Of Top Hats, Top Kills and Bottom Feeders
By MAUREEN DOWD
NYT
WASHINGTON
It’s unnerving, disorienting. A particularly noxious blend of helplessness, fear and fury that washes over you when you realize the country has again been dragged into a costly and scary maelstrom revolving around acronyms you’ve never heard of.
Our economy went in the ditch while traders got rich peddling C.D.O.’s and C.D.S.’s. Even many bankers — much less average Americans who lost their shirts — were gobsmacked by the acronyms, and scrambled to figure out how collateralized debt obligations and credit default swaps worked.
And now a gazillion gallons of oil have poisoned the Gulf of Mexico, thanks in part to unethical employees at a once-obscure agency known as M.M.S. — the Interior Department’s Minerals Management Service. M.M.S. is charged with collecting royalties from Big Oil even as it regulates it — an absurd conflict right there. So M.M.S. has had the same sort of conflicts of interest as ratings agencies like Moody’s and Standard & Poor’s had with Wall Street.
Consorting with the industry intensified once two oilmen took over the White House. Dick Cheney, Duke of Halliburton — responsible for the cementing of the calamitous well, now under investigation — had his aides conspire with BP America and other oil companies to draw up an energy policy.
(More here.)
NYT
WASHINGTON
It’s unnerving, disorienting. A particularly noxious blend of helplessness, fear and fury that washes over you when you realize the country has again been dragged into a costly and scary maelstrom revolving around acronyms you’ve never heard of.
Our economy went in the ditch while traders got rich peddling C.D.O.’s and C.D.S.’s. Even many bankers — much less average Americans who lost their shirts — were gobsmacked by the acronyms, and scrambled to figure out how collateralized debt obligations and credit default swaps worked.
And now a gazillion gallons of oil have poisoned the Gulf of Mexico, thanks in part to unethical employees at a once-obscure agency known as M.M.S. — the Interior Department’s Minerals Management Service. M.M.S. is charged with collecting royalties from Big Oil even as it regulates it — an absurd conflict right there. So M.M.S. has had the same sort of conflicts of interest as ratings agencies like Moody’s and Standard & Poor’s had with Wall Street.
Consorting with the industry intensified once two oilmen took over the White House. Dick Cheney, Duke of Halliburton — responsible for the cementing of the calamitous well, now under investigation — had his aides conspire with BP America and other oil companies to draw up an energy policy.
(More here.)
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