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The most expensive election in history

Lam Thuy Vo writes:

Today wraps up what is set to be the most expensive election in the history of the U.S. Total spending on federal campaigns will be about $6 billion, according to the Center for Responsive Politics. This includes both official campaign spending and spending by outside groups for the presidential, House, and Senate campaigns…..

Do you think that $6 billion buys a better election result? Or would restricting each candidate to $100 million worth of air time increase the competition and improve the outcome?

After all there are many good people out there with good ideas but without the financial backing. And restricting campaign spending would limit the influence of special interest groups.

via Here’s One Number That Makes $6 Billion In Campaign Spending Seem Low : Planet Money : NPR.

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Australian court finds S&P liable for ratings opinion | Bloomberg

An Australian judge has found S&P [MHP] liable for its opinion in assigning AAA ratings to two ABN Amro structured debt issues in 2006, which lost over 90% of value during the GFC — the first time a ratings agency has been held liable for such an opinion.

S&P was “misleading and deceptive” in its rating of two structured debt issues in 2006, Federal Court Justice Jayne Jagot said in her ruling released today in Sydney.

via McGraw-Hill Plummets After Australian Court Ruling – Bloomberg.

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Hurricane Sandy [time lapse animation]

The power of nature.

[gigya src=’http://www.reuters.com/resources_v2/flash/video_embed.swf?videoId=238739605&edition=BETAUS’ type=’application/x-shockwave-flash’ allowfullscreen=’true’ allowScriptAccess=’always’ width=’460′ height=’259′ wmode=’transparent’]

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Motivating people, getting beyond money | McKinsey

Interesting opinion piece by Martin Dewhurst, Matthew Guthridge, and Elizabeth Mohr (NOVEMBER 2009):

Numerous studies have concluded that for people with satisfactory salaries, some non-financial motivators are more effective than extra cash in building long-term employee engagement in most sectors, job functions, and business contexts. Many financial rewards mainly generate short-term boosts of energy, which can have damaging unintended consequences…..

via Motivating people, getting beyond money – McKinsey Quarterly – Organization – Talent.

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U.S. Won't Pursue Goldman Charges – WSJ.com

By REED ALBERGOTTI

After a year-long investigation, the Justice Department said Thursday that it will not bring charges against Goldman Sachs Group Inc. or any of its employees for financial fraud related to the mortgage crisis.

In a statement released Thursday, the Justice Department said “the burden of proof” couldn’t be met to prosecute Goldman criminally based on claims made in an extensive report prepared by a U.S. Senate panel that investigated the financial crisis.

via U.S. Won’t Pursue Goldman Charges – WSJ.com.

Question is: Should GS be allowed to get away with it?  Can they be broken up? Are their other measures that could serve as a deterrent in the future?

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