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n2doc

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Member since: Tue Feb 10, 2004, 12:08 PM
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Wall Street’s greatest enemy: The man who knows too much

What Michael Winston knows about corporate crimes will horrify you. That's why financial giants want to destroy him
BY DAVID DAYEN

You may know Michael Winston’s story from a series of articles by Gretchen Morgenson in the New York Times, or from a celebrated Frontline episode, “The Untouchables,” about the lack of prosecutions on Wall Street. He was a Ph.D. who rose to the corporate elite, with stints at Lockheed Martin, McDonnell Douglas, Motorola and Merrill Lynch. He was recruited to mortgage originator Countrywide Financial with the promise that it wanted to become the “Goldman Sachs of the Pacific,” a full-service global financial corporation.

“They talked about the importance of ethics and principles, and they said they heard I was a high-integrity guy,” Winston tells Salon, noting his father had a vanity plate that read “HONOR.” Winston initially succeeded as enterprise chief leadership officer at Countrywide, getting promoted twice in 14 months and building a team of 200 working on corporate strategy.

But he could not ignore the rot at the heart of the company’s profitmaking approach.

So now, a successful high-level executive for 30 years, he has been embroiled in seven years of lawsuits with Countrywide and the company that bought it, Bank of America. His determination to speak out against multiple violations of law at Countrywide earned him retaliation, and eventually, he was frozen out of corporate boardrooms, unable to find a new job. He won a jury verdict in his case, but after two and a half more years of fighting, an appellate court reversed the ruling in highly unusual circumstances.

“I keep hearing about whistle-blower protections,” he tells Salon, exasperatedly. “It certainly didn’t happen for me.”

more

http://www.salon.com/2013/08/28/wall_streets_greatest_enemy_the_man_who_knows_too_much/

How Dr. King Shaped My Work in Economics

By JOSEPH E. STIGLITZ

I had the good fortune to be in the crowd in Washington when the Rev. Dr. Martin Luther King Jr. gave his thrilling “I Have a Dream” speech on Aug. 28, 1963. I was 20 years old, and had just finished college. It was just a couple of weeks before I began my graduate studies in economics at the Massachusetts Institute of Technology.

The night before the March on Washington for Jobs and Freedom, I had stayed at the home of a college classmate whose father, Arthur J. Goldberg, was an associate justice of the Supreme Court and was committed to bringing about economic justice. Who would have imagined, 50 years later, that this very body, which had once seemed determined to usher in a more fair and inclusive America, would become the instrument for preserving inequalities: allowing nearly unlimited corporate spending to influence political campaigns, pretending that the legacy of voting discrimination no longer exists, and restricting the rights of workers and other plaintiffs to sue employers and companies for misconduct?

Listening to Dr. King speak evoked many emotions for me. Young and sheltered though I was, I was part of a generation that saw the inequities that had been inherited from the past, and was committed to correcting these wrongs. Born during World War II, I came of age as quiet but unmistakable changes were washing over American society.

As president of the student council at Amherst College, I had led a group of classmates down South to help push for racial integration. We couldn’t understand the violence of those who wanted to preserve the old system of segregation. When we visited an all-black college, we felt intensely the disparity in educational opportunities that had been given to the students there, especially when compared with those that we had received in our privileged, cloistered college. It was an unlevel playing field, and it was fundamentally unfair. It was a travesty of the idea of the American dream that we had grown up with and believed in.

more

http://opinionator.blogs.nytimes.com/2013/08/27/how-dr-king-shaped-my-work-in-economics/?hp&_r=0

Bank CEO Admits To Using Bailout Money To Buy A Luxury Condo In Florida

Darryl Layne Woods, the former CEO of a Missouri bank, admitted in court yesterday to using financial crisis bailout funds to purchase a luxury waterfront condo in Florida, Dealbook's Peter Lattman reports.
In November 2008, Woods, 48, who was the head of Mainstreet Bank and the bank's holding company Calvert Financial Corporation, applied for TARP money on behalf of his bank, a press release states.

In January 2009, his bank received $1,037,000. A month later, he used $381,487 of it to buy a place in Fort Myers, Florida.

He pleaded guilty to misleading federal investigators about how he used the TARP money.

Woods is no longer allowed to work in the banking industry, according to the release. He also faces a sentence of up to one year in federal prison without parole and a fine of up to $100,000 plus restitution.



Read more: http://www.businessinsider.com/bank-ceo-buys-condo-with-tarp-money-2013-8

Wednesday Toon Roundup 4- The Rest



GOP













Teaching



The Mouse












Wednesday Toon Roundup 3-The Dream 50 years later
















Wednesday Toon Roundup 2- Voter Suppression














Wednesday Toon Roundup 1- Must it always be war?






















Instead of releasing prisoners, Gov. Brown wants to send them to private prisons

SACRAMENTO, Calif. (AP) — Gov. Jerry Brown on Tuesday responded to a federal court order to significantly reduce California's prison population by proposing a $315 million plan to send thousands of inmates to private prisons and vacant county jail cells, hoping to avoid what he said would be a mass release of dangerous felons.

The cost could reach $700 million over two years, with much of the money likely to come from a $1.1 billion reserve fund in the state budget.

During a news conference at the Capitol, Brown bristled at the court's suggestion that the state could continue its early release of certain inmates to meet the federal judges' population cap. He noted that California has already reduced the prison population by some 46,000 inmates to comply with the court's orders and said only the most dangerous convicts remain in state prison.

The judges have ordered the state to release an additional 9,600 inmates by the end of the year.

Brown, however, said sending them to available cells in privately run prisons within California and in other states, as well as to empty jail cells, is the best way to meet the court's mandate without endangering public safety.

http://www.sfgate.com/news/crime/article/California-governor-proposes-315M-prison-fix-4765612.php

And the prison-industrial complex wins again! Wonder how much they contributed to moonbeam's campaign?

toon- Perpetual War Machine

Danziger Toon- How do you ask?

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