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Jon Talton

Analysis and commentary on economic news, trends and issues, with an emphasis on Seattle and the Northwest.

Topic: Dodd-Frank

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December 12, 2014 at 10:48 AM

Vote: Should Obama veto the budget bill?

The budget bill began in shame, with Republicans demanding that Democrats give up clean water legislation and child nutrition in exchange for avoiding a government shutdown. It has degenerated into disgrace. Buried in the legislation is a provision that would begin gutting Dodd-Frank, the post-panic financial regulation bill that the financial industry has already weakened. Now,…

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Comments | More in Politics and the economy | Topics: budget bill, Dodd-Frank, Pensions

July 8, 2013 at 11:17 AM

Happy birthday, Dodd-Frank, toothless reform

Remember when AIG was saved by the government during the Panic of 2008, receiving a $180 billion bailout and essentially becoming nationalized? The insurer that enabled so much fraud by the banksters turned around and gave its top executives hundreds of millions of dollars in bonuses and retention pay. The public outrage, further stoked by revelations of how the Wall Street Boyz received outrageous compensation packages as a reward for taking risks that would tank the economy and cost taxpayers, caused a provision to be inserted into the Dodd-Frank bill. It required companies to disclose how much their chief executives made compared with other employees.

Like most of this giant “reform” bill, it remains to be enforced. It’s one of the simplest portions of the legislation, but the Securities and Exchange Commission still hasn’t brought it into force, as we mark the third anniversary of Dodd-Frank’s passage.

The problem, as the Washington Post reports, is a vast and successful pushback by corporate power. “What the agency did not count on was the resistance mounted by big business. A lobbying campaign waged by business executives and the nation’s most prominent corporate associations undercut the momentum and effectively brought the agency’s work on the rule to a standstill.”

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Comments | More in Banking | Topics: AIG, banking, CEO compensation