Happen in US? It Already Has
Posted by Larry Doyle on March 21st, 2013 8:00 AM |
The banks in Cyprus remain closed until at least next Tuesday out of fear that once the doors open a massive run on the banks will ensue.
The situation in Cyprus is clearly evidence of a financial system that remains on life support and that drastic situations precipitate drastic actions.
Before we lose our heads, though, isn’t this why free markets develop and implement rules of law? Indeed — or so we thought.
With the outcome of the situation in Cyprus remaining very much in question, many people in America wonder if a similar situation might unfold here. (more…)
