The Washington Post’s Ezra Klein reports that Larry Summers is the “overwhelming favorite” of the Obama team for the job as Federal Reserve chairman. To convince the American public that one of the chief architects of the 2008 financial crisis should be the chief regulator of the U.S. financial system, supporters of Summers have their work cut out for them.
-- by Dean Baker, The Guardian
Selling Larry Summers as the successor to Ben Bernanke as chair of the Federal Reserve Board is a tough job. The basic problem is that Summers has a dismal track record to overcome, while his main competitor, Janet Yellen, the current vice-chair, has an outstanding record.
A JPMorgan Chase employee stepped onstage at a black-tie gala on Wall Street last week to accept a “best crisis management” award given by an investor relations magazine. The bank, which was recently the subject of a U.S.
In a testament to the power of independent media, the award-winning public television show Frontline this week helped push a top Department of Justice (DOJ) official out the door.
On Tuesday, Frontline aired a report called "The Untouchables” detailing the DOJ’s failure to prosecute the big banks for the 2008 financial meltdown and zeroing in on Lanny Breuer, the former White House legal counsel for Clinton who headed the DOJ’s criminal division under Obama.
On Wednesday, the Washington Post reported that Breuer was stepping down.
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