The Payoff: Why Wall Street Always Wins

Front Cover
Easton Studio Press, LLC, Aug 16, 2012 - Political Science - 224 pages
0 Reviews
Lobbyist, White House Lawyer, and Senate Aide on the Power of America’s Plutocracy to Avoid Prosecution and Subvert Financial Reform


Beginning in January 2009, THE PAYOFF lays bare Washington’s culture of power and plutocracy. It’s the story of the twenty-month struggle by Senator Ted Kaufman and Jeff Connaughton, his chief of staff, to hold Wall Street executives accountable for securities fraud, to stop stock manipulation by high-frequency traders, and to break up too-big-to-fail megabanks.


This book takes us inside their dogged crusade against institutional inertia and industry influence as they encounter an outright reluctance by the Obama administration, the Justice Department, and the Securities and Exchange Commission to treat Wall Street crimes with the gravity they deserve. On financial reforms, Connaughton criticizes Democrats for relying on the very Wall Street technocrats who had failed to prevent the crisis and Republicans for staunchly opposing real reforms primarily to enjoy a golden opportunity to siphon fundraising dollars from the Wall Street executives who had raised millions to elect Barack Obama president.


Connaughton, a former lawyer in the Clinton White House, illuminates the pivotal moments and key decisions in the fight for financial reform that have gone largely unreported. His arch, nonpartisan account chronicles the reasons why Wall Street’s worst offenses were left unpunished, and why it’s likely that the 2008 debacle will happen again.

 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

PROLOGUE
The Accidental Senator
Hunting for Financial Fraud
Please Stay Involved in Politics
Where are the Cases?
Lehman and WaMu
What Had Gone Wrong?
Wall Street Vetoes the President
The Blob
The Rise of the Machines
The Flash Crash
Waterloo
Battling the Megabanks
Still Too Big to Fail
CONCLUSION
EPILOGUE

Inside the Influence Industry
Capital of Hypocrisy
ACKNOWLEDGMENTS ABOUT THE AUTHOR
Copyright

Other editions - View all

Common terms and phrases

About the author (2012)

Jeff Connaughton holds an MBA with honors from the University of Chicago and a JD from Stanford Law School. He worked for four years as an investment banker, first at Smith Barney and then at E. F. Hutton. In 1987, he joined Joe Biden’s presidential campaign as Deputy National Finance Director and thereafter became his Special Assistant when Biden chaired the Senate Judiciary Committee. After graduating from Stanford, he clerked for Chief Judge Abner Mikva of the United States Court of Appeals for the DC Circuit, then followed Mikva as his Special Assistant when Mikva was appointed Counsel to President Bill Clinton. In 2000, along with Jack Quinn and Ed Gillespie, Connaughton founded Quinn Gillespie & Associates, one of DC’s premier lobbying firms. Now retired from politics, he lives in Savannah, Georgia.

Bibliographic information