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Click here to visit the new home of Politics Daily!(July 23) -- Want to know why the federal government often seems so inept? Maybe it's because the one sure-fire way to get a bigger budget for your agency is to fail spectacularly. Consider this revealing story, buried at the end of the part one of The Washington Post's massive investigative series this week on the post 9/11 national security system. The story tells what happened after the government managed to let Umar Farouk Abdulmutallab board Northwest Airlines Flight 253 with a bomb last Christmas. Did heads roll? People get fired? Not exactly. Instead, National Counterterrorism ...
It was just one sentence in a 2007 e-mail, written in a mixture of French and English, but it conveys the essence of the latest legal and political cloud of volcanic ash hovering over Goldman Sachs. The well-timed scandal -- hitting the headlines just as the Senate is debating financial deregulation this week -- was triggered by a Securities and Exchange Commission complaint Friday against Goldman Sachs and one of the investment banking house's junior vice presidents. The SEC accused them of marketing born-to-lose mortgage-backed securities without making full disclosure to unwary ...
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