Thursday, December 22, 2011

Congress Tries to Gut Swaps Regulations Aimed at Promoting Transparency (for 11/28/11)

Scott Garrett, a Republican representative from New Jersey, and Carolyn Maloney, a Democrat representative from New York, have introduced legislation on to weaken transparency on swaps. These are complex financial instruments capable of causing financial panics because nobody, including investors, regulators, and dealers can identify the risk swaps pose to the economy or who is at risk.
http://thinkprogress.org/economy/2011/11/28/377059/bipartisan-swap-exemptions/

Swaps brought down AIG, necessitating hundreds of billions in bailouts. AIG advertised itself as a safe insurance company, but operated a unit that behaved like a hedge fund.

Tuesday, December 20, 2011

Georgia Business Owner Refuses to Hire Until Obama Out of Office (for 11/27/11)

Bill Looman, a Georgia business owner, says he will not hire new employees until President Obama is out of office. As the owner of U.S. Crane, L.L.C., he has displayed this message, "We are not hiring until Obama is gone," on his trucks.

http://thinkprogress.org/politics/2011/11/27/376148/georgia-not-hiring-until-obama-gone/

While many in the Occupy movement are not happy with Obama's job as President, they surely oppose this type of attitude in any business owner.

Scott Brown Holds Bank of America Stock; Fights for Big Banks (for 11/26/11)

http://www.huffingtonpost.com/2011/11/17/brown-boa-stock_n_1100214.html?ref=bank-of-america