Tag: baseline scenario

Banking Fraud

Banking fraud seems to be no big deal. It truly bothers me that fraud is only prosecuted in this country if you’re unable to hire high-priced lawyers. As a matter fact, as we learned from the O.J. Simpson trial, you can get away with murder if you can hire enough lawyers to confound and confuse the jury. (“If the glove don’t fit, you must acquit.”) Now, it appears that the London-based financial giant Barclays has been manipulating the LIBOR interest rates. At the very least, this criminal activity has probably cost investors millions, if not billions, of dollars. At most, Barclays has

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JP Morgan and Greed

There is no reason for a $2 billion bet on anything. There is no reason outside of trying to prove something or trying to make something like a bigger commission. This is so pure. It is so Wall Street. Byron Dorgan says we need to do three things to fix this country: Restore Glass-Steagall Act Ban Naked Credit Default Swaps Break up companies that are too big to fail

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Hedge fund manager craziness

From Baseline Scenario: Hedge fund managers may be good at investing money. (Or they may just be the beneficiaries of luck, like successful stock mutual fund managers.) But that doesn’t mean they can think clearly. Andrew Ross Sorkin comments on the letter by fund manager Daniel Loeb, a former Democratic fundraiser, criticizing the supposed anti-business policies of the Obama administration. The letter includes blather like this: “As every student of American history knows, this country’s core founding principles included nonpunitive taxation, constitutionally guaranteed protections against persecution of the minority and an inexorable right of self-determination.” Who, in making a list of

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Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.


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