Accountability

Does financial reform hit Wall St where it hurts?

May 25, 2010  ·  Consumer Watchdog

Two distinct narratives have emerged from last week’s approval by the U.S. Senate of financial reform legislation. One: Of an historic overhaul of the financial industry for reformers demanding accountability for Wall Street. Two: Of Wall Street lobbyists pleased that they managed to kill the biggest game-changers in reformers’ playbook...

Experts’ Biggest Fear: New Dodd Bill Won’t Stop Another Meltdown, “Epidemic” of Wall Street Fraud

March 17, 2010  ·  Consumer Watchdog

On top of that, the compromised agency's actions are subjected to a veto by a "systemic risk" council made up of the same federal regulatory agencies that ignored the bubbles, scams and frauds that caused the last meltdown. As the advocacy group Consumer Watchdog's Washington Director Carmen Balber remarked, "You can't pull an agency's teeth, and let other regulators tie its hands, and still call it an independent champion for consumers."

Chrysler does the right thing

August 29, 2009  ·  Consumer Watchdog

It's not every day that one of the world's biggest automakers voluntarity agrees to greater legal accountability to injured consumers. But that's exactly what Chrysler did this week.

CIRM Board Member Gets Ethics Warning Letter, But Not Fine, Over Conflict Of Interest

January 13, 2009  ·  Consumer Watchdog

This ends an investigation that was launched over a year ago at the request of CIRM watchdog, John Simpson. “I hope Dr. Reed and all members of the board have learned from this,” Simpson said in a statement. Though Simpson had previously called on Reed to resign, he says it would now be acceptable for Reed to rejoin the Institute’s 29-member board.

Fair Practices Panel Delays Action on ‘Slush Fund’ Rule

December 11, 2008  ·  Consumer Watchdog

Carmen Balber, an advocate with Consumer Watchdog who wrote to the fair practices panel in support of the regulation, was at Thursday's meeting in Sacramento. "Most of the commissioners expressed a recognition -- and concern -- that these committees function as indeterminate, unlimited war chests," she said afterward.

Who’s behind the curtain?

September 9, 2008  ·  Consumer Watchdog

<p> I just got an email that the FPPC is planning to tighten up the rules for disclosure of who's behind political committees. It's perfect timing after a story in Saturday's LA Times highlighted how little we know about who's running the show... </p>

Complaint Accuses Nunez of Misusing Charity

January 23, 2008  ·  Consumer Watchdog

<b>In a filing with the ethics panel, a foundation says the Assembly speaker used funds given to a nonprofit for political purposes. He denies the claim.</b> <p> A complaint filed with state ethics officials Tuesday accused Assembly...</p>

Complaint accuses Nunez of misusing charity;

January 23, 2008  ·  Consumer Watchdog

<div class="postDetail"> <p style="font-size: 11px"> <span style="font-weight: bold"></span> </p> <h3 style="font-size: 10pt">In a filing with the ethics panel, a foundation says the Assembly speaker used funds given to a nonprofit for political purposes. He denies the claim.</h3> </div>

Stem cell institute criticized on ethics

December 8, 2007  ·  Consumer Watchdog

<p class="source">The San Diego Union-Tribune</p> <p>Taxpayer advocates who hammered the stem cell institute on the Reed matter were stymied as to how leaders of academic institutions did not identify the letters of recommendation as a potential conflict of interest. "It's simple. Stem cell board members cannot take part in any way in grants to their institutions," said John Simpson of the nonprofit Foundation for Taxpayer and Consumer Rights in Santa Monica. "Perhaps a few of these deans need to enroll in Ethics 101 at their universities and get the basics down." </p>

Controller will audit stem-cell institute

November 27, 2007  ·  Consumer Watchdog

<h3>POLITICAL ETHICS AGENCY ALSO ASKED TO INVESTIGATE</h3><p class="source">San Jose Mercury News (California)</p> <p>California Controller John Chiang said he has asked the Fair Political Practices Commission to investigate John Reed, chief executive of the Burnham Institute of La Jolla and a board member with the California Institute for Regenerative Medicine. A similar complaint was lodged against Reed last week by the Foundation for Taxpayer and Consumer Rights.</p>

Probe of Perata dealings quiet, but alive;

November 4, 2007  ·  Consumer Watchdog

<h3>A grand jury has issued subpoenas and agents have collected records in the federal investigation into possible corruption by state Senate leader.</h3><p class="source">Los Angeles Times</p> <p>A consumer group filed a complaint with a Senate ethics panel, based partly on a San Francisco Chronicle report that a business associate of Perata's received hundreds of thousands of dollars from campaigns supported by Perata while paying the senator's consulting firm for other work. "Don Perata was... pocketing hundreds of thousands of dollars through his consulting business, based quite clearly on his position of power," said Doug Heller of the Foundation for Taxpayer and Consumer Rights. </p>

Enron case tests SEC’s allegiances

May 29, 2007  ·  Consumer Watchdog

<p class="source">Associated Press</p> <p>Mr. Lerach alleges that several Wall Street firms should be held liable for Enron's accounting fraud because they financed transactions the company used to inflate its results. A federal appeals court disagreed, arguing that because the bankers didn't make any misleading statements, they couldn't be held liable. This year, Merrill Lynch & Co., one of the defendants in the lawsuit, asked the SEC to weigh in on its side. The agency declined. Meanwhile, a California nonprofit, the Foundation for Taxpayer and Consumer Rights, filed Freedom of Information Act requests to learn about the SEC meetings with Merrill Lynch.</p>