huffingtonpost.com - 23 days ago
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Amid the ongoing financial regulation overhaul, the banking industry is hoping to pull off a quiet power grab that has eluded its grasp since the Great Depression, by stripping the independence of the board that sets financial accounting standards.
The move could effectively let banks set ...
advocate.com - 18 days ago
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advocate.com —
Repealing âdonât ask, donât tellâ will likely be
included as part of next yearâs Department of Defense...
authorization bill in both chambers of Congress, Congressman Barney Frank (D-MA) said Wednesday. âMilitary issues are always done as ...
(more)
DADT Likely To Be Part of Defense Bill
blogsforvictory.com - 22 days ago
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blogsforvictory.com —
If this were a GOPer … FOX25 has
learned that Congressman Barney Frank was present during a...
marijuana arrest at James Ready’s home in Ogunquit, Maine. Ready is well-known for his relationship with Congressman Frank. According to a police report, police charged Ready with ...
(more)
Barney Frank Involved in Pot Bust
gay.americablog.com - 18 days ago
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gay.americablog.com —
And don't for a minute think that Barney
didn't say this to try to help the White...
House out of a tight spot because of the DNC boycott . He clearly did. Which means they're worried. And that's good. But it's not enough, and here's why. Nowhere in the ...
(more)
AMERICAblog Gay | A great people deserve their rights: ...
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Perlmutter Amendment Would Loosen Financial Accounting Standards
Open Left - Quick Hits's RSS Feed —
From HuffPo:
Amid the ongoing financial regulation overhaul, the banking industry is hoping to pull off a quiet power grab that has eluded its grasp since the Great Depression, by stripping the independence of the board that sets financial accounting standards.
The move could effectively let banks set their own accounting standards in rough economic times.
Astonishingly, at a time when the public is crying out for greater regulation to limit excessive risk-taking by financial institutions, the banks are trying to get Congress to agree that the next ...
Hullabaloo —
... standards whenever they need to hide risk and insolvency from investors and the public. Seriously. And they are doing it in the name of making the economy more stable, if you can believe that. See the real problem comes when people know that banks are failing. So they need to keep that information hidden lest the whole system becomes unstable. Unsurprisingly, the business community (led by the Chamber of Commerce, even) is a teensy bit upset by this. Ryan Grim has the story: The mechanism is contained in an amendment set to be ...
Rebooting the financial casino
Open Left - Front Page —
It seems there is a proposal to create a new board to set accounting standards (h/t Digby): The mechanism is contained in an amendment set to be introduced in mid-November by Rep. Ed Perlmutter (D-Colo.) that would move final authority over the Financial Accounting Standards Board (FASB) from the Securities and Exchange Commission to a new body, a so-called "oversight" board, that would include the officials charged with managing systemic risks to the financial markets. These regulators would have the authority to override FASB's ...
America's Economic "Doom Loop"
The New Republic blogs —
... time will be exactly the same, with different terminology: The financial sector innovates, regulators buy their story that risks are now properly managed, and the ensuing bailout (again) breaks all records. It s all politics. Unless and until you break the political power of our largest banks, broadly construed, we are going nowhere (or, rather, we are looping around the same doom). Barney Frank points out that small banks have political clout also, and of course he s correct that this drives some issues . But how many small banks spend their time (and lobbying dollars) on ...
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