When regulators at the Minerals Management Service had concerns about the safety equipment for offshore oil rigs, the agency did not impose stronger regulations and instead allowed industry to police itself, according to two pieces in The New York Times and The Wall Street Journal today. The agency has been scrutinized for its role in the massive BP oil spill in the Gulf of Mexico, particularly for failing to follow up on concerns it had — several years before the BP incident — about equipment that should have stopped the spill but did not.
Backers of financial regulatory reform are gearing up for the final stretch in a yearlong effort to construct a new, streamlined architecture. But recent reports and testimony about the financial crisis suggest a crucial ingredient in any new structure is in short supply: cooperation among the watchdogs.
Guy Riekeman made a healthy $318,038 in 2005-06 as president of Life University in Marietta. But he’s done even better for himself since then, earning more than three-quarters of a million dollars in 2007-08.
Looks like the CDC’s chronic fatigue syndrome research group, led by Dr. William C. Reeves, may have some ‘splaining to do today in Washington. A possible research breakthrough — the discovery of a correlation between CFS and a retrovirus related to the AIDS virus — has fired up the medical community in recent weeks. “This is going to create an avalanche of subsequent studies,” Dr. William Schaffner, an infectious disease expert at Vanderbilt University, told the New York Times this month. But will the Centers for Disease Control and Prevention play a role in that research? It hasn’t so far.
By PAUL KIEL, ProPublica
Starting with this post, we’ll be updating you every month on the status of the taxpayer-funded bailouts we track in our database — namely the TARP and government rescue of Fannie Mae and Freddie Mac. Recent reports by the New York Times and Wall Street Journal have drawn attention to the billions in revenue that the Treasury Department has collected from companies early in returning their TARP investments. While those returns have been encouraging, there’s no question that the taxpayer remains deep in the red.