Round and around the revolving door does spin. Those who take the ride are guaranteed to win, in the game of securities enforcement law. In yet another move between public and private practice John Khuzami moves from the SEC to “….a job that pays more than $5 million a year at Kirkland & Ellis, one of the nation’s biggest corporate law firms. In doing so, he is following the quintessential Washington script: an influential government insider becoming a paid advocate for industries he once policed.” NY Times, July 23, 2013. http://dealbook.nytimes.com/2013/07/22/a-legal-bane-of-wall-street-switches-sides/?hpw
“We started out knowing that everybody and anybody wanted him,” said Mark Filip, who leads Kirkland’s government and regulatory defense group.”
Mr. Khuzami’s skills were so sought after that “…Visa and Bridgewater, the giant hedge fund, were among the companies that approached Mr. Khuzami for in-house counsel jobs. The fervor grew so great that Fox Business declared it the “biggest bidding war on Wall Street.”
So what were his accomplishments while in government service? All the NY Times article could point to was a conviction of a “terrorist” and “The job paved the way for him to join the United States attorney’s office in Manhattan, where he ran a securities task force.”
“Mr. Khuzami drew praise for creating units to track complex corners of Wall Street and applying prosecutorial tactics to civil cases. Under Mr. Khuzami, the enforcement division logged a record number of actions, including a case against Goldman Sachs.”
There is nothing in the article describing any enforcement of securities laws and nothing regarding any record of convictions. Lots of info about all the good he has done, and likely will do, for the banking and securities firms he’ll represent.
This is an uplifting story about the Prop 30 progressive taxation bill that passed in California , emphasizing the need to carefully frame the debate against the always-relentless opposition :
MY LATEST $15/HR MINIMUM WAGE SPAM (hope the chart displays nicely]:
If Obama (or Hillary) truly cares about the troubles of minority youth, where is his $15/hr minimum wage?
Recent L.A. mayoral candidate (46%) Wendy Greuel pushed a $15/hr living wage for hotel workers. Washington D.C. just passed a $12.50/hr living wage for major retailers. Massachusetts freshman Senator Elizabeth Warren has suggested the federal minimum wage could be nearly $22/hr if it had kept up with productivity gains since LBJ’s $10.74/hr minimum in 1968.
Felix Salmon – author of Time Magazine listed #2 Finance Blog (after Krugman) – recently called a $15/hr minimum wage a “win-win-win-win-win-win.” Much to my surprise, listening to the Larry Kudlow show (I don’t usually, but a visiting relative does), his substitute anchor and, I take it, regular crew took exception to Wal-Mart’s stingy hold-out against D.C.’s new living wage — one even pulling up the old “Ford paid his workers enough” saw. I’m not saying Larry concurs but these are usually the most unfettered market, cut taxes, etc., folks on earth.
* * * * *
My minimum wage worksheet — my easily-could-have-been minimum wage double-indexed for inflation and per capita income growth:
“35 years ago”, what could the federal minimum wage have been Obama (and Hillary)? Try $14+/hr had LBJ’s minimum been double-indexed for both economic growth and inflation.
Hair cutters in Warsaw earn less than hair-cutters in Paris – not because they are less productive – but because Poland has much less to pay them with than France. That’s why double-indexing tells the truer tale.
I explained to my late (more articulate) brother John how gigantic a sinkhole the American labor market fell into beginning decades ago and he came back with: “Martin Luther King got his people on the up escalator just in time for it to start going down for everybody.” Our labor market – and our politics which can only reform if the market does – is overdue for a top to bottom rebalancing. Doubling the federal minimum wage in a big hurry would be the simplest, most plausible way to start that restoration rolling.
An added thought: By the year 2013 some could speculate that a $20.20/hr minimum wage might not be a realistic expectation evidenced by double indexing alone — from 1968’s $10.69/hr minimum wage — because the fabric of the economy might have changed so radically over 45 years. Fair enough, but LBJ’s 1968 minimum wage would have morphed to more than $14/hr with double indexing by only 1969. Can anyone explain how the economic fabric might have changed radically in a mere 10 years?
Why banksters laugh with the recent ECOFIN decision
http://failedevolution.blogspot.gr/2013/07/why-banksters-laugh-with-recent-ecofins.html
Round and around the revolving door does spin. Those who take the ride are guaranteed to win, in the game of securities enforcement law. In yet another move between public and private practice John Khuzami moves from the SEC to “….a job that pays more than $5 million a year at Kirkland & Ellis, one of the nation’s biggest corporate law firms. In doing so, he is following the quintessential Washington script: an influential government insider becoming a paid advocate for industries he once policed.” NY Times, July 23, 2013. http://dealbook.nytimes.com/2013/07/22/a-legal-bane-of-wall-street-switches-sides/?hpw
“We started out knowing that everybody and anybody wanted him,” said Mark Filip, who leads Kirkland’s government and regulatory defense group.”
Mr. Khuzami’s skills were so sought after that “…Visa and Bridgewater, the giant hedge fund, were among the companies that approached Mr. Khuzami for in-house counsel jobs. The fervor grew so great that Fox Business declared it the “biggest bidding war on Wall Street.”
So what were his accomplishments while in government service? All the NY Times article could point to was a conviction of a “terrorist” and “The job paved the way for him to join the United States attorney’s office in Manhattan, where he ran a securities task force.”
“Mr. Khuzami drew praise for creating units to track complex corners of Wall Street and applying prosecutorial tactics to civil cases. Under Mr. Khuzami, the enforcement division logged a record number of actions, including a case against Goldman Sachs.”
