Elizabeth Warren & Corporate Accountability

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Elizabeth Warren & Corporate Accountability

Post by Amskeptic » Sat Jan 30, 2016 8:06 am

Elizabeth Warren: One Way to Rebuild Our Institutions
JAN. 29, 2016
The New York Times
WASHINGTON — WHILE presidential candidates from both parties feverishly pitch their legislative agendas, voters should also consider what presidents can do without Congress. Agency rules, executive actions and decisions about how vigorously to enforce certain laws will have an impact on every American, without a single new bill introduced in Congress.

The Obama administration has a substantial track record on agency rules and executive actions. It has used these tools to protect retirement savings, expand overtime pay, prohibit discrimination against L.G.B.T. employees who work for the government and federal contractors, and rein in carbon pollution. These accomplishments matter.

Whether the next president will build on them, or reverse them, is a central issue in the 2016 election. But the administration’s record on enforcement falls short — and federal enforcement of laws that already exist has received far too little attention on the campaign trail.

I just released a report examining 20 of the worst federal enforcement failures in 2015. Its conclusion: “Corporate criminals routinely escape meaningful prosecution for their misconduct.”

In a single year, in case after case, across many sectors of the economy, federal agencies caught big companies breaking the law — defrauding taxpayers, covering up deadly safety problems, even precipitating the financial collapse in 2008 — and let them off the hook with barely a slap on the wrist. Often, companies paid meager fines, which some will try to write off as a tax deduction.

The failure to adequately punish big corporations or their executives when they break the law undermines the foundations of this great country. Justice cannot mean a prison sentence for a teenager who steals a car, but nothing more than a sideways glance at a C.E.O. who quietly engineers the theft of billions of dollars.

These enforcement failures demean our principles. They also represent missed opportunities to address some of the nation’s most pressing challenges. Consider just two areas — college affordability and health care — where robust enforcement of current law could help millions of people.

When the Education Management Corporation, the nation’s second-largest for-profit college, signed up tens of thousands of students by lying about its programs, it saddled them with fraudulent degrees and huge debts. Those debts wrecked lives. Under the law, the government can bar such institutions from receiving more federal student loans. But EDMC just paid a fine and kept right on raking in federal loan money.

When Novartis, a major drug company that was already effectively on federal probation for misconduct, paid kickbacks to pharmacies to push certain drugs, it cost taxpayers hundreds of millions of dollars and undermined patient health. Under the law, the government can boot companies that defraud Medicare and Medicaid out of those programs, but when Novartis got caught, it just paid a penalty — one so laughably small that its C.E.O. said afterward that it “remains to be seen” whether his company would actually consider changing its behavior.

Enforcement isn’t about big government or small government. It’s about whether government works and who it works for. Last year, five of the world’s biggest banks, including JPMorgan Chase, pleaded guilty to criminal charges that they rigged the price of billions of dollars worth of foreign currencies. No corporation can break the law unless people in that corporation also broke the law, but no one from any of those banks has been charged. While thousands of Americans were rotting in prison for nonviolent drug convictions, JPMorgan Chase was so chastened by pleading guilty to a crime that it awarded Jamie Dimon, its C.E.O., a 35 percent raise.

But in many instances, weak enforcement by federal agencies is about the people at the top. Presidents don’t control most day-to-day enforcement decisions, but they do nominate the heads of all the agencies, and these choices make all the difference. Strong leaders at the Environmental Protection Agency, the Consumer Financial Protection Bureau and the Labor Department have pushed those agencies to forge ahead with powerful initiatives to protect the environment, consumers and workers. The Special Inspector General for the Troubled Asset Relief Program, a tiny office charged with oversight of the post-crash bank bailout, has aggressive leaders — and a far better record of holding banks and executives accountable than its bigger counterparts.

Meanwhile, the Securities and Exchange Commission, suffering under weak leadership, is far behind on issuing congressionally mandated rules to avoid the next financial crisis. It has repeatedly granted waivers so that lawbreaking companies can continue to enjoy special privileges, while the Justice Department has dodged one opportunity after another to impose meaningful accountability on big corporations and their executives.

