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Tag Archives: Legal

Bill Black: The Best Way to Rob a Bank Is to Own One (Part 1/9)

Yves here. Bill Black is back! The website New Economic Perspectives, where Bill and many MMT luminaries held forth, has gone quiet. But Bill was also a regular at Paul Jay’s The Real News Network, and Black has come for a long-form discussion at Jay’s new initiative, TheAnalysis.news. Bill uses the title of his book to review and update financial fraud, American style, which means driven primarily by bank executives. He starts with a review of the S&L crisis, where he not only had a...

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CalPERS Long Term Care Program Bleeds Policyholders Dry via 10X Higher Premiums, Gross Mismanagement, Bad Faith Dealing

Yves here. Please welcome Lawrence Grossman, who with his wife is a CalPERS long-term care policy holder. Grossman, a financial analyst, describes the extreme underfunding of this zombie program. The rate increases that CalPERS is putting through, a 900% increase over the rates charged at the outset, are wildly disproportionate to the level of any other significant long-term care program. In other words, even by the standards of an industry that is in deep financial trouble, CalPERS’ rate...

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From Rodney King to George Floyd, How Video Evidence Can Be Differently Interpreted in Courts

Yves here. This post is a useful primer on how simple techniques like focusing and framing (aka narration) influence viewer perceptions of video segments. There’s a reason documentaries are an art form! I’m sure the film-makers and critics in the commentariat will have much to add. One device used by the prosecution in the George Floyd case was to show the video of Floyd’s entire time in Cup Foods before he walked outside and eventually arrested. Floyd was a big, muscular man, wearing a tank...

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California Bill Seeks to Prevent Hospital Administrators from Practicing Medicine Without a License

Yves here. Thanks in large measure to the diligent reporting of the Health Care Renewal blog, as well as more recently the deep digging by Eileen Applebaum and Rosemary Batt on private equity’s major incursions into healthcare, we’ve been able to keep tabs on the corporatization of medicine and its detrimental effects on the quality of care. These changes have been implemented by MBA beancounters over the objections of practitioners. In cities where it’s viable to keep solo or small group...

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Abolish the OCC

It’s much more fashionable these days to talk about abolishing the police, but there are nefarious actors on the finance front who are still doing harm to the welfare of ordinary citizens. One is the Office of the Controller of the Currency, or the OCC, which regulates nation banks and Federal savings associations. It has the weird half-pregnant status of being an independent branch of the Treasury. The OCC has become not just hopelessly captured, but also so impregnable to reform that as...

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California Judiciary Committee Gives Blistering Assessment of CalPERS’ Fiduciary Duty Failings in Analysis of Fraud-Friendly Private Debt Secrecy Bill

It appears that at least some people in Sacramento are paying attention to what has been happening at CalPERS and don’t like what they see. Below, we have embedded the California Assembly Judiciary Committee staff analysis for AB 386, a bill providing for secrecy of private debt investments. The analysis calls out some of CalPERS’ major fiduciary duty failings in remarkably blunt terms. This matters because CalPERS claims it intends to set up an in-house unit to make direct debt investors,...

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CalPERS Employee Accused of Embezzling $685,000 from Beneficiary Bank and CalPERS Accounts Hasn’t Been Arrested, Much the Less Prosecuted. Why the Cover Up?

As storied short seller David Einhorn would say, “No matter how bad you think it is, it’s worse.” The lawyers and banking experts I’ve contacted thus far have never heard of a case like the latest from CalPERS, which is saying a lot. As you can see from the embedded filing below, CalPERS is suing Gloria Najera, a former employee it says embezzled $685,000 from beneficiaries, including, Wells Fargo style, from a beneficiary’s bank accounts. The civil claim is sketchy on the timetable, but...

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How America Can Curb the Epidemic of Violence Against Health Care Workers

Yves here. I had no idea that health care staffers often face physical violence, outside psych wards, rehab centers, and prisons. Admittedly the opening anecdote is in one of those settings but the examples go way beyond that. What a disheartening revelation. And of course, another example of how workplace safety protections, in terms of both employer vigilance and government oversight, are missing in action. By Tom Conway, the international president of the United Steelworkers Union (USW)....

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Privacy Champions Urge Passage of ‘Fourth Amendment Is Not For Sale’ Act

Yves here. Established readers have been subjected to my occasional rants in comments about how pretty much everyone accepts violations of privacy because convenience, and yours truly goes to some Luddite-level measures to keep some things I care about protected. And no, I don’t believe any of these bloody device-makers have GPS location functions that you can really truly turn it off. I guarantee there are backdoors and the NSA knows all about them. Either put it in a Faraday bag or leave it...

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Jury Finds Derek Chauvin Guilty of Second Degree Murder, Third Degree Murder and Second Degree Manslaughter in George Floyd Trial

I happened to be up when the Wall Street Journal sent out an e-mail alert the jury had reached a verdict and it was to be read out soon. I turned on Court TV to see the live coverage. After school events have been cancelled in Minneapolis and kids are being told to go home. Court TV also reports that Minneapolis will have in-home-only instruction for the rest of this week. The jury has just found Derek Chauvin guilty on all counts: second degree murder, third degree murder and second degree...

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