If you needed any more evidence that the heyday of unregulated excess in American capitalism is over, check out this report in the Wall Street Journal.

Public anger over taxpayer-funded financial bailouts is prompting Congress to look for ways to better police the billions of dollars being injected into the same Wall Street firms that many critics believe caused the current economic crisis.

Sens. Charles Schumer (D., N.Y.) and Richard Shelby (R., Ala.) are sponsoring a bill to hire hundreds of new Federal Bureau of Investigation agents and Securities and Exchange Commission investigators to investigate financial fraud. The Senate Judiciary Committee is holding a hearing Wednesday to highlight the issue.

The proposal would provide $80 million to hire 500 new FBI agents and $10 million to add new federal prosecutors and $20 million for 100 new SEC employees. All are going to be focused on investigating white-collar crime, including mortage and financial fraud that many believe helped cause the current global crisis.

The increase in resources is intended to remedy cuts that were made after the Sept. 11, 2001 terrorist attack, which prompted federal law enforcement to focus more on terrorism.

Schumer says the FBI’s mortgage and financial fraud unit has 348 agents, down from 1,000 following the Savings and Loan crisis in the 1980s and 1990s.

If this happens, there will be some very nervous business executives on Wall Street and throughout America, and white collar defense attorneys in the private sector will make an obscene amount of money defending their clients. I would also expect big business to lobby heavily against this proposal and will promise to do a better job at policing itself, but the political reality is that the uproar over the economy and the multiple taxpayer-funded bailouts have Congress and the American people in a very foul mood. They won’t be very sympathetic.

A.Q. Khan has launched a website. Maybe an address like nukesforsale.com would have been too obvious? I noticed that it’s very heavy on emphasizing his charitable and humanitarian efforts regarding schools, mosques, health clinics and NGOs. I’ll be keeping an eye out if he creates a Facebook and/or Twitter account.

TicketBastard

Posted: February 11, 2009 in Music
Tags: , , ,

Go Schumer…

Schumer Calls for Ticketmaster Probe Over Suspicious Springsteen Sales
Sen. Charles Schumer, D-N.Y., and U.S. Rep. Bill Pascrell, D-N.J., call for an investigation into Ticketmaster, after Bruce Springsteen fans complain about being ripped off.

Sen. Charles Schumer wants to show Ticketmaster who’s boss, after hundreds of Bruce Springsteen fans complained they were ripped off by the ticket seller’s Web site.

Fans reported that when they tried to buy tickets for Springsteen’s upcoming tour last Monday, they were redirected from the Ticketmaster site to a subsidiary, TicketsNow, which specializes in reselling tickets above face value.

Schumer, D-N.Y., on Sunday joined Rep. Bill Pascrell, D-N.J., in calling for the Federal Trade Commission to investigate.

“It was a classic bait-and-switch,” Schumer said. “‘We don’t have the tickets at $75, but maybe this site has them at $200.’ Guess what? The same people owned both sites.”

And this angry Canadian customer has my full support too.

Scalping suit filed against Ticketmaster in Canada

VANCOUVER, British Columbia (Reuters) – Ticketmaster Entertainment Inc was hit with a C$500 million ($410 million) lawsuit in Canada on Monday, alleging the company broke the law by reselling tickets at inflated prices. A Toronto man who tried to buy two tickets to a November 2008 concert by the band Smashing Pumpkins alleges Ticketmaster’s website said none were available, but redirected him to the website of the company’s TicketsNow resale unit.

I’ve loathed Ticketmaster for years. They rip you off on surcharges and it is very difficult for the average fan to get a good seat for a major act like Springsteen because the system is so stacked in favor of scalpers. As if these third party ticketing agencies weren’t bad enough, now Ticketmaster wants a piece of the action by creating their own company?

I hope they get taken out to the woodshed for this, by state and/or federal lawmakers.

Twitter Fail

Posted: February 11, 2009 in Uncategorized
Tags: , ,

This guy must be a lot of fun to play poker with.

Basically the story, as reported by the blog Not Larry Sabato, goes like this. Democrats currently control the Virginia State Senate, 21-19. But Virginia’s Lieutenant Governor is Bill Bolling, a Republican, and he would be a tie-breaking vote in the event of a 20-20 split. Today, one of the Democratic State Senators, Ralph Northam, agreed to switch sides, a move that would give the Republicans in the Senate a much greater share of power.

And they would have gotten away with it, too, if it hadn’t been for this moron, Jeff Frederick, who is the Republican Party Chairman of Virginia and the owner of a shiny Twitter account! Frederick, upon hearing the news, tweeted the following:

What King of the Dimwits Jeff Frederick failed to take into consideration is that, by tweeting this information, he was tipping off the Senate Democrats about this bit of parliamentary prestidigitation. And once they found out, Majority Leader Dick Saslaw adjourned the session so that it couldn’t happen. And then, the Senate Democrats gathered together and promptly browbeat the ever-loving daylights out of Northam.

