North Carolina ‘Ground Zero’ in Fight vs. Voter Suppression

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“Right to Vote” Constitutional Amendment Introduced

Rep. Keith Ellison, co-chair Congressional Progressive Caucus
Rep. Keith Ellison, co-chair Congressional Progressive Caucus

Representatives Pocan and Ellison Introduce “Right to Vote” Constitutional Amendment

Saturday, 18 May 2013 11:25 By Brendan Fischer, PRWatch | Report

“The right of voting for representatives is the primary right by which other rights are protected,” wrote Thomas Paine in 1795.

Yet contrary to popular belief, there is no affirmative right to vote in the U.S. Constitution. This gap in our founding document has provided an opening for the wave of voter suppression measures that swept the country in recent years, and before that, the poll taxes and Jim Crow restrictions that disenfranchised millions. This week, two Congressmen — both from states at the epicenter of today’s voting rights struggles — are seeking to fix that.

“The right to vote is too important to be left unprotected,” said Rep. Mark Pocan of Wisconsin, who is co-sponsoring an amendment to the U.S. Constitution guaranteeing the right to vote.

“Even though the right to vote is the most-mentioned right in the Constitution,” added Minnesota Rep. Keith Ellison, the bill’s other sponsor, “legislatures across the country have been trying to deny that right to millions of Americans, including in my home state of Minnesota. It’s time we made it clear once and for all: every citizen in the United States has a fundamental right to vote.”

U.S. Constitution Does Not Protect Voting Rights

Under the U.S. Constitution, the Fourteenth and Fifteenth Amendments ensure the vote cannot be denied on the basis of race, the Nineteenth prohibits discrimination based on gender, the Twenty-fourth outlaws the poll tax, and the Twenty-sixth Amendment extends voting to age 18. When the U.S. Constitution was ratified, the franchise was limited to white, property-owning men, and these amendments have edged the document closer to its democratic aspirations.

But beyond those amendments — and a few federal statutes, like the Voting Rights Act of 1965, which might be neutered by the Supreme Court this term — the right to vote is mostly a matter of state law. And states in recent years have hardly been careful about protecting access to the ballot box.

After Republicans gained new statehouse majorities in the 2010 elections, a majority of states introduced proposals to enact restrictions on the right to vote. According to the Brennan Center for Justice, 25 laws and 2 executive actions passed in 19 states between 2011 and 2012 to impose strict ID restrictions, or shorten early voting, or limit registration drives, among other measures. More restrictive bills have been proposed in 2013.

Continue reading “Right to Vote” Constitutional Amendment Introduced

Banks in Biggest Price-Fixing Scandal Ever

PriceFixingEverything Is Rigged: The Biggest Price-Fixing Scandal Ever

April 25, 2013 1:00 PM ET

(excerpt)

The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world’s largest banks may be fixing the prices of, well, just about everything.

You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that’s trillion, with a “t”) worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it “dwarfs by orders of magnitude any financial scam in the history of markets.”

That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world’s largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world’s largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It’s about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.

It should surprise no one that among the players implicated in this scheme to fix the prices of interest-rate swaps are the same megabanks – including Barclays, UBS, Bank of America, JPMorgan Chase and the Royal Bank of Scotland – that serve on the Libor panel that sets global interest rates. In fact, in recent years many of these banks have already paid multimillion-dollar settlements for anti-competitive manipulation of one form or another (in addition to Libor, some were caught up in an anti-competitive scheme, detailed in Rolling Stone last year, to rig municipal-debt service auctions). Though the jumble of financial acronyms sounds like gibberish to the layperson, the fact that there may now be price-fixing scandals involving both Libor and ISDAfix suggests a single, giant mushrooming conspiracy of collusion and price-fixing hovering under the ostensibly competitive veneer of Wall Street culture.