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Warren Buffett once referred to derivatives as "financial weapons of mass destruction" created by "madmen." Real WMD have rarely been used. However, derivatives are used quite a lot, a $600 trillion per year market dominated by a narrow oligopoly of mega-banks. It appears that Italy got hit by the derivatives WMD in January.
TheWall Street Journal ran a disingenuous and misleading opinion piece on Sunday evening titled "The Corporate Disclosure Assault," arguing that “[u]nions and liberal activists are using proxy rules to attack business political speech.” The piece—exactly like the undisclosed corporate money it’s pandering to—doesn’t even have an author listed.
Sounding the alarm about climate change has long been an uphill battle because its effects can seem remote or too far in the future. Even if the planet is warming, skeptics say, how do we know that human activity is the cause and why should we care?
Every year, though, comes more concrete evidence of why we should care as the very real costs of climate change start to kick in.
The International Monetary Fund’s former chief economist recently described one of the world’s leading economies as fundamentally unsound because the political process is captured by financial firms. But he wasn’t talking about just any banana republic. He was talking about the U.S.A.
Progressives are endlessly disappointed by opinion polls that show that a large majority of Americans don't trust government. Indeed, public trust in government is now at a historic low.
Cuomo has made the politically expedient shortcut routine for major bills, just months after a judge chastised the practice. Even good-government groups that howled when previous governors used the measure far less frequently accepted it last week, which also happened to be the annual Sunshine Week dedicated to openness in government.
The decision by a governor overrides a committee system in the Senate and Assembly as well as the joint conference committees created under a reform that attempted to force at least some public debate on major policy issues.
The uproar over Greg Smith’s parting shot op-ed as he walked from Goldman Sachs is remarkable. Strongly held opinions will be shared in many cocktail party conversations in Manhattan and the Hamptons this weekend. Some will say that Smith must have an ax to grind over a dead-end posting to the London derivatives desk. Many will complain of his ingratitude for more than a decade of assumed generosity on each bonus day.