Wednesday Reads: Loss of a Good Guy and Trump’s Staggering Corruption
Posted: May 20, 2026 | Author: bostonboomer | Filed under: just because | Tags: "Anti-Weaponization Fund", Barney Frank, corruption, Dodd-Frank Act, Donald Trump, Internal Revenue Service, January 6 insurrection, Joyce Vance, Judge Kathleen Williams, Justice Department, kleptocracy, LGBTQ rights, Nancy Pelosi, Todd Blanche | 2 CommentsGood Day!!
I’ll get to the depressing news from Trump world, but first, we’ve lost one of the good guys.
Former Massachusetts Congressman Barney Frank has died at 86. It was expected; he’s been in hospice care, but still it’s a sad day.
He was the opposite of Trump: he was good humored, funny, honest as the day is long, and he truly cared about our country and its people.
I’m devoting the remainder of this post to the incredibly corrupt bargain Trump has struck with his own “justice” department and IRS.
Kathryn O. Seelye at The New York Times: Barney Frank, Gay Pioneer and Liberal Stalwart in Congress, Dies at 86.
Barney Frank, the brassy, lightning-quick former Massachusetts representative who for decades was the most prominent gay politician in the country and who was an author of the most significant overhaul of the nation’s financial regulations since the Great Depression, died on Tuesday at his home in Ogunquit, Maine. He was 86.
His friend James Segel confirmed the death. Mr. Frank said last month that he had entered hospice care with congestive heart failure.
Mr. Frank, a liberal Democrat who represented a diverse suburban Boston district for 32 years, starting in 1981, was the first gay member of the House to come out voluntarily; others had been outed in scandals. His public declaration of his sexual orientation in 1987 — spurred by a fear of being outed, by the death of a closeted colleague and by his own determination to show that homosexuality was nothing to be ashamed of — helped normalize being openly gay in public life.
“Prejudice is based on ignorance,” Mr. Frank told The Boston Globe in 2011, as he prepared to retire. “And the best way to counterbalance it is with a living example, with reality.”
A Harvard-trained lawyer, Mr. Frank bristled with intellectual firepower, acidic turns of phrase and a zest for verbal combat.
His shivs were often cloaked in wit. Referring to the Moral Majority, the conservative Christian organization that opposed abortion but also opposed child nutrition programs and day care, Mr. Frank said in 1981: “From their perspective, life begins at conception and ends at birth.” Of the flawed intelligence behind the U.S.-led invasion of Iraq that led to nearly a decade of combat, he said the problem “is not so much the intelligence as the stupidity.”
In Washingtonian magazine’s annual poll of Capitol Hill staffers, he was frequently voted the “brainiest,” “funniest” and “most eloquent” member of the House.
His most significant legislative achievement was in the realm of financial regulation. The Dodd-Frank Wall Street Reform and Consumer Protection Act, which he sponsored with Senator Christopher Dodd of Connecticut, tightened rules on the financial industry as part of the government’s response to the housing crisis of 2007 and the global financial meltdown the next year.
Signed into law by President Barack Obama in 2010, the measure sought to prevent the nation’s biggest banks from engaging in excessively risky behavior and to protect consumers from unfair practices by banks and lenders. Congress watered it down in 2018, chiefly by exempting smaller and midsize banks from stricter oversight, but it remained largely intact.
Mr. Frank was also known for championing gay rights, civil rights and women’s rights. He did so by force of personality and by example. He insisted that his male partner be invited to all events to which the spouses of other representatives were invited. In 2012, at age 72, he married Jim Ready and became the first sitting member of Congress to wed someone of the same sex.
He also worked quietly behind the scenes to advance his causes. In one of many examples, according to his memoir, “Frank: A Life in Politics From the Great Society to Same-Sex Marriage” (2015), he helped persuade President Bill Clinton not to appoint Senator Sam Nunn of Georgia as secretary of state because of his track record of homophobia.
One more on Barney Frank by Daniel Arkin at NBC News: Former Rep. Barney Frank, champion of Wall Street reform and LGBTQ trailblazer, dies at 86.
Barney Frank, the quick-witted Massachusetts congressman and liberal lion who helped overhaul Wall Street regulations after the 2008 financial crisis and made history as one of the first openly gay members of Congress, died Wednesday, his sister confirmed to NBC Boston.
He was 86. He had entered hospice care at his home in Maine last month.
“He was, above all else, a wonderful brother. I was lucky to be his sister,” Frank’s sister Doris Breay told NBC Boston.
Frank represented southern Massachusetts in the House for 32 years and established himself as a leading voice in debates over banking, affordable housing and LGBTQ rights. He chaired the Financial Services Committee amid the 2008 meltdown and co-authored the milestone Dodd-Frank Act, a sweeping law that sought to put Wall Street firms under tougher scrutiny.
He blazed a trail for other openly gay American elected officials, and in 2012, he became the first member of Congress to enter into a same-sex marriage, tying the knot with his longtime partner, Jim Ready.
“It was life-changing, lifesaving for me,” Frank told NBC News in a phone interview in last month.
“I think the key to our having made the enormous progress we made in defeating anti-gay prejudice had to do with us all coming out and people discovering the gap between our reality and the way we were painted,” he added.
