Quick Hits and Updates

**  Welcome to the advent of Political Hunting Season in Nevada, the Las Vegas Sun reports Senator “By Appointment Only” Dean Heller (R-NV) and Rep. Shelley Berkley (D-NV1) have comparable war chests.  What Rep. Berkley does not have is the assistance of Karl Rove’s shadowy anonymous donors protected by Citizens United.

** Think the Patient Protection and Affordable Care Act won’t help women in the Silver State?   Look at the Map:

Nevada’s rate of uninsured women would still be higher than most of the nation, but the ACA provisions would be a welcome improvement.

**  The Bain of Romney’s Existence:  Best reads so far — Crooks & Liars, “Boston Globe Reporter Stands By Their Article.”   Talking Points Memo, “Cutting Through the Bain Bamboozlement.”  Glenn Kessler takes a narrow and focused look at the legality of Romney’s Bain associations. See also, “50 Shades of Bain,” Bloomberg.   Don’t miss: “Here’s One of the Clever Financial Tricks Mitt Romney Used to Become Dynastically Rich,” Business Insider. (Warning: Don’t try this at home.)

** Oh, those silly little bankers, they just keep doing mischievous things: “JPMorgan Fears Traders Obscured Losses,” New York Times. “JPMorgan trade loss now up to $5.8 billion”, Washington Post. For those counting such things the losses are now 3X the original estimates.   “Dimon saw $1 billion potential loss when he made Teapot Remark,” Bloomberg.  “JPMorgan traders may have hidden losses,” Reuters.

Peregrine: “CEO of collapsed futures brokerage — I embezzled millions of dollars from customers accounts,”  Business Insider. Wow, what you can do with Excel + an ink jet printer — “PFGBest Chief arrested, admits 20 year fraud,” Reuters. (Warning: don’t try this at home either.)

“Hedge fund investors are running for the exits,” Business Insider.

The week’s events have brought some trenchant responses:

The big banks are worlds unto themselves, and you’re a temporary citizen. Their logos are your country flag, their motto your national anthem.”   Business Insider.

“One of the most revealing exchanges in the Barclays documents came when a bank official tried to describe why Barclays’s improper postings were not as problematic as those of other banks. “We’re clean but we’re dirty-clean, rather than clean-clean,” an executive said in a phone conversation. Talk about defining deviancy down.

“Dirty clean” versus “clean clean” pretty much sums up Wall Street’s view of cheating. If everybody does it, nobody should be held accountable if caught. Alas, many United States regulators and prosecutors seem to have bought into this argument.” [New York Times]

Something to think about.

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Filed under 2012 election, banking, Berkley, financial regulation, Heller, Nevada politics, Romney, Women's Issues

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