Posts Tagged ‘Charles Schumer’

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.



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.