Let’s hope that as with the Watergate Commission and the Church committee hearings of the 1970′s, this Commission can rise above politics and act professionally and diligently to create reforms that put our financial and banking system on firm ground. Only then can folks on main street thrive again.
Monthly Archives: July 2009
Indoor Tanning Causes Cancer, New Report Confirms
Posted in Consumer ProtectionIt is time to put an end to the lies of the Indoor Tanning Association and the conduct of an industry that blithely ignores the health and safety of teens, particularly young women. If the state and federal government attorneys are too busy, or do not have the resources, private attorneys must once again fill the breach. Litigation can:
- Seek an end to indoor tanning for teens;
- Force better disclosure of risk for all, particularly those under 30;
- Pursue damages for those directly harmed; and
- Open up salons and their supporters to the public glare of scrutiny.
A Noble Effort to Protect Teens from Indoor Tanning
Posted in Consumer ProtectionKudos to the Melanoma Foundation of New England: a dedicated, thoughtful organization advocating for the innocent (mostly teen) victims of the indoor tanning industry. The Foundation hosts an informative and supportive website. I recommend the informational summary of a recent study on melanoma awareness and indoor tanning.
On the legislative front: the Foundation has paired with the Massachussetts Academy of Dermatology in support of Senate Bill 903. The Bill would strengthen permit requirements, oversight and most importantly, age restrictions on tanning bed usage in Massachussetts.
Response to Special Inspector General’s TARP Report
Posted in Banks and Financial ServicesWe recommend Mr. Barofsky seek additional funding for more staff and investigators. The Administration should also request that Congress amend the TARP to allow a “private right of action”. Private attorneys ferreting out fraud can make a real difference. We need more than 2 filed cases to serve as a deterrent, protect the essential mission of the TARP, and limit the cost to taxpayers.
Ponzi Schemes Could Not Exist Without the Help of Banks
Posted in Banks and Financial ServicesA corporate culture that placed increased profits, seven-figure bonuses, and a higher stock price above sound banking judgment–this is the same culture that caused the Bank’s near-failure last fall (requiring a $45 billion dollar federal bailout because they were deemed “too big to fail”).
There They Go Again: The Shameful ITA
Posted in Consumer ProtectionCommon sense tells us this dual vigilance ought to lower melanoma mortality rate, right? And yet it has still risen 17.5% (through 2004), not to mention the five years of growth since 2004?! But does the ITA share this concern? Hardly, because it wouldn’t make business sense; the ITA has nothing to gain by providing consumers honest information about the danger of UV rays.
150 Years From Now (The Impact of Bernie Madoff)
Posted in In the CourtsDid JPMorgan Chase ever hush a word of this to the SEC or other regulators? Did anyone say “this ain’t right”? Probably not–the bank had huge accounts to service and there was plenty of money to be made. Despite strict regulations placed on JPMorgan Chase by the Patriot Act, Anti-Money Laundering Act and Bank Secrecy requirements to be on the lookout for suspicious activity, the beat went on until the music finally stopped.