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Fannie Mae and Freddie Mac — the giant housing finance corporations — have been garnering a rash of unwanted headlines as the gangs who can’t add straight.First it was Freddie Mac which had to admit it had understated its income by a mere $4.5 billion. Even in the financial stratosphere of these government-sponsored enterprises, the…
Modern societies specialize in a dazzling number of indicators that mark the ups and downs of various activities, especially economic, health and audience ratings. But when it comes to signs of societal decay that cannot easily be reduced to numbers, there is a void. So let’s look at four “decays” that are trending downward. Gluttony…
WASHINGTON, D. C. May 21—Ralph Nader today dubbed the agreement between New York Attorney General Eliot Spitzer and Merrill Lynch “grossly inadequate” to protect investors. “I call on Attorney General Spitzer to reconsider his framework reached with Merrill Lynch as it insufficiently protects investors and shareholders,” said Nader. This agreement leaves shareholders unprotected for several…
The relentless expansion of corporate control over our political economy has proven nearly immune to daily reporting by the mainstream media. Corporate crime, fraud and abuse have become like the weather; everyone is talking about the storm but no one seems able to do anything about it. This is largely because expected accountability mechanisms —…
The past three years have demonstrated a disturbing trend: when tragedy befalls our country, we can count on the Republican leadership to capitalize on another opportunity to push its extremist agenda and reward its big business allies. In the aftermath of the crippling northeastern blackout in August, Congress has been working feverishly to pass an…
Former corporate lawyer, John (Jerry) Hawke, the Comptroller of the Currency, has long laid claim to the title of terminator of state and local consumer protection laws. When national banks-Hawke’s constituency-have gone to court to block consumer protections they have always found the Comptroller’s legal staff eager and ready to join the case on their…
“The Platform is the Party’s contract with the people.” This noble sentiment has been used by both Republicans and Democrats in characterizing their state and national party Platforms over the decades. It can become an embarrassing yardstick for any Party that lives a double life. Consider President Bush and his Texas State Republican Platform of…
Mr. Arnold Schwarzenegger1338 Fourth StSanta Monica, CA 90401-1302October 2, 2003 Dear Mr. Schwarzenegger: Two of your recent public comments raise useful questions about your campaign to the voters of California. Earlier this week you stated before your admirers the following: “Let me just now tell you something, this is now hand-to-hand combat, we are in…
President George W. BushThe White House1600 Pennsylvania Ave, NWWashington, D.C. 20500October 2, 2003Dear President Bush,The Republican Party of Texas was instrumental in nominating and electing you to the Governorship of Texas. The state Party also was working to garner the state’s 32 electoral votes in the Presidential election of 2000 without which you could not…
FOR MORE INFORMATION: Contact: Ralph Nader or Mark Wittink, (202)-387-8034 Congress is close to passing the energy bill. Behind closed doors, corporations, lobbyists, and leadership in both houses are debating a key provision that would shield the producers of MTBE (methyl tertiary butyl ether) from any legal claims that the chemical is “defective in design…