The Payoff

The Payoff

Why Wall Street Always Wins

eBook - 2012
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Lobbyist, White House Lawyer, and Senate Aide on the Power of America's Plutocracy to Avoid Prosecution and Subvert Financial Reform Beginning in January 2009, THE PAYOFF lays bare Washington's culture of power and plutocracy. It's the story of the twenty-month struggle by Senator Ted Kaufman and Jeff Connaughton, his chief of staff, to hold Wall Street executives accountable for securities fraud, to stop stock manipulation by high-frequency traders, and to break up too-big-to-fail megabanks.This book takes us inside their dogged crusade against institutional inertia and industry influence as
Publisher: Westport, CT : Prospecta Press, c2012
ISBN: 9781935212973
1935212974
Characteristics: 1 online resource (190 p.)

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StarGladiator
Feb 20, 2013

"Connaughton criticizes Democrats for relying on the very Wall Street technocrats who had failed to prevent the crisis and Republicans for staunchly opposing real reforms ..." This sentence sums up the reframing of events most succinctly! The author is claiming that it was a "crisis" not a planned event - - or series of planned events - - clearly the case given all the groundwork laid out beforehand (lobbying for removal of any and all oversight on credit derivatives and electronic exchanges, removal of "legal risk" with the passage of the Private Securities Litigation Reform Act, and a host of other actions of the past several decades; not to mention JPMorgan's report, "Glass-Steagall: Overdue for Repeal"). The dems, along with the repubs, were involved and both have foiled any real regulatory reform in these matters. I call "balderdash" on this book!

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