Rep. Nancy Pelosi, D-Calif., the former House speaker, who served with Frank for more than 25 years, described him as progressive and an idealist in an interview with NBC News last month.
“He has been about idealism and pragmatism to get the job done,” said Pelosi, who was speaker when Frank shepherded Dodd-Frank through Congress. Frank called Pelosi last month to inform her that he was receiving hospice care, she said.
“He was a real mentor to so many of us here,” Pelosi said. “I was with him” on the Banking Committee “in the beginning. I learned so much.”
What a contrast he was to the bunch of crooks we’re dealing with today.
A couple of days ago, the White House announced a “settlement” of Trump’s $10 million lawsuit against his own IRS. He created an “anti-weaponization fund” to pay out reparations to the thugs who attacked the Capital on January 6, as well as anyone who thinks they were wrongly prosecuted during Joe Biden’s presidency. Then yesterday we learned that, as part of the “settlement,” Trump and his entire family are forever exempt from past IRS investigations. This is obviously illegal, unconstitutional and most likely an impeachable offense, but so what? Trump does whatever he wants.
Ray Brescia at MSNOW on the “settlement”: Trump’s nearly $1.8 billion ‘Anti-Weaponization Fund’ is simply indefensible.
After filing a highly unusual lawsuit in which President Donald Trump sued his own administration’s Internal Revenue Service, he settled it through his acting attorney general — also his former personal lawyer, Todd Blanche — setting up a team of “volunteers” to dole out nearly $1.8 billion in taxpayer money out of what the Department of Justice calls “The Anti-Weaponization Fund.”
The president did so in a way to avoid any judicial oversight of his or the Justice Department’s actions. It is hard to imagine a situation more susceptible to fraud, grift, corruption and abuse. And the lawsuit itself was probably unconstitutional to begin with.
The lawsuit came after a report from The New York Times revealed that Trump had only paid $750 in federal income taxes in 2016 and 2017. The complaint against the IRS, filed by Trump, two of his adult sons and the Trump Organization, said the leak caused the plaintiffs “reputational and financial harm” and “public embarrassment.”
The judge assigned in the case, Kathleen Williams of the U.S. District Court for the Southern District of Florida, issued an order last month pointing out the strange nature of the lawsuit and expressing fear that it did not exhibit the type of “adversity” that is typically an essential ingredient of any federal lawsuit, a requirement of the U.S. Constitution.
Citing relevant and consistent precedent on this point, she wrote that a “key characteristic of the case or controversy requirement” in the Constitution “is the existence of adverseness, or ‘a dispute between parties who face each other in an adversary proceeding.’” She noted that there must be an “‘an honest and actual antagonistic assertion of rights by one individual against another, which is neither feigned nor collusive.’” She added: “It is unclear to this Court whether the Parties are sufficiently adverse to each other so as to satisfy Article III’s case or controversy requirement.” [….]
…Judge Williams asked the parties to submit their written arguments to the court by May 20, 2026, and indicated she would hold a hearing on this question on May 27, 2026.
Whether this means the settlement will not face legal challenge remains to be seen. For now, the administration appears poised to create a nearly $1.8 billion slush fund set up by the administration and capitalized with taxpayer dollars. It will be administered by individuals chosen only by the administration, outside any sort of review.
Politico’s Josh Gerstein and Danny Nguyen on the latest outrage: Justice Department expands Trump settlement to cover his tax audits.
The Justice Department on Tuesday expanded the just-announced settlement of President Donald Trump’s lawsuit over the leaking of his tax returns to include a pledge that the IRS will no longer pursue any claims it may have against Trump, his family members and his companies over unpaid taxes.
The nine-page settlement agreement DOJ released Monday, setting up a nearly $1.8 billion fund to compensate victims of alleged weaponization of law enforcement, did not mention any resolution of disputes over Trump’s tax returns, which he has repeatedly claimed were under protracted audits by the IRS.
However, a one-page document posted on the DOJ website early Tuesday includes a sweeping release under which the IRS is “forever barred and precluded” from pursuing “examinations” of Trump, “related or affiliated individuals,” and related trusts and businesses.
The waiver specifically encompasses “tax returns filed before the effective date” of the settlement, which was Monday.Acting Attorney General Todd Blanche signed the addendum, dated Tuesday. It does not bear the signature of any representative of the IRS or any current Trump lawyers. Metadata attached to the document indicates it was prepared or scanned at 7:50 a.m. Tuesday.
Blanche did not sign the original settlement agreement, which was signed by Associate Attorney General Stanley Woodward, IRS CEO Frank Bisignano and Trump attorney Daniel Epstein….
“This is only with respect to existing audits, not future,” the DOJ statement added.
John Koskinen, the former IRS commissioner from 2013 to 2017, said the expanded settlement set a “terrible precedent” that could effectively generate a windfall for Trump.“It makes you wonder what the President has to hide in those tax returns. He’s apparently been actively trading in the stock market and, since he knows a lot more about situations than the average investor, he’s probably generated significant taxable earnings,” he said in an emailed statement. “Not auditing his returns is the same as giving him an easy way to, in effect, receive money from the government.”
Danny Werfel, the former IRS commissioner from 2023 to 2025, said he was “unaware of a single precedent where the IRS has agreed in advance to permanently forgo examination of previously filed tax returns for a specific person or business.”
