Tag Archives: bailout

Why Isn’t Wall Street in Jail? | Rolling Stone Politics

…the justice system not only sucks at punishing financial criminals, it has actually evolved into a highly effective mechanism for protecting financial criminals. This institutional reality has absolutely nothing to do with politics or ideology — it takes place no matter who’s in office or which party’s in power. To understand how the machinery functions, you have to start back at least a decade ago, as case after case of financial malfeasance was pursued too slowly or not at all, fumbled by a government bureaucracy that too often is on a first-name basis with its targets. Indeed, the shocking pattern of nonenforcement with regard to Wall Street is so deeply ingrained in Washington that it raises a profound and difficult question about the very nature of our society: whether we have created a class of people whose misdeeds are no longer perceived as crimes, almost no matter what those misdeeds are.

Read Article.

Small Business Dashboard | U.S. Department of Energy – Office of Economic Impact and Diversity

Transparency, Accuracy, and the Small Business Dashboard

With small businesses creating two out of every three net new jobs, holding more patents than the largest corporations and universities combined, and employing half of all working Americans, we can’t afford to ignore opportunities to improve and advance federal contracting opportunities to small businesses.

Today President Obama’s Interagency Task Force on Federal Contracting Opportunities for Small Businesses put forward thirteen recommendations to:

  • Develop clearer and more comprehensive small business contracting policies;
  • Provide for a better workforce and hold agencies accountable for meeting small business goals; and
  • Leverage technology to enhance transparency, increase federal procurement accessibility for small businesses, and improve data quality.

Transparency, Accuracy, and the Small Business Dashboard

Read the Executive Summary here.

Small business contracting goals, started in 1978, help agencies map out the percentage of annual prime contract spending that should be awarded to small businesses every year. The thirteen recommendations that the Interagency Task Force put forward today will address the gap between the annual government-wide goal for contracting and the actual annual prime contract spending. While the Department of Energy received an “A” grade for FY 2009 achievement from the Small Business Administration, we are fully committed to improving government-wide small business contracting.

The brand-new Small Business Dashboard is a reflection of this commitment. On the Small Business Dashboard visitors can see government-wide goaling information, design their own data feeds from small business data, perform detailed searches on government contractors, view top types of contracts used and states by vendor locations, and learn more about the contracts at each Federal agency.

Visit the Small Business Dashboard here.

The Department of Energy’s Office of Small and Disadvantaged Business Utilization is looking forward to working with the Task Force as we implement the recommendations put forward today and evaluate progress. We hope resources like the Small Business Dashboard prove useful to your small business, and we welcome the opportunity to continue talking with you.

This is the Problem – Exhibit 3

Please forward this to as many people as possible.

The Decline: The Geography of a Recession

multimediafinal.

California’s Contracting with Small Business and Disabled Vets Exceeds State Goals

SACRAMENTO, Calif. — California state agencies in two of the last three years exceeded goals for contracting with small businesses and set a record for contracts with firms owned by disabled veterans, the Department of General Services announced today, releasing reports for the 2007/08 and 2008/09 fiscal years .
Continue reading

Failing Big Banks? Euthanize ‘Em! | Mother Jones

It’s a plan Volcker has been pushing since he emerged on the financial-reform scene in the past year or so, and Obama so far seems to be support some kind of bank wind-down process. “You get very aggressive traders, and they’re out there,” Volcker said. “Millions of dollars are at stake, and personal bonuses, so they have a real incentive to take risks, which is fine, if you’re not being protected by the government.”

Read Article.

John Thain Makes Bold Promise He Most Likely Can’t Keep | Dealbreaker

This is poetic justice.

John Thain (not in photo) is the former CEO of Merrill Lynch who famously spent millions of dollars redecorating his offices while the firm went down in flames. At left is the office he has sworn not to alter at his new job at CIT Group.

For a man who spent $87,000 on a rug and $1,000 a yard for drapes, this is perfect.

The cardboard cutout in the photo will presumably be removed.

Sweet.

Read Article.

Find Out Where Your Money Goes! | An Occasional Series

I hear nonstop bitching from Democrats and Republicans and Independents about where all the bailout (or stimulus) money is going. This is one of those times in life where the more educated about reality you are, the better.

Click here to be taken to a map that shows which banks received TARP money. This is from the government website http://www.financialstability.gov. At whim or random, we will keep putting information from this site out because it’s important stuff. But really, you should become familiar with it so you at least know what the facts are (or ‘facts’ are, depending 0n your political affiliation).

You know how to tell when a politician is lying, right?

Hackers Steal $50,000. Bank Says ‘Tough Luck’ | CBS MoneyWatch.com

Another reason to love BofA:

The bank recognized that the transfers were improbable, but didn’t stop them. A bank official called Bao to report “unusual activity” on his account, but refused to tell him what it was because Huang was the company’s only “authorized agent” and she was on a business trip in Hong Kong

Read Article.

Bailout Cop Barofsky Says TARP Still Not Working | Money.CNN.com

…the 22 banks that got the most aid from the government’s various bailout programs have cut their small business loan balances by $12.5 billion since April.

Read Article.

The latest complete report on the Troubled Asset Relief Program is available here (224 pages).