Tag Archive: Carolyn Maloney

Apr 03 2012

Carolyn Maloney Gets an Education on Financial Fraud

Anytime that Congress passes a bill with a cute acronym, you should be very suspicious. ~ Chris Hayes

Last week Congress passed the Jump Start Our Business Startups Act (pdf), the JOBS Act, which is set to be signed into law with much fanfare by President Obama despite the fact that it will in all probability create an explosion of financial fraud. The act rolls back many of the regulations that were passed under Sarbanes-Oxley in 2002. Professor of economics and law at the University of Missouri-Kansas City, Bill Black wrote an outstanding article for the New Economic Perspectives that was cross posted at naked capitalism, explaining with clarity how the jumpstart Obama’s Bucket Shops Act is just another in a long series of fraud-promoting legislation. He closed with this analysis:

We have trashed a regulatory system that was the envy of the world. It helped bring us prosperity, far greater economic stability, fewer and less severe recessions, and reduced income inequality. It made freer enterprise possible because the regulatory cops on the beat helped limit the Gresham’s dynamic in which bad ethics drives good ethics out of the marketplace. When frauds prosper honest businesses are among the victims. The three de’s have brought us recurrent, intensifying financial crises, the end of any material gains by the middle class, losses for the working class, the expansion of poverty and extreme inequality, and the domination of our political system by crony capitalism. Elite fraud and corruption are now common in America.

The entire article is a must read.

During a panel discussion on Up with Chris Hayes, Prof. Black and Alexis Goldstein of Occupy the SEC “educated” Democratic Representative Carolyn Maloney, who represents the the Upper East Side constituency of top Wall Street earners, on just how bad this bill is. As Yves Smith observes, “it is pretty hard to imagine that Carolyn Maloney would do anything that would seriously inconvenience her constituency”:

You need to watch the full segment to get the effect, but Maloney starts out by saying that the JOBS Act probably won’t create many jobs, but she was nevertheless getting complaints about how costly it was for “small” businesses to hire auditors (earth to base, if they are public, they would not qualify as “small” in most people’s book). Goldsmith devastates Maloney with her command of the bill, pointing out that it covers companies of up to $1 billion in revenues, that the tech companies its backers keep invoking have VC firms ready and willing to invest, and the new format well be used by PE firms flipping companies they had taken private back to public investors. By the end, Maloney is telling Goldsmith to send her suggestions for improved legislation and she’ll put it forward (I’ll believe her sincerity when I see action).

Yves is right, Alexis shreds Carolyn. Watch this segment, it is a thing of beauty.

Prof. Black also explains “stump & dump” scams and “cloud financing” that can cause devastating losses and won’t create any jobs.

Feb 16 2012

Only Men Allowed to Speak on Birth Control Access

House of Representative Democratic women walked out of House oversight hearing on access to birth control when the Republican majority’s refused to allow minority female witnesses at a hearing on the Administration’s birth control access rules. Rep. Carolyn Maloney (D-NY) and Rep. Eleanor Holmes Norton (D-DC) left accusing Chairman Darrell Issa (R-CA) of manipulating committee rules to block female witnesses from testifying.

In a letter yesterday, Rep. Elijah Cummings (D-MD) sent a letter (pdf) to Issa yesterday objecting to the lack of minority witnesses and those who supported President Obama’s compromise:

   When my staff inquired about requesting minority witnesses for this hearing, we were informed that you would allow only one. Based on your decision, we requested as our minority witness a third-year Georgetown University Law Center student named Sandra Fluke. I believed it was critical to have at least one woman at the witness table who could discuss the repercussions that denying coverage for contraceptives has on women across this country.

   In response, your staff relayed that you had decided as follows:

   “As the hearing is not about reproductive rights and contraception but instead about the Administration’s actions as they relate to freedom of religion and conscience, he believes that Ms. Fluke is not an appropriate witness.”

   It is inconceivable to me that you believe tomorrow’s hearing has no bearing on the reproductive rights of women. This Committee commits a massive injustice by trying to pretend that the views of millions of women across this country are meaningless, worthless, or irrelevant to this debate.

Only one witness who supported the compromise, Barry Lynn of Americans United for Separation of Church and State was invited to testify. The other eleven witnesses over the two days of testimony would be all male religious leaders or professors, including a Catholic bishop. Issa argued that “the hearing is not about reproductive rights and contraception but instead about the Administration’s actions as they relate to freedom of religion and conscience.”

I agree this is about the 1st Amendment but it has nothing to do with religious freedom, it has to do with establishing religious doctrine as government policy.

Sep 15 2010

Primary Thoughts

First of all, the reasons the Beltway pundits and bloggers are concentrating on O’Donnell’s defeat of Castle is that it’s in their backyard, the margin was huge, and those idiots really didn’t expect it because they have no fucking clue how much we hate their elite corporatist butt-kissing asses.

But if you really want to do a little celebrating I’d like to draw your attention to two less covered and more positive victories last night.

The first is Ann Kuster’s 42% margin over Katrina Swett in New Hampshire’s 2nd District-

Kuster  handily defeated self-styled Blue Dog Katrina Swett, who co-chaired Joe Lieberman’s 2004 presidential campaign. Kuster, a lawyer, community activist and women’s health expert, had the support of progressive groups like MoveOn, Democracy for America, Progressive Campaign Change Committee and EMILY’s List. Swett ran hard to Kuster’s right and tried to paint Kuster’s progressive supporters as an electoral liability.

The second is the abject FAILURE of Mike Bloomberg’s hand picked Wall Street Representative Reshma Saujani in her race against Carolyn Maloney in New York’s 14th District.

There is some really twisted logic behind the notion that Obama would be vulnerable in 2012 if the economy’s bad, and yet the country would look to a creature of Wall Street like Mike Bloomberg for salvation.  Of course, it’s equally twisted that the tea parties exploded in response to the bank bailouts, and yet Bain Capital billionaire Mitt Romney is their favorite for 2012. Maybe that gave them hope.

But it didn’t work out so well yesterday.  The millions that Wall Street pumped into Saujani’s campaign at the behest of Team Bloomberg cast her irrevocably as a tool of Wall Street in the eyes of voters who have had quite enough from the financial oligarchy.  She wound up with only a pathetic 19% of the vote.

Michael Bloomberg and his proxies couldn’t even orchestrate a serious challenge to a congressional seat in a year of unprecedented dissatisfaction with incumbents.   If 19% doesn’t qualify as a public rebuke of their organizing abilities, I don’t know what does.