The Good, The Bad & The Ugly – Week of 12/3/12

The Good

  • Elizabeth Warren will be joining the Senate Banking Committee. The Hill, 12/4/12
  • Three anti-money market reform SEC Commissioners Call for a study to incorporate 2010 Dodd-Frank Act into reform proposals. It backfires and shows that more needs to be done and that Dodd-Frank would not have prevented the Primary Reserve Fund from ‘breaking the buck.’ Reuters, 12/4/12

The Bad

  • SEC ignores tips About $12 Billion of Hidden Losses at Deutsche Bank. Who’s the head of SEC enforcement division? Ex-Deutsche Banker Robert Khuzami of course Naked Capitalism 12/6/12
  • Not surprising, but disappointing nonetheless – the House Financial Services Committee is holding a hearing next week on “the challenges facing capital markets” as a result of Dodd-Frank. Apparently the challenges of rampant volatility, fraud and mismanagement are not worth discussing.

The Ugly

  • Would-be whistleblower John Powers explains how little the SEC’s follow-up in cases of reported fraud has improved in the wake of Madoff, even with the new powers given it by Dodd-Frank. Huffington Post, with more detail at NakedCapitalism, 12/4/12
  • Mark Carney, ex-Goldmanite, is named to the very powerful position of Governor of the Bank of England. Rolling Stone 12/6/12
  • Hurricane Sandy victims are being steered to high-interest private loans before they can qualify for a low-interest SBA loan, according to a new report from Strike Debt.

About occupythesec