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Bailout Watch

Blog Post
12/16/2008
Posted by Consumer Watchdog
Yesterday's Washington Post eliminated another pretense of accountability for companies taking the billions in taxpayer money Congress has thrown at Wall Street: "Executive Pay Limits May Prove Toothless, Loophole in Bailout Provision Leaves Enforcement In Doubt" The so-called cap on executive compensation in the bailout legislation had...
Blog Post
10/28/2008
Posted by Consumer Watchdog
Financial companies may be scrambling for cash but being low on funds hasn’t stopped their political spending according to a report in the Los Angeles Times. The U.S. Chamber of Commerce, the strongest voice in Washington for the business community, spent $30 million on lobbying in the third quarter of this year, more than twice as much...
Blog Post
10/10/2008
Posted by Consumer Watchdog
I got a call to do an interview on a hometown radio show yesterday – WJR in Southeastern Michigan. They were wondering, as every American taxpayer has to be right about now, just what AIG executives were thinking when they paid $440,000 for a company junket to a luxury Orange County hotel – one week AFTER taxpayers bailed them out to...
Blog Post
9/26/2008
Posted by Consumer Watchdog
Yesterday, the Governor vetoed AB 1830 (Lieu), a bill that would have banned the kind of predatory mortgages that are at the heart of today’s financial meltdown. It prohibited the kind of mortgage that allowed homeowners to pay less than the interest on their home loan so the amount they owed grew, instead of fell, every month. The bill was...
Blog Post
9/23/2008
Posted by Consumer Watchdog
You have to love Harvey Rosenfield. When he sees a just fight, he rushes headlong into it. That's why Harvey took a plane to Washington DC today to try to stop the $700 billion bank bailout, or at least get something for consumers in the process. The Rosenfield alternative would include a national cap on interest rates for credit card, consumer...
Blog Post
9/18/2008
Posted by Consumer Watchdog
CW's founder Harvey Rosenfield recounts in his new blog Honest Answers an interesting conversation not long ago with a retired judge who told Harvey that then-AIG CEO Hank Greenberg was complaining to judges about Harvey and his Prop 103's regulation. Greenberg argued, of course, that the government shouldn't be meddling in AIG's business. ...
Blog Post
2/7/2002
Posted by Consumer Watchdog
BAILOUT WATCH: Keeping an eye on the energy industry and the politicians Bailout Watch #90 - Feb 07, 2002 Why did the whistleblowers wait? These days mid-level managers and execs at Enron are ratting each other out, telling the public they knew that things at Enron were all wrong and that they even wrote private memos about it months ago. But each...
Blog Post
2/6/2002
Posted by Consumer Watchdog
BAILOUT WATCH: Keeping an eye on the energy industry and the politicians Bailout Watch #89 - Feb 06, 2002 Linda Lay's liquidity crisis. Last week, the wife of embattled Enron chief Ken Lay cried on NBC's Today show that, despite owning several homes, millions worth of other companies' stocks and having recently cashed in hundreds of millions of...
Blog Post
2/4/2002
Posted by Consumer Watchdog
BAILOUT WATCH: Keeping an eye on the energy industry and the politicians Bailout Watch #88 - Feb 04, 2002 No Money Down Until November 5, 2002. Last Thursday, the California PUC took the first step toward handing control over electricity prices to California Governor Davis, which has become crucial to his re-election strategy. As a result of the...
Blog Post
1/31/2002
Posted by Consumer Watchdog
BAILOUT WATCH: Keeping an eye on the energy industry and the politicians Bailout Watch #87 - Jan 31, 2002 Gray Davis for Governor? Apparently the Gov, with new polling info coming into his campaign office each day, is looking for a way to reduce utility rates for voters (ahem, that is, consumers) in August or September, just in time for the...