There is corruption. And then there is the second Trump administration.
Monday night I wrote to you about kleptocracy. This evening, we pick up the same thread. It has to do with the $1.776 billion slush fund we discussed last night (get it? so cute that number, 1776; such an homage to the Founding Fathers). That fund, the money that Trump is trying to “give” to his most vociferous, even violent, supporters, was created to settle the lawsuit he brought against the IRS. Today, there is more news about the terms of that settlement. Kleptocracy. Corruption.
Todd Blanche, the acting Attorney General, testified before the Senate today. In one remarkable exchange, Delaware Senator Chris Coons asked Blanche:
“Has it ever happened that a sitting president sued his own government for $10 billion dollars and then directed the settlement of the case and the establishment of a payout fund?”
Blanche responded: “No, but there’s a lot of things that President Trump is the first of.”
Another one of those firsts happened today. Not a good one. Without fanfare, DOJ posted a settlement document on its website in the case. It was unexpected, because we’d already seen a settlement agreement in this case, the one we looked at last night. There was no reason to expect anything additional would be forthcoming. When it showed up, the addendum came without any title, just a date at the top….
It’s a pardon on steroids for Trump, Trump’s family, and Trump businesses. The government agrees in this document, signed by Blanche, that it will never prosecute or pursue any civil claims against any of the Trumps, “whether presently known or unknown” that could have been brought as of the date of the settlement agreement. That date is yesterday. The IRS is “forever barred and precluded” from pursuing “examinations” of Trump, “related or affiliated individuals,” and related trusts and businesses. Any proceeding over “tax returns filed before the effective date” of the settlement is now off limits. Any crimes committed before Monday, whether prosecutors were aware of them or not, are off the table. It’s a virtual get-out-of-jail-free card, and also a get-out-of-debt one.
I’ve seen a lot of settlement agreements, but never one like this where the government is giving the store away and getting nothing in return. As we discussed last night, the underlying lawsuit was on life support, most likely about to be dismissed because of legal flaws. Now, it’s become a vehicle for protecting Trump from all problems, criminal and civil, and not just tax matters—the subject of the lawsuit—but all matters. Any sins he may have committed or debts he owed but didn’t pay before now are forgiven.
You can read the rest along with the previous post at Civil Discourse.
Alan Feuer at The New York Times: Prison to Pardons to Payouts: Jan. 6 Rioters Are Elated at Trump’s $1.8 Billion Fund.
Antony Vo was at a friend’s house on Monday morning when a fellow pardoned Jan. 6 rioter sent a message: The Trump administration had just created a fund to benefit people who believed they had been wronged by the federal government — including those, like him, who had stormed the Capitol five years ago.
Mr. Vo, who briefly fled the country to avoid his prison sentence stemming from the riot, said he did not know at first that the fund had come about as part of a larger deal by President Trump to withdraw an extraordinary lawsuit filed against the Internal Revenue Service. But the origins of the fund, he said, were less important than how it made him feel: surprised, relieved and grateful all at once.
“I’m glad it turned into something,” he explained, “that could help people who have been hurting for quite a while now.”
That reaction, it turns out, appeared typical among the so-called Jan. 6ers who have long joined Mr. Trump in claiming that the efforts to hold them accountable for disrupting the peaceful transfer of power after the 2020 election amounted to mistreatment by the criminal justice system.
Some felt that the fund validated their self-image as victims of the government. Others felt elated — albeit somewhat stunned — at the prospect of a payout. And not a few felt a bit confused at how the process of filing claims and receiving checks could play out.
“So many questions,” said Enrique Tarrio, the leader of the far-right Proud Boys who was sentenced to 22 years on a seditious conspiracy conviction arising from the riot. “But it’s a good direction.” [….]
The possibility that people who ransacked the Capitol, smashing windows and fighting with the police, could get money from the same federal government they attacked was the latest head-spinning twist in the effort to rewrite the history of Jan. 6. At a congressional hearing on Tuesday, Todd Blanche, the acting attorney general, did not rule out violent rioters receiving payouts from the fund.
It has not been lost on many Jan. 6ers that by deeming them worthy of reparations, the most powerful officials in the country have effectively validated their claims of having been wronged by the federal government — claims that, in many instances, were roundly rejected by the judges of both parties who oversaw their cases.
“This is the UNITED STATES DEPARTMENT OF JUSTICE acknowledging the possibility that Americans were targeted through political abuse of government power,” Tommy Tatum, a Mississippi man who was charged with civil disorder for interfering with the police on Jan. 6, wrote on Monday in a post on social media. “That is historic.”
It’s obvious at this point. Trump is going to pay these people to do it again. He has no intention of leaving in 2029. If the second insurrection doesn’t work, then he’ll barricade himself in the basement of his precious ballroom.
Are Congressional Republicans just going accept this monumental level of corruption from Trump? Hailey Fuchs, Jordain Carney and Josh Gerstein at Politico: Trump’s $1.8 billion ‘lawfare’ fund is making Republicans nervous.
Senate Republicans are greeting the Justice Department’s announcement of a new “Anti-Weaponization Fund” with concern, confusion and questions — and acting Attorney General Todd Blanche is offering up little clarity on how it will work.
