Ever hear of IndyMac Bancorp? Well, it’s gone! Federal regulators seized the California bank spawned by Countrywide founder Angelo Mozilowhich, which had giddily doled out mortgages to lenders without requiring proof of income. Rather than blame the second largest bank failure in U.S. history on the subprime meltdown, the charmingly politicized regulators at the FDIC blamed the bank’s demise on Senator Charles Schumer (D-NY). Huh?
regulators
Wachovia To Pay $144 Million For Bilking "Gullible" Seniors
By 4.27.08
Wachovia will pay $144 million for helping telemarketers prey upon the elderly. The Office of the Comptroller of the Currency spanked the morally bankrupt institution with one of the largest fines ever levied—but before seeing a penny of settlement money, seniors will need to fill out detailed claim forms and navigate a complex bureaucracy.
5 Reasons To Fret Over DTV Coupons
By 1.13.08
The federal government continues to bungle the transition to digital television, this time by making it difficult for consumers to redeem subsidy coupons for DTV converter boxes.
Creditors Can Steal Your Social Security Check Right Out Of Your Bank Account
By 1.6.08
Nathalie Martin’s elderly cousin had her social security check garnished straight from her bank account by a collections agency. Apparently, most banks skip over the section of federal law that protects social security and other public benefits from creditors. Good thing Nathalie is a bankruptcy scholar and knows how to fight the sleazy debt collectors.
FCC Regulators Sing, Make Fun Of Our Woeful Unpreparedness For DTV Transition
By 12.26.07
Meet The Singing Regulators. Regular FCC employees by day, these mellifluous regulators spend their nights performing humorous sendups inspired by the Commission’s work. Their latest song pokes fun at the FCC‘s utter failure to prepare the nation for the planned February 2009 transition to digital television.
Utilities With Successful Conservation Campaigns To Collect Government Cash
By 9.23.07
California utilities may soon unveil new conservation campaigns thanks to an innovative plan unveiled last week by regulators. Under the plan, the Public Utilities Commission will set three-year efficiency targets. Utilities that meet at least 85% of the targets stand to collect rewards of up to $323 million. Utilities that fail to meet 65% of the targets could face penalties worth $500 million.
The PUC forecasts that the program would result in $2.4 billion in energy savings before 2008 and would cut about 3.4 million tons of carbon dioxide from California’s air.
Milk Is Too Cheap
By 7.24.07
Regulators from the Massachusetts Department of Agricultural Resources zealously enforce a 1941 law that prohibits retailers from selling milk below cost. The law was originally intended to help level the playing the field between small stores and large chains, but now serves to keep the price of milk artificially high. Just last week, state regulators asked the Market Basket supermarket chain why they were selling milk for only $2.59 per gallon. From the Boston Globe:
David McLean, operations manager for the Tewksbury-based chain, said the company would be adjusting its price upward to $2.89 a gallon and may go even higher this week when wholesale prices are scheduled to rise.