Each of these government divisions is headed by someone nominated by the president and confirmed by the Senate. The lesson is clear: Personnel is policy.

Legislative agendas matter, but voters should also ask which presidential candidates they trust with the extraordinary power to choose who will fight on the front lines to enforce the laws. The next president can rebuild faith in our institutions by honoring the simple notion that nobody is above the law, but it will happen only if voters demand it.
Elizabeth Warren is a Democratic senator from Massachusetts.
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Re: Elizabeth Warren & Corporate Accountability

Post by Jivermo » Sat Jan 30, 2016 8:35 am

Our principles are demeaned, big time. The Florida house just approved fracking, with an associated "study". And, they protected the corporations from disclosure of the fracking soup chemicals. As Hunter S. Thompson used to say, "Martha, hand me that box of cartridges."

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Re: Elizabeth Warren & Corporate Accountability

Post by dingo » Sat Jan 30, 2016 8:28 pm

The top down approach is a waste of time. Regulators, legislators, lobbyists a; in each others pockets.
It has to be bottom-up change..i.e. localized and de-centraliuzed. Top down will always be hijacked, because centralized is an easy target for vested interests.
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Re: Elizabeth Warren & Corporate Accountability

Post by Amskeptic » Sun Jan 31, 2016 3:52 pm

dingo wrote:centralized is an easy target for vested interests.
. . . unless we voters wake up and demand accountability. Why are we not vested with any sort of interest?
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Re: Elizabeth Warren & Corporate Accountability

Post by dingo » Sun Jan 31, 2016 8:56 pm

because you are essentially asking these folks in the high tower to rubber stamp their own demise, to dismantle their own very comfortable lifestyle/career. Maybe one or two who are elderly in years will speak out, somewhat immune from backlash and ostracization from the 'network'. The shift in morality your looking for.. only when seizmic shifts occur amongst the masses, or when the top-down system runs aground under its own obese weight. Right now you are demanding things of others who have no tangible incentive to do so.
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Re: Elizabeth Warren & Corporate Accountability

Post by Myles Twete » Fri Feb 05, 2016 10:25 am

Jivermo wrote:Our principles are demeaned, big time. The Florida house just approved fracking, with an associated "study". And, they protected the corporations from disclosure of the fracking soup chemicals. As Hunter S. Thompson used to say, "Martha, hand me that box of cartridges."
You've gotta be fracking kidding me---Florida? Florida is built on labyrinths of cave structures with water percolating everywhere underneath---sink holes ( Cinotes in Mexico's Yucatan) are ever-present. Any fracking chemicals they inject down there will go into the water column I should think...OTOH, given the porosity there, I wonder if fracking can even be effective in Florida.

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Re: Elizabeth Warren & Corporate Accountability

Post by Spezialist » Fri Dec 16, 2016 6:58 pm

I really didn't like it when she was lambasted because of her identity, under the law, that is a hate crime. I guess it paved the way for our new pimp.

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Re: Elizabeth Warren & Corporate Accountability

Post by Amskeptic » Sun Dec 18, 2016 8:35 am

Spezialist wrote:I really didn't like it when she was lambasted because of her identity, under the law, that is a hate crime. I guess it paved the way for our new pimp.
I am glad to see that she is tough. The only tough people I have seen in the recent political circus, seem to be people who have not sold themselves out to sometimes hidden corporate benefactors. That is why Bernie Sanders has been able to speak truth to power with enough clarity to command people's attention. I hope the two of them can help illuminate the worst of the Trump "policy proposals" coming our way . . .
Colin
BobD - 78 Bus . . . 112,730 miles
Chloe - 70 bus . . . 217,593 miles
Naranja - 77 Westy . . . 142,970 miles
Pluck - 1973 Squareback . . . . . . 55,600 miles
Alexus - 91 Lexus LS400 . . . 96,675 miles

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