If they had pulled it off, this would have been a HUGE political coup for the Virginia GOP in the same year that the people of the state are going to elect a new governor. Incumbent Tim Kaine is term-limited and will move on to running the DNC full time after he leaves office. There’s a three-way race for the Democratic nomination, while the Republican candidate is running unopposed. Republicans had an opportunity to reboot with a narrow Senate majority in a state that has elected two consecutive Democrats to the governor’s mansion and voted for a Democratic president for the first time in more than four decades.

Something tells me that Jeff Frederick won’t be privvy to sensitive internal deliberations or strategizing from now on.

Update: An NRO reader suggests the perfect headline for this story. “Loose Twits Sink Shifts.”

The New York Times and ZDF teamed up to find out the fate of the man who was the most wanted escaped Nazi war criminal. Sadly, he successfully eluded justice and died a free man in Egypt. The article does a good job in tracing his steps since he fled Germany and describing his life as a fugitive for three decades. I’d like to think there’s a special spot in hell reserved for people like him, and that his atrocities catch up to him in the end.

On a related note, if you want an amazing story – albeit fictitious – about hunting Nazi fugitives, I highly recommend Daniel Silva’s “A Death in Vienna.”

Live Performance

Posted: February 6, 2009 in Music
Tags: ,

Sparta – “Crawl”

598k

Posted: February 6, 2009 in Economy
Tags: ,

Just got the following Breaking News email from CNN:

U.S. unemployment rose by 598,000 to 7.6 per cent in January, Labor Dept. reports, the worst monthly job loss since 1974.

Update: Including the newest figures, the U.S. economy has lost 3.6 million jobs since the recession began in December 2007.

jp2-maciel

Legionaries of Christ founder Marcial Maciel has been dead for a year, and while he endured public scrutiny and humiliation during his final years at the hands of the press and the Vatican, we now find out that wasn’t the only thing he did to disgrace himself, his vocation, the order he founded, and the Catholic Church. From the New York Times:

The Legionaries of Christ, an influential Roman Catholic religious order, have been shaken by new revelations that their founder, who died a year ago, had an affair with a woman and fathered a daughter just as he and his thriving conservative order were winning the acclaim of Pope John Paul II.

Before his death, the founder, the Rev. Marcial Maciel Degollado, had been forced to leave public ministry by Pope Benedict XVI because of accusations from more than a dozen men who said he had sexually abused them when they were students.

But most members of the Legion continued to defend Father Maciel, asserting that the accusations had not been proved. Father Maciel died in January 2008 at the age of 87, and was buried in Mexico, where he was born.

Now the order’s general director, the Rev. Álvaro Corcuera, is quietly visiting its religious communities and seminaries in the United States and informing members that their founder led a double life, current and former Legionaries said.

The order is not publicly confirming the details of the scandal.

Jim Fair, a spokesman for the Legionaries, said only: “We have learned some things about our founder’s life that are surprising and difficult for us to understand. We can confirm that there are some aspects of his life that were not appropriate for a Catholic priest.”

Some former members said they expected the order to renounce its founder, but Mr. Fair said: “He is the founder and he always will be the founder of the order. That’s one of the mysteries that we all see in life is that sometimes good things come out of less than perfect human beings.”

In Catholic religious orders, members are taught to identify with the spirituality and values of the founder. That was taken to an extreme in the Legionaries, said the Rev. Stephen Fichter, a priest in New Jersey who left the order after 14 years.

“Father Maciel was this mythical hero who was put on a pedestal and had all the answers,” Father Fichter said. “When you become a Legionarie, you have to read every letter Father Maciel ever wrote, like 15 or 16 volumes. To hear he’s been having this double life on the side, I just don’t see how they’re going to continue.”

Father Fichter, once the chief financial officer for the order, said he informed the Vatican three years ago that every time Father Maciel left Rome, “I always had to give him $10,000 in cash — $5,000 in American dollars and $5,000 in the currency of wherever he was going.”

Father Fichter added: “As Legionaries, we were taught a very strict poverty; if I went out of town and bought a Bic pen and a chocolate bar, I would have to turn in the receipts. And yet for Father Maciel there was never any accounting. It was always cash, never any paper trail. And because he was this incredible hero to us, we never even questioned it for a second.”

The Beatles song “Sexy Sadie” seems especially appropriate at this point. Especially the following lyric:

Sexy Sadie what have you done,
You made a fool of everyone

This story in the Washington Post is unbelievable. If this had happened in the private sector, people would have been fired immediately.

This exchange really captures the severity of it all:

“Isn’t that a terrible way to look after the taxpayers’ money and to make purchases anywhere?” Sen. Richard C. Shelby (R-Ala.), ranking member on the Senate Banking Committee, said at a hearing on oversight of the bailout.

Warren replied, “Senator, Treasury simply did not do what it said it was doing.”

“In other words, they misled the Congress, did they not?” said a visibly flustered Shelby.

When a Republican senator is openly accusing the Bush Treasury Department of misleading Congress, you know it’s bad.

With the obscene amounts of money being proposed for the economic stimulus, CNN’s Christine Romans effectively states the obvious: billions are no longer enough.