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Financial Scandal Scorecard (NYT)
As the LIBOR scandal jostles for attention with Peregrine’s fraud, HSBC’s money laundering, and Capital One’s sketchy sales tactics, Joe Nocera plays a game of financial shenanigans bingo. Traditional regulators sleeping on the job is the free square.
Prosecutors, regulators close to making Libor arrests (Reuters)
In addition to pursuing regulatory penalties against the banks that rigged LIBOR, U.S. and European authorities plan to bring charges against some of the individuals traders involved, lest a few bad apples spoil Wall Street’s delicious apple sauce of crime.
Bungled Bank Bailout Leaves Behind Righteous Anger (Bloomberg)
Neil Barofsky argues that given the choice to flood banks with money but leave homeowners high and dry and a weaksauce excuse for reform that’s being watered down even more in the rulemaking process, getting mad just means we’re paying attention.
Wall Street Is Too Big to Regulate (NYT)
Gar Alperovitz notes that to end Too Big to Fail, liberal reformers should heed conservative economists of the 1930s: When the free market can’t provide true competition, sometimes the government should pry an industry out of the invisible hand’s sweaty grasp.
‘We Can’t Afford It’: The Big Lie About Medicaid Expansion (The Nation)
Richard Kim writes that while conservative governors say they’re rejecting the Medicaid expansion because it would bust their states’ budgets, they could easily pay for it by ending their DIY budget-busting project of tax cuts, tax cuts, and more tax cuts.
Only the First Step in Containing Health Costs (NYT)
Christina Romer argues that if we want to implement policies that will really put a stop to soaring health care costs, the Affordable Care Act’s victory at the Supreme Court isn’t the grand finale of the health care reform story, but the end of chapter one.
American Pie in the Sky (Project Syndicate)
Nouriel Roubini writes that despite all our wishes for a speedy recovery, the American economy still isn’t well enough to be released from intensive care, and if it suffers another relapse, no quarantine will stop the rest of the global economy from falling ill.
Loading the Climate Dice (NYT)
Paul Krugman notes that rising temperatures and historic droughts could mean a modern-day revival of the Dust Bowl, but at least the climate change deniers in the GOP and the fossil fuels industry will have plenty of new sand to bury their heads in.
Does raising taxes on the rich hurt small businesses? (WaPo)
Ezra Klein highlights a CBPP brief that shows the evidence doesn’t support conservative claims that the fate of young entrepreneurs looking to start their own small businesses is tied by some mysterious force to the tax rate paid by Donald Trump.
Is Obama Alienating Rich Voters? (TNR)
Nate Cohn notes that while many progressives have urged President Obama to emulate FDR by welcoming the hatred of the rich and powerful, polls suggest he’s actually welcoming a decent amount of their support in his contest with Mitt Romney.
With additional research by Danielle Bella Ellison.