Archive for Department of Labor

Treasury & Education Secretaries Drop Their Balls On Sallie Mae

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Drop the ball

Senator Elizabeth Warren is at it again, taking on the Treasury Department, the Education Department -- the division that oversees student loans and Sallie Mae--the nation’s largest student loan company. Her questioning was quite simple and direct, "Where are the government's promised return benefits or as the expression goes, "Show me the money!":

HUFFPO:

...because of the enormous benefits the government has provided Sallie Mae,” Warren said, ticking through a list that includes hundreds of millions of dollars in federal contracts; $600 million in profits off selling loans to the Education Department in 2009 and 2010 under the Ensuring Continued Access to Student Loans program, known as ECASLA; and special taxpayer-backed credit facilities that enabled the company to borrow billions of dollars at “astonishingly low interest rates.”

All she's asking is where is the US return for giving this program such huge profits. The answer she's gotten so far from Sallie Mae is that there is very little profit. The reason is criminal neglect. So who's going to take the fall?

Then she (Senator Warren) turned the attention to Education Secretary Arne Duncan, asking him whether the agency would terminate its contracts or level a fine against Sallie Mae if it’s found to have violated the service members law.That seemed like a reasonable question the cabinet member. It is his department which sets and oversees policy.

Warren also asked Duncan to detail whether the agency has ever used its authority to fine companies up to $35,000 for individual violations, and whether the department has ever fined or penalized Sallie Mae, investigated the company or determined that it has violated federal contracts.

Someone get caught with their pants down:

pants down

Evidently Secretary Duncan was too tongue-tied to respond. That of course didn't stop Senator Warren from pressing the case on our behalf:

 (Senator Warren) demanded to know under what circumstances the Education Department would feel justified to terminate a contract with a law-breaking company, if Sallie Mae’s past actions have not warranted an end to its federal contracts. Warren sits on the Senate Banking Committee and the Senate Health, Education, Labor and Pensions Committee.

The fact is Sally Mae, the largest provider of student loans has NEVER faced sanctions by either the Treasury or the Education Department .

It all boils down to why not? Senator Warren deserves to know. We all deserve to know.

What the hell is going on in our financial institutions? The Republicans want to save money? Why not look into the proper running of the current programs they're already supervising. One senator is for sure. Go E.W.

Letter from Senator warren to Jacob LewClick image above for entire letter from Senator Warren to Sec. Jacob Lew, Treasury Department and Sec. Arne Duncan, Department of Education. See if this doesn't boil your oil.

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Labor Dep't. rescinds 2 GW Bush-era docs that blocked proper investigation of equal pay discrimination claims

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no women allowed little rascals

BushCo and their little Woman Haters Club rules are so Our Gang ago.

The Hill:

The Labor Department on Tuesday rescinded two George W. Bush-era guidance documents that the agency said served as barriers to properly investigating equal pay discrimination claims.

The department’s Office of Federal Contract Compliance Programs (OFCCP) pulled back the 2006 documents, replacing them with new guidance for employers about the agency’s protocols for investigating allegations of pay discrimination.

Bush's version-- "Compensation Standards" and "Voluntary Guidelines”-- limited the Office of Federal Contract Compliance Programs' ability to enforce anti-discrimination rules. That has now changed.

Seems some of that "hope-y change-y" stuff is workin' out for us after all. Come to think of it, so is that big bad commie pinko Marxist socialist government. How dare they come down on the side of women's equality?

Rep. Rosa DeLauro (D-Conn.):

“The Department’s announcement is welcome news for the millions of women who are victims of pay discrimination. These Bush-era ‘guidelines’ have hamstrung DOL and they never should have been implemented in the first place.”

applause gif

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Quickie: Hurricane Sandy could delay final pre-election jobs report

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Today's Quickie:

The Labor Department put out this statement regarding the possible delay in the release of the final jobs report pre-Election Day:

WaPo: “The employees at the Bureau of Labor Statistics are working hard to ensure the timely release of employment data on Friday, November 2,” the BLS said in a statement. “It is our intention that Friday will be business as usual regarding the October Employment Situation Report.

No matter what they eventually say or do, the GOP will call it a conspiracy to aid and abet President Obama's re-election... unless the numbers are reported on time and are worse than they are now (last time unemployment dropped from 8.1 to 7.8%). Then they'll support whatever the Department of Labor puts out.

That was today's Quickie. Will you still respect me in the morning?

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Unemployment falls in a majority of US cities

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By GottaLaff

Socialism at work:

Unemployment rates fell or remained level in three-quarters of the 372 largest metropolitan areas, a sign that the economic recovery is widespread.

The Labor Department said Wednesday the jobless rate dropped in 69 percent of metro areas last month from February. It rose in 24 percent of large cities and remained the same in the rest.

That's an improvement from February, when the unemployment rate decreased in 51 percent of metro areas and increased in one-third.

The report follows other recent encouraging news about jobs. Employers added 162,000 jobs in March, the government said earlier this month, the most significant gain in three years.

Little by little, we're seeing improvement. The Party of No can yell and scream all they want, but numbers are numbers. The abysmal Bush economy can't possibly be reversed quickly, but we are seeing increasing signs of recovery.

Of course, the GOP will take full credit when we finally pull out of it, because, of course, they were such a big help.

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