At a Senate Appropriations subcommittee hearing Tuesday morning, Blanche fielded queries from members of both parties about the logistics of the $1.8 billion account, who would have oversight and whether it could function as a “slush fund” for individuals who stormed the Capitol on Jan. 6, 2021.
“There is no level below which these folks will not go,” Sen. Sheldon Whitehouse (D-R.I) said in an interview. “It is just disgusting, having come off Law Enforcement Week, to have set up a slush fund to pay off people who attack police officers.”
But Republicans are also signaling deep discomfort with the arrangement, as well as frustration that they weren’t given the answers they were looking for.
“I’ve got more questions than I’ve heard answers for, and … I didn’t hear anything that gave me certainty in terms of how this all comes together,” said Sen. Lisa Murkowski (R-Alaska), after attending the hearing with Blanche. “Can the president just say $1.87 billion? … I don’t know enough about it to feel comfortable.”
Sens. Susan Collins of Maine and Jerry Moran of Kansas — the top Republicans on the full Appropriations committee and the panel that oversees DOJ funding, respectively — both pressed Blanche at the hearing to explain how payouts from the fund would be managed and who might receive them.
If Democrats can manage to win he House and Senate, the first order of business must be to impeach and remove Trump. We can’t allow him to remain in office for the rest of his term, or we’ll never get rid of him.
There has already been some pushback. Ryan J. Reilly at NBC News: John Adams quote projected on DOJ building in protest of $1.8B fund.
Opponents of a $1.776 billion taxpayer-backed “anti-weaponization” fund projected a quotation from one of the Founding Fathers onto the Justice Department building in protest.
“A government of laws, not of men,” read the quotation from John Adams, the second president.
The quotation was shown over one of the large banners of President Donald Trump that were set up in February at the Justice Department headquarters, known as “Main Justice.”
Stacey Young, a former Justice Department employee who founded the group Justice Connection, which projected the phrase onto the building, told NBC News that the “$1.8 billion slush fund” was “appalling.”
“We are standing up for department’s integrity and the rule of law,” Young said outside the building. The Justice Department is operating “as an arm of the White House” and doing Trump’s bidding by protecting his allies and going after his enemies, she said.
“That is an extraordinary abuse of power, and it’s a sign that the rule of law is crumbling before our eyes,” Young said.
Justice Connection said the Trump administration “shifted the country away from a system of laws and toward an era of lawlessness,” citing the firing of prosecutors who worked on Jan. 6 cases and “cash payments” to Capitol riot defendants it expects the Trump administration to pay out.
One more from Josh Gerstein at Politico: Jan. 6 police officers sue to block Trump’s ‘anti-weaponization fund.’
Police officers who came under attack by rioters at the Capitol on Jan. 6, 2021, filed a lawsuit Wednesday seeking to halt President Donald Trump’s plan to set up a nearly $1.8 billion fund to compensate victims of “weaponization” and “lawfare.”
In the new lawsuit, former Capitol Police Officer Harry Dunn and Metropolitan Police Department Officer Daniel Hodges contend that Trump intends to use the massive bankroll to pay people who organized and participated in the riot.
“Dunn and Hodges did not back down on January 6. Instead, they held the line to defend democracy and the rule of law. They bring this case to do so once again,” the lawsuit says.
The lawsuit, filed in federal district court in Washington, argues that the fund violates the 14th Amendment’s prohibition on use of federal money to “pay any debt or obligation incurred in aid of insurrection or rebellion against the United States.”The officers’ complaint also alleges that the Justice Department has no legal authority to create the fund, announced Monday as part of a settlement of a lawsuit Trump filed over the leak of his tax returns during his first term..
The Justice Department will likely argue that the officers don’t have standing to bring the suit. The complaint contends that Dunn and Hodges have faced ongoing harassment, including death threats, from participants in the riot. The officers allege that they have a personal stake in the dispute over the fund because it will be used to provide financial support that is likely to fuel that sort of harassment in the future.
That’s all I have for today. What’s on your mind?
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Friday Reads: Hillary Clinton Takes On Wall Street
Posted: October 9, 2015 | Author: dakinikat | Filed under: morning reads, U.S. Economy, U.S. Politics | Tags: Barney Frank, Hillary Clinton, Wall Street | 36 CommentsIt’s Friday!!!
Things continue to be a little crazy around the kathouse but every time I read political news I feel as though the crazy contagion started from politicians and the media that obsess on them. We’re getting close to
the first Democratic Presidential Debate so candidates and their proxies are dialing it up to 11.
Former Congressman Barney Frank is on the trail for Hillary Clinton. He penned an op-ed at Politico at Politico in July in which he said progressives supporting Sanders are basically helping the GOP win. He also questioned a return to Glass Steagall, as supported by Elizabeth Warren.
In the post, titled “Why Progressives Shouldn’t Support Bernie,” the former Massachusetts congressman urged Democratic primary voters to steer clear of his fellow New Englander, warning “wishful thinking won’t win the White House.”
Frank pointed to the gleeful cheerleading of Sanders’ challenge to Hillary Clinton from neoconservatives like Bill Kristol to argue that Sanders only serves to weaken Clinton before her general election match-up. According to Frank, a Sanders candidacy — with his poll number steadily gaining on Clinton’s lead — would only distract from the circus that is the 15-person Republican primary.
