Finance Reform: Public Anger and Partisan Politics
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With voters outraged about Wall Street's perceived role in the financial crisis, Democrats and Republicans appear to be playing "chicken" over finance reform. We look at the likely product of sausage-making in an election year. Also, Goldman Sachs in the hot seat on Capitol Hill, and Arizona's new immigration law has sparked outrage from Washington to Mexico City. Even the Mayor of Phoenix calls it "unenforceable."
Banner image: Daniel Sparks, a former partner who ran Goldman Sachs' mortgage department, looks through investigation evidence as he testifies on Capitol Hill in Washington, DC, April 27, 2010, during a Senate Homeland and Secruity and Government Affairs Committee Permanent Subcommittee on Investigations. Photo: Jim Watson/AFP/Getty Images
Making News
Goldman Sachs on the Hot Seat ()
In prepared testimony today, Goldman Sachs CEO Lloyd Blankfein said his company never bet against its own clients, but Senators of both parties were publicly skeptical. Carl Levin of Illinois interrogated Dan Sparks, Goldman's chief of mortgage securities, about charges that Goldman failed to tell investors that package deals were stacked against them; Republican John McCain accused Goldman executives of being immoral. Jessica Brady, staff writer for RollCall magazine, was at the hearing.
Guests:
- Jessica Brady: Staff Writer, Roll Call magazine
Main Topic
Roadblock on the Path to Financial Reform ()
As a Senate committee was grilling Goldman Sachs executives today, Democrats called for another vote on finance reform, less than 24 hours after the last one. They claim all the Republicans voted "no" yesterday to protect Wall Street from a real crackdown. Republicans insist they just want a better bill. Behind the political theater, both sides seem to expect eventual action, because public anger has reached high-level intensity in this election year. Will the current measure shrink banks that are too big to fail? Will it protect taxpayers against future bailouts? Do we need more — or better — regulation?
Guests:
- Michael Crittenden: Reporter, Dow Jones Newswires
- Heather McGhee: Director, Demos' Washington Office
- William Isaac: Chairman, LECG Financial Services
- James Barth: former Chief Economist, Office of Thrift Supervision
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Reporter's Notebook
Arizona Immigration Law Likely to Face Legal Challenges ()
Arizona's Republican Governor Jan Brewer signed a state immigration law saying that the federal government has failed to stop the flow of drugs and undocumented workers across the Mexican border. Opposition has been building from the White House and Capitol Hill to neighboring states and Mexico City. Today, Attorney General Eric Holder says the federal government may challenge that law. Kevin Johnson, Dean of the University of California Law School and a professor of immigration law, has more on the story.
Guests:
- Kevin Johnson: Dean, UC Davis School of Law
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