So, Sen. Elizabeth Warren (D- Mass.) wants Congress to investigate Goldman Sachs’ relationship with the Federal Reserve Bank of New York. This comes after a whistleblower tape-recorded conversations in which Fed officials seem to be treating Goldman with too much deference.
It’s all words. Since Sen. Warren likes Wall Street’s campaign contributions as much as the next politician, I doubt she’ll follow through.
But if some miracle descended upon Washington and there actually is an investigation, I suggest Congress look at two columns I wrote.
The first, on Sept. 29, 2009, shows numerous calls between Goldman Chairman Lloyd Blankfein and Treasury Secretary (and ex-Goldman co-chair) Hank Paulson during the 2008 financial crisis.
These calls show just how well-connected Goldman was and is in Washington.
No firm should be this close to government policymakers.
The second column, which ran on Jan. 6, 2011, discloses how William Dudley, the head of the New York Fed and a former Goldman exec, was lunching with Goldman Chief Economist Jan Hatzius during a period in which Fed officials were not supposed to have contact with outsiders.
The Fed didn’t seem to care when I broke that news. Neither did the politicians in Washington. And despite the noise Warren is now making, they won’t care this time either.
Uber drivers are getting into a lot of trouble at Newark Airport. And you might be surprised at what it’s costing them.
The innovative ride service hooks its drivers up with those who need a lift through a convenient app. And Uber, as you probably heard, has taken the world by storm as people in New York City and elsewhere look for a more convenient way to get from here to there rather than standing in the street trying to hail a yellow cab.
Regular Uber — using cars that have limousine license plates and commercial insurance and registrations — isn’t the problem at Newark. UberX, which the company describes as a less expensive “ridesharing” service, is a different story.
Port Authority police have been stopping UberX drivers curbside at Newark and blasting them with thousands of dollars worth of tickets. And — the biggest punishments of all — they impound the cars, with the guy behind the wheel also facing a one-year suspension of his driver’s license.
The Port Authority calls this crime “hustling.” A spokesman says the PA doesn’t keep track of tickets given out for this offense at Newark. But it does keep tabs on incidents of hustling that escalate and result in arrests. So far this year, there have been 134, compared with 110 in 2013.
How much does hustling cost the UberX driver? There’s a $1,200 fine for illegally transporting passengers for hire; $1,200 for operating a limo without a special registration; $1,200 for failure to equip the car with a first aid kit and fire extinguisher; and another $1,200 for not having a two-way radio.
An Uber driver makes about $80 for a Newark Airport-to-Manhattan fare after the company gets its cut.
Let me see, that adds up to — a big operational problem for a company attempting to keep its prices competitive with yellow taxis.
An Uber spokesperson tells me, “We fully stand behind our driver partners and will cover any financial and legal costs if they are wrongly cited.” And one driver who was ticketed at Los Angeles International Airport says the company did send a lawyer to fight his case.
But here’s the rub: The drivers at Newark Airport aren’t being wrongly cited. They are breaking the law, even if the law wasn’t written for the digital age. So the drivers may be stuck for the cost despite what Uber says.
The problem apparently doesn’t exist at JFK or LaGuardia because the Port Authority in New York has told Uber to take its ridesharing service and X-it. And the company apparently has taken the hint.
Uber told me it’s just trying to “help administrators tackle long taxi queues … we welcome the opportunity to work together.” Well, the Port Authority apparently doesn’t care.
Here’s how UberX drivers can avoid being hassled at Newark: They should know the full names — first and last — of the people they are picking up. Someone should hop into the front seat as though he or she is family.
And a peck on the cheek wouldn’t hurt, since cops use a lack of apparent familiarity as a sign that the driver is doing something illegal.
One UberX driver reported being cited after he had a minor accident coming out of the Lincoln Tunnel on his way from Newark. “Why are these people in your car?” the cop asked. The driver reported on the website Uber Driver Diaries that he told the cop they were friends, “very new friends.”
Wrong answer. Ticket, ticket, ticket, ticket.
I forgot to mention in my last column that the email in which two Philadelphia Census Department workers discuss the more than 120 computers lost before the last presidential election is available online.
Search for my column dated Sept. 25 and you’ll see how careless Census was with your personal information and how disreputable people could have messed with economic results in September 2012.
Congress is now looking into the matter.