You can find this quote and the rest of the article at Politico.
I believe strongly that the most effective thing liberals and progressives can do to advance our public policy goals — on health care, immigration, financial regulation, reducing income inequality, completing the fight against anti-LGBT discrimination, protecting women’s autonomy in choices about reproduction and other critical matters on which the Democratic and Republican candidates for president will be sharply divided — is to help Clinton win our nomination early in the year. That way, she can focus on what we know will be a tough job: combating the flood of post- Citizens United right-wing money, in an atmosphere in which public skepticism about the effectiveness of public policy is high.
I realize that before explaining why I am convinced that a prolonged prenomination debate about the authenticity of Clinton’s support for progressive policy stances will do us more harm than good, that very point must be addressed. Without any substance, some argue that she has been insufficiently committed to economic and social reform — for example, that she is too close to Wall Street, and consequently soft on financial regulation, and unwilling to support higher taxation on the super-rich. This is wholly without basis. Well before the Sanders candidacy began to draw attention, she spoke out promptly in criticism of the appropriations rider that responded to the big banks’ wish list on derivative trading. She has spoken thoughtfully about further steps against abuses and in favor of taxing hedge funds at a fairer, i.e., higher, rate.
This is reflective of her role in the 1990s, when she was a consistent force for progressive policies in her husband’s administration. And as Paul Krugman documented throughout the 2008 nomination campaign, she was, on the whole, to Barack Obama’s left on domestic issues.
On Wednesday, Politico published an article by Zachary Warmbrodt that describes how Frank is advising Hillary on her plan for dealing with Wall Street.
Frank told POLITICO on Wednesday that he has been working with campaign staff including Gary Gensler — a key ally in the eyes of Dodd-Frank supporters and often a foe of big banks during his time as chairman of the Commodity Futures Trading Commission, which regulates derivatives markets.
“He was a major formulator in this plan,” Frank said of Gensler, a former Goldman Sachs partner and a Treasury Department official during Bill Clinton’s presidency.
The input of Frank and Gensler could help Clinton’s standing among Democrats aligned with Wall Street critic Elizabeth Warren, the Massachusetts senator, and allay any lingering concerns that Clinton would go easy on a sector that her husband helped deregulate before the 2007-09 crisis that prompted the passage of Dodd-Frank.
Frank had more to say about the notion of bringing back Glass-Steagall.
In Iowa on Tuesday, Clinton gave a brief preview of the direction of the plan, which she said would be released “in the next week.” Clinton was responding to a question about whether she would try to reinstate the Depression-era Glass-Steagall Act that separated commercial and investment banking activities — an idea backed by Warren and Clinton’s Democratic primary competitor Sen. Bernie Sanders.
Clinton said, “Big banks are not the only things we have to worry about.” She said she also wants to target risks among insurance companies, hedge funds and other entities in the so-called shadow banking sector. Clinton added that she was willing to work to change the law to make sure individuals are held accountable for financial wrongdoing.
“What she has proposed is in the spirit of Glass-Steagall but in contemporary terms,” Frank said. “The Glass-Steagall debate is an artificial debate at this point. It’s 85 years old. Most people can see if we had it in effect, it wouldn’t have stopped AIG. It wouldn’t stop subprime mortgages that shouldn’t have been granted.”
Hillary Clinton has often stood accused of pandering or shaping policy proposals for political purposes, but her proposals for improving regulation of the financial system show her doing exactly the opposite — tackling the issue of mega-bank risk in a thoughtful way that is likely to prove politically thankless.
Her idea — not exactly optimized for a 15-second television spot — is to “charge a graduated risk fee every year on the liabilities of banks with more than $50 billion in assets and other financial institutions that are designed by regulators for enhanced oversight,” with fees scaled to be “higher for firms with greater amounts of debt and riskier, short-term forms of debt.”
It’s a mouthful. Banks will hate it. It doesn’t feature a crowd-pleasing, populist applause line. And it’s a pretty great idea.
Hillary Clinton’s risk fee, explained
The problem Clinton is trying to address here is that when a big bank goes bankrupt, it creates huge problems for the broader economy. Because of that, governments have a tendency to prevent big banks from going bankrupt.
And because of that, big banks have a tendency to engage in a riskier pattern of business than you see from other kinds of companies. All companies spend money to make money, but banks finance a much larger share of their spending with borrowed money (as opposed to retained profits) than you see from non-banks. And many banks rely very heavily on short-term borrowing, and fund ongoing operations by counting on their ability to get new short-term loans tomorrow. Financing investments with debt magnifies profits when your bets pay off, but it also magnifies losses when they don’t. Using short-term debt rather than long-term debt lets you pay lower interest rates, but also exposes you to the possibility of unexpectedly finding yourself unable to get the money you need in an emergency situation. Both tendencies magnify risk.
Clinton is proposing to clamp down on those risks by imposing a tax on bank debt.
That compensates the public for the financial cost of bailouts and the social cost of bank failures, while also creating new incentives for banks to manage their affairs in a less risky manner.
Read the rest at the link for more wonky goodness.