There is nothing in the article describing any enforcement of securities laws and nothing regarding any record of convictions. Lots of info about all the good he has done, and likely will do, for the banking and securities firms he’ll represent.
This is an uplifting story about the Prop 30 progressive taxation bill that passed in California , emphasizing the need to carefully frame the debate against the always-relentless opposition :
http://www.counterpunch.org/2013/07/23/progressive-taxation-is-an-alternative-to-austerity/
MY LATEST $15/HR MINIMUM WAGE SPAM (hope the chart displays nicely]:
If Obama (or Hillary) truly cares about the troubles of minority youth, where is his $15/hr minimum wage?
Recent L.A. mayoral candidate (46%) Wendy Greuel pushed a $15/hr living wage for hotel workers. Washington D.C. just passed a $12.50/hr living wage for major retailers. Massachusetts freshman Senator Elizabeth Warren has suggested the federal minimum wage could be nearly $22/hr if it had kept up with productivity gains since LBJ’s $10.74/hr minimum in 1968.
Felix Salmon – author of Time Magazine listed #2 Finance Blog (after Krugman) – recently called a $15/hr minimum wage a “win-win-win-win-win-win.” Much to my surprise, listening to the Larry Kudlow show (I don’t usually, but a visiting relative does), his substitute anchor and, I take it, regular crew took exception to Wal-Mart’s stingy hold-out against D.C.’s new living wage — one even pulling up the old “Ford paid his workers enough” saw. I’m not saying Larry concurs but these are usually the most unfettered market, cut taxes, etc., folks on earth.
* * * * *
My minimum wage worksheet — my easily-could-have-been minimum wage double-indexed for inflation and per capita income growth:
yr per capita real nominal dbl-index %-of
68 15,473 10.74 (1.60) 100%
69-70-71-72-73 [real, low point — 8.41]
74 18,284 9.47 (2.00) 12.61
75 18,313 9.11 (2.10) 12.61
76 18,945 9.44 (2.30) 13.04 72%
77 [8.86]
78 20,422 9.49 (2.65) 14.11
79 20,696 9.33 (2.90) 14.32
80 20,236 8.78 (3.10) 14.00
81 20,112 8.61 (3.35) 13.89 62%
82-83-84-85-86-87-88-89 [6.31]
90 24,000 6.79 (3.80) 16.56
91 23,540 7.29 (4.25) 16.24 44%
92-93-94-95 [6.51]
96 25,887 7.07 (4.75) 17.85
97 26,884 7.49 (5.15) 19.02 39%
98-99-00-01-02-03-04-05-06 [5.97]
07 29,075 6.59 (5.85) 20.09
08 28,166 7.10 (6.55) 19.45
09 27,819 7.89 (7.25) 19.42 40%
10-11-12 [7.37]
13 29,209? 7.25 (7.25) 20.20? 36%?
* * * * * *
“35 years ago”, what could the federal minimum wage have been Obama (and Hillary)? Try $14+/hr had LBJ’s minimum been double-indexed for both economic growth and inflation.
Hair cutters in Warsaw earn less than hair-cutters in Paris – not because they are less productive – but because Poland has much less to pay them with than France. That’s why double-indexing tells the truer tale.
I explained to my late (more articulate) brother John how gigantic a sinkhole the American labor market fell into beginning decades ago and he came back with: “Martin Luther King got his people on the up escalator just in time for it to start going down for everybody.” Our labor market – and our politics which can only reform if the market does – is overdue for a top to bottom rebalancing. Doubling the federal minimum wage in a big hurry would be the simplest, most plausible way to start that restoration rolling.
[for the links in the opening paragraphs click here:
http://ontodayspage.blogspot.com/2013/07/will-real-obama-or-hillary-please-stand.html ]
SECOND ATTEMPT AT THE CHART (figure this all out sometime):
My minimum wage worksheet — the easily could-have-been minimum wage dbl indexed for inflation and per capita income growth:
yr..per capita…real…nominal…dbl-index…%-of
68..15,473….10.69..(1.60)
69-70-71-72-73
74..18,284…..9.43…(2.00)……12.61
75..18,313…..9.08…(2.10)……12.61
76..18,945…..9.40…(2.30)……13.04……..72%
77
78..20,422…..9.45…(2.65)……14.11
79..20,696…..9.29…(2.90)……14.32
80..20,236…..8.75…(3.10)……14.00
81..20,112…..8.57…(3.35)……13.89……..62%
82-83-84-85-86-87-88-89
90..24,000…..6.76…(3.80)……16.56
91..23,540…..7.26…(4.25)……16.24……..44%
92-93-94-95
96..25,887…..7.04…(4.75)……17.85
97..26,884…..7.46…(5.15)……19.02……..39%
98-99-00-01-02-03-04-05-06
07..29,075…..6.56…(5.85)……20.09
08..28,166…..7.07…(6.55)……19.45
09..27,819…..7.86…(7.25)……19.42……..40%
10-11-12
13..29,209?….7.25..(7.25)……20.20?……36%?
* * * * * *
An added thought: By the year 2013 some could speculate that a $20.20/hr minimum wage might not be a realistic expectation evidenced by double indexing alone — from 1968’s $10.69/hr minimum wage — because the fabric of the economy might have changed so radically over 45 years. Fair enough, but LBJ’s 1968 minimum wage would have morphed to more than $14/hr with double indexing by only 1969. Can anyone explain how the economic fabric might have changed radically in a mere 10 years?