By Jeff Connaughton
Starting in January 2009, THE PAYOFF lays naked Washington’s tradition of strength and plutocracy. It’s the tale of the twenty-month fight through Senator Ted Kaufman and Jeff Connaughton, his leader of employees, to carry Wall highway executives chargeable for securities fraud, to forestall inventory manipulation by way of high-frequency investors, and to wreck up too-big-to-fail megabanks.
This publication takes us inside of their dogged campaign opposed to institutional inertia and effect as they come across an outright reluctance by means of the Obama management, the Justice division, and the Securities and alternate fee to regard Wall road crimes with the gravity they deserve. On monetary reforms, Connaughton criticizes Democrats for counting on the very Wall road technocrats who had did not hinder the main issue and Republicans for staunchly opposing actual reforms basically to get pleasure from a golden chance to siphon fundraising cash from the Wall highway executives who had raised hundreds of thousands to select Barack Obama president.
Connaughton, a former attorney within the Clinton White apartment, illuminates the pivotal moments and key judgements within the struggle for monetary reform that experience long gone principally unreported. His arch, nonpartisan account chronicles the explanations why Wall Street’s worst offenses have been left unpunished, and why it’s most likely that the 2008 debacle will ensue back.
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Additional resources for The Payoff
Example text
So I did what Ted asked. It was misery. And it was only exacerbated by my other unenviable task, which was to relive Biden’s downfall in excruciating detail by cataloging all of the news articles and opinion pieces written about his controversies and decision to withdraw. The next election for Biden’s Senate seat was in 1990, and that campaign team would need a database of the material from which potential opponents (and the media) would draw their barbs. There were hundreds of articles, at least one from almost every newspaper in the country.
Then I moved to Atlanta to take a job at E. F. Hutton. After two years at E. F. Hutton, I’d been promoted to assistant vice president. I was twenty-seven, had four years’ experience as an investment banker, and was making good money. I hadn’t forgotten Biden. I knew that he’d eventually run for president, and I still wanted to be part of it—and to be on his team in the White 23 House when he won. Biden seemed to have forgotten me. He, or rather his office, hadn’t answered one of my letters in six years, and Dennis and I had fallen out of touch.
Former Republican Senator Phil Gramm of Texas has made untold millions at the investment banking firm UBS (his wife, Wendy, a former chairman of the Commodity Futures Trading Commission, exempted Enron from derivativetrading regulations and a short time later took a seat on Enron’s board of directors). Even mid-level staffers, people you’ve never heard of, can cash in. I know because I did. I barely registered on the DC power scale, but I still managed to earn millions as a lobbyist. Don’t get me wrong.