Hillary’s plans for Wall Street demonstrate the progressive values she has always had. If you watched TV last night, you probably saw the talking heads carrying on about Hillary’s so-called flip-flops on the Keystone Pipeline and the TPP. The problems these folks have is that they have assume that Hillary and Bill are basically the same person with the same political views. They also refuse to understand that when Hillary was Secretary of State she was working for Obama and had to carry out his policies. Now she’s on her own, and she’s expressing her own views–not Bill Clinton’s or Obama’s.
There’s a great post by Peter Daou at Hillary Men about this: TPP to KXL to WTF! Heads Explode as Hillary Goes Progressive. I hope you’ll read the whole thing. It is a wonderful reflection on how Daou came to be such a strong Hillary supporter and how he came to understand that she is a true progressive. Here’s the conclusion:
In the years I worked for her and in the time since, nothing I saw or heard dissuaded me from my first impression: Hillary is a progressive at heart. I’m perfectly aware that anything she does and any position she takes will get savaged by her detractors, but as a lifelong progressive, I know I’m supporting the candidate who is the most capable of anyone in America to advance the things I care most deeply about. Not Bernie Sanders, who I admire greatly; not Joe Biden, who I also like and respect. Certainly none of the out-of-touch and dangerously narrow-minded Republicans. For that matter, not Barack Obama or Bill Clinton.
Hillary will make an exceptional president. On women’s rights alone, her impact will be history-changing. As the father of a young girl (born during the 2008 campaign), nothing matters more to me.
I’ll conclude with a pithy observation from Lane Hudson, another blogger friend from the early days:
The same people criticizing Hillary for taking a position opposing Keystone XL pipeline and the Trans Pacific Partnership trade deal are the same people who wanted a Warren or Sanders challenge to pull her to the Left.
It’s going to be fun watching the Villagers’ heads explode as Hillary reveals more and more of her true, liberal self.
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MA Gov. Deval Patrick Appoints Former Chief of Staff to Fill John Kerry’s Senate Seat
Posted: January 30, 2013 | Author: bostonboomer | Filed under: just because, U.S. Politics | Tags: Barney Frank, Gov. Deval Patrick, John Kerry, Massachusetts Senate seat, William "Mo" Cowan | 14 CommentsFrom The Hill:
Massachusetts Gov. Deval Patrick (D) has appointed William “Mo” Cowen, his former chief of staff, to fill former Sen. John Kerry’s (D) seat until a special election is held this summer….
“Mo’s service on the front lines in our efforts to manage through the worst economy in 80 years and build a better, stronger Commonwealth for the next generation has earned him the respect and admiration of people throughout government,” Patrick said in a statement announcing the appointment.
Former Rep. Barney Frank (D-Mass.) had also pursued the seat, but his outspoken interest might have undermined his chances of winning the appointment.
Patrick will make the official announcement at 11AM this morning.
Some background on Cowan from The Boston Globe:
Cowan, 43, was first hired by Patrick as his legal counsel in 2009 and was then promoted to chief of staff in 2010. Last November, Cowan stepped down from the $144,000 a year job.
Cowan is a North Carolina native and Duke University graduate who came to Boston to attend Northeastern University Law School in the early 1990s – and never left the region. One of the city’s leading African-American lawyers, Cowan is a former partner in the politically connected law firm of Mintz Levin.
Cowan will become the first African-American to represent Massachusetts in the Senate since Edward Brooke held the seat as a Republican from 1966 to 1978….
Cowan’s selection was quickly praised by Martin W. Healy, chief legal counsel for the Massachusetts Bar
Patrick and Cowan built up a strong friendship over the years, in part, because both men have risen from difficult childhoods to prominence in Boston and in the state. Patrick also served as a mentor to Cowan when both were practicing lawyers.
Much more at the link.
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Solstice 2012 Morning Reads
Posted: December 21, 2012 | Author: dakinikat | Filed under: morning reads | Tags: Barney Frank, Carl Bernstein, General Patreus, Newgrange Tomb, Romney Campaign Boondoggles, Rupert Murdoch, Solstice, winter | 36 Comments
Good morning and happy solstice!
Today is the shortest day of the year!!
In Washington, D.C., the winter solstice sun reaches a maximum angle of only 27.7º above the horizon at solar noon. In the more northern city of London, the sun takes an even shorter path, climbing only 15.1º in the sky. And just south of the Arctic Circle, the Icelandic capital of Reykjavik sees the midday sun climb no higher than 2.1º above the horizon.
Here’s some other ways that humanity has celebrated the day in the past from National Geographic.
Throughout history, humans have celebrated the winter solstice, often with an appreciative eye toward the return of summer sunlight.
Massive prehistoric monuments such as Ireland’s mysterious Newgrange tomb (video) are aligned to capture the light at the moment of the winter solstice sunrise.
(Related: “Ancient Irish Tomb Big Draw at Winter Solstice.”)
Germanic peoples of Northern Europe honored the winter solstice with Yule festivals—the origin of the still-standing tradition of the long-burning Yule log.
The Roman feast of Saturnalia, honoring the God Saturn, was a weeklong December feast that included the observance of the
winter solstice. Romans also celebrated the lengthening of days following the solstice by paying homage to Mithra—an ancient Persian god of light.
