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Monthly Archives: January 2009

Bank lobbyists out!

Bloomberg is reporting comments of President Obama’s senior advisor David Axelrod in reference to financial markets… ~~~~ “There are a variety of things that we need to do in order to win the trust and confidence of the American people,” Axelrod said. “And we’ll address these other issues down the road, but right now, we’ve […]

The Brooksley Born Act

As the fight to pass legislation regulating financial derivatives heats up in Washington I propose that House Agriculture Committee Chairman Peterson and Senate Agriculture Committee Chairman Harkin consider naming their legislation the “Brooksley Born Act of 2009“.  The executive branch and Congress made the wrong choices about regulating these products in 1998 and now as […]

Change coming to CDS land

A mighty wind is being unleashed on Capitol Hill… and it’s a welcome wind… kudos to House Agriculture Chairman Collin Peterson of Minnesota for proposing substantial new law to regulate the CDS space… U.S. Draft Law Would Ban Most Credit-Default Swaps (Update1) Jan. 28 (Bloomberg) — A draft bill circulated in Congress that would change how over-the-counter derivatives […]

Auction rate securities reporting facility update

The Municipal Securities Rulemaking Board reminds dealers of the January 30, 2009 effective date for dealers to report, or ensure the reporting of, interest rate and descriptive information about municipal Auction Rate Securities to the MSRB’s Short-term Obligation Rate Transparency (“SHORT”) System. The MSRB has published a notice that: (i) includes an updated version of SHORT […]

Treasury publishes contracts for equity investments

Treasury Announces New Policy To Increase Transparency in Financial Stability Program Secretary Geithner Meets with Outside Experts to Discuss Oversight of Troubled Assets Relief Program and Efforts to Increase Transparency and Accountability Washington, DC – Building on President Barack Obama and Secretary Tim Geithner’s commitment to increase transparency and accountability in the Troubled Assets Relief Program […]

Twitterland

Creative destruction came to the world of information gathering and redistribution during the attacks in Mumbai, India in November. The New York Times reported, “At the peak of the violence, more than one message per second with the word “Mumbai” in it was being posted onto Twitter, a short-message service that has evolved from an […]

America’s strength…

  A core strength of our country lies in the invention and manufacturing of technology… it is a true treasure of our nation. It’s fuelled efficiencies and advances in every sector of the economy and society. One of the leaders of high technology, Craig Barrett of Intel, has announced his retirement. Note the emphasis on […]

Saving and borrowing in plain English

High and the low

The low … From CNBC …. ~~~ “When John Thain became Merrill Lynch’s CEO in early 2008, he hired Michael S. Smith Design to revamp his office suite, spending approximately $1.22 million according to documents. The following is a list of the items in the suite: Area Rug $87,784 Mahogany Pedestal Table $25,713 19th Century Credenza $68,179 Pendant […]

Senator Grassley comments on TARP/Geithner

Grassley Calls Geithner Tax Issue `Disconcerting’: Video Jan. 20 (Bloomberg) — U.S. Senator Charles Grassley, a Republican from Iowa, talks with Bloomberg’s Lizzie O’Leary about Treasury secretary-designate Timothy Geithner’s underpayment of taxes. Grassley also discusses the use of funds from the Troubled Asset Relief Program. Geithner’s confirmation hearing is scheduled for tomorrow. (Source: Bloomberg) 00:00 […]