Bank biographies during these national difficulties are being posted by Taxpayers for Common Sense

International insurance and financial services org. AIG. Image via Wikipedia

Government reform orgs. deliver news on major events within their areas of expertise.
From: Taxpayers for Common Sense

BANK BIOGRAPHIES
Bailout Bank Bio: AIG

Pub Date: Mar 03, 2009
UPDATE: March 4, 2009.


After reporting a $61.7 billion quarterly loss – the biggest single quarter loss ever – in early March AIG asked for and was granted an additional $30 billion from the federal government. The following day Federal Reserve Chairman Ben Bernanke expressed his anger at the way the company had exploited loopholes to get into its current financial situation. According to Bernanke, “A.I.G. exploited a huge gap in the regulatory system. There was no oversight of the financial products division. This was a hedge fund, basically, that was attached to a large and stable insurance company.” And this quasi-hedge fund, Mr. Bernanke went on, to nobody’s surprise, made irresponsible bets and took huge losses.
[...]

[Taxpayers for Common Sense has been compiling business biographies for banks during this national financial and economic crisis. To see those completed thus far, please go here.]


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Criminal and civil penalties sought on financial actors that helped cause the current crisis

US House Financial Services Chairman Barney Frank (Dem.-MA). Image via Wikipedia

Government reform orgs. deliver news on major events within their areas of expertise.
From: Citizens for Responsibility and Ethics in Washington (CREW)

"Rules don't work if people have no fear of them"

Submitted by crew on 5 March 2009 - 4:29pm.


Barney Frank wants the bad actors in the financial crisis to pay:

House Financial Services Chairman Barney Frank (D-Mass.) is pressing state and federal authorities to seek criminal and civil penalties on financial actors that helped cause the current crisis.

"Rules don't work if people have no fear of them," Frank said at a press conference Thursday.

He announced a hearing March 20 with Attorney General Eric Holder, bank regulators and the Securities and Exchange Commission as witnesses to discover what their plans are to prosecute irresponsible and in some cases criminal behaviors.

He isn't looking for names, Frank said, but "I do want all the people with enforcement power, state and federal, in that room."

Now, we think that Frank's quote, "Rules don't work if people have no fear of them," could also apply to the House Ethics Committee. If Congress can't police itself, people have no fear of the rules.


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