Many modern pagans attempt to observe the winter solstice in the traditional manner of the ancients.
“There is a resurgent interest in more traditional religious groups that is often driven by ecological motives,” said Harry Yeide, a professor of religion at George Washington University. “These people do celebrate the solstice itself.”
I like to remind people that Mithra is the real reason for the season. Despite what Fox News says, the original happy holiday for the Romans on December 25th was the birthday of the virgin born Mithra. Vatican City was built on his huge temple. Too bad we might never get to excavate it.
Mithra, legend says, was incarnated into human form (as prophesized by Zarathustra) in 272 bc. He was born of a virgin, who was called the Mother of God. Mithra’s birthday was celebrated December 25 and he was called “the light of the world.” After teaching for 36 years, he ascended into heaven in 208 bc.
There were many similarities with Christianity: Mithraists believed in heaven and hell, judgement and resurrection. They had baptism and communion of bread and wine. They believed in service to God and others.
In the Roman Empire, Mithra became associated with the sun, and was referred to as the Sol Invictus, or unconquerable sun. The first day of the week — Sunday — was devoted to prayer to him. Mithraism became the official religion of Rome for some 300 years. The early Christian church later adopted Sunday as their holy day, and December 25 as the birthday of Jesus.
Mithra became the patron of soldiers. Soldiers in the Roman legions believed they should fight for the good, the light. They believed in self-discipline and chastity and brotherhood. Note that the custom of shaking hands comes from the Mithraic greeting of Roman soldiers.
It was operated like a secret society, with rites of passage in the form of physical challenges. Like in the gnostic sects (described below), there were seven grades, each protected by a planet.
Since Mithraism was restricted to men, the wives of the soldiers often belonged to clubs of Great Mother (Cybele) worshippers. One of the women’s rituals involved baptism in blood by having an animal- preferably a bull – slaughtered over the initiate in a pit below. This combined with the myth of Mithra killing the first living creature, a bull, and forming the world from the bull’s body, and was adopted by the Mithraists as well.
When Constantine converted to Christianity, he outlawed Mithraism. But a few Zoroastrians still exist today in India, and the Mithraic holidays were celebrated in Iran until the Ayatollah came into power. And, of course, Mithraism survives more subtly in various European — even Christian — traditions.
So, somebody needs to remind Fox News that Constantine was the one that stole December 25th from the Mithraists. They should direct their outrage at him.
Speaking of Fox News, there’s something you should read on the Dread Pirate Murdoch and his attempt to install a US President. The story gets some column space from Carl Bernstein writing for The Guardian. It’s about said dread pirate’s attempt to waylay the US presidential election by trying to get Petraeus to run. Bernstein’s big question is why weren’t the press all over this?
The Murdoch story – his corruption of essential democratic institutions on both sides of the Atlantic – is one of the most important and far-reaching political/cultural stories of the past 30 years, an ongoing tale without equal. Like Richard Nixon and his tapes, much attention has been focused on the necessity of finding the smoking gun to confirm what other evidence had already established beyond a doubt: that the elemental instruments of democracy, ie the presidency in Nixon’s case, and the privileges of free press in Murdoch’s, were grievously misused and abused for their own ends by those entrusted to use great power for the common good.
In Nixon’s case, the system worked. His actions were investigated by Congress, the judicial system held that even the president of the United States was not above the law, and he was forced to resign or face certain impeachment and conviction. American and British democracy has not been so fortunate with Murdoch, whose power and corruption went unchecked for a third of a century.
The most important thing we journalists do is make judgments about what is news. Perhaps no story has eluded us on a daily basis (for lack of trying) for so many years as the story of Murdoch’s destructive march across our democratic landscape. Only the Guardian vigorously pursued the leads of the hacking story and methodically stuck with it for months and years, never ignoring the underlying context of how Rupert Murdoch conducted his take-no-prisoners business and journalism without regard for the most elemental standards of fairness, accuracy or balance, or even lawful conduct.
When the Guardian’s hacking coverage reached critical mass last year, I quoted a former top Murdoch deputy as follows: “This scandal and all its implications could not have happened anywhere else. Only in Murdoch’s orbit. The hacking at News of the World was done on an industrial scale. More than anyone, Murdoch invented and established this culture in the newsroom, where you do whatever it takes to get the story, take no prisoners, destroy the competition, and the end will justify the means.”
The tape that Bob Woodward obtained, and which the Washington Post ran in the style section, should be the denouement of the Murdoch story on both sides of the Atlantic, making clear that no institution, not even the presidency of the United States, was beyond the object of his subversion. If Murdoch had bankrolled a successful Petraeus presidential campaign and – as his emissary McFarland promised – “the rest of us [at Fox] are going to be your in-house” – Murdoch arguably might have sewn up the institutions of American democracy even more securely than his British tailoring.
An interesting little survey result of university students put a smile on my face for a variety of reasons. It’s actually a few months old and I some how missed it. That’s to BB for letting me know why my students always looked so sleepy on the way into the lectures for all those years. I was an economics major so ….
