A few weeks ago, the Wall Street Journal reported that the US Department of Transportation has proposed new rules that would lay a groundwork for remedying America's airline delay disasters. The most important change is that passengers would be able to sue carriers for breach of contract. Additionally, the proposed guidelines would force airlines to develop contingency plans for lengthy delays, set time limits for delays, and publish delay information on their websites. Perhaps most importantly, they would make carriers liable for civil penalties on flights that are chronically delayed.TarmacTaskForce posts
FeedTurning a plane ticket into a contract: The government means business
A few weeks ago, the Wall Street Journal reported that the US Department of Transportation has proposed new rules that would lay a groundwork for remedying America's airline delay disasters. The most important change is that passengers would be able to sue carriers for breach of contract. Additionally, the proposed guidelines would force airlines to develop contingency plans for lengthy delays, set time limits for delays, and publish delay information on their websites. Perhaps most importantly, they would make carriers liable for civil penalties on flights that are chronically delayed.Continue reading Turning a plane ticket into a contract: The government means business
Madoff, airlines, Wall Street: We don't need no stinkin' regulation!
As the sordid tale of Bernard Madoff continues to unspool, it has become increasingly clear that somebody -- in fact, a lot of somebodies -- were asleep at the switch. Beyond the standard warning signs, like Madoff's incredible secrecy, his surprisingly consistent rate of return, and the clubby nature of his selling staff, there were far more obvious portents. For example, Madoff's chief compliance officer was his brother Peter, and one of the compliance attorneys was his niece. For that matter, the fact that Harry Markopolos, a Boston accountant, has been urging the SEC to investigate Madoff for the last nine years should have been a hint. The same, of course, goes for the 2006 SEC investigation that found violations, but didn't feel obliged to take any substantive action.
As the SEC attempts to assign blame in finest Three Stooges form, it's worth noting that this is hardly the first time that a lack of serious governmental regulation has reared its ugly head this year. At the moment, mobs are currently clamoring for Dick Fuld's head, with a healthy side order of Hank Greenberg, John Thain, John Mack, Lloyd Blankfein, Jimmy Cain, and pretty much everyone who works in New York's financial district. The general perspective seems to be that these men engaged in business practices that ran the gamut from risky to actionable and now should be forced to pay for the economy that they have ruined.
As the SEC attempts to assign blame in finest Three Stooges form, it's worth noting that this is hardly the first time that a lack of serious governmental regulation has reared its ugly head this year. At the moment, mobs are currently clamoring for Dick Fuld's head, with a healthy side order of Hank Greenberg, John Thain, John Mack, Lloyd Blankfein, Jimmy Cain, and pretty much everyone who works in New York's financial district. The general perspective seems to be that these men engaged in business practices that ran the gamut from risky to actionable and now should be forced to pay for the economy that they have ruined.
Continue reading Madoff, airlines, Wall Street: We don't need no stinkin' regulation!
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