The rocky rollout of the Patient Protection and Affordable Care Act has forced President Barack Obama to express his openness, albeit half-heartedly, to reforms that might accomplish the law’s goals. In response, congressional Republicans have offered no fewer than three major alternatives to Obamacare, the most recent being an overhaul plan from Republican Senators Tom Coburn, Richard Burr and Orrin Hatch. All these proposals address the issue at the heart of the law’s name -- the affordability of health care.
You’ve got to figure that if the Justice Department had the goods on Steven A. Cohen, the billionaire hedge-fund manager, we would know about it by now. For years, the U.S. has been investigating allegations that Cohen’s SAC Capital Advisors LP is little more than a sandbox for insider traders. Cohen, the ultimate prize, has so far evaded Justice’s clutches.
After almost 30 years in Washington, Bart Chilton will soon be taking his leave. For the past 6 1/2 years, he has been an outspoken member of the Commodity Futures Trading Commission, one of the financial industry’s most important regulators.
There is no shortage of billionaires -- the Koch brothers, Carl Icahn, Dan Loeb and, yes, Mike Bloomberg, to name a handful -- who are willing to use their vast wealth to push a particular political agenda or to advocate for a specific social reform. That’s hardly a revelation.
We have argued that if banks had much more equity, the financial system would be safer, healthier and less distorted. From society’s perspective, the benefits are large and the costs are hard to find; there are virtually no trade-offs.
Assuming prosecutors can clear legal challenges against applying retroactively the law's longer statute of limitations -- from five years to six -- the next step will be deciding whether to reopen the investigative files of top banking executives.