In a survey of several thousand English undergraduates by Studentbeans.com, economics majors are more likely to have more sexual partners than their peers other fields. A budding Ben Bernanke had an average of 4.88 sex partners since college started. Compare this to the struggling Comparative Religion major who has had an average or 2.13 partners, or the mournful Environmental Science major who has slept with only 1.71 people. It is not even a contest.
Maybe it’s just be cause we’re great at data gathering and we keep count. Or maybe not.
Congressman Barney Frank in his last days in office and is giving many interviews. He talks openly about a lot of interesting things.
Later, after recounting a controversy over an attempt by a male prostitute to blackmail him, he said, “I always have thought prostitution should be legal” and said that ultimately women were “worse off” without legalized prostitution.
Frank also believes that those who vote against gay and lesbian rights but who are in the closet deserve to be outed, explaining, “Yes, I believe the policy should be that people have a right to privacy but not to hypocrisy.”
Frank discussed recent comments made by Supreme Court Justice Antonin Scalia when asked by a Princeton student about his writing on same-sex marriage and gay and lesbian issues. “If we cannot have moral feelings against homosexuality, can we have it against murder? Can we have it against other things?” Scalia told the student.
“I was glad that he made clear what’s been obvious, that he’s just a flat out bigot,” said Frank, going on to call the explanation “quite stupid.”
This has to be the biggest taxpayer supported boondoggle in the history of boondoogles: “The Cost of Romney’s Government-Assisted Transition: $8.9 Million”.
One of the less scintillating milestones of the 2012 election was marked by the General Services Administration, when Mitt Romney became the first candidate to take advantage of the Presidential Transition Act of 2010. The Act, spearheaded by former Sen. Ted Kaufman, provides resources for major candidates to start planning for their presidency long before Election Day. Through a Freedom of Information Act request, TIME acquired documents from the GSA that show the scope–and cost–of this unprecedented government-assisted transition.
In 2010, legislators said the main goal of the Act was to bolster national security by ensuring that candidates are prepared to take office, and that they don’t shy away from transition planning for fear that they’ll look presumptuous. To that end, the law stipulates that the federal government will provide certain resources to non-incumbent candidates after their nominating convention. The GSA says final costs are still being tabulated, but the initial estimated cost for Romney’s pre-transition phase is around $8.9 million.
Last week, the Romney press corp wrote a formal complaint regarding the charges that they say far exceed any other campaign. Today, after getting no response from on high, some of the press corp alerted American Express that they are contesting the charges.
Citing examples of “exorbitant charges” for food and holding costs, the press corp detail in their letter to the Romney campaign, “Some examples: $745 per person charged for a vice presidential debate viewing party on Oct. 11; $812 charged for a meal and a hold on Oct. 18; $461 for a meal and hold the next day; $345 for food and hold Oct. 30.”
These are no small outlets fighting back against the Romney campaign; signing the letter are the higher ups from the Los Angeles Times, Wall Street Journal, New York Times, USA Today, Agence France-Presse, Washington Post, Yahoo, Buzzfeed, and Financial Times. This isn’t their first rodeo.
They also have questions about food ostensibly provided for them but eaten by the campaign staff. “These costs far exceed typical expenses on the campaign trail. Also, it was clear to all present that the campaign’s paid staff frequently consumed the food and drinks ostensibly produced for the media. Were any of the costs of these events charged to the campaign itself, to cover the care and feeding of its staff?”
Earlier Buzzfeed reported that the campaign went all out at the viewing party, providing massage tables and lavish food and booze. Unfortunately, these perks weren’t discussed with all of the media that are now being charged for them.
That certainly sounds like the way an enterprising CEO screws their projects to me. Good thing he didn’t get his hands on the national treasury.
So, that’s it for me this morning … Carry on!!
What’s on your reading and blogging list this morning?
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Late Night: A Few Good Smackdowns
Posted: August 2, 2011 | Author: bostonboomer | Filed under: education, U.S. Economy, U.S. Politics | Tags: Afghanistan, Barney Frank, IRAQ, libertarians, Matt Damon, MBAs, medicare, Million Teacher March, Reason Magazine, Republicans, Save our Schools, Tea Party, teachers | 20 CommentsBarney Frank explains to MSNBC’s Lawrence O’Donnell why he couldn’t vote for the Obama-McConnell-Boehner bill. Barney comes on at about the 5:27 mark. The first five minutes are interesting too, but you can skip over them if you want to. I couldn’t find a video with just the Barney interview.
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Barney really lives up to his surname, doesn’t he? He just lays it all out with no bullsh&t. Iraq and Afghanistan exempted from budget cuts? No guarantee of equal cuts in Defense and Medicare/Medicaid? Medicare cuts will keep seniors from getting medical care and result in hospital jobs being lost. He also makes a good point about the possibility of invoking the 14th amendment. And there’s more. Please watch it.
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Another good guy, Bernie Sanders, angrily explains why he won’t vote for the “grotesque” bill either. Please, Bernie, run for President!
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Via Gawker, here’s a great video of Matt Damon, with his mom standing next to him, explaining to a libertarian “MBA type” from Reason Magazine that some people don’t work just to get money. Some people are actually dedicated to their work despite shitty salaries and long hours. Like teachers. Damon and his mom, who is a teacher, were participating in the Save Our Schools Million Teacher March this past weekend.
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Please discuss, or use this